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Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review

The AFDB said it supported an internal investigation that cleared Adesina.

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Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review, Growth must be seen in citizens' lives, AFDB President to African leaders, AFDB launches $3 billion “Fight COVID-19” social bond, Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review

The US Treasury Secretary, Steven Mnuchin on Thursday praised the African Development Bank’s decision for an independent probe of the bank’s president, Akinwunmi Adesina.

Mnuchin, while stating that institutions must be held to standards of transparency, commended the AfDB’s decision to pursue an independent review.

“International intuitions must adhere to the highest standards of governance and transparency, and the decision to pursue an independent review demonstrates the strength of the African Development Bank,”

“Undertaking an independent review is fully consistent with a presumption of innocence,” Mnuchin said.

Mr. Adesina was accused by a whistleblower of abusing his office with allegations of nepotism through handing contracts and appointments, accusations he has denied.

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The AFDB said it supported an internal investigation that cleared Adesina. However, the US government demanded an independent review.

READ MORE: AfDB bows to pressure from U.S, orders an independent probe of Akinwumi Adesina

The panel will be chaired by former Irish president, Mary Robinson, and includes Gambian Chief Justice, Hassan Jallow, and Leonard McCarthy, former World Bank Vice president for Integrity and also an ex-South African government official.

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They will review an ethics committee report that found zero evidence of wrongdoings on Adesina and the review is expected to be completed in 2–4 weeks.

The United State is the bank’s second-largest shareholder and called for an independent probe, rejecting the bank’s internal review.

President Buhari has assured Adesina of Nigeria and Africa’s backing from the American “onslaught”.

The shareholders of the bank also include all 54 African Nations and 27 others from the rest of the world and also serve as Africa’s largest multilateral bank.

 

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Business

#EndSARS: We were not hacked – CBN

The Central Bank of Nigeria has dismissed rumours that its website was hacked by hacker group, Anonymous.

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CRR Debits, #EndSARS: We were not hacked - CBN

The Central Bank of Nigeria (CBN) has debunked rumours that its website was hacked. This was disclosed via its official Twitter handle in the early hours of today.

Explore Data on the Nairametrics Research Website 

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The apex bank assured the Nigerian public that there was no cause for alarm and it would do everything within its statutory power to protect its proprietary data from being breached.

READ: #EndSARS: National Human Rights Commission sets up independent investigative panel

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READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank

The press release concluded by advising the Nigerian public to ignore such false claims, designed at undermining the credibility of the CBN.

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Backstory

Nigerians were shocked yesterday when the website of the CBN was temporarily off the grid, leaving many to suspect that it may have been hacked. Recall that Anonymous, an international hackers group, had earlier claimed via its Twitter handle, that it breached some Nigerian government websites.

READ: CBN invests over N120 billion on 320,000 farmers across CTG within four years

The act is said to be in support of the ongoing #EndSARS protests that have taken over many cities in Nigeria, following calls for the disbandment of the notorious police unit – FSARS.

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Financial Services

Stanbic IBTC retains Fitch’s AAA Rating

Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC were rated high based on the potential support from their parent company, Standard Bank Group.

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Stanbic IBTC

Globally renowned credit rating agency, Fitch Ratings, has reaffirmed that Stanbic IBTC Holdings PLC and its subsidiary, Stanbic IBTC Bank PLC, have retained their National Long-Term’ AAA (nga)’ and National Short-Term’ F1+(nga)’ ratings.

Fitch Ratings is a leading provider of credit ratings, commentary and research for global markets. The National Long-Term’ AAA (nga)’ and National Short-Term’ F1+(nga)’ Ratings are the highest possible ratings on Fitch’s rating scale.

Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC were rated high based on the potential support from their parent company, Standard Bank Group, which is based in South Africa.

According to Fitch Ratings, both organisations retained their ratings as a result of the vital role they play in Standard Bank Group’s primary operations in West Africa as well as its size and high operational integration.

“The National Long-Term Ratings on Stanbic IBTC Bank’s N30 billion senior unsecured notes and the National Long- and Short-Term Ratings on the N150 billion structured note programme for senior unsecured debt are in line with the Bank’s issuer ratings,” Fitch says.

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Stanbic IBTC Holdings PLC is a subsidiary of the Standard Bank Group. Its principal operating entity is Stanbic IBTC Bank, a mid-tier commercial bank, which represented 96 per cent of the holding company’s consolidated assets at the end of 2019.

Both entities are highly integrated with Standard Bank Group’s risk-management framework with access to Standard Bank Group’s competitive advantages relative to peers. This also includes connectivity to its network and the ability to serve large domestic and multinational companies.

The ‘AAA (nga)’ is given to issuers with the lowest expectation of default risk when compared with their competitors. The National Short-Term Rating of ‘F1+(nga)’ is assigned to issuers that have the strongest capacity for timely payment of financial commitments in comparison to other issuers in Nigeria

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Cryptocurrency

Crypto: Popular Hedge Fund, Grayscale record best quarter ever

Grayscale Investments has had impressive growth after registering its third consecutive record-breaking quarter.

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Crypto: Popular Hedge Fund, Grayscale record best quarter ever

Popular American based hedge fund, Grayscale Investments, has had impressive growth after registering its third consecutive record-breaking quarter with more than a billion inflows recorded.

READ: How to buy and sell Bitcoins in Nigeria

READ: CBN knocks airline and shipping firms over non-compliance with form NXP

Bitcoin Trust, Grayscale Investments product remained the most widely selected investment product. Grayscale Investments in its most recent report for Q3 2020 report, total investments into the digital asset managers fund in those three months alone accounted for more than a billion dollars. Adding Q1, Q2, which were also record-breaking at their respective time, the year-to-date inflows surged to $2.4 billion.

READ: Ripple owners say XRP will be worth $100

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READ: CBN clears air on Diaspora Remittances, official inflows $2.6bn not $26bn 

READ: Has the President erred in stopping CBN from funding food imports?

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Just for comparing our massive, the recent feat is, Grayscale had received $1.2 billion s2013 to 2019. This makes the year to date for 2020 inflows twice as much.

READ: Gold Prices cross $1800, first time since 2011

What you must know; Grayscale Bitcoin Trust Among Fastest Growing Investment Products: Grayscale Bitcoin Trust experienced $719.3 million in 3Q20 inflows.

  • The Trust has seen its assets under management (“AUM”) surge from $1.9 billion to $4.7 billion YTD.
  • Grayscale Bitcoin Trust does not operate a redemption program and its shares do not trade on a national securities exchange.
  • Trust is therefore not an ETP or ETF. Still, if the Trust were compared to global ETPs and ETFs with over $1B AUM at the start of the year, it would rank as the third-fastest growing product YTD with an AUM increase of approximately 147%.

READ: Nigeria’s diaspora remittance to hit $34 billion by 2023 – PwC

READ: The week that shook the world: the collapse of the Lehman Brothers and the effect it had on me

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Backstory

Recall Nairametrics about five months ago, revealed how institutional investors and hedge funds around the world have been rushing to have a stake in crypto assets which all have been outperforming other financial assets in 2020.

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A popular hedge fund based in New York –Grayscale Investments –caught the investment world by surprise by buying up Bitcoin (BTC) at a great rate in recent months.

READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers

What you need to know about Hedge Funds; They are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.

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READ: CBN gives approval for Stirling Trust to start offering cash-in-transit services

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