We are at a turning point in history. The outbreak of COVID-19 has changed not only our social plans. It disrupted every aspect of life, from social interactions to the global economy. While many are wondering what the economy will look like after the crisis. While fighting COVID-19 in other countries, such as Nigeria, other problems have arisen, as seen after the #ENDSARS protest.
In the aftermath of the coronavirus crisis, one thing is certain: governments and central banks are struggling to find solutions. Moreover, it seems that their efforts were exhausted already at the start. The history of money is sometimes marked by radical systemic changes.
Bitcoin was created in 2008 in response to the financial crisis, and the current global chaos has allowed it to assert itself as an alternative and new asset class. However, when liquidity is needed, as it is now, everything is sold, especially risky assets.
Bitcoin (BTC) is now regarded as “digital gold” and a safe-haven currency more than ever before.
(READ MORE: Why Bitcoin might go for $3 million in 2025)
John Bollinger, the creator of the Bollinger Band, rightly noted that during a crisis, investors will “sell whatever they can sell,” and only after the assets have been converted into cash, they will invest in anti-crisis assets.
Bitcoin has this advantage – firstly, Bitcoin prices are regulated without any intermediary intervention and are based solely on supply and demand. The number of Bitcoins that can be created is limited to 21 million, which means that unlike traditional fiat currency, new Bitcoins cannot be arbitrarily printed.
While Bitcoin may not necessarily rise during a crisis, it follows supply and demand drivers, which can be useful for risk management. It will be a clear advantage for our traditional monetary system to have alternatives to resort to in times of crisis.
It’s Time to Accept Bitcoin and Patricia Is the Best Choice
In the face of an expanding global crisis, the first and largest cryptocurrency Bitcoin (BTC) has managed to show a positive trend, doubling its value in the past few weeks. BTC/USD is up 40% since early October and 7% in just the first week of November, trading above $ 15,000 and hitting its highest level in nearly three years.
A peaceful protest called #EndSARS, organized by Nigerian youths demanding the dissolution of the Special Anti-Robbery Unit (SARS) and other reforms in the Nigerian Police Force (NPF) was followed by a crisis. What began as a peaceful demonstration by thousands of young people turned into chaos after the protests were overrun by hooligans.
The hijacking of protest was later characterized by mob attacks on security personnel, assassinations, and vandalism of public and private property, including ATMs. Consequently, people don’t have cash, banks are locked, ATMs are looted and there is nowhere to get cash, if the adoption of Bitcoin was massive, these problems would be easily solved.
Bitcoin works everywhere and always. As with email, you don’t have to ask the recipients to whom you are sending Bitcoins to use the same software, wallets, or service providers. You just need their bitcoin address and then you can transact with them anytime you want. The Bitcoin network is always up and running and never sleeps, even on weekends and holidays.
There are no fees to receive Bitcoins, and many wallets allow you to control the amount of commission you need to pay when you spend. Most wallets have reasonable fees by default, and higher fees can help you confirm your transactions faster. Fees are not related to the amount transferred, so you can send 100,000 Bitcoins for the same fee as sending 1 Bitcoin.
Sending Bitcoins across the border is as easy as sending them across the street. There are no banks to keep you waiting for three business days, no additional fees for international transfers, and no particular restrictions on the minimum or maximum amount you can send.
Finally, Bitcoin transactions are protected by military-grade cryptography. No one can take your money or make a payment on your behalf. As long as you take the necessary steps to secure your wallet, Bitcoin can give you control over your money and a solid level of protection against many types of fraud.
There is no better time for Bitcoin adoption and Patricia is the best choice.
Dangote: Cement price from our factories is between N2,450 and N2,510 per bag, VAT inclusive
…says Nigeria price is in line with or lower than prices across the West African coast.
Management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories and plants across Nigeria (as at 12th April, 2021) is N2,450 in Obajana and Gboko, and N2,510 in Ibese inclusive of VAT. The clarification was made in view of recent insinuations that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly Ghana and Zambia.
Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin revealed that, while a bag of Cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes. He said that though the company has direct control over its ex-factory prices, it cannot control the ultimate price of cement when it gets to the market. He advised that it is important to distinguish Dangote’s ex-factory prices from prices at which retailers sell cement in the market.
He, therefore, frowned at intentional misinformation or demarketing, allegedly sponsored by some individuals, that Dangote sells its cement at higher prices in Nigeria relative to other African countries at the expense of Nigerians. He described the allegation as false, misleading, and unfounded, while giving the media persons present at the press conference copies of invoices from Nigeria and some other African countries (Cameroun, Ghana, Sierra Leone, Zambia), and urging them to conduct independent investigations on the price of cement across the West African coast.
Edwin further explained that while Dangote cement has 60% share of the market, other companies have the remaining 40%. DCP has no control over neither the prices charged by other cement manufacturers nor the prices charged by retailers in the markets.
He further explained that “Demand for cement has risen globally as a fallout of the COVID crisis. Nigeria is no exception as a combination of monetary policy changes and low returns from the capital market has resulted in a significant increase in construction activity. To ensure that we meet local demand, we had to suspend exports from our recently commissioned export terminals, thereby foregoing dollar earnings. We also had to reactivate our 4.5m ton capacity Gboko Plant which was closed 4 years ago and run it at a higher cost all in a bid to guarantee that we meet demand and keep the price of Cement within control in the country.”
He said: “Over the past 15 months, our production costs have gone up significantly. About 50% of our costs are linked to USD so the cost of critical components like: gas, gypsum, bags, and spare parts; has increased significantly due to devaluation of the Naira and VAT increase. Despite this, DCP has not increased ex-factory prices since December 2019 till date while prices of most other building materials have gone up significantly. We have only adjusted our transport rates to account for higher costs of diesel, spare parts, tyres, and truck replacement. Still, we charge our customers only N300 – 350 per bag for deliveries within a 1,200km radius. We have been responsible enough not to even attempt to cash in on the recent rise in demand to increase prices so far.”
Zylus Group launches new estate in Lagos
…rewards outstanding realtors with cars.
Leading real estate company, Zylus Group International, has continued with its mission to make every Nigerian a property owner and addressing the housing deficit problem in the country. The company expanded its reach to the Abraham Adesanya neighbourhood of Lagos, a developed and serene environment, by launching its new housing project: Lekki Pride on January 10th 2021.
This new estate comes with a mouth-watering and flexible payment plan which would allow buyers to enjoy the world-class amenities which Lekki Pride will provide. Some of the facilities at the estate include Cinema House, Recreational Centre, Solar Powered Streetlights, CCTV Surveillance, Estate Gym, Cameras, Smart Home Features 24-hours Power Supply. Others are modern drainage system, Perimeter Fencing, Portable water, spacious parking space and a lot more.
The GMD of Zylus Group International, Oluwatosin Olatujoye said that Lekki Pride Estate is an estate that offers apartments tailored to meet your highest standards, with excellently designed luxury homes, that bring comfort, luxury, and appreciation over time.
He explained that, “we aim to aid the drive of the government in reducing the recurring housing deficit problem in Nigeria. Lekki Pride will set a new hallmark for sophisticated urban and luxury living in Nigeria.”
The MD, Zylus Homes and Property noted that the estate has unique features and elegant designs tailored to meet the luxury needs of the modern-day upwardly mobile resident and investors as well as aesthetic appeal. It enjoys good proximity to landmarks like Abraham Adesanya Roundabout, Agofure Motor Park, Ajiwe Police Station.
Engr. Williams Popoola, the project manager explained that Lekki Pride comprises of tastefully finished units of one, two and three-bedroom apartments, two and three-bedroom Terraces, three and four-bedroom semi-detached apartments. Some of the apartments will also have BQ apartments and Penthouses.
The highlight of the launch was when the Group rewarded realtors with cars for being outstanding and meeting various targets in the past month. Some of the winners expressed their happiness, as many couldn’t contain their joy. They thanked Zylus Group, for recognizing their hard work and encouraged others to do more.
The event was well attended by dignitaries and popular celebrities including dignitaries, Comedian Bash, Koffi, popular Nollywood actresses, Dayo Amusa, Sikiratu Sindodo, actor James (Ogbolor), and Brand Ambassador Jumoke Odetola, among other stakeholders in the real estate industry. They and many others present at the event praised Zylus Group for all that they do in solving the housing needs of Nigerians.
Lekki Pride is a product of Zylus Homes and Property Limited, a subsidiary of Zylus Group International a fast-rising privately owned and internationally recognized business capital organization based in Lagos, Nigeria with an interest in real estate, human capital development, agriculture, infrastructure, general construction, among others.
About Zylus Group
Zylus Group International is a fast-growing real estate firm in Nigeria. It is a privately owned and internationally recognized business capital organization with an interest in Real Estate Investment, Property Sales, Human Capital Development, Agriculture, Infrastructure and General Construction, Property Valuation, Designs and Printing, Media, Transport and Logistics, Travelling and Tours, Property Management and many more.
Our corporate culture speaks Professionalism, Excellence, Integrity, Knowledge, and Service to offering top-notch business relationship to all our partners across all our operational subsidiaries.
Integrated in our Philosophy which is “At all times to deliver quality services with accountability and professionalism.
For more information about us, visit https://www.zylushomes.com/
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.