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Central African Republic launches own cryptocurrency called ‘Sango’

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The Central African Republic (CAR), has launched it’s own cryptocurrency known as ‘Sango’, making the country the first in Africa to launch the construction of its digital currency with the potential of becoming the first African crypto-hub.

The launch of ‘Sango’ on Sunday is coming two months after President Faustin Archange Touadéra said the country will follow the example of El Salvador to become the second country in the world to adopt bitcoin as an official alongside the CFA franc which is the official legal tender in the African country.

Making the announcement of the launch of the bitcoin, President Touadéra said with the creation of the ‘Sango Coin’ and making the CAR a “Crypto Island,’ the platform will allow the virtual currency to become “the catalyst for the tokenization of the vast natural resources” of the country and Africa in general.

“The Central African Republic is sitting on a mountain of untapped wealth, including gold, diamonds, rare metals, and the ‘Sango Coin’ will be direct access to our resources for the world to attract investors and jump-start the engines of the economy,” Touadéra said.

According to the President, the “Sango initiative,’ named after the country’s official language outside French, comes in the midst of the global cryptocurrency crisis, where the price of bitcoin is in free fall and many crypto platforms are facing bankruptcy.

However, in the Yoruba mythology in Nigeria, ‘Sango’ is the most popular of gods known as Orisha. Sango is the god of thunder and lightning and as well one of the most worshipped gods all over the world, cutting across many countries especially in South America.

VenturesNow

Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat

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Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s  sale of local offshore shallow water assets to Seplat.

President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.

Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.

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Nigeria climbs to fourth position on World Bank’s list of most indebted nations

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Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.

Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.

The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.

The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.

What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.

The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.

“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.

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