Business
Cripto Traders In PH Lament Continuous Bitcoin Fall
Cripto currency traders in Port Harcourt, otherwise known as the online digital currency investors, on forex trading have lamented over the continuous fall in the value of the Bitcoin digital currency over a period of time now, which they claim was very unusual.
Some of the traders who interacted with The Tide at various points lamented that the value of the popular bitcoin has fallen from $47,000 it used to be as at August/September 2021, to $19,000 at the moment, alongside other cripto currencies.
According to Mr Ernest Essien, one of the traders, the cripto market that had been helpful to the unemployed persons has suddenly gone down, when it was supposed to have flourished more.
“I got introduced to the business through a company, the Leverage Hub Consulting, operating in Port Harcourt. I invested into the Cash FX online that trade in Bitcoin at the foreign exchange market.
“Every weekend, there was always a pay out, when you have clocked up to $100, but suddenly the tide has turned: since November 2021 uptill now, the value of Bitcoin kept going down to what we have now as between $21,000 and $19,000, and it is now difficult to cash out from the CashFX company”, he said.
Also, one of the trader, who do not want his identity disclosed, said he had lost about N4m directly on his investment since the continuous crash of the Bitcoin, and blamed the BTC’s crash on the dollar, the war in Ukraine, and many other things.
”I have been in crypto for a while. In the past few weeks, let’s say about eight weeks, if anyone tells you they’ve not lost money they are lying.
“Loses is part of this. On a personal level, and with my firm, we’ve lost about N40m, this is to be conservative. We are big traders. I won’t call it a loss though, because as long as you are still in the market, you will still get your money back. But on a temporary level, if we close our position now, we would be forfeiting nothing less than that amount.
“And this loss is across the board. I can’t share some of these personal losses with you but in a group that I belong to, everyone asides from developers, have lost a lot of money since the turn of the year. A lot of people have lost money”, he said.
Meanwhile, one of the market’s operator, Mr Henry Otonna said “crypto coins by nature are volatile, and we are currently in a bear market. But as we know this doesn’t last for long and there will be a bull market very soon. We don’t know when.”
According to him, prices are falling because of fear, uncertainty, and doubt, adding that the Russian-Ukraine war was also taking its toll on the market.
”There is also the issue between Russia and Ukraine which brought a lot of instability to the market. People got scared and started selling and the more people sell, the more the downtrend in the market becomes.
“Recently, residents of the US also had to pay their taxes, and whenever this happens, residents start selling to raise payments.
“About three or four weeks before the deadline, people start selling, which affects the market since these are heavy investors and their sales affect the market.” he said
However, Otonna further suggested that the price falls could also be a result of institutional manipulation since most of the big guys are heavy investor.
By: Corlins Walter
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos