Nigerian Eye

Army moves to root out ‘disloyal’ personnel

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Latest-News Army moves to root out ‘disloyal’ personnel

Reps caucus reveals those behind formation of ‘Fresh PDP’

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Latest-News Reps caucus reveals those behind formation of ‘Fresh PDP’

El-Rufai lied about Atiku’s contribution to Buhari’s victory in 2015 – Timi Frank

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Latest-News El-Rufai lied about Atiku’s contribution to Buhari’s victory in 2015 – Timi Frank

Bitcoin plunges as investors suffer reality check

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Bitcoin prices plunged by a quarter on Friday as investors cashed out just before Christmas after the wildly volatile currency’s stratospheric rise in recent weeks. 
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The precipitous drop comes after a series of warnings by analysts and governments about a bubble that could burst at any moment as investors, many inexperienced, piled into the unit hoping to enjoy some of the eye-watering gains. 
 
The controversial cryptocurrency fell to $12,191 from its Thursday price of $16,563. 
 
It is down almost 40 percent down from its record high of $19,500 seen on Monday, according to data compiled by Bloomberg. 
 
The sell-off has bled through to other cryptocurrencies such as Dash, Litecoin and Ripple, all of which were sent plunging. 
 
Stephen Innes, head of trading for Asia Pacific at OANDA, said investors are having a “reality check”. 
 
He added: “At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.” 
 
At its height, Bitcoin had soared almost 30-fold since the start of the year and has moved into the mainstream as two major US exchanges began trading futures in the unit. 
 
And the mania that has swept the Bitcoin universe saw a New York beverage company this week announce it was shifting into cryptocurrency-related investments. 
 
Long Island Iced Tea Corp of Farmingdale, New York — which says it currently produces the soft drink with a proprietary recipe — said on Thursday it was changing its name to “Long Blockchain Corp” and would explore investments in the technology underlying cryptocurrencies. 
 
Shares in the firm rose 180 percent on the tech-rich Nasdaq following the news. 
 
Bitcoin began looking shaky on Wednesday when it took a 15-percent hit following news South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings. South Korea and Japan are home to some of the largest number of traders in the currency. 
 
The Youbit development came a day after US authorities suspended trading in a popular Bitcoin-related stock, citing concerns about market manipulation. 
 
The Crypto Company’s share price had risen 1,700 percent between the end of September and Monday evening before the Securities Exchange Commission intervened to halt trades until January 4. 
 
There have been numerous warnings about a possible blowout in the Bitcoin market. 
 
Bank of Japan Governor Haruhiko Kuroda said on Thursday that the price surge of the virtual currency was “abnormal”, while Singapore’s central bank advised investors to “act with extreme caution”. 
 
The vice-president of the European Central Bank has also expressed concern about the relentless rise in the value of Bitcoin and the potential risk accompanying the trend. 
 
US Federal Reserve boss Janet Yellen has said Bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes. 
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Latest-News Bitcoin plunges as investors suffer reality check

Bitcoin prices plunged by a quarter on Friday as investors cashed out just before Christmas after the wildly volatile currency’s stratosph...

Saraki to lead delegation to Gani Adams’ installation

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The Senate President, Dr. Bukola Saraki, on Thursday received the Aare Ona Kakanfo-designate and the National Coordinator of Oodua Peoples Congress, Otunba Gani Adams, with a promise that he would lead the Senate delegation to his installation on January 13 2018 by the Alaafin of Oyo, Oba Lamidi Adeyemi III. 
 
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Senators present at the reception for Adams included Sola Adeyeye, Monsurat Sunmonu, Omotayo Alasoadura, Boroffice Ajayi, Olamilekan Adeola and Clifford Ordia. 
 
Saraki hailed the choice of Adams, saying it was good that younger Nigerians were assuming the mantle of leadership. 
 
A statement issued by Adams’ Chief of Staff, Segun Akanni, and obtained by The PUNCH in Jos, said the Senate President expressed optimism that as the generalissimo of his people, Adams would be committed to the promotion of culture and tradition of Yoruba Land. 
 
Saraki was quoted as saying, “I was very delighted and glad when I read it in the news that you have been appointed as the 15th Aare Ona Kakanfo of Yoruba land; your determination and commitment to the promotion of culture and tradition as well as the defence and love you have for the Yoruba race and Nigeria led you to where you are today. 
 
 “You are not a new person to me; I have known you for long, especially when I was the governor of Kwara State; you came to the state for a lot of cultural and people-oriented events; you have distinguished yourself, thank God for your life. I assure you that I will lead the delegation of the members of the Senate to Oyo on your installation day.” 
 
Gani Adams explained that his visit to the Senate President was to introduce himself as the 15th Aare Ona Kakanfo of Yoruba Land. 
 
He requested the presence of the Senate President at his installation on January 13 in Oyo. 
 
Adams also hailed the courage of Saraki and praised him for the political wisdom he had used in handling the affairs of the Upper Chamber. 
 
 He said, “We witnessed a lot of activities of different Senate Presidents since 1999; but the way and manner you approach issues are excellent, you have transformed and repackaged the image of the Senate.”</div>

Latest-News Saraki to lead delegation to Gani Adams’ installation

The Senate President, Dr. Bukola Saraki, on Thursday received the Aare Ona Kakanfo-designate and the National Coordinator of Oodua Peoples...

PDP will stop APC’s misrule in Osun - Omisore

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A former deputy governor of Osun State, Mr. Iyiola Omisore, has said the Peoples Democratic Party in the state will unite to stop the ruling All Progressives Congress from destroying the state. 
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Omisore, who said this at the factional secretariat of the PDP in Osogbo on Thursday, stated that the crisis rocking the party would be resolved within the next one month. 
 
Speaking during the distribution of food items to party members, the former deputy governor said he was not interested in fighting any member of the PDP, stressing that all members of the opposition  party should come together to rescue the state from the grip of the APC. 
 
He said, “We will get our acts together to face that monster and destroy it before it destroys Osun. 
 
“After our congress in January, the PDP will come under one umbrella and from that point, we will take off fully. Don’t fight anyone. Let’s preach the message of peace and face our common enemy. 
 
“Let the government resolve all the challenges it has created for the state before we can talk of any local government election. PDP is fully ready anytime to go to poll, but when uncertainties surround a poll, no serious politician will be too interested in such an exercise.” 
 
According to him, the PDP will continue to reach out to the people of the state, especially those in the rural communities, to remind them of the achievements of the party when it was saddled with the responsibility of leadership of the state. 
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