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NGX Lifts Trading Suspension on Mutual Benefits Assurance Plc After Financial Filings

By
Samuel Nwite
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0

The Nigerian Exchange Limited (NGX) has officially lifted the trading suspension placed on Mutual Benefits Assurance Plc, allowing the company’s shares to resume trading on the stock market from Thursday, March 20, 2025.

The decision comes nearly eight months after the insurance firm was suspended for failing to meet its financial reporting obligations.

The suspension, which took effect on July 8, 2024, was imposed under the NGX’s Rule 3.1 on the Filing of Accounts and Treatment of Default Filing. The rule states that any publicly listed company that fails to submit its financial statements within the stipulated deadline will receive a Second Filing Deficiency Notification from the Exchange. If the company does not comply within the cure period, the Exchange is required to suspend trading on its securities and notify the Securities and Exchange Commission (SEC) and the general public within 24 hours.

The NGX recalled this action in a statement, emphasizing the regulatory reasons behind the decision. The statement read, “We refer to our Market Bulletin dated 8 July 2024 with Reference Number: NGXREG/IRD/MB35/24/07/08, wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Mutual Benefits Assurance Plc.”

Mutual Benefits Assurance Plc was penalized for not filing its audited financial statements for the year ending December 31, 2023, within the prescribed timeframe. The company also failed to submit its unaudited financial statements for 2024, raising concerns about transparency and compliance.

After months of inactivity on the Exchange, Mutual Benefits Assurance Plc has now submitted its audited financial statements for the 2023 fiscal year, as well as all outstanding unaudited financial reports for 2024. The NGX confirmed that the company had met all necessary requirements and was now in full compliance with the Exchange’s regulations.

Providing an update, the NGX stated, “In view of the company’s submission of its 2023 AFS, and pursuant to Rule 3.3 of the Default Filing Rules, which states that, ‘The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts,’ the Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.”

The lifting of the suspension means that shareholders and investors who had been unable to trade Mutual Benefits Assurance Plc’s shares since July 2024 can now freely buy and sell the company’s stock on the NGX platform. The resumption of trading is expected to generate heightened market activity, as investors react to the company’s return to compliance.

Market analysts believe that the company’s stock could experience volatility in the short term, with some investors eager to offload their shares while others see an opportunity to acquire the stock at potentially undervalued prices. The company’s ability to rebuild investor confidence will depend on its financial health and future corporate governance practices.

NGX Group’s Record Financial Performance

In a related development, the Nigerian Exchange Group Plc has announced record-breaking financial results for the fiscal year ending December 31, 2024. The company posted a profit before tax of N13.6 billion, representing a significant 157.3 percent increase compared to the previous year. The NGX Group attributed this impressive performance to robust revenue expansion, effective cost management, and increased market participation.

Gross earnings soared to N24.0 billion, more than double the N11.8 billion recorded in 2023. The strong financial performance prompted the company’s Board of Directors to approve a final dividend payout of N4.4 billion, translating to N2.00 per share. This represents the highest dividend in the history of the NGX Group, further demonstrating its commitment to delivering shareholder value while maintaining a strong capital position.

The performance of the NGX Group underscores the resilience of the Nigerian capital market, despite ongoing economic challenges. Analysts believe that the record-breaking profit signals increased confidence in the Exchange and could attract further investment into the market.

For Mutual Benefits Assurance Plc, the return to active trading presents an opportunity to rebuild trust among investors and strengthen its financial standing. The company’s ability to maintain regulatory compliance and implement sound corporate governance practices will be key to its long-term stability in the stock market.

With the NGX continuing to enforce strict compliance measures, publicly listed companies are expected to be more diligent in meeting financial reporting deadlines. This regulatory vigilance is aimed at enhancing transparency, protecting investors, and fostering confidence in the Nigerian capital market.

The “War on Crypto Mixers”

By
Paul Ugbede Godwin
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0

Cryptocurrency mixers, like Tornado Cash, have faced intense scrutiny from governments worldwide, particularly the United States, as part of a broader crackdown on money laundering, sanctions evasion, and illicit financing. Tornado Cash is a decentralized, open-source cryptocurrency mixer built on Ethereum that has become a flashpoint in the global debate over privacy, regulation, and illicit finance. Crypto mixers are tools that pool and shuffle users’ digital assets to enhance privacy, making it harder to trace transactions on public blockchains like Ethereum. While they have legitimate uses (e.g., protecting personal financial data), they’re also exploited by hackers, ransomware groups, and sanctioned entities—like North Korean hackers —to launder funds.

Tornado Cash was launched in 2019 by a team including Roman Semenov, Roman Storm, and Alexey Pertsev, aiming to enhance privacy on Ethereum’s transparent blockchain. It’s not a company but a set of smart contracts—self-executing code—allowing users to pool and anonymize their Ether (ETH) or ERC-20 tokens. Users deposit crypto into a Tornado Cash pool, receiving a private “note” (a cryptographic key). After a delay, they can withdraw the same amount to a new address using this note, breaking the transaction link. Zero-knowledge proofs (zk-SNARKs) ensure the process is trustless and verifiable without revealing identities. Designed for privacy-conscious users—like activists in oppressive regimes or individuals shielding financial data—it obscures transaction histories, making blockchain analysis harder.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) and other global regulators view mixers as a threat when used to obscure illegal activities. This has sparked what some call a “war on mixers,” pitting privacy advocates against law enforcement. In August 2022, OFAC sanctioned Tornado Cash, a popular Ethereum mixer, alleging it laundered over $7 billion, including funds tied to North Korea’s Lazarus Group. In 2023, U.S. courts upheld the ban, and developer Alexey Pertsev was sentenced to 64 months in prison in the Netherlands for facilitating money laundering. As of 2025, his case remains a rallying point for crypto privacy debates.

By March 2025, the U.S. has expanded sanctions to other mixers, like Blender.io and Sinbad.io, linked to illicit flows. The EU’s 12th sanctions package (late 2024) also targets mixer-related entities supporting Russia’s war efforts in Ukraine, reflecting a global trend. The U.S. Congress is debating the Crypto Asset National Security Enhancement Act (introduced in 2024), which could mandate stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) rules for mixers. Germany and other EU states are aligning with similar frameworks under MiCA (Markets in Crypto-Assets regulation).

A few mixers comply with KYC/AML laws, operating as regulated financial services. These face less heat but must sacrifice full anonymity. Nine or more mixers, including Tornado Cash, have been hit hard. Developers face jail time, and users risk penalties—e.g., OFAC fined a U.S. citizen $50,000 in January 2025 for using a sanctioned mixer, per Treasury reports. Privacy advocates argue this “war” stifles innovation and infringes on rights, while regulators say it’s about stopping crime (e.g., $1.5 billion in ransomware proceeds laundered via mixers in 2024, per Chainalysis).

The “war on mixers” is escalating. The U.S. and allies are using AI-driven blockchain analytics to track mixer use, while crypto hubs like Dubai and Singapore tighten rules. Meanwhile, decentralized mixer protocols evolve, staying one step ahead—though at greater legal risk to operators. By 2022, Tornado Cash had processed over $7 billion in crypto, per U.S. Treasury estimates. It became popular for its simplicity and decentralized nature—no central operator meant no KYC (Know Your Customer) requirements.

Examples include dissidents hiding donations or businesses protecting trade secrets. A 2021 study by Elliptic found roughly 80% of early use was non-illicit. Its anonymity attracted bad actors. Chainalysis tied it to $1 billion+ in laundered funds by 2022, including $455 million stolen by North Korea’s Lazarus Group in the Harmony Bridge hack. Ransomware gangs and dark pool traders also flocked to it. On August 8, 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, adding its smart contract addresses to the Specially Designated Nationals (SDN) list. The Treasury alleged it facilitated money laundering for “rogue actors” like North Korea, Russia, and Iran. This was unprecedented—sanctioning code, not just people.

The Accelerated Society: A New Era of Disruption and Integration

By
Ndubuisi Ekekwe
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0

Whether you believe it or not, I posit that more than 80% of digital companies in Africa will expire by 2028 if they fail to reinvent themselves in the AI age. From edtech to HR-tech, AI will create a new basis of competition which will disintermediate many current players. Good People, the Accelerated Society: A New Era of Disruption and Integration, is here.

In the grand tapestry of human progress, we stand at a pivotal juncture. Not merely a continuation of what came before, but a radical shift, a transmutation as I like to call it. We are moving from the familiar shores of the Innovation Society into the uncharted waters of the Accelerated Society.

Let’s rewind. Before the 1780s, we existed in the Invention Society. A time of brilliant minds, laying the bedrock of natural philosophy. Think of the foundational elements of physics and chemistry, the very language of science. They invented writing, the printing press, tools that shaped our world. Yet, their genius was often confined to the laboratory, their discoveries struggling to translate into widespread services. This resulted in stagnant GDPs and generational poverty. Imagine, unlocking the secrets of elements but dying from preventable diseases like polio.

Then, the Innovation Society emerged, post-1780s, accelerating around the 1980s. This was the era of mechanization, mass production, and data systems. Ideas from the Invention Society were transformed into tangible products and services, driving exponential economic growth. The flat GDP curves began their ascent. However, this era also created a divide: developed, developing, and least developed nations.

Now, we stand at the threshold of the Accelerated Society. A new wave, driven by AI systems and autonomous machines, is upon us. This is not just about faster computers or smarter phones. It’s about a fundamental restructuring of how we live, work, and interact.

Consider the seamless integration of our lives. You can send money to your mother in Lagos in seconds, a feat unimaginable a generation ago. We hop into Ubers driven by strangers, sleep in Airbnb homes owned by people we’ve never met. This level of interconnectedness, facilitated by robust verification systems, is dismantling the friction of fear and the unknown.

This is the era of acceleration. Technologies are rewriting the very ordinances of our existence. We are becoming entwined, integrated, and, yes, accelerated. This new reality demands agility, adaptability, and a willingness to embrace the unprecedented.

The Accelerated Society is not just a concept; it’s a reality. Are we ready for the speed of change, the depth of integration, and the sheer magnitude of disruption? Only time will tell, but one thing is certain: the world as we know it is changing, rapidly. And we must evolve with it.

Culled from Special Notes on Africa’s Abundance in AI Era, by Ndubuisi Ekekwe, to go live at Blucera with Tekedia Mini-MBA ed17 (Jun 9- Sept 6 2025)

Google Report Highlights Significant Rise in AI Adoption, With 74% Integrating it Into Their Work Lives

By
Ojukwu Emmanuel
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0

A recent study conducted by Google and Ipsos, covering 21,000 interviews across 21 countries, reveals a notable increase in artificial intelligence (Al) usage.

Findings in the report reveal that generative Al usage has surged over the past year, with nearly half of the global population (48%) reporting usage within this period. The highest levels of Al adoption have been observed in emerging markets, where both overall usage and year-over-year growth from 2023 to 2024 have been most pronounced.

The study highlights that Al usage extends beyond mere experimentation, with individuals integrating the technology into various aspects of daily life, including work, personal projects, and education. Notably, the Asia-Pacific region and emerging markets lead in Al adoption across diverse applications.

A key insight from the report underscores that direct experience with Al fosters a more positive outlook. As individuals engage with Al, their enthusiasm for its potential outweighs initial concerns. This trend has become even more evident in 2024, with 57% expressing excitement about Al’s potential compared to 43% who remain concerned about an increase from the previous year’s balanced 50% split.

The study also sheds light on the public’s stance regarding Al regulation. Across nearly every country surveyed, a majority (59%) prioritize fostering Al-driven innovations in science and medicine over stringent regulations designed to protect impacted industries (41%). Even in traditionally more skeptical regions, such as the United States (53% innovation vs. 44% regulation) and Europe (58% innovation vs. 43% regulation), there is a clear preference for supporting technological advancements.

Al’s real-world impact is already evident across various fields, particularly in healthcare. The technology is assisting medical professionals in diagnosing critical conditions faster by analyzing brain scans, enhancing screenings for diseases like breast cancer and tuberculosis, and contributing to groundbreaking medical discoveries such as protein structure prediction. Looking ahead, seven out of ten respondents anticipate Al will have a positive impact on science (72%) and medicine (71%). Other promising applications include agriculture (60%) and cybersecurity (57%).

The belief that Al will personally benefit individuals remains consistent with previous findings. Globally, 59% of respondents believe Al will have a positive impact on people like them, with this sentiment being particularly strong in emerging markets and the Asia-Pacific region. Certain demographic groups-such as Generation Z (70%), parents (70%), and white-collar workers (64%) are more likely to express confidence in Al’s benefits.

On a personal level, many respondents’ express enthusiasm for Al’s role in everyday tasks. The majority welcome Al’s assistance in finding information online (72%), serving as a digital personal assistant for shopping, scheduling, and travel planning (65%), and acting as a tutor or homework helper (63%).

Additionally, people recognize Al’s societal benefits, with 81% highlighting its importance in writing and summarizing content and 86% emphasizing its value in translation services. In the professional sphere, Al is perceived as more than just a productivity tool. Respondents value Al’s ability to simplify complex data and systems (84%) and enhance business problem-solving (82%). Moreover, more individuals believe Al will enable workers to focus on more fulfilling tasks (57%) rather than increasing workloads (43%).

Interest in Al learning opportunities remains high, even among non-users. Half (49%) of those who have not yet adopted Al express interest in understanding how it could support their careers or businesses. Among individuals who have used Al recreationally but not for work, 85% are keen to explore its workplace applications.

Currently, 74% of Al users incorporate the technology into their professional lives. Workplace Al users tend to be younger and more affluent, with 46% under the age of 35 and 60% belonging to higher income brackets. However, Al adoption is not limited to specific demographics, as it is used by blue-collar (67%) and white-collar (77%) workers alike, as well as by older professionals (68% aged 50-74).

Despite these broad adoption trends, a gender gap persists, with only 41% of workplace Al users being female, reflecting an even wider disparity than the overall Al user base (45% female, 55% male).

Workplace Al applications extend far beyond simple tasks such as drafting emails or cover letters. The majority of workplace Al users employ the technology for writing assistance (80%), problem-solving (79%), and brainstorming (75%). Additionally, Al plays a crucial role in digesting long documents (73%) and simplifying complex information (72%).

As AI becomes increasingly prominent in our daily lives, its impact on the personal and professional sphere is set to expand, particularly in emerging markets.

Metaplanet Adds Eric Trump to Its Board of Advisors as Bitcoin Reserve Intensifies

By
Paul Ugbede Godwin
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0

Metaplanet, a Japanese investment firm known for its significant Bitcoin holdings, announced that Eric Trump, son of U.S. President Donald Trump, has been appointed as the first member of its newly established Strategic Board of Advisors. This move is part of Metaplanet’s strategy to enhance its Bitcoin adoption efforts and position itself as a global leader in the Bitcoin treasury space. The company highlighted Eric Trump’s business experience in real estate, finance, and brand development, as well as his advocacy for digital assets, as key contributions to their mission.

Metaplanet currently holds over 3,050 Bitcoin, valued at approximately $4.1 billion, making it Japan’s largest corporate Bitcoin holder and the 12th largest globally. The appointment aligns with the firm’s ambitious goal of accumulating 10,000 Bitcoin by the end of 2025. Eric Trump’s appointment to Metaplanet’s Strategic Board of Advisors carries several potential implications across financial, political, and cryptocurrency landscapes.

Metaplanet’s aggressive Bitcoin acquisition strategy, now backed by a high-profile figure like Eric Trump, could signal to other Japanese firms that Bitcoin is a viable treasury asset. This might accelerate corporate adoption in a country where cryptocurrency has historically faced regulatory scrutiny but growing acceptance. With Eric Trump’s involvement, Metaplanet may gain more visibility internationally, potentially attracting foreign investors or partners interested in Japan’s Bitcoin market.

Eric Trump’s association with his father, U.S. President Donald Trump, could imply tacit political support for Bitcoin-friendly policies, especially given the Trump administration’s pro-business stance. While there’s no direct evidence yet of policy shifts, this move might hint at a warming relationship between the Trump brand and digital assets. The appointment could strengthen economic and technological collaboration between the U.S. and Japan, particularly in the fintech and crypto sectors, aligning with broader geopolitical interests.

The news could fuel bullish sentiment in the Bitcoin market, especially if investors see this as a sign of growing institutional and high-profile endorsement. However, any perceived risks (e.g., political controversy) tied to the Trump name might also introduce volatility. As a publicly traded company on the Tokyo Stock Exchange, Metaplanet’s stock could see increased attention or speculative trading due to Eric Trump’s recognizable name and the firm’s Bitcoin-heavy strategy.

Eric Trump’s experience in branding and real estate (via the Trump Organization) could help Metaplanet refine its public image and expand its influence beyond Japan, aligning with its goal of reaching 10,000 Bitcoin by year-end. His connections in U.S. business and political circles might open doors to new partnerships or capital, aiding Metaplanet’s ambitious treasury plans. The Trump name carries polarizing connotations globally. In Japan, where business culture often emphasizes neutrality and stability, this could either intrigue or alienate stakeholders.

Japanese regulators might keep a closer eye on Metaplanet’s activities, given the high-profile nature of the appointment and the firm’s significant Bitcoin holdings, to ensure compliance with financial laws. This move comes at a time when Bitcoin is increasingly viewed as a legitimate store of value, with companies like MicroStrategy and Tesla setting precedents in the U.S. Metaplanet’s alignment with a Trump family member could position it as a bridge between Eastern and Western approaches to corporate Bitcoin adoption, potentially influencing how other firms worldwide approach cryptocurrency as a treasury asset.

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