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Nigeria’s USSD Transactions Reach N2.19tn in H1 2024, Despite Ongoing Debt Issues

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According to data from the Central Bank of Nigeria (CBN), Unstructured Supplementary Service Data (USSD) transactions remain a cornerstone for the nation’s financial ecosystem as more Nigerians use the channel to send and receive money.

CBN’s recent electronic payment statistics reveal that between January and June 2024, 252.06 million USSD transactions were conducted, amounting to N2.19 trillion. This figure represents 45.3% of the total value of USSD transactions recorded in 2023 and 40% of the year’s transaction volume.

For context, USSD transactions in 2023 totaled N4.84 trillion across 630.6 million transactions. Also, in 2022, Nigerians processed 515 million USSD transactions. It serves both the financially underserved and served. Initially designed for telecom services like airtime purchases, USSD has become an indispensable tool in Nigeria’s banking sector.  Its offline capabilities make it particularly valuable in advancing financial inclusion by enabling quick, convenient transactions in areas with limited internet connectivity.

However, despite its growing adoption, the USSD payment channel is plagued by unresolved financial challenges. Deposit money banks (DMO) and telecom operators have been at loggerheads since 2019 over the non-remittance of USSD fees. In 2023, Telcos in Nigeria, threatened to withdraw service, stating that banks refused to pay the N200bn owed.

Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), recently criticized banks for profiting from USSD services while failing to settle debts owed to telecom operators. Reports reveal that telecom operators are owed N250 billion for USSD services, a debt that has lingered for six years.

While smaller banks have begun repaying their share, tier-one banks responsible for the bulk of the debt have yet to make significant payments. Adebayo noted that recent repayments, though a step forward, are far from adequate. The unresolved USSD debt remains a significant hurdle. Resolving these financial disputes is critical to maintaining the sustainability of USSD services and fostering the growth of Nigeria’s broader electronic payment landscape.

Notably, alongside the surge in the USSD payment channel, other electronic payment methods have seen remarkable growth in Nigeria. Automated Teller Machine (ATM) transactions reached N12.21 trillion from 496.44 million transactions in the first half of 2024, demonstrating their rising popularity. Similarly, point-of-sale (POS) transactions are gaining traction, underscoring the country’s ongoing transition to a cashless economy. In July 2024, PoS transactions surged to an unprecedented N1.01 trillion, as online transactions grew by 89% YoY.

The Nigerian payment landscape has witnessed a significant transformation in recent years, driven by technological advancements and changing consumer preferences. As electronic payment channels continue to evolve, addressing challenges that affect these systems is crucial to achieving a fully inclusive financial system in Nigeria.

Chappal Energies Completes $1.2bn Acquisition of Equinor Nigeria Energy Company

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Chappal Energies has finalized the acquisition of Equinor Nigeria Energy Company (ENEC), marking a significant reshaping of Nigeria’s oil and gas industry.

The deal, announced in 2023, faced delays but reached completion on December 6, 2025.

The acquisition, valued at approximately $1.2 billion, includes a $710 million purchase price and contingent payments making up the remainder. The transaction underscores Chappal Energies’ ambitions in the Nigerian energy sector and Equinor ASA’s exit from a market where it has operated for more than three decades.

Details of the Deal

Equinor Nigeria confirmed on November 29, 2023, that ENEC, holding a 54% stake in the OML 128 oil and gas lease, was sold to Chappal Energies. Regulators approved the transaction in November 2024, paving the way for the completion of the deal under Project Odinmim, a special-purpose vehicle owned by Chappal Energies.

The acquisition grants Chappal Energies a controlling interest in ENEC, including a 20.2% stake in the Chevron-operated Agbami oil field and operatorship of OML 129. The Agbami field, one of Nigeria’s most prolific deep-water oil fields, has produced over a billion barrels of oil since its inception in 2008.

In a statement, Equinor Nigeria said: “As part of the transaction, all of Equinor’s assets in Nigeria have been transferred to Chappal Energies. Local employees will remain with the newly transferred company under its new ownership, marking a complete exit of Equinor from Nigeria.”

This acquisition is a pivotal moment for Chappal Energies, which now assumes responsibility for Equinor’s former assets and operations in Nigeria. The deal positions the Mauritius-registered company as a significant player in Nigeria’s offshore oil sector, leveraging key assets to strengthen its foothold in the market.

Rand Merchant Bank, a division of South Africa’s First Rand Bank Limited, served as the exclusive financial adviser to Chappal Energies, highlighting the strategic and financial planning behind the acquisition.

Equinor, for its part, sees the sale as part of a broader strategy to optimize its global portfolio. A spokesperson for the Norwegian energy giant noted: “This transaction allows Equinor to sharpen its focus on core areas of operation and streamline its international oil and gas portfolio.”

The Backstory of Equinor’s Journey in Nigeria

Equinor’s involvement in Nigeria dates back to 1992, and the company has played a transformative role in the country’s energy sector. Its development of the Agbami field, Nigeria’s largest deep-water oil field, has been a cornerstone of its operations.

Despite its early successes, Equinor signaled its intention to divest from Nigerian offshore operations in January 2023. At the time, the company had invested over $3.5 billion in its 20.21% stake in the Agbami oilfield.

Production from the Agbami field, once a key contributor to Nigeria’s oil output, has declined in recent years. Output fell from 36,000 barrels of oil equivalent per day (boepd) in 2019 to 29,000 boepd in 2020. These challenges, coupled with Equinor’s broader strategy to focus on more profitable assets, led to its decision to exit the Nigerian market.

With Equinor’s complete exit, Chappal Energies inherits a complex but potentially lucrative portfolio of assets. This acquisition not only reshapes Nigeria’s energy sector but also reflects shifting priorities within the global oil and gas industry.

Solana Hits $238 As 1Fuel Presale Reaches $300,000 Milestone, Avalanche Gains Traction at $52

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More updates pour into the crypto sphere every minute of every day. The market is buzzing with excitement even as you read this due to Solana surging to $238. At the same time, 1Fuel’s presale hits an impressive $300,000 milestone and Avalanche gains ground at $52.

This is good news for both seasoned and new investors. We’re currently witnessing the evolution of digital assets. Looking for the best cryptocurrency to invest in this season? Solana’s explosive growth and 1Fuel’s cross-chain utility features set the stage for choosing.

Investors looking for tokens with growth potential, utility, and innovation should consider participating in 1Fuel’s Presale event.

Solana’s breakout at $238

Since its launch in 2020, Solana (SOL) has continued to dominate headlines. It recently hit a remarkable $238 per SOL—its highest price in months. This isn’t some luck; this surge we’re witnessing is a testament to Solana’s robust infrastructure, scalability, and growing adoption among DeFi and NFT communities.

SOL is known for its lightning-fast transactions and low fees. It’s the ideal go-to solution for developers and users who prioritize efficiency in the blockchain.

Like every other token, SOL has its challenges. Factors like network outages and increased competition in Layer-1 space might stifle growth. Despite all of this, everything about SOL points to it as one of the best cryptocurrencies to invest in.

1Fuel presale reaches $300,000 milestone

Investors who consider innovation and scalability before they buy into a token are the smartest. 1Fuel stands out in the markets as one of the best cryptocurrencies to buy.

With 1Fuel’s presale crossing $300,000 in just a few days, analysts forecast 1FUEL to 100x after its public launch. This positions the token as one of the best crypto investments of 2024. This isn’t just hype or luck; these numbers signal that investors are interested in what 1Fuel can do.

One of the reasons investors prefer 1Fuel is its cross-chain compatibility. This means users can transact seamlessly across multiple blockchain networks. There’s a one-click transaction functionality in place that further makes it easy to use. For investors, this means reduced friction in asset transfers.

Also, 1Fuel’s presale offers early buyers access to lucrative staking rewards. This is one of the benefits of participating in community tasks. 1Fuel is designed to address key pain points in the crypto sphere and ensure long-term sustainability.

Avalanche gains traction at $52

Avalanche is one of the high-performing tokens investors are curious about going into 2025. As AVAX climbs to $52, it cements its position as one of the best cryptocurrencies to invest in for enthusiasts looking for high-speed and scalable solutions.

In such a competitive market dominated by ETH and Solana, Avalanche and 1Fuel are steadily gaining traction.

One feature that makes AVAX stand out is its subnet technology. This allows developers to create customizable app-specific blockchains. This is perfect for users looking for scalable solutions without compromising on performance.

Frustrated with ETH’s high gas fees? AVAX appeals with its low transaction fees, positioning it as a practical alternative. Since it was launched, Avalanche has continued on an upward trajectory. This solidifies its place as one of the best cryptocurrencies to buy in today’s market.

Conclusion

The crypto market evolves constantly. Tokens with wonderful growth potential show up all the time. Currently, Solana, Avanlanche, and 1Fuel fit that bill. SOL cemented its place as a market leader with its $238 surge. AVAX rose to $52 to showcase its adoption of scalable blockchain solutions.

But nothing comes close to 1Fuel’s presale milestone of $300,000 which solidifies its position as a top contender for the best cryptocurrency to invest in today.

 

Presale: https://www.1fuel.io/

Telegram: https://t.me/Portal_1Fuel

X: https://x.com/1fuel_?s=21

Tekedia Capital welcomes Entangl

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Tekedia Capital welcomes Entangl (entangl.ai)  which uses AI to automate hardware design, end-to-end, without errors. For each issue detected, Entangl suggests a detailed step-by-step solution. The founders are hardware geeks and TechCrunch has praised their engineering vision: “ We used to lead a reusable rocket program and oversaw the launch of four missions. We hated engineering design software so much that we created our own — which is why we’re here today”.

Tekedia Capital (capital.tekedia.com) welcomes Entangl to our expanding portfolio universe. From Techcrunch: “Why it’s a fave: I was intrigued when Entangl said it has talked to Amazon CEO Andy Jassy about automating data center verification. The fact that the startup already has deals with AWS and Vodafone is a big plus.” We like this business and expect a unicorn really soon.

Tekedia Capital funds innovative ideas across the globe.

Top 5 Low-Cost Cryptos Expected to 50x in 2024’s Long-Awaited Bull Run

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As the cryptocurrency market anticipates a significant surge in 2024, investors are keen to identify affordable digital assets with the potential for explosive growth. This article uncovers five low-cost cryptocurrencies that experts predict could increase in value fiftyfold during the upcoming bull run. Discover which accessible tokens might offer substantial returns in the near future.

DOGEN: The First Memetoken for Alpha Males Who Demand the Best

Unleash your inner alpha with DOGEN, the meme token built for those who want to live a beautiful life. DOGEN is the alpha dog that never misses a chance to win big. This is the token for winners who won’t settle for anything less. Think luxury cars, stacks of cash, and beautiful women — that’s the Alpha DOGEN lifestyle!

HODL Like a Boss, Conquer the Market

Ready to live like an Alpha DOGEN and enjoy the finer things in life? It’s on the runway, gearing up for a 700% takeoff by the end of the presale — and that’s just the start. With DOGEN, you’re looking at potential thousand-fold returns as memetokens lead the hottest trend of this altcoin season.

The earlier you jump in, the more you win! It’s a deal that others will envy, and you’ll be at the top of the pack.

Missed WIF, Popcat or Ponke rise?

DOGEN is the new doggie on the Solana memetokens ground alongside BONK, WIF, and Popcat known for their astonishing 1000% growth. Currently undervalued, DOGEN is poised to take this crypto narrative to the next level, potentially breaking records in this bull run.

Community-Driven with Real Value

DOGEN isn’t just a short-lived hype; it’s a growing movement. The team behind DOGEN is laser-focused on building a thriving community of alpha leaders who refuse to settle for less and are geared up to dominate the market. This token offers real value, from exciting campaigns to exclusive perks for early adopters. DOGEN is an opportunity to be part of something that lasts.

DOGEN’s multi-level referral program is as fierce as it gets: You’ll score 7% from every token your direct bros (1st level) buy using your referral code. Plus, there are more rewards down the line — you can grow your profits as your referrals bring in even more users.

Hold DOGEN and let others envy you! Join the Dogen Army today and conquer the crypto world!

dogen

Polygon (POL): Enhancing Ethereum’s Scalability and Accessibility

Polygon’s native cryptocurrency, POL, powers a layer two scaling solution for the Ethereum blockchain, designed to facilitate fast transactions and lower fees. Operating alongside Ethereum, Polygon enables users to bridge assets and access a wide range of applications with reduced costs. Utilizing a proof-of-stake consensus mechanism, users can earn rewards through staking. Validators secure the network, while delegators stake their POL through trusted validators. Polygon’s efficiency and low fee structure enhance the scalability and accessibility of the Ethereum ecosystem. In the current market cycle, Polygon’s technology offers potential benefits for users engaging with decentralized finance and blockchain applications, making it an attractive platform within the cryptocurrency space.

TRON (TRX): Decentralizing Content Creation and Empowering Creators

TRON (TRX) is a decentralized blockchain platform launched by the Tron Foundation in 2017. Originally issued as ERC-20 tokens on Ethereum, TRX moved to its own network in 2018. The platform aims to give digital content creators full ownership rights and direct rewards from consumers, eliminating intermediaries like YouTube or Apple. TRON supports smart contracts and decentralized applications (dApps), offering an alternative to Ethereum for developers. It uses a transaction model similar to Bitcoin’s UTXO, with a public ledger for transparency. By facilitating content creation and sharing without significant transaction fees, TRON seeks to build a decentralized Internet, which may enhance its potential in the blockchain ecosystem.

Kaspa: Fast PoW Cryptocurrency Leveraging GHOSTDAG and BlockDAG Technology

Kaspa is a proof-of-work cryptocurrency that uses the GHOSTDAG protocol. Unlike traditional blockchains, GHOSTDAG allows blocks created in parallel to coexist by ordering them in consensus. This means Kaspa’s blockchain is a blockDAG, not a single chain. This approach maintains security while achieving high block rates, currently 1 block per second, aiming for 10 per second, and dreaming of 100 per second. Confirmation times are very short, limited by internet latency. Kaspa includes features like Reachability for querying the DAG’s topology, block data pruning, SPV proofs, and plans for subnetwork support to facilitate future layer 2 solutions. These innovations may position Kaspa as a promising player in the cryptocurrency market.

ONDO Finance: Bridging Traditional Finance and Blockchain Technology

ONDO Finance combines traditional finance with blockchain technology. It tokenizes stable, income-generating real-world assets, making high-grade financial products accessible to more people. Ondo has an asset management arm that creates tokenized financial products and a technology arm that develops decentralized finance protocols. This enhances the functionality and scalability of its offerings. Ondo partners with trusted firms like BlackRock and uses Coinbase for asset custody, ensuring security and compliance. Its products, like USDY, offer stablecoin accessibility backed by US Treasuries and bank deposits. By providing regulated and transparent financial products, ONDO presents potential in the current market by bridging traditional assets with blockchain efficiency.

Conclusion

While coins like POL, TRX, KAS, and ONDO show promise, their short-term potential may be limited. In contrast, DOGEN stands out as a token designed for those seeking luxury and success. With expected 700% growth by the end of the presale and potential for thousand-fold returns, DOGEN offers real benefits and is building a community of market leaders.

 

Site: Dogen crypto

Twitter: https://x.com/dogenmeme

Telegram: https://t.me/Dogen_Portal