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The Procedures For Hosting A Foreigner in Nigeria

By
Stanley Alieke
-
0
Joint venture is one of the ways to grow businesses

In international relations and diplomatic exchanges amongst nations of the world, there are rules and protocols and one of such rules is that you as a citizen cannot sneak a citizen of another country into your country without the consent and approval of the government of the country; it is illegal and criminal to do that. If you as a citizen of Nigeria want to invite or host a citizen of another country in Nigeria, especially if that foreigner needs a visa to enter Nigeria, there are procedures you must follow to do that and one of such procedures includes that you will have to write a letter of invitation to the Nigeria immigration service or to the office of comptroller general or to the office of minister of interior or to the ministry of interior or to the consulate office of the country of origin or residence of the guest you intend to host.

The primary purpose of writing this letter of invitation is to inform the government of your intent to host a foreigner in the country and to seek the official government’s consent and approval for that.

This letter will contain the host’s details like his or her name, occupation, residential address, a copy of the international passport data page and every other requested document will be enclosed. It will also contain the guest’s personal details like the guest’s country of origin, country of residence, occupation and even a copy of the guest’s data page of the international passport. 

The letter will also contain the purpose of the visit; whether it is for business and if it is for business, the nature of the business or if it is for holidays or vacation. The invitation letter will also contain the duration of the stay of the guest; the date of entry and the date of departure.

In that letter, the host will unequivocally undertake that he or she will be responsible and will be the person of contact for the guest for the duration the guest will stay in the country.

This letter of invitation is used for both personal invitations and also used by organizations or companies when they are inviting foreign experts. When it is from a company, the letter is expected to be on the company’s official letterhead.

This letter, if approved, will facilitate the visa granting process for the guest.

The purpose of this letter is not just to notify the host country who is inviting the guest into the country and who will be held responsible or serve as a person of contact for the safety and well-being of the guest. It also serves as an official notice to the country of origin of the guest as to who is hosting their citizen and who will be held accountable for the safety and well-being of their citizen.

This is the official proper protocol for hosting a foreigner into a country, any other channel will be deemed illegal. 

Prostitution Is Not A Crime In Southern Nigeria.

By
Stanley Alieke
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0

I saw a video of a task force and some law enforcement agencies from the government of Delta State assaulting some alleged prostitutes in Oghara, Delta State. The task force went down to the brothel or the “ashawo quatre” where the prostitutes conducted their business and beat up some of them in order to disperse them and also arrested some of the alleged prostitutes or “runs girls”. They even videoed the girls and posted it online. 

The truth is, prostitution or harlotry be it as it may is morally wrong but that does not make it illegal or a criminal act and morality as we say is not law. There is a clear cut between what is immoral and what is illegal. There is no law currently in force in Nigeria that criminalizes prostitution in southern Nigeria. The penal code criminalizes prostitution in Northern Nigeria but the legal jurisdiction of the penal code does not extend to southern Nigeria. This means that it is illegal and criminal to engage in prostitution in Northern Nigeria but it is not a crime in Southern Nigeria. 

The Nigerian Criminal Code does not outrightly criminalize or penalize prostitution. What it does in Section 223 of the act is to criminalize procuring or pimping of prostitutes and other related offenses like defilement by threat or fraud and administration of drugs on girls and women or running a brothel.

Procurement here is talking about pimping or pimps who take advantage of underage persons and make them have unlawful carnal knowledge or pimps who sell out or traffic girls and women into prostitution or those who run a brothel, but expressly, a girl or even a guy who is of age who has decided to engage in prostitution or harlotry in Southern part of Nigeria is not breaking any law.

At best, an alleged prostitute can only be charged for immoral acts or corruption of public decency if they are arrested but they cannot be charged directly for prostitution because there is no law criminalizing it in Southern Nigeria. 

What the task force should have done is to go after the pimps or the owners of the brothel that they engage in the act because those are the ones who are committing a crime. The activities of pimps or madams, underage prostitution and the operation or ownership of brothels are what have been penalized under sections 223, 224, and 225 of the Nigerian Criminal Code.

Coinbase mulled buying FTX Europe post-bankruptcy

By
Paul Ugbede Godwin
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0

Coinbase, the largest cryptocurrency exchange in the US, was reportedly interested in acquiring FTX Europe, the European subsidiary of FTX, one of its main competitors. According to sources familiar with the matter, Coinbase approached FTX Europe after the latter filed for bankruptcy protection in August 2023, following a series of regulatory setbacks and legal disputes.

FTX Europe, which was launched in 2020 as a licensed entity in Malta, had been struggling to maintain its operations in the region amid increasing scrutiny from regulators and lawmakers. The company faced several lawsuits from disgruntled customers and former employees, who accused it of fraud, market manipulation, and breach of contract.

FTX Europe also faced fines and sanctions from various authorities, including the UK’s Financial Conduct Authority (FCA), Germany’s Federal Financial Supervisory Authority (BaFin), and France’s Autorité des Marchés Financiers (AMF).

In a bid to save its business, FTX Europe filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, which allows a company to reorganize its debts and assets while continuing to operate. The company hoped to find a buyer or a partner that could help it resume its activities and regain its market share.

Coinbase has been looking to expand its derivatives offerings globally, especially since its spot trading volumes have dipped in the bear market. Spot trading refers to buying and selling cryptocurrencies at their current market prices. According to data from Kaiko Research, in Q2 2023, the trading volume for crypto derivatives was six times the volume of spot trades.

Coinbase, which had been expanding its presence in Europe and diversifying its product offerings, saw an opportunity to acquire FTX Europe and strengthen its position in the continent. Coinbase had been competing with FTX for market share and liquidity in the global crypto space, especially after FTX acquired Blockfolio, a popular portfolio tracker app, for $150 million in 2020.

Coinbase reportedly offered to buy FTX Europe for a fraction of its original valuation, which was estimated at $1 billion before the bankruptcy filing. However, the deal did not materialize, as FTX Europe’s creditors and shareholders rejected Coinbase’s proposal. They argued that Coinbase’s offer was too low and that FTX Europe still had potential to recover from its troubles.

FTX Europe’s bankruptcy case is still ongoing, and the company is still looking for a viable solution to exit from its predicament. Meanwhile, Coinbase continues to pursue its growth strategy in Europe and beyond, as it faces increasing competition from other players in the crypto industry.

For the crypto industry, it means that there is still a lot of uncertainty and complexity in the regulatory landscape, especially for derivatives products. It also means that there is still a lot of demand and innovation in this sector, as more players enter the market and offer new solutions.

Coinbase’s attempt to acquire FTX Europe was an ambitious move that could have given it a significant edge in the European derivatives market. However, due to various factors, such as competition, valuation, integration, and regulation, Coinbase decided to drop its plans and look for other opportunities. This shows that the crypto industry is still evolving rapidly and facing many challenges and opportunities along the way.

Binance sell its Russian Affiliate brand to CommEx

By
Paul Ugbede Godwin
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0

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it has sold its Russian affiliate brand, Binance.ru, to CommEx, a local digital asset platform. The deal, which was finalized on September 27, 2023, marks the end of Binance’s direct presence in the Russian market, which has been facing increasing regulatory pressure and uncertainty.

According to a press release, Binance.ru will continue to operate as an independent entity under the new ownership and will provide its existing users with access to CommEx’s products and services, as well as Binance’s global liquidity and ecosystem. Binance said that the sale was motivated by its desire to comply with the local laws and regulations, and to support the development of the Russian blockchain industry.

“We are proud of what we have achieved with Binance.ru in the past two years, and we are grateful for the trust and support of our users and partners in Russia. However, we also recognize the challenges and complexities of operating in this market, and we believe that CommEx is better positioned to serve the needs and interests of the Russian crypto community,” said Changpeng Zhao, the founder and CEO of Binance.

CommEx is a licensed digital asset platform that offers trading, custody, lending, staking, and other services for cryptocurrencies and tokens. The company was founded in 2020 by a group of Russian entrepreneurs and investors and has received backing from several prominent local institutions and funds. CommEx claims to have over 500,000 registered users and over $1 billion in monthly trading volume.

“We are excited to acquire Binance.ru and to welcome its users and partners to our platform. We share Binance’s vision of democratizing access to the crypto economy, and we are committed to providing the best products and services to our customers. We also look forward to collaborating with Binance on various initiatives and projects that will benefit the global crypto community,” said Dmitry Volkov, the co-founder and CEO of CommEx.

Binance’s exit from Russia comes amid a series of regulatory actions and warnings against the exchange by various authorities around the world, including the UK, Japan, Canada, Singapore, Brazil, and others. Binance has been accused of operating without proper licenses or authorization, offering unregistered securities or derivatives, violating anti-money laundering rules, and facilitating illicit activities. Binance has denied any wrongdoing and said that it is working to comply with the local regulations in each jurisdiction.

So why did he decide to transfer his affiliate program to CommEx? The answer is simple: to create more value and opportunities for both platforms and their users. By partnering with CommEx, CZ Binance can leverage its network and resources to reach more potential customers and expand his user base.

CommEx, on the other hand, can benefit from CZ Binance’s reputation and expertise in the crypto space, and offer its users a seamless and secure way to access the Binance platform. Together, they can create a win-win situation that enhances the growth and innovation of the crypto industry.

Binance also said that it remains committed to supporting its users and partners in Russia through its global platform, Binance.com, which is not affected by the sale of Binance.ru. Binance.com offers a wide range of products and services for crypto enthusiasts, including spot and futures trading, margin trading, peer-to-peer trading, savings, loans, cards, launchpad, launchpool, NFT marketplace, academy, research, charity, and more.

Bitcoin Volatility may rise as options worth $3 billion expire at end of month

By
Paul Ugbede Godwin
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0

The cryptocurrency market is bracing for a potential increase in volatility as a large number of bitcoin options contracts are set to expire at the end of September. According to data from Skew, a crypto analytics platform, there are about 120,000 bitcoin options contracts worth over $3 billion that will expire on Friday, September 29. This represents about 40% of the total open interest in the bitcoin options market, which stands at around $7.5 billion.

Bitcoin options are derivatives contracts that give the buyer the right, but not the obligation, to buy or sell bitcoin at a predetermined price and date. Options traders can use these contracts to hedge their exposure, speculate on price movements, or generate income by selling options premiums. The expiration of options contracts can have a significant impact on the underlying spot price of bitcoin, as traders may adjust their positions to either realize profits or avoid losses.

One of the main factors that influences the price of bitcoin options is implied volatility, which measures the expected magnitude of future price fluctuations based on the options prices. Implied volatility tends to increase as the expiration date approaches, as there is more uncertainty about the final settlement price. This can create a feedback loop, as higher implied volatility makes options more expensive, which in turn attracts more buyers and sellers, leading to more price movements in the spot market.

According to Skew, the implied volatility of bitcoin options has risen from around 65% at the beginning of September to over 80% as of September 27. This suggests that the market is anticipating a higher degree of volatility in the coming days. However, implied volatility is not a perfect predictor of actual volatility, as it can also be affected by other factors such as supply and demand, liquidity, and market sentiment.

Another factor that can influence the price of bitcoin options is the skew, which measures the difference between the implied volatility of out-of-the-money (OTM) options and at-the-money (ATM) options. OTM options are those that have a strike price that is either above (for calls) or below (for puts) the current spot price, while ATM options are those that have a strike price that is equal to or close to the current spot price.

A positive skew means that OTM calls have higher implied volatility than ATM calls, indicating a bullish sentiment in the market. A negative skew means that OTM puts have higher implied volatility than ATM puts, indicating a bearish sentiment in the market.

According to Skew, the skew of bitcoin options has been mostly negative in September, meaning that traders have been more interested in buying downside protection than upside exposure. This could indicate a cautious or pessimistic outlook for the future price of bitcoin, or simply a reflection of the higher demand for puts than calls in general.

However, the skew has also fluctuated significantly throughout the month, reaching as low as -20% on September 7 and as high as -2% on September 24. This shows that the market sentiment is not stable and can change quickly depending on new developments and events.

The expiration of bitcoin options contracts can also create opportunities for arbitrage and manipulation in the market, as some traders may try to influence the spot price to benefit their options positions. For example, if a trader holds a large number of OTM calls that are close to being in-the-money (ITM), they may try to push up the spot price by buying bitcoin in large quantities before the expiration date.

Conversely, if a trader holds a large number of OTM puts that are close to being ITM, they may try to push down the spot price by selling bitcoin in large quantities before the expiration date. These strategies are known as pinning and pushing, respectively, and they can create artificial price movements that affect other market participants.

The impact of the upcoming bitcoin options expiration on the spot market is hard to predict, as it depends on various factors such as the distribution of strike prices and maturities, the level of liquidity and trading activity, and the overall market sentiment and expectations. However, given the large amount of open interest involved and the high implied volatility observed, it is likely that there will be some degree of volatility and price action in the next few days. Therefore, traders and investors should be prepared for potential swings and surprises in the bitcoin market.

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