Paxful, the leading global peer-to-peer fintech platform, announced that it will be donating to the Friends of Nigerian Basketball Foundation (FONB), a non-profit corporation with a mission to amplify and support the global sport of basketball at all levels of engagement and competition. Additionally, Paxful’s Co-Founders Ray Youssef and Artur Schaback will give a personal donation to the FONB.
The donation will directly support the D’Tigers, the Nigeria men’s national basketball team during their Olympic run in Tokyo, Japan later this month. Paxful will be donating on behalf of the Built With Bitcoin Foundation, a humanitarian organization devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support—all powered by cryptocurrencies.
The Nigeria men’s national basketball team is led by Head Coach Mike Brown, associate head coach for the Golden State Warriors. The D’Tigers are currently ranked 1st in Africa and 22nd in the world by the FIBA World Ranking and they are showing great promise during the Las Vegas, Nevada exhibition games this week–beating both the men’s national teams for the United States and Argentina. Nigeria will tip-off its Olympic schedule against Australia on July 25 (1:20 a.m. PDT) to open play in Group B of the preliminary round, followed by games against Germany (July 27, 6 p.m. PDT) and Italy (July 30, 9:40 p.m. PDT).
Ray Youssef, CEO and co-founder of Paxful, said: “Paxful is incredibly proud to donate to the Friends of Nigerian Basketball Foundation. On the Olympic stage, the D’Tigers will bring pride and confidence to not only the people of Nigeria – but to all of Africa. It’s time for Nigeria to show the world their grit and determination.”
Artur Schaback, COO and co-founder of Paxful, said: “All eyes will be on Tokyo this month, as athletes bring pride to countries around the world. The Nigeria men’s national basketball team already have exhibition wins under their belt – and they have the right coaches and players to bring home a medal. I am thrilled to support the team as they chase this dream.”
Mike Brown, Head Coach of the Nigeria men’s national basketball team, said: “We’re going to Tokyo to try and win. This is the mentality of the entire organization and we’re excited to have support from companies like Paxful who truly believe in the people of Nigeria.”
Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.
Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with almost 400 different payment methods.
Ray Youssef, co-founder and CEO of Paxful, set up the Built with Bitcoin Foundation to provide people with access to education and water. To date, the foundation has built six schools (two in Rwanda, two in Kenya, and two in Nigeria), multiple water projects, and cultivated dozens of farms. The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.
About the Friends of Nigerian Basketball Foundation
The Friends of Nigerian Basketball Foundation (FONB) is a non-profit corporation. Donations provide training, travel, and organizational support to the FONB program. Our mission is to amplify and support the global sport of basketball at all levels of engagement and competition; while encouraging inclusion through positive international, national, community, and individual relationships with the nation of Nigeria and those who are connected to the Nigerian diaspora around the world.
Conoil Thrives in H1 2021, Grows Profit by 213.7 Percent to N1.063 Billion
Conoil, an indigenous oil company based in Nigeria, completely flipped things in the first half (H1) of 2021 as revenue expanded by 17.7 percent from N57.456 billion reported in the first half of 2020 to N67.638 billion in H1 2021.
The company disclosed in its unaudited financial results released through the Nigerian Exchange Limited and obtained by Investors King.
Profit before tax rose by 213.7 to N1.563 billion in the first half of 2021, up from N498.084 million filed in the corresponding period of 2020.
The leading indigenous oil company paid N500.045 million in income tax in the period under review, a 213.7 percent increase from N159.387 million paid in the same period of 2020.
Profit for the year also surged by 213.7 percent from N338.697 million in H1 2020 to N1.063 billion in the period under review.
Similarly, Conoil posted N16.411 billion in retained earnings, represent a 5 percent increase from N15.635 billion achieved in H1 2020.
Conoil share capital remained unchanged at N346.976 million in H1 2021, the same amount posted in H1 2020.
Shareholders’ funds expanded by 3.9 percent from N19.806 billion in H1 2020 to N20.583 billion in H1 2021.
BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021
BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.
Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.
The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.
As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.
The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.
Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.
Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.
Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.
The company paid N6.3 billion in income tax in the first half of 2021.
Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.
Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.
According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.
The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.
Shares will be listed on the Nasdaq Global Select Market on Thursday, according to the release.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.
“Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the firm said in the announcement.
Robinhood filed the public offering prospectus on July 1, noting at the time that 17 percent of its total revenue in Q1 came from crypto trading transaction fees, which represented a big jump from the 4 percent in Q4 2020.
“While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4 percent for the three months ended December 31, 2020,” the firm said in the initial filing.
Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.
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