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Paxful Donates To Friends of Nigerian Basketball in Olympic Push

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 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.

About Paxful

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.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

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The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

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