The Governor of Ebonyi, Francis Ogbonna Nwifuru, has approved the empowerment of 1,500 young citizens of the State who are hawking and doing other menial jobs in various cities with the sum of N2m each.
The governor disclosed this on the occasion of the 3rd State Executive Council meeting in Abakaliki.
He revealed that the beneficiaries will be brought back to the state in three batches of 500 persons and will be profiled and trained in the areas of vocational and technical skills.
The governor added that those doing menial jobs will be empowered and monitored to ensure that the funds are judiciously employed for business purposes.
After about six months in captivity, without ransom forthcoming, armed bandits operating in some parts of Niger state have released the remaining 56 farmers they abducted in Adunu village and adjoining communities in Paikoro Local Government Area of the state.
The armed bandits apparently frustrated that ransom was not forthcoming and they are spending money to keep the captives alive had earlier released a video threatening to kill the remaining people if ransom was not paid immediately.
But as luck would have it, instead of carrying out their threats, the remaining captives were released even when ransom was not paid, hence family members and their loved ones are thanking God for touching the hearts of the bandits to favour them.
Some of the family members revealing the cheering news to Daily Independent recalled how their loved ones fell victim to the armed bandits on the 14th of March, 2023 and had remained in captivity because ‘we could not raise money to pay ransom’.
Beatrice, a relative to one of the victims told our correspondent, “I am grateful to God Almighty that the armed bandits have released the remaining 56 farmers abducted from Adunu and my uncle is one of them, to God be the glory”.
Also speaking on the developments, the Coordinator of Justice, Development and Peace Commission, Catholic Diocese of Minna, Rev. Fr. Bahago Dauda Musa, confirmed that the victims have been released.
The Catholic Priest however said the returnees were in need of mental health support to recover from the emotional trauma they have been subjected to over the past six months while in the armed bandits’ den.
He said, “I have interacted with the victims of armed banditry in Niger state and I must confess that the experience hasn’t been a wonderful one; it has been very traumatic. These victims had gone through a lot, many of them or their loved ones were kidnapped”.
“So, so many of them that regained their freedom from the armed bandits are battling with series of post-traumatic disorders and that is seriously affecting their mental health, and that is why I said they needed urgent attention and rehabilitations”.
Rev. Fr. Bahago Dauda Musa is therefore appealing to the Governor Bago led administration and health experts to come to the aid of the victims by assisting them to recover from mental health to enable them to recover from the post-abduction horrific experiences.
The Nigerian Navy has set ablaze a vessel identified as ‘MV Cecilia’ with about 350,000 litres of stolen Automated Gas Oil also known as diesel in Woji, Obio/Akpor Local Government Area of Rivers State.
The vandalised vessel, according to the Navy, had been inactive for two years, but was used as a storage tank for illegally refined products.
Commander of Operation Delta Safe Rear Admiral Olusegun Ferrera said, “The water tanks have been converted as a storage tank for these illegal products and the vessel has not been to sea for the past two years.”
Ferrera was represented by the maritime component commander of the Joint Task Force for Operation Delta Safe, South-South, Navy Commodore Adedokun Siyanbade.
Before it was set ablaze, two Naval gunboats manned with personnel had escorted the impounded vessel alongside a tug boat.
They pushed the vessel to a safe location in the sea where it gradually convulsed into flame. The process is reported to have lasted for two hours.
On August 16, personnel of the Nigerian Navy Ship, Pathfinder, Port Harcourt seized the MV Cecili vessel. Three suspects were arrested.
The Nigerian Communications Commission (NCC) has said that the ban on the importation of whole-body SIM cards raked in over N55 billion for local manufacturers.
This was disclosed by the Executive Vice-Chairman (EVC) of NCC, Umar Danbatta, at the second edition of the Nigerian Telecommunications Indigenous Content Expo (NTICE) in Lagos, on Wednesday, August 23.
Danbatta, who was represented by Ubale Maska, the commission’s Executive Commissioner (Technical Service), also revealed that they've created the Nigeria Office for Development of Indigenous Telecoms Sector (NODITS) as a special-purpose vehicle to bring it to fulfilment.
He said;
“I am happy to inform you that NTICE is one of the achievements of NCC through NODITS because it has served not only to promote pillar number five (strategic partnering) of the strategic management plan SMP 2020-2024 of the commission.
“The commission is equally committed to continuously supporting micro, small, and medium enterprises (MSMEs) and innovators to promote our talented young persons and ventures through angel investments, research and development support, exposure to investors and sponsorship to local and international tech events.
“This ban has not only eased the burden on our demand for foreign exchange but has also created business in excess of N55 billion for the local SIM card manufacturers in Nigeria which in turn has created direct and indirect jobs.”
Danbatta also urged the government to grant the telecommunications industry autonomy to enable it to thrive.
Amidst Rising Fuel Prices: Lagos to Abuja flight ticket to cost N250,000 - Say Airline Operators
AdminFollowing the hike in aviation fuel and the increase in the cost of operations, airline operators are of the view that an hour local flight within Nigeria could rise to N250, 000 anytime soon.
Spokesperson for Airline Operators of Nigeria (AON)and Chairman of United Nigeria Airlines, Obiora Okonkwo, said this yesterday, while speaking as a guest on the ‘Morning Show’ on ARISE NEWS Channel.
According to him, the increase in cost of operations, could lead to an increase in air ticket, such that air passengers would pay as much as N250, 000 for air ticket from Lagos to Abuja.
“If you think tickets are expensive, then you probably don’t appreciate the sacrifices made by local operators. If we have to charge the fares, the way the costs are increasing every day, we should be paying not less than N250,000 from Lagos to Abuja,” Okonkwo said.
He stressed the need for local airlines to access foreign exchange through a designated window facilitated by the Central Bank of Nigeria (CBN).
He also called on the newly appointed Aviation Minister, Festus Keyamo, to collaborate with other governmental bodies to identify and rectify obstructive elements within the system, which a cording to him, is adding to the existing challenges.
Addressing the foreign exchange challenge, Okonkwo said: “You have naira and you can’t convert it to dollar. So, the solution to this is for our minister to understand that we need a special window with the CBN to access foreign exchange.”
He expressed concern over the unjustifiably high cost of aviation fuel, attributing the excess charges to speculative practices. He called on the Nigerian National Petroleum Company Limited (NNPC) to rise above board to stabilise the industry.
Recognising the significance of the aviation sector, Okonkwo advocated for its acknowledgement as an essential industry within Nigeria. He cautioned against any interference with the existing regulatory framework, stressing that stability and consistency were paramount. He urged the government and the new aviation minister to recognise the aviation industry as one of the essential industries in the country.
Okonkwo highlighted the currency disparity that local operators grapple with. He said earnings in naira must cover significant dollar-denominated expenses, making the industry particularly vulnerable to currency fluctuations. He therefore urged the minister not to tamper with the existing regulations and institutional structures. “The current minister should not interfere with the regulations. We had a very terrible past where the regulatory employees were given employment letters from the Federal Ministry of Aviation. That’s absurd and unacceptable,” Okonkwo said.
Governor Godwin Obaseki of Edo State on Wednesday said he is shocked that President Bola Tinubu, who campaigned around the country, saying that he will remove subsidies, had no clear plans on what to do after its removal.
Obaseki stated that the nation’s economic situation is taking a turn for the worse as a result of bad policies by the Federal Government.
The governor, who said these while speaking with journalists in Benin, the state capital, expressed shock over what he called Federal Government’s lack of plan for Nigerians to effectively respond to the fuel subsidy removal policy.
He noted that the fuel subsidy removal has further improvised Nigerians, inflicting hardship and suffering on the people.
According to him, “I have always warned. I warned Nigerians during the last May Day, this year. I told them that we have come to the end of the road and that the old economic order in Nigeria is gone and we have to come up with a new economic order and stop deceiving ourselves as a nation.
“Now, the subsidy is gone; the exchange rate is being aligned. The era of free money has almost come to an end. The consequence is that the weakest and most vulnerable in our society, unfortunately, will carry a huge part of the burden of these policies.”
He continued, “I am shocked that people who campaigned around the country, saying that they will remove subsidies, had no clear plans on what to do after subsidy removal. They don’t know what to do and how to support those who will be victims of subsidy removal.
“I am shocked and scared of what we are passing through today where the government doesn’t seem to have a plan or solution on how to respond to the consequences of the policy measure put in place by their administration.”
Obaseki added, “With the way they have mismanaged our national economy, we have to deal with inflation, between 20 and 25 percent. It means that the people will feel more pain, especially the weak and vulnerable in the society, particularly our pensioners as whatever they get as their entitlement will do only little for them.”
Reaffirming his government’s commitment to the welfare and well-being of Edo people, the governor further said, “For us in Edo State, we would not abandon you. We don’t like the word palliative because it is deceitful as we would rather use the word ‘support’. We would support those who are already victims of this policy measure.”
As global figure hits $7trn
The International Monetary Fund, IMF, has hinted that the lead world economic powers are leading in aggregate global fossil fuel subsidy.
It also stated that globally, total fossil fuel subsidies amounted to $7 trillion in 2022, equivalent to nearly 7.1 percent of global Gross Domestic Product, GDP.
The Fund in its report titled “IMF Fossil Fuel Subsidies Data: 2023 Update”, released yesterday, disclosed this stating that explicit subsidies (undercharging for supply costs) account for 18 percent of the total while implicit subsidies (undercharging for environmental costs and forgone consumption taxes) account for 82 percent.
The report states “Explicit subsidies have more than doubled since the previous IMF assessment, from $0.5 trillion in 2020 to $1.3 trillion in 2022, with sharply higher international fossil fuel prices.
‘‘However, much of the increase is due to temporary price support measures, and hence explicit subsidies are expected to decline if international prices continue receding from their peak levels.
‘‘Implicit subsidies are projected to rise in the baseline as the share of fuel consumption in emerging markets (where local environmental costs are generally larger) continues to climb.”
The report noted that the differences between efficient prices and retail prices for fossil fuels are large and pervasive across fuels, but especially for coal.
“Globally, 80 percent of coal consumption was priced at below half of its efficient level in 2022. ‘‘Underpricing for local air pollution and global warming account for nearly 60 percent of global fossil fuel subsidies and underpricing for supply costs and transportation externalities (such as congestion) explain another 35 percent (the remainder is accounted for by forgone consumption tax revenue).
“By fuel product, undercharging for oil products accounts for nearly half the subsidy, coal another 30 percent, and natural gas nearly 20 percent (underpricing for electricity accounts for the remainder).
‘‘By region, East Asia and the Pacific accounts for nearly half of the global subsidy.
‘‘By country, in absolute terms China remains the biggest subsidizer of fuels, followed by the US, Russia, EU, and India.
‘‘Fully reforming fossil fuel prices by removing explicit fuel subsidies and imposing corrective taxes such as a carbon tax would reduce global carbon dioxide (CO2) emissions by 43 percent below ‘business as usual’ levels in 2030 (34 percent below 2019 levels).
”Indeed, for developing countries as a whole, revenue gains from full price reform exceed the estimated extra spending needed to achieve the Sustainable Development Goals. Fuel price reform would avert about 1.6 million premature deaths per year from local air pollution by 2030. Reforming fossil fuel subsidies is in countries’ own interest, even when excluding climate benefits” the report stated.
Federal Capital Territory FCT minister, Nyesom Wike has ordered the immediate identification and arrest of the owner of a two-storey building which collapsed in Abuja on Wednesday night.
POLITICS NIGERIA reports that two persons have been certified dead from the collapse, and 37 were rescued and taken to various hospitals.
The building, located at Lagos Crescent, Garki Village in the Garki District of the nation’s capital, was one of the first storey buildings in the area.
This publication learnt that the building caved in around 11pm on Wednesday amid heavy downpours. However, rescue operations were initially very slow over the night as there was no immediate access to an excavator, and rescue efforts were purely manual.
Speaking at the scene of the incident, Wike noted that original residents of the area were designated for resettlement; however, he wondered why, for years, the FCT Administration could not carry out such resettlement.
While he applauded the rescue efforts, Wike said, “It is unfortunate that we woke this morning to the very disturbing news of this building collapse. It is not what we contemplated. Let me thank the agencies particularly NEMA and FEMA that have supported us to rescue not less than 37 lives. It is unfortunate that we lost two lives. I will appeal to the Permanent Secretary to make sure that funds are raised to pay the hospital bills of those who were rescued so that we do not lose any more person, and this should be done immediately.”
“Secondly, these are the things we have been saying, nobody knows whose turn it will be, therefore when government says it will take actions in areas we believe there are illegal developments or buildings that do not comply with the standard codes, it is not as if anybody has any personal vendetta but for me it is for us to do the right thing.
“I don’t know why it has taken long that the FCTA has not resettled them and so we will take immediate action to see that the indigenes of these place are resettled and then government has to plan out this place.
“When government says take building plan, it is not to suffer anybody but to make sure that everyone is protected. Cities are planned to forestall this kind of occurrences. Imagine buildings without approval. I will ask that we must identify and arrest the owner of this property. It is very important.
“Government will, of course, take over this area and make sure no further development is carried out here. I want all the stakeholders here to please work with government in the interest of everybody. No one has come here to say I like A, I don’t like B. I know sometimes government’s decisions may not be too comfortable with the people, but in the long run, it is in the interest of the people. Now we are all gathered here and none of us is happy we are here. These are the things we are trying to forestall. Again I sympathize with those who lost dear lives, while government will pick up the bills of all those in the hospital. We will also support the rescue efforts and ensure that they get to the last level and rescue everyone still trapped in the rubble”.
“Thirty Seven persons have so far been rescued and evacuated to hospital, others reportedly still trapped. Rescue team and others are on ground. Rescue operations on but slowly due to ongoing rain”. They are making frantic efforts at getting an excavator to remove people from the rubble”, he added.
Meanwhile, the Director, Department of Development Control, Mukhtar Galadima, explained that the building had no planning approval because the area is meant for resettlement.
“The building is located within the Garki indigenous settlement. The building had two suspended floors, one used for commercial activities while the other floors were used as residential accommodation. The building caved in yesterday (Wednesday) and 37 persons were rescued
“The status of the place is that it is not a planned area so the development had no planning approval. In fact, the area is meant for resettlement from here to Apo resettlement town”
[PoliticsNigeria]
The 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has filed an application at the US District Court for an order directing discovery from Chicago State University of the record of President Bola Tinubu.
Naija News reports that Angela M. Liu, the United States counsel to the PDP candidate, filed the application with Case No. 23-cv-5099 pursuant to 28 United States Constitution 1782.
Liu, in the application, told the court she made efforts, including a subpoena, to get the university to confirm or deny the issuance of two diploma certificates with different dates to no avail.
She told the court that “I have personal knowledge of the matters set forth in her declaration, except as where specifically noted”, adding that “if called upon as a witness, I could and would testify competently thereto“.
The document she filed before the court and obtained by SaharaReporters on Wednesday is a 24-paragraph declaration in support of the Application, pursuant to 28 U.S.C 1782, for an Order granting leave to serve the Subpoenas attached to the Application as Exhibits 1 and 2, respectively, upon Respondent Chicago State University (“CSU”).
She declared: “It is a matter of public record that Applicant is a prominent businessman and politician in Nigeria. Applicant served as Vice President of Nigeria from 1999 to 2007, during the administration of President Olusegun Obasanjo. He won a contested primary to become the presidential candidate of the People’s Democratic Party, Nigeria’s principal opposition party, during the 2019 presidential election.
“He was again the presidential candidate of Nigeria’s principal opposition party (the People’s Democratic Party, or “PDP”) in elections held in February 2023. The conduct and results of the elections in which Bola Ahmed Tinubu was declared the winner and Applicant was declared the runner-up are currently the subject of legal proceedings in the Nigerian courts (the “Nigerian proceedings”), which include proceedings brought by Applicant.
“Upon information and belief, Respondent CSU is a public university established and existing under the laws of Illinois, with its principal campus and offices in Chicago. See 110 ILCS 660; see also https://www.csu.edu.
“Both before and after the election, litigants commenced proceedings in the Nigerian courts challenging various aspects of the electoral processes and, later, the election results.
“Three of these proceedings are relevant to this Application: (1) proceedings commenced in November 2022, by Mr. Mike Enahoro-Ebah against Mr. Tinubu (“Enahoro-Ebah v. Tinubu”); (2) Applicant’s lawsuit, Abubakar et al. v. INEC, et al., which was commenced in March 2023; and (3) Peter Obi and Labour Party v. INEC, Tinubu et al., in the Court of Appeal at Abuja, CA/PEPC/03/2023, which commenced in March 2023.
“Attached hereto as Exhibit A is the Complaint in Enahoro-Ebah v. Tinubu, and attached hereto as Exhibit B is the Complaint in Abubakar, et al. v. INEC et al. CSU is not a party to these proceedings.”
She added, “Attached hereto as Exhibit C is a copy of a diploma purporting to have been issued to Mr. Tinubu by CSU on June 22, 1979.
“Attached hereto as Exhibit D is a copy of a document purporting to be a September 22, 2022, letter from the Registrar of CSU to Matthew J. Kowals, Esq.”
[NaijaNews]
Rescue crews were searching for survivors Thursday after a building collapse in Nigeria’s capital left two people dead while many others are feared trapped, emergency officials said.
The two-story building in the densely populated Garki district of the capital Abuja collapsed during a downpour late Wednesday, witnesses said. It served both as a shopping center and a residential block and some of those trapped were believed to be shoppers.
Nkechi Isa, spokeswoman for the Federal Emergency Management Agency (FEMA) in the city said 37 people have so far been pulled alive from the rubble. She said the rescue efforts would continue until the rubble has been searched.
Crews used an excavator and a bulldozer to clear away debris in search of survivors. A large crowd of people who gathered on the street where the building had stood cheered as crews pulled out survivors. Others awaited news about their missing relatives.
Samuel Japhet narrowly escaped the collapse after entering the building to buy drinks. “We bought the drinks and left, it was not up to 30 minutes and it happened,” said Japhet. “People were there, all these places, people live here.”
Building collapses are becoming rampant in Africa's most populous country with more than a dozen of such failures recorded in the last year, including earlier in August when a mosque collapsed in the northwestern Kaduna state, killing seven people.
Authorities often blame such disasters on a failure by officials to enforce building safety regulations and on poor maintenance.
[TheStars]
More...
The Federal Capital Territory Emergency Management Agency (FCT FEMA) has confirmed the collapse of a two-storey building on Wednesday night, at Lagos Street, Garki village, Abuja.
The agency’s spokeswomam, Nkechi Isa, said in a statement on Thursday, that 37 people were rescued alive, while two others were fatally wounded.
A rescue operation was ongoing to search for more victims, said FEMA.
The statement added that a combined team of the FCT FEMA, Federal Road Safety Corps and FCT police command were on the ground to rescue and evacuate victims.
“The two-storey building, which serves both residential and commercial purposes collapsed on Wednesday night. FCT FEMA Search and Rescue Team are awaiting excavators to intensify the search to ensure that no victim is left in the rubble of the collapsed building,” said the statement.
The agency’s director-general, Abbass Iddriss, commended the efforts of all stakeholders, including members of the community working hard manually to rescue people trapped in the debris.
(NAN)
A 37-year-old artist from Nigeria has figured out the most innovative way to create art with a sustainable approach toward it. Chibuike Ifedilichukwu collects and recycles aluminium cans to design bigger-than-life portraits of famous personalities to raise awareness in his nation.
A photographer, curator, graphic designer, printmaker by passion, and an artist at heart, Chibuike has created over 40 upcycled artworks from waste materials that would otherwise end up in landfills. He exhibits his recycled aluminium items on domestic and international platforms, having sold some pieces at $1,000 each.
The artist’s success should not be measured by the amount of money he makes but by the idea with which he appeals to the masses. Chibuike’s intense thoughtfulness for nature has led him to recycle as many aluminium cans for his artwork. He aspires to initialise a community-based art gallery that would inspire artists to engage in environmental drives.
“I wanted to find a unique way to express myself, and I researched. I found that nobody does this pattern of art,” Ifedilichukwu told the press.
He uses materials like wood, plastic, copper wire, rope, injection bottles and aluminium discarded by local pharmaceutical companies to create interesting abstracts and portraits.
Ifedilichukwu talks about his hometown, Akwa and jocularly says that there is no shortage of supplies for his artwork in the region. “When I go scavenging, people see me as a mad person,” he added.
“But I’m making a living out of it … and I’m creating awareness to make our environment safe,” Ifedilichukwu proudly said.
AL Circle is amazed to see such a noble initiative, and we congratulate the silent hero, Chibuike Ifedilichukwu, on his amazing accomplishments. May we have more artists like him who believe in recycled art.
[alcircle]
The inability of cargo to be freighted through air is causing a lot of havoc to the aviation industry’s contribution to the Gross Domestic Products (GDPs) of Nigeria.
Its failure is however, having a negative effect on the Yakubu Gowon International Airport, Jos as its revenue generation has continued to dwindle.
Mr. Rindap Nantim, the General Manager, Jos Airport, Federal Airports Authority of Nigeria (FAAN) told the Avia-Cargo Committee set up by the agency that the airport is now a shadow of itself.
According to him, in the 1980s and 1990s, Jos Airport was reputable for exportation of cargo from all North Central Zone of the country to cities in Nigeria and outside the nation.
He emphasised that in the past, flowers, mangoes, meat and other agricultural produce from the farms were exported through the airport, saying that while the products were available in the farms, they are no longer exported through the aerodrome.
He explained that the plan of the management was to make Jos Airport a hub for the North Central Zone, hoping that this would be realised with the renewed vigour of FAAN.
He said: “Our dream is becoming a reality with this Avia-Cargo Committee. One of the things I discussed with the management of FAAN at a retreat organised for staff in 2022 in Kano was cargo development for our airports, especially the Jos airport.
“In the 1980s and 1990s, fresh flowers, meat and other agricultural produce were airlifted from this airport to several other cities and countries, but now, the airport is a ghost of its former self. This is not because the facilities are not there, but no one is encouraging investors to come here.”
In his speech, Mr. Ikechi Uko, the Coordinator, Avia-Cargo Committee, said the essence of the committee was to know why the airport failed to be a leading exporter of aviation cargo and to proffer solutions.
Uko explained that Nigeria would not be number one exporter of cargo produce on the continent without Plateau State, which is known as the ‘Food Basket’ of Nigeria.
According to him, the Federal Government was relying on the committee’s report to set a policy for cargo rebirth in Nigeria and assured that the committee would not fail the nation.
Uko told Nantim that the committee comprised experts from various sectors, including the Standard Organisation of Nigeria (SON), Nigeria Quarantine Service, Nigeria Customs Service (NCS) and National Agency for Food and Drug Administration and Control (NAFDAC), among other agencies.
“We are here to know how Jos became number one and how we ruined it. What are the lessons that we can learn from the past and how can we make Nigeria the number one in Africa? Was it lack of airlines, logistics or capacity that made us failed?” he said.
On his part, Mr. James Shalangwa, a member of the committee, explained that Jos airport was a beehive of activities in the past with at least 24 flights daily.
Shalangwa emphasised that airlines like the former Nigeria Airways, Okada Air and Kabo Air were competing for cargo exports from the airport, but regretted that all these had collapsed in recent times.
Shalangwa blamed the consolidators like cargo clearing agents for the current challenges, but expressed delight that the Federal Government through the management of FAAN had shown the commitment to make Nigeria an exporting nation.
Patricia, a Nigerian cryptocurrency exchange, has revealed the introduction of its own native token named Patricia Token (PTK). However, the launch has generated more doubt than applause within the local cryptocurrency community.
Native tokens are digital assets that are specific to a particular blockchain platform or cryptocurrency exchange. They are created and issued directly by the platform or exchange itself. Examples of native tokens include BNB
BNB
$219
on the Binance exchange, Ether
ETH
$1,665
on the Ethereum network, and Solana
SOL
$22
In the official communication on X (formerly Twitter), the company stated its intention to transition exchange operations to the Patricia Plus app. The newly introduced native token, which the company asserts is a stablecoin with a 1:1 peg to the United States dollar, is expected to take the place of customers’ existing Bitcoin
BTC
$26,379
and naira balances.
This development follows the company’s previous disclosure of a security breach resulting in fund losses in May 2023. Despite asserting that customer funds remained unaffected, platform users have faced ongoing difficulties in accessing their funds since April.
The response to Patricia’s announcement has led to speculation around fears of a potential exit scam, which could leave customers who have funds stuck on the platform in a precarious situation.
Highlighted in posts by members of the local crypto community, there are a few indicators of concern surrounding Patricia’s introduction of PTK. The token is absent from major cryptocurrency aggregators like CoinMarketCap and CoinGecko. These platforms offer comprehensive details about tokens, including their real value, issued quantity, contract address and launch blockchain.
PTK does not exist on widely adopted blockchains used by exchanges for launching their native tokens. To illustrate, PayPal’s newly introduced stablecoin,
is accessible on the Ethereum blockchain, the platform on which it was introduced.
In its statement on X, Patricia disclosed its plan to convert outstanding balances to PTK without obtaining customer consent. This unilateral action has raised concerns, as many worry about their ability to exchange the token for fiat currency or alternate cryptocurrencies like Bitcoin.
If customers initiate withdrawals in large numbers, a surge of withdrawals could lead to PTK losing its peg, potentially leaving those who couldn’t withdraw stranded.
[cointelegraph]