HACKERS STEAL $6.3 BILLION FROM BINANCE IN RECORD CRYPTO HEIST. (PHOTO).

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 Hackers steal $6.3 billion from Binance in record Crypto Heist Hackers have stolen $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in the biggest crypto heist in human history. “This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance said in a post about the breach, which has shaken the cryptocurrency market. The cryptocurrency exchange said on Friday that deposits were unaffected and that it was working with partners to freeze some of the affected assets, with about $3 billion located so far. Withdrawals have been suspended for the next day. Binance did not mention the status of the remaining $3.3 billion, but said it will cover all losses. The cryptocurrency exchange said on Friday that deposits were unaffected and that it was working with partners to freeze some of the affected assets, with about $3 billion located so far. Withdrawals have been suspended for the next day. Binance did not mention...
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NBET STARTS PAYING GENCOS UNDER PRESIDENT TINUBU’S DEBT REDUCTION PROGRAMME . (PHOTO). #PRESS RELEASE.

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 NBET starts paying GENCOS under President Tinubu’s Debt Reduction Programme 


The Nigerian Bulk Electricity Trading Plc (NBET) has commenced the settlement of participating Generation Companies (GenCos) and their associated Gas Companies following the successful issuance and signing of the ₦728.979 billion Series 2 Bonds under the ₦4 trillion Power Sector Multi-Instrument Issuance Programme.


This milestone represents a significant step in the implementation of the Presidential Power Sector Debt Reduction Programme, under the visionary leadership of *His Excellency, President Bola Ahmed Tinubu, GCFR*, and in furtherance of the objectives of the Renewed Hope Agenda. The settlement is being undertaken through a combination of ₦402,000,000,000.00 in Cash Bonds and ₦326,979,000,000.00 in Non-Cash Bonds, in accordance with the approved settlement framework.


The ongoing settlement marks a major step towards addressing historical obligations, restoring liquidity across the electricity value chain, and strengthening the financial position of power sector participants.


Beyond addressing legacy obligations, this development provides a pathway for the Nigerian electricity market to progressively transition towards a more sustainable market cash-flow framework, characterised by improved payment discipline, stronger liquidity and greater commercial certainty to support continued investment across the value chain. A more financially stable generation segment is also expected to strengthen the capacity of GenCos to sustain and improve their generation assets, support increased electricity generation, and contribute to greater reliability across the Nigerian electricity market.


This milestone demonstrates the Federal Government’s commitment, under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, to resolving longstanding legacy obligations while laying the foundation for a financially sustainable, commercially viable and investment-driven electricity market.


The current focus of *Nigerian Bulk Electricity Trading Plc (NBET)* is on preparatory activities towards the commencement of the second phase of the Programme, as we continue to advance the objectives of the ₦4 trillion Power Sector Multi-Instrument Issuance Programme.


*Akin Odeyemi*

Managing Director/CEO

Nigerian Bulk Electricity Trading Plc

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