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Tether Invests in Fizen for Global Stablecoin Utilization

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Tether Fizen

By Modupe Gbadeyanka

To support innovative solutions that enhance financial accessibility and security in the digital asset ecosystem, Tether has made a strategic investment in a financial technology (fintech) company specializing in self-custody crypto wallets and digital payments, Fizen Limited.

This transaction will allow Fizen to integrate its innovative technology with Tether’s leadership in the stablecoin industry.

The objective is to accelerate digital asset utilization while upholding the utmost security standards. This will further solidify Tether’s role in advancing blockchain-based finance and its commitment to global financial inclusion.

According to the chief executive of Tether, Mr Paolo Ardoino, this investment in Fizen “underscores our commitment to expanding global access to efficient and reliable digital financial solutions that promote the informed responsible use of digital assets in everyday life.”

“At Tether, we recognize the crucial role of self-custodial payment infrastructure in driving real-world use cases.

“Fizen’s innovative model helps to bridge the gap between self-custody and digital payments, empowering users with greater financial independence while reinforcing our leadership as the most widely used stablecoin globally, advancing inclusive access to the financial system,” Mr Ardoino added.

Also, the chief executive of Fizen, Leo Vu, said, “Stablecoins like USD₮ will undoubtedly drive crypto payments and financial inclusion worldwide.

“The technology infrastructure is already in place, but we lack consumer-friendly applications with intuitive UI/UX to accelerate mass integration.

“Fizen is solving this by making crypto payments an intuitive part of daily transactions, allowing users to pay seamlessly without even realizing they are using blockchain technology.”

Fizen offers advanced payment technologies that facilitate seamless stablecoin transactions, making digital assets more accessible for consumers and businesses. It is one of the crypto companies delivering real value to consumers and businesses, bringing practical crypto use cases to life.

The World Bank’s Global Findex Report reveals that millions of individuals worldwide remain unbanked. People in this category consistently cite distance to the nearest financial institution and a lack of proper documentation requirements as the primary reasons they could not access traditional banking services.

This investment will enable Fizen to enhance its blockchain capabilities, facilitating the seamless integration of stablecoins across multiple blockchain ecosystems. It will also provide users access to a more efficient and user-friendly solution to store, transfer, and transact using stablecoins, eliminating restricted access or complicated documentation.

However, while stablecoins offer a compelling alternative for those excluded from traditional financial systems, their practical use in everyday commerce still faces hurdles despite clear advantages, such as lower fees, enhanced security, and near-instant transactions.

Merchant usage remains a key challenge. Through this investment, Fizen aims to bridge this gap by enabling users to pay seamlessly with stablecoins.

At the same time, merchants receive instant fiat settlements through known payment methods like QR codes and card readers. This eliminates the need for additional infrastructure, making digital asset payments more accessible and efficient for businesses worldwide.

Market projections for 2024 state that QR code payments are expected to surpass $3 trillion, with 2.2 billion users by 2025, driven by increasing smartphone penetration and the rising demand for frictionless, secure, and convenient digital transactions.

With this strategy and strong technological and business development foundations, the collaboration between Fizen and Tether looks to accelerate the widespread use of crypto payments at scale to usher in an era of seamless digital transactions.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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New USCIS Policy: Banwo Law Offers Legal Support to Green Card Applicants

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SpeakWithOpe.com

By Modupe Gbadeyanka

An announcement by the administration of Mr Donald Trump on May 22 regarding Green Card applications has continued to ruffle feathers among immigrants.

In the new memo issued by the United States Citizenship and Immigration Services (USCIS), foreign nationals seeking to adjust their immigration status to permanent residence (Green Card) have been asked to apply through consular processing at a US embassy or consulate in their home country, rather than adjusting status while present in America.

Commenting on this latest stance, a foremost immigration attorney, Mr Ope Banwo, said this development could expose many Green Card applicants to severe re-entry penalties if not properly managed, stressing that this carries major legal implications for many immigrants already residing in America.

‎He noted that the policy may impact not only undocumented immigrants, but also individuals currently living legally in the United States on temporary visas such as H1B workers, F1 students, B1/B2 visitors, exchange visitors, and other non-immigrant visa categories.

‎‎“For years, Adjustment of Status allowed many immigrants to avoid the risks associated with departing the United States after overstaying visas,” Mr Banwo stated.

‎‎“The danger now is that some immigrants may unknowingly trigger automatic three-year or ten-year re-entry bans once they leave the U.S. for overseas visa processing,” he added.

‎Mr Banwo explained that many immigrants are unaware that unlawful presence accumulated in the United States can activate harsh immigration penalties immediately upon departure from the country, stating that marriage-based Green Card applicants, employment-based immigrants, temporary workers transitioning to residency, and visa overstays could all face serious complications under the evolving policy framework.

‎‎Despite the growing concerns, he urged immigrants not to panic, stressing that informed legal guidance remains the key to navigating the changing immigration landscape successfully.

‎‎He also cautioned against depending on social media speculation, “TikTok lawyers,” or unverified online immigration advice when making critical decisions.

‎According to him, Banwo Law, accessible through SpeakWithOpe.com, is already assisting potentially affected immigrants nationwide by reviewing immigration histories, assessing waiver eligibility, and developing strategic legal solutions tailored to individual situations.

‎The law firm is also helping clients determine whether they may still qualify for Adjustment of Status inside the United States and advising them on safer legal alternatives where necessary.

‎Mr Banwo stressed that immigrants should seek experienced legal counsel before travelling outside the United States or taking immigration steps that may affect their ability to return or obtain lawful permanent residency.

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SERAP Urges Finance Minister to Reveal Recipients of Abuja CCTV Funds

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Abuja CCTV Project

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Minister of Finance, Mr Taiwo Oyedele, to immediately disclose the identities of all entities that benefited from the payments under the National Public Security Communication System project in Abuja, commonly referred to as the $460 million Abuja CCTV Project.

The Federal Ministry of Finance, in response to SERAP’s contempt proceedings, had recently disclosed that: “Records from the Ministry of Police Affairs indicate that while local subcontractors may have been engaged, there is an absence of detailed subcontracting records identifying specific local companies that received funds directly from the Chinese loan.”

The Ministry made the disclosure in a letter dated May 15, 2026, signed by its Permanent Secretary, R. O. Omachi.

Responding, SERAP, in a letter dated May 23, 2026, signed by its deputy director, Mr Kolawole Oluwadare, said: “We are concerned that although the judgment was delivered in May 2023, the Ministry only released some information after we commenced contempt proceedings and served a Notice to Show Cause in January 2026.”

According to SERAP, “Nigerians still do not know exactly the names of local contractors for the project. The absence of this information raises serious concerns about record keeping, transparency and accountability, and whether the project was implemented in a manner consistent with the public interest.”

On May 15, 2023, the Federal High Court ordered the Ministry of Finance to disclose the total amount paid under the $460 million Abuja CCTV loan, the identities of local and Chinese contractors who received the funds, the status of the project’s implementation, and details relating to the N1.5 billion reportedly paid for the Code of Conduct Bureau headquarters project.

SERAP said, “The details provided amount to only partial compliance with Justice Emeka Nwite’s judgment. Key questions remain unanswered, and further clarification is needed to ensure full and effective compliance with the judgment.”

The organisation noted that while it appreciates the steps taken by the Ministry to provide some information concerning the Chinese loan drawdown, counterpart funding arrangements, and certain records on equipment deliveries connected with the project, there is still no explanation regarding the missing 6,035 items as part of the status of implementation of the project.

“It remains unclear whether the items were subsequently delivered, whether payment was made for them, whether the contractor defaulted, whether Nigeria suffered any financial loss, and whether any steps were taken to recover public funds.

“The Ministry lists items reportedly delivered in 2013. However, it has failed to clarify how many cameras were installed, if any; where they were installed; whether the cameras are currently operational; and whether the project delivered value for money.

“For a project financed through public borrowing—debt Nigerians continue to repay—full transparency over all beneficiaries, foreign and domestic, is essential. Nigerians have the right to know how public funds were spent, who received them, and what was delivered in return,” the group said.

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NIMASA Confirms Oil Spill from Bonny Channel Vessel Collision

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Bonny Channel Vessel Collision

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that a collision between vessels in the Bonny Channel, Rivers State, led to oil pollution in the affected area.

The agency’s Deputy Director and Head of Public Relations, Mr Osagie Edward, disclosed this in a statement, noting that the Deep Blue Forward Operating Base in Bonny received a distress call at about 11:30 a.m. regarding the collision.

He said the incident involved MV Valparaiso, a Singapore-flagged container vessel with IMO Number 9433054, and MT Lady Martina, a Nigerian-flagged oil products tanker.

According to the statement, the Deep Blue Base immediately deployed 10 armed personnel aboard the interceptor boat DB 214 to the scene.

The agency said five crew members aboard MT Lady Martina sustained varying degrees of injuries during the incident.

The spokesperson said the injured crew members were evacuated to the Forward Operating Base sickbay in Bonny for immediate medical treatment.

“Following the collision, MT Lady Martina drifted ashore and is currently aground along the Bonny Channel.

“MV Valparaiso also remains grounded at the Bonny Inner Anchorage pending damage assessment and further investigation,” Edward said.

He said the management of MAERSK had officially reported the incident to the agency.

Mr Edward said the Director-General of NIMASA, Mr Dayo Mobereola, had ordered a full investigation into the immediate and remote causes of the collision.

He added that NIMASA had established a Situation Monitoring Room to coordinate emergency response efforts and monitor developments from the incident.

Mr Mobereola had personally visited Rivers to inaugurate the monitoring room and oversee response operations in the state.

The Director-General also directed the agency’s Marine Environment Management Department to begin an Environmental Impact Assessment (EIA) of the affected area immediately.

Mr Mobereola urged officials to take necessary measures to mitigate the impact of the Tier One oil sheen and safeguard the marine environment.

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