Binance, the world’s biggest crypto exchange, says it has suffered a $6.3bn (£4.7bn) hack.

The cryptocurrency giant says about half the assets have been frozen but many remain in the hands of the hackers.

Two analytics firms have attributed the incident to a North Korean hacking unit, though no one has claimed responsibility.

Blockchain intelligence firm TRM Labs says several elements of the Binance attack resemble earlier North Korean-linked incidents, including last year’s $1.5bn Bybit hack.

The company also says this latest hack could be the largest in history.

Binance didn’t directly respond to questions about the incident’s potential links to North Korea, but has said:

“We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice”

Source: BBC

Seven modular refineries are expected to begin operations in 2027 and add a combined 83,000 barrels per day (bpd) to Nigeria’s refining capacity.

According to recent reports on Nigeria’s modular refining industry, the following are seven notable modular refinery operators and projects:

Aradel Holdings (Ogbele Refinery) – Rivers State.

Waltersmith Refining and Petrochemical Company – Imo State.

Duport Midstream Company – Edo State.

Edo Refinery and Petrochemicals Company – Edo State.

OPAC Refineries – Delta State.

Azikel Petroleum Limited – Bayelsa State.

Excel Exploration and Production Company – Bayelsa State.

George Maher-Bonnett of Argus Media gave the projection at the OTL Africa Downstream Conference in Lagos.

He said that the new plants would strengthen local fuel supply.

They would also sit beside the 700,000 bpd Dangote Petroleum Refinery, which Maher-Bonnett said is operating at a high rate and producing petrol steadily.

Existing modular capacity

Nigeria had four operational modular refineries in September, with combined processing capacity of 32,000 barrels daily.

The seven additional facilities are scheduled to start next year.

Their 83,000 bpd capacity is more than two and a half times the combined capacity of the four existing plants.

If all seven become operational, Nigeria’s combined modular refining capacity could reach 115,000 barrels daily.

• AI image | ohibaba

The President of Nigeria Labour Congress (NLC), Joe Ajaero, has lashed out at the Trade Union Congress’ (TUC) rejection of the Federal Government’s proposed N70,000 transport allowance, saying the union was not involved in negotiations with the government.

Ajaero warned that raising the national minimum wage to N1 million would not resolve Nigeria’s economic crisis, insisting that reducing the cost of living and strengthening the naira’s purchasing power were critical to improving workers’ welfare.

While rejecting the wage award, the TUC said the federal government had the capacity to raise the salary of the lowest-paid worker to N300,000 from the current minimum wage of N70,000, without waiting for a review of the minimum wage.

In a statement jointly signed by Festus Osifo and Nuhu Toro, President-General and Secretary respectively, the TUC said, in view of the prevailing economic hardship facing workers and the wider population, as well as the proposed measures to address it, what was needed was a salary increase and the implementation of the Joint Health Sector Union, JOHESU Agreement.

TUC stated: “Our position is unequivocal, workers are not asking for favours, they are demanding social and economic justice that protects their dignity and livelihoods.

“The TUC will continue to defend workers’ rights without retreat, expose non-compliance and pursue every legitimate avenue to compel the government to honour its obligations.

“Workers’ welfare is not a privilege. Agreements must be honoured. Workers’ rights must be respected. Government must comply.