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Ex-EFCC Boss Bawa Reveals N3.7 Billion Petrol Subsidy Fraud

  Former EFCC chairman, Abdulrasheed Bawa, has shared shocking details of how Oluwaseun Ogunbambo, a businessman, defrauded the Nigerian government of N3.7 billion through petrol subsidy fraud. In his book titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa explained how Ogunbambo used fake documents to collect money meant for importing fuel. According to Bawa, Ogunbambo claimed he imported petrol, but the fuel never existed. He forged shipping documents and presented them to the government to receive payments. Ogunbambo, who was the managing director of Fargo Petroleum and Gas Ltd, was declared wanted by the EFCC in 2013. He was charged with collecting N976.6 million fraudulently. While the case was still in court, he jumped bail and fled the country. Bawa said Ogunbambo had multiple identities and was also wanted in other countries like Ireland, the UK, and the USA. The book also talks about how fuel subsidy fraud has been a major problem in...
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A Beginner's Guide to Trade Cryptocurrency

 A Beginner's Guide to Trade Cryptocurrency



Cryptocurrency trading has gained immense popularity in recent years, offering opportunities for significant profits. However, to succeed in this dynamic market, you need to understand the fundamentals and adopt a disciplined approach. This guide will walk you through the basics of trading cryptocurrencies.



 Understanding Cryptocurrency Trading


Cryptocurrency trading involves buying and selling digital currencies on various platforms to take advantage of price fluctuations. Unlike traditional stock markets, crypto markets operate 24/7, making them highly volatile and offering both risks and opportunities.


Common cryptocurrencies traded include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP). Traders use fiat currencies like USD or other cryptocurrencies to execute trades.



 Steps to Start Trading Cryptocurrency


### 1. **Educate Yourself**

Before diving into the market, familiarize yourself with key concepts such as blockchain technology, market trends, and trading strategies. Understanding how cryptocurrencies work will help you make informed decisions.


### 2. **Choose a Reliable Exchange**



Select a reputable cryptocurrency exchange like Coinbase, Binance, or Kraken. These platforms provide the necessary tools for trading and ensure security for your funds. Ensure the exchange supports the cryptocurrencies you wish to trade.


### 3. **Set Up Your Account**



Create an account on your chosen exchange and complete the identity verification process. Use strong passwords and enable two-factor authentication (2FA) for added security.


### 4. **Fund Your Account**

Deposit funds into your trading account. You can use fiat currency through bank transfers or credit cards or deposit cryptocurrency from a digital wallet.


### 5. **Choose a Trading Strategy**

There are several trading strategies to consider:

- **Day Trading**: Buying and selling within the same day to capitalize on short-term price movements.

- **Swing Trading**: Holding positions for a few days or weeks to take advantage of price swings.

- **HODLing**: Long-term investment strategy, holding assets despite short-term fluctuations.

Choose a strategy that aligns with your goals and risk tolerance.


### 6. **Analyze the Market**



Use technical analysis tools like charts, indicators, and patterns to predict price movements. Combine this with fundamental analysis by staying updated on news and developments that may impact the market.


### 7. **Place Your Trades**

Decide whether to go long (buy) or short (sell) based on your analysis. Set stop-loss and take-profit orders to manage risk and lock in gains.


### 8. **Monitor Your Trades**

Regularly track your trades and adjust your strategy as needed. Cryptocurrency prices can change rapidly, so staying alert is essential.


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## Risk Management Tips


1. **Start Small**: Invest an amount you can afford to lose.

2. **Diversify**: Spread your investments across different cryptocurrencies to reduce risk.

3. **Stay Disciplined**: Avoid emotional decisions and stick to your trading plan.

4. **Keep Learning**: The crypto market evolves rapidly; continuous learning is crucial.


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## Conclusion


Cryptocurrency trading can be both exciting and profitable when approached with the right knowledge and strategies. By educating yourself, choosing reliable platforms, and practicing disciplined trading, you can navigate the volatile crypto market effectively. Remember to manage risks and stay updated on market trends to make informed decisions.



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