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Monday, 03 March 2025 06:18
Autonomy: Nigerian govt says 749 LGAs failed to provide account details
Nigeria’s office of the Accountant General of the Federation has identified major setbacks to the implementation of the July 11, 2024 Supreme Judgement on local government councils autonomy.
According to the government agency, the two major setbacks are the failure of LGAs to submit account details, adding that identifying the LGAs that are democratically elected is a prerequisite for receiving the direct payment.
This was contained in the Federation Account Allocation Committee Technical Sub-Committee meeting, the minutes obtained at the weekend.
The meeting was chaired by AGF, Oluwatoyin Madein.
Meanwhile, the OAGF and Office of the Attorney General of the Federation and Minister of Justice have commenced talks to address the setback, according to sources familiar with the matter.
According to the minutes, of the 774 local government councils, only Delta State, with 25 local government councils, has submitted their account details for direct payment.
“So far, only local governments in Delta State have provided account details.
“However, consultation with the Attorney-General of the Federation on the modalities of the submission of the accounts was still ongoing,” it said.
Addressing the challenge, Madein said a system was set to be implemented, but the initial challenge was in determining which local government councils had constitutionally elected chairmen.
She remarked that this foundational stage remained unclear.
“Additionally, for those with properly elected leadership, the question arose as to what mechanisms would be deployed to ensure they receive direct allocations.
“This was because numerous complexities needed to be addressed,” she said.
Recall that the Central Bank of Nigeria had commenced profiling the chairmen and signatories to the bank accounts of the 774 local government areas in the country as part of processes to commence local government autonomy.
The Director of Legal Services at the CBN, Kofo Salam-Alada, in a notice explained that this was necessary to ensure financial accountability.
“This is all about standard procedure in the form of KYC (Know Your Customer). Anyone who will be a signatory to the account must be profiled.
“The process is ongoing, and we are collaborating with the AGF’s office. We have also written to the LGAs,” he said.
However, the Association of Local Governments of Nigeria said it had received no communication from the apex bank concerning the opening of bank accounts.
ALGON Chairman in Abia State and Chairman of the Mayor Isuikwuato LGA, Chinesu Ekeke, said the CBN had yet to invite any LG chairman for signatory verification.
“No, we have not been invited for signatory verification. I am just hearing it. I have not heard it from any other source.
“I have not seen any publication to that effect, even at ALGON headquarters; nobody has informed us,” he stated.
This comes as the National Union of Local Government Employees earlier warned the CBN against aiding state governors in undermining the financial autonomy of local government councils.
DAILY POST recalls that the Supreme Court had, on July 11, 2024, affirmed the financial autonomy of the 774 local government areas in the country and prohibited governors from further control of funds meant for the councils.
The apex court also directed the Accountant-General of the Federation to pay local government allocations directly to their accounts, declaring the non-remittance of funds by the 36 states unconstitutional.
But eight months after the judgement, the financial autonomy has yet to take effect.
[DailyPost]
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Monday, 03 March 2025 06:15
Reps’ probe on N9.4tr oil firms’ debt to Federation Account begins today
The House of Representatives will today begin an investigation into outstanding debts by several oil companies to the Federation Account amounting to about N9.4 trillion.
In a statement, House spokesman Akintunde Rotimi said the investigative hearing is in compliance with the committee’s constitutional mandate under sections 85, 88, and 89 of the 1999 Constitution (as amended), as well as Order XX – Rule 6 of the House of Representatives Standing Orders (11th edition).
The statement revealed that during the review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ended December 31, 2021, and following further in-depth investigations, it was discovered that as of the last quarter of 2024, several oil companies owed a total of approximately N9.4 trillion to the Federal Government.
It added that the amount covered unpaid royalties, concession rentals, and gas flare penalties, besides obligations arising from production-sharing contracts, repayment agreements, and modified carry arrangements.
He said: “Despite the clear provisions of the Petroleum Industry Act – which require such debts to be settled within 30 days – many of these liabilities have remained unsettled since 2021.
“In light of these findings, the Public Accounts Committee hereby invites the oil companies listed below to submit the previously requested documents and appear before the committee in Meeting Room 446 of the Fourth Floor of the House of Representatives at the National Assembly Complex in Abuja at 10 a.m. prompt.
The companies listed to appear before the committee include: Addax Petroleum Exploration Nigeria Ltd, AITEO Group Chevron Nigeria Limited (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Limited, Shell Nigeria Exploration and Production Company, Esso E & P. Limited (Usan, Erha), First E & P. Limited, Frontier Oil Limited, General Hydrocarbons Limited, Nigeria Agip Exploration Limited (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)
The others are: Oando Oil Limited (OML 60, 61 & 62), Heirs Holdings, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nigeria Unlimited (OML 67 & 70), among others.
The statement said: “This notice supersedes all previous communications regarding the dates for appearance. Every company is required to be represented by its Chief Executive Officer, in person, and any other officer(s) well-versed in the issues under investigation.
“The committee cautions that failure to appear on the designated date may result in further action being taken against the defaulting organisation.”
[TheNation]
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Monday, 03 March 2025 06:12
My abductors threatened to marry me, took my uniform – Corper
A National Youth Service Corps member, Rofiat Lawal, who was abducted along the Benin-Ore Expressway last Tuesday, has disclosed that her abductors threatened to force her into marriage and take her to Sokoto if her family refused to pay a ransom.
This is just as she narrated that one of the abductors, who are Fulani, took her NYSC uniform and wore it.
PUNCH Metro reports that Rofiat was abducted on her way to her place of primary assignment in Oyo State while coming from Edo State.
The abductors initially demanded a ransom of N20m but after several negotiations, they reduced it to N5m.
A friend of Rofiat, identified as Agbakwara, who raised the alarm about her abduction on his Facebook page, had on Saturday narrated how she was eventually freed after her family paid a ransom of N1.1m to an account purportedly belonging to a family of another kidnapped victim.
Narrating her experience in an exclusive interview with our correspondent on Sunday, Rofiat noted that the kidnappers waylaid the vehicle she boarded along the Ore area of the expressway.
She disclosed that out of the 10 passengers in the vehicle, six of them were kidnapped and led into a bush along the expressway.
She added that valuable items such as money and mobile phones were taken from all the victims, including her NYSC uniform, which one of the kidnappers wore.
The corper said they trekked for seven hours on the first day they were abducted before they were allowed to rest.
She said, “On our way coming from Benin to Ore, they stopped our vehicle. I was sitting at the front and what I heard was gunshots. When I raised my head, I saw three people with guns in front of the vehicle and three people at the back. The driver tried to escape but he could not. So, they asked us to lie down and took six of us.
“They led us into the bush, searched us and collected our phones and money. Some of the victims were marketwomen and they collected all their money, which ranged from N600,000 to N1.2m and so on, but I was with N15,000, which they took from me. One of them took my NYSC uniform and wore it.
“After they collected our valuables, we trekked from 3 pm to 10 pm in the bush. During the day, they would ask us to sit somewhere in the forest and at night, they would ask us to start trekking. That was how we spent the four days with them.”
She narrated that other victims, who were mostly elders and traders, were beaten on several occasions during the four days of captivity.
When asked if she was hurt, she narrated that they did not torture her compared to what was done to others, but one of the kidnappers threatened to force her into marriage and take her to Sokoto State.
“One of them said he would marry me and take me to Sokoto if my family refused to pay ransom. I was less harassed, unlike the other victims who were older than me. I was the youngest among those of us who were kidnapped. They did not even know if I was a corps member or not, they were just concerned about the money they wanted to get from us.
“I don’t know the total ransom that the six of us kidnapped paid as ransom. Some paid N2m, N3m and so on, depending on how your family negotiated.”
Asked if they ate during the four days of captivity, she replied that the kidnappers were prepared with garri, which they gave to them on a few occasions.
“They carried a cooler with them which was stored with garri. That was what they gave us on a few occasions.
“They were prepared for the operation and it does not seem like that was their first time doing it.
She urged the NYSC authority to avail her of some period of rest considering the traumatic experience she had within the four days.
“The NYSC authority has reached out to me. The State Coordinator and my Local Government Inspector have called to check up on me. My appeal is that they should give me some days to rest and get medical attention because of the traumatic experience I had gone through for the four days.
“I do not regret participating in the NYSC because what will happen will happen. Others whom we were kidnapped together were not NYSC members,” she concluded.
She thanked her family for raising the ransom and getting her out of captivity.
[Punch]
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Monday, 03 March 2025 06:10
[OPINION] Trumpian complexities and Nigeria’s options on the global highway - Owei Lakemfa
![[OPINION] Trumpian complexities and Nigeria’s options on the global highway - Owei Lakemfa](/media/k2/items/cache/83d1323f231b51d0f1e9da7ba39c2e26_Generic.jpg)
President Donald Trump of the United States, US, is driving an articulated truck at high speed on the global highway. His truck has neither a rear view mirror nor side view mirrors. He relies on his assistants like James David Vance and Elon Musk to do the work of the mirrors.
To compound issues, he sees himself as the policeman ordained to maintain world peace and, the judge who dispenses justice.
Therefore, other countries on the highway have to be cautious to avoid a collision, being crushed or run off the road. So, how should Nigeria, the most populated Black nation on earth, navigate the road?
To find answers, the Association of Retired Career Ambassadors of Nigeria, ARCAN, on February 25, 2025 convened an online meeting of international relations practitioners and experts.
ARCAN President, Joe Keshi, said the meeting was necessary because the second coming of Trump has posed challenges not just to Nigeria, but also the entire world.
He reminded the 43 participants that Nigeria, since independence in 1960, has had cordial relations with the US and that the challenge is how to strengthen those relations.
Professor William Alade Fawole, who taught international relations in the Obafemi Awolowo University, Ife for four decades, reached into his very rich intellectual depths to provide a graphic scenario of the situation.
He said we are in a world where we have a mercurial US President who seems to have a few hand grenades which he is tossing about locally and internationally.
He advised that first, Nigeria should focus on its long term goals as the Trump administration will not last forever.
Fawole said the Nigerian government should harken to the advice of former Foreign Affairs Minister, Professor Bolaji Akinyemi, that President Bola Tinubu should be cautious in dealing with Trump.
He said Nigeria has a lot of domestic problems, including electoral challenges, banditry and self-determination “enemy nationals” challenging the survival of the country.
Fawole posited that with this kind of scenario, the country needs to be acareful so that Trump does not throw one of its grenades at it. He equally advised that Nigerian officials should be careful not to make Trump see Nigeria in a bad light. Speaking specifically to President Tinubu, the foreign relations expert advised him to avoid visiting the White House. He urged him to learn from the way French President Emmanuel Macron and Jordanian King Abdullah II were treated when they were guests of Trump.
In my contribution, I argued that President Trump is an unguarded missile and that his attempts to bully Canada, Mexico, Gaza and Panama show that even if a country does not provoke him, he can provoke it. I asked rhetorically, if you avoid Trump but he does not avoid you, what do you do? I suggested that the way out is for Nigeria to mobilise Africa around common needs for collective response, and collective development.
Ambassador Olusegun Akinsanya recalled that Trump had previously called Africa a shit hole and that we should avoid him. He said the American President is busy with his immigration policies, tariffs and exiting international bodies like the WHO and Paris Club, and that if he comes to Africa, we should tell him, like South African President Cyril Ramaphosa did, to keep to his United States and we keep to our Africa.
Ambassador Olabode Adekeye advised that Nigeria should put its house in order, grow its economy and address its security challenges. He also urged that Nigeria supports regional integration and fund inter Africa trade.
Professor Eghosa Osaghae, the Director General of the Nigeria Institute of International Affairs, NIIA, said Nigeria has had an asymmetrical but respectful relationship with the US.
During the Cold War, he said there were things that suggested Nigeria was pro-West but was simultaneously seen as a leader of the Non-Aligned Movement. But that with the ‘Africa has come of Age’ speech at the Organisation of African Union, OAU, Summit in 1976 and our support for the liberation movements in Zimbabwe, Namibia and South Africa, the US began to rethink its position on Nigeria.
Since the 1980s, he noted Nigeria has degenerated to a highly dependent and vulnerable nation.
Osaghae argued that at critical times when Nigeria needed support such as to combat the Boko Haram terrorists, the US was not always forthcoming.
He said when things seem to be unravelling as it is now, they also provide opportunities and, advised Nigeria to invest in ICT and look inwards in order to restore the country’ s greatness. He said with BRICS and other opportunities, if the US is not in a position to offer Nigeria opportunities, it has to look after its own interests.
The Nigeria Charge d’ Affaires in US, Ambassador Samson Itegboje, said both countries have had robust relationship which have been mutually beneficial. These, he explained, bordered on democracy, rule of law, human rights, anti-corruption, good governance, trade and investment and, effective service delivery.
Itegboje said both countries have had discussions about Nigeria’s aspirations for a permanent seat in the United Nations Security Council, and request for weapons like mine-resistance vehicles to fight banditry and terrorism.
Itegboje in reference to the Disengaging Entirely from the United Nations Debacle, DEFUND, Bill sponsored by some US legislators, said he cannot imagine how the UN will look like if the US were to pull out.
He noted that the Trump administration is currently focused on issues like illegal immigration, Gaza and Ukraine and less on Africa. He noted that its main statement on Africa is about the land issue in South Africa, adding that Nigeria needs to look inwards leveraging on AfCTA, ECOWAS and Nigerians in leadership positions in international organisations.
Ambassador Layiwola Lasehinde said Trump does not like BRICS because he thinks it will lead to de-dollarisation. A major problem of Americans, he said, is that once you don’t support their agenda on an issue, they take it personal, forgetting that others also have their own interests.
Ambassador Hadiza Mustapha advised that no matter the challenges Nigeria faces, it should not lose its self-respect. She advised that the country’s reaction on issues should be well informed and well-crafted. The Ambasador added that the country should not allow itself to be downgraded, saying that small countries can get what they want based on good calculations.
Ambassador Keshi by way of a summary, said he liked the idea that Nigeria should stay on its lane and not provoke Trump. He clarified that this does not mean that Nigeria should not engage Trump. He believes that if many young Nigerians are trained in areas like technology, the country can become quite strong in the service sector and economically self-reliant.
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Monday, 03 March 2025 06:03
I respect Afe Babalola, but my legal battle isn’t over — Farotimi
Human rights activist and lawyer, Dele Farotimi, has said that despite the withdrawal of criminal charges against him, he was still weighing options over his 21-day incarceration and legal battles.
Speaking on The Duke Rants podcast published to YouTube weekend, Farotimi was asked what he would say if he met Chief Afe Babalola today.
He said: “Like a good Yoruba boy, I’ll give him his salutations. It doesn’t change the fact that I’m still considering my options as regards what to do about what I went through.”
Pressed on what options he was considering, he said: “Oh, all the areas of options that are open to a person who was unlawfully kidnapped from his office, hauled before a magistrate for a non-existent crime.”
Farotimi recounted the irregularities surrounding his arrest, stating that law enforcement officials violated standard legal procedures.
“Policemen crossed five state lines, entered a sixth state — from Ekiti to Ondo, to Osun, to Oyo, to Ogun, and then crossed into Lagos. Somebody has to explain the basis of my incarceration for 21 days,” he added.
Recall that earlier in February, Farotimi disclosed that, despite Afe Babalola withdrawing his petition against him, he still faced four separate lawsuits filed by members of Babalola’s law office across different states.
He said: “My inability to speak to certain aspects of this issue is borne out of the fact that, despite the discontinuation of the criminal proceeding, I still have four suits that I am aware of, in four different states of the federation, filed by members of the same law office, against my person.’’
His legal troubles began after Babalola petitioned Ekiti State Commissioner of Police, alleging that Farotimi defamed him in his book, ‘’Nigeria and Its Criminal Justice System.’’
Following his arrest, Farotimi was arraigned before an Ekiti State Magistrate Court for alleged criminal defamation and before the Federal High Court in Ado Ekiti for alleged cyber-bullying.
On January 27, Babalola announced his withdrawal of the cases after interventions by the Ooni of Ife, Oba Adeyeye Ogunwusi, and other traditional rulers.
However, Farotimi’s legal challenges are far from over.
Farotimi strongly defended his book, insisting it was based on research and personal experience, rather than falsehoods.
“I did not sit down in a beer parlour; I was not at an officers’ mess; I was not gossiping. It was not idle, cheap talk. I wrote a book.
“Let us deal with veracity. Anybody can go and read and then come back and challenge me with the lie that I have told,’’ he declared.
He dismissed claims that the controversy was about his personal reputation, adding that the real issue at stake was Nigeria’s legal system.
“This is not a trial of Dele Farotimi. Let nobody make that error. It is a trial of the legal system that we have built as a collective,” he asserted.
Farotimi also emphasised that his book was not intended as a personal attack on Babalola or any individual but was a critique of systemic corruption within the judiciary.
“Chief Afe Babalola is more than old enough to be my father,” he said. “I did not set out to destroy the man or to tarnish his image. Nothing personal. I was writing about the institution of the judiciary.”
[Vanguard]
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Monday, 03 March 2025 05:40
Dangote to Refund Customers Who Purchase PMS above Advertised Rates from Key Partners
…. Absorbs N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel
...Insists Nigerians deserve good quality, affordable fuel products
Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase Premium Motor Spirit (PMS) at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria.
This move follows the refinery's recent reduction of its gantry price from N890 per litre to N825 per litre. The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu's Renewed Hope Agenda, which aims to stimulate the economy.
In a statement issued over the weekend, the refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, prior to the new rate of N825 per litre. Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel
“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement said.
The refinery emphasised that this initiative extends beyond MRS Holdings, Ardova Plc (AP), and Heyden. It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level, encouraging a collective commitment to affordable, quality products.
Dangote also condemned any exploitation of the new pricing structure. “It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain,” the statement added.
"Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.
The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With the new gantry price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.
“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions,” the refinery said.
Dangote Refinery concluded, “This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”
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Sunday, 02 March 2025 21:13
[OPINION] The tangibility of performance - Fredrick Nwabufo
![[OPINION] The tangibility of performance - Fredrick Nwabufo](/media/k2/items/cache/b43ee0621519fdd110f29affc634a075_Generic.jpg)
In the dusk of the last sweltering Saturday, under a nest of affiliates, Samuel, a critic, sidled up to me and said: “Things are improving”. And I replied: ‘’Yes. It was certain that they would.’’
Samuel is not alone in this volte-face and patriotic testimony. Many Nigerians across all artificial lines are affirming the same – the glorious dawn long predicted is nigh.
Performance is the best PR. PR avails not much without the undergirding of substance. PR without the stuff of performance is propaganda. Simply, the tangibles and intangibles of performance are the platter on which the smorgasbord of PR is prepared.
The verdict is unanimous. Nigerians, critics and proponents alike, are all agreed that the economy has turned the corner; that food prices are spiralling downwards; that the naira is strengthening against the dollar, and that there is stability in the supply of petroleum products.
Good governance is like the sweet palm oil of Edo state; it trickles around the fingers when in liaison with roasted yam. Good governance under President Bola Tinubu affects all; its blankets are wide and far-reaching.
Some months ago, President Tinubu promised that the economy would "roar back to glory." And in truth, today, the roar to life of the economy can be heard in Ogbomoso in Oyo State; in Nkalagu in Ebonyi State, and in Illela in Sokoto State.
According to the National Bureau of Statistics, Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024 - higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
A front-page report titled, 'Food prices drop ahead of Ramadan', by Daily Trust on Wednesday, detailed the significant drop in the price of an array of food items across the country. For instance, in Kaduna, a 100kg bag of maize, which was sold between N70,000 and N75,000, is now N47, 000; while soybeans, which was sold for N110,000, is now N68,000.
Also, the white variety of beans, which was sold for N150,000 is now N100,000.
The report also said in Kano, a "mudu" of maize is now between N1,200 and N1,300; millet, N1,000 and N1,100; beans, between N2,000 and N2,200 per mudu; a tuber of yam, between N2,500 and N4,000 depending on the size, and in Lagos, at Alaba Rago market, Ojo, a bag of rice which used to be sold for between N80,000 and N90,000, now sells for N65,000 and N70,000; while the price of a paint rubber of beans has dropped from N12,000 to N6,500.
In addition, with the full deregulation of the downstream sector, there is now stability in the supply of petroleum products; the hiccups from the capricious fuel subsidy regime removed and the price of petrol which shot above N1,000 per litre last year now oscillating between N860 per litre and N900 per litre.
Also, crude oil production has reached about 1.8m bpd - with a technical potential of 2.24m bpd, according to NUPRC.
There is also stability in the forex market with the scourge of arbitrage removed, and investor confidence returning as affirmed in the Bloomberg report, 'Has Nigeria Turned a Corner? Investors Think So'.
What is at play is a deft management of the economy by trained hands and prepared leadership.
The evidence of the Tinubu administration’s nearly two years of quarry is palpable and bold. That is the tangibility of performance. It is clear to all. No frills, no thrills.
In an essay years ago, 'Food security and the anatomy of hunger', I wrote that we as a people must appreciate the power of hunger to deal delicately with matters of food security. Food security is national security. In policymaking, addressing hunger is pivotal because “foodology” is at the nucleus of existence. Hunger is a mad man. It is within this context that the federal government’s expeditious efforts at stabilising the economy and bringing down food prices are situated and deserving of the mass commendation it is receiving.
Fredrick Nwabufo is Senior Special Assistant to the President on Public Engagement
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Sunday, 02 March 2025 20:23
[PHOTO NEWS] Chief Mike Agbedor Abu Ozekhome, SAN, Wins The Sun Courage In Leadership Award
![[PHOTO NEWS] Chief Mike Agbedor Abu Ozekhome, SAN, Wins The Sun Courage In Leadership Award](/media/k2/items/cache/411c97da88ebc19b17ae20df1344cd8e_Generic.jpg?t=20250303_054907)
In a star-studded ceremony held at the Eko Hotels & Suites, Victoria Island, on Saturday, 1st March, 2025, The Sun Newspaper honoured High-profile attendees including distinguished Senators, seven Governors, Federal Executive Council members, respected elder statesmen and women, captains of industry, royalty, and academia, all gathered to celebrate 36 remarkable Nigerians who have made significant contributions in various fields. The event, which drew a Who's Who of Nigeria's political, business, and social elite, was a testament to the country's rich talent pool.
The Sun Newspaper on this occasion added another luster to the crown of Akpakpa Vhighi Vhighi of Edoland, Chief (Prof) Mike Agbedor Abu Ozekhome, SAN, as he emerged the winner of THE SUN COURAGE IN LEADERSHIP AWARD. This prestigious award recognizes Chief Ozekhome's outstanding leadership, his unrelenting pursuit of excellence, and his unwavering resolve in the face of challenges.
Chief Ozekhome, SAN, is a renowned lawyer, with a career spanning over three decades. As a Senior Advocate of Nigeria (SAN), he has made significant contributions to the nation's legal landscape.
The ceremony was a night to remember, with a dazzling display of glamour and sophistication. The event was a celebration of Nigeria's best and brightest. As Chief Ozekhome, SAN, took to the stage to accept his award, the audience erupted in applause, acknowledging his remarkable achievements and the impact he has had on the nation.
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Sunday, 02 March 2025 19:15
Cryptocurrencies to watch this week: Bitcoin, Pi Network, Hedera Hashgraph
Cryptocurrency prices retreated sharply last week as Bitcoin dropped below $80,000, and the crypto fear and greed index moved to the extreme fear zone.
The main focus among traders this week will be on the upcoming crypto summit at the White House and Friday’s nonfarm payroll data. Some of the top cryptocurrencies to watch this week will be Bitcoin 
BTC8.92%Bitcoin, Pi Network 
PI-14.75%Pi Network, and Hedera Hashgraph 
HBAR6.29%Hedera.
Bitcoin
Bitcoin price will be in the spotlight this week because of Friday’s crypto summit. A potential outcome of the event will likely be an announcement on whether the US will launch a Strategic Bitcoin Reserves or SBR.
Bitcoin price retreated to $78,118 last week, and then bounced back to $85,000, where it found substantial resistance. An SBR announcement would be a highly bullish catalyst for the coin.
However, Bitcoin faces some risks ahead. It is attempting to retest the important resistance level at $89,128, the neckline of the double-top pattern at $108,600. Also, the spread between the 50-day and 200-day Weighted Moving Averages has narrowed, risking a death cross formation.
The Awesome Oscillator has moved below the zero line since Feb. 4, while the Relative Strength Index has moved close to the oversold level. Therefore, there is a risk that the BTC price will resume the downward trend this week and retest the support at $78,117.
Pi Network
The Pi Network price has had an eventful performance since its mainnet in February. It dropped from $2 to $0.59 and then bounced back even as other cryptocurrencies retreated. It reached a high of $3 as hopes of a Binance listing rose.
Recently, however, the Pi coin price has crashed by over 42% to $1.6 after the developers postponed the KYC grace period again until March 14.
Pi Network price will be in the spotlight this week as Binance potentially lists it, a move that may trigger other tier-1 exchange listings. Hopes that Binance will list it after the conclusion of a poll in which over 85% participants voted in favor of it.
Pi Network price will likely bounce back now that it has formed a falling wedge pattern on the hourly chart. This pattern comprises two descending and converging trendlines, with a breakout happening when the lines near their convergence.
Hedera Hashgraph
Hedera Hashgraph price jumped last week after inking a partnership with Swift, which handles trillions of dollars annually.
The hourly chart shows that the token surged from $0.1816 on Feb. 28 to a high of $0.2652. It has moved above the key resistance at $0.2308, the highest swing on Feb. 21.
HBAR price has formed a combination of a falling wedge and a bullish pennant patterns. A bullish pennant comprises a tall vertical line and a triangle-like consolidation pattern.
Therefore, Hedera Hashgraph price will likely have a strong bullish breakout, with the next point to watch being the weekend high at $0.2652.
[Crypto News]
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Sunday, 02 March 2025 19:10
XRP flips Tether, becomes third-largest crypto after Bitcoin and Ether
XRP has flipped Tether (USDT) in market cap, reaching $158.86 billion and surpassing USDT’s $142.38 billion valuation, making it the third-largest cryptocurrency after Bitcoin and Ethereum.
The crypto market is on fire, with XRP, Cardano (ADA), and Solana (SOL) soaring in the past 24 hours — a rally fueled by Donald Trump’s post on Truth Social.
The president doubled down on his pro-crypto stance, announcing plans for a U.S. Crypto Reserve that would include XRP, SOL, and ADA, Bitcoin and Ether.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump posted on Truth Social, adding that he will make “sure the U.S. is the Crypto Capital of the World.”
Following Trump’s statement, XRP surged 26.1%, ADA skyrocketed 49.7%, and SOL gained 18.1%. Investors are speculating that Trump’s endorsement of specific altcoins could bring increased institutional and government adoption.
Bitcoin (BTC) and Ethereum (ETH) also saw gains, with BTC rising 3.8% to $87,894 and ETH climbing 2.9% to $2,237.
Short traders wiped out as market spikes
With prices surging, short sellers betting against the market were hit hard. In the past 24 hours, 93,415 traders were liquidated, bringing total liquidations to $356.36 million, according to CoinGlass. The largest single liquidation order occurred on HTX’s BTC-USDT pair, totaling $39.86 million.
Of the $357.7 million in liquidations, $248.67 million (69.52%) were shorts, meaning traders betting on lower prices were burned as crypto prices soared.
One whale, who was long on BTC and ETH with 50x leverage, has closed most of his positions, pocketing over $6.8 million in just one day, according to on-chain analytics firm Lookonchain.
[TheStreet]
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