The almost eternal cycle of conflict in the Democratic Republic of Congo, DRC, is fuelling a widespread violence, mass displacement and extreme human suffering in the country and its neighbours like Burundi. With violence surging in Eastern DRC, almost unabated, displacement is soaring, crimes against humanity are being reported, and the fragile healthcare and support systems of the affected countries are being overwhelmed.

As armed groups fight to expand or retain their control, towns and villages are being devastated. In just five days, from January 26 to 30, an estimated 700 people were killed and 2,800 injured, according to a report by the International Rescue Committee. Since February 2025, more than 40,000 Congolese refugees have crossed into Burundi, primarily women and children, according to the United Nations High Commissioner for Refugees. Some reports estimated that over 9000 arrivals were recorded in a single day this week. The impact of this on the fragile social support system in Burundi can only be imagined.  Many use makeshift boats to traverse the Rusizi River, a border shared by Burundi, DRC and Rwanda. 

In Tanzania, 53 Congolese refugees reportedly sought asylum in Kigoma on February 19, 2025, marking the highest daily arrival figure this year.  The UNHCR has launched a $40.4m appeal fund to help it provide life-saving assistance to 275,000 internally displaced people in the DRC as well as support a projected influx of 258,000 refugees and returnees across Burundi, Rwanda, Tanzania, Uganda and Zambia. 

The current crisis in DRC had its roots in the Rwandan civil war, which ended in 1994 with the victory of the Rwandan Patriotic Front, RPF, a Tutsi-led army founded by Rwandan exiles in Uganda with the support of Ugandan President Yoweri Museveni. This led to many of the Hutu extremists who perpetrated the 1994 genocide against the Tutsis fleeing across the border, with their Interahamwe paramilitary group, to the neighbouring DRC, which was then known as Zaire. Most settled in the Kiv region, in the Eastern part of the country, along with about 1.5 million Hutu civilian refugees. The Hutu militants established militia groups aimed at waging an insurgency against the new RPF government – allegedly with the support of Mobutu Sese Seko, DRC’s then ‘maximum’ ruler.

Remarkably in the same Kiv region was also a community of ethnic Tutsis known as the Banyamulenge. Between 1995 and 1996, there were episodic large scale fights between the Hutu refugees, the Banyamulenge, the Zairian army and even the rest of the population. It was alleged that the Rwandan government, headed by Paul Kagame, a Tutsi, was funding the Banyamulenge while the Zairian government was funding the Hutus.

When Laurent-Désiré Kabila, a leading member of Mobutu’s political opposition founded Alliance of Democratic Forces for the Liberation of Congo-Zaire, AFDL, in October 1996, reportedly with the support of Rwanda, his fighters included both Tutsis and non-Tutsis. With the support of Rwanda, Laurent Kabila was able to overthrow Mobutu between February and May 1997.

As President, Kabila restored the country’s name back to Democratic Republic of Congo. But he quickly fell out with Rwandan President Paul Kagame, reportedly over the latter’s attempt to exercise excessive influence over the affairs of the country, and Kabila’s apparent inability or unwillingness to curtail the activities of Hutu militias along Rwanda’s border in the Kivu region. In 1998, the Second Congo War broke out following the deterioration of relations between Kigali and Kinshasa (the First Congo War, largely an aftermath of the 1994 genocide, lasted from 1996 and 1997).

 As relations deteriorated, Kabila ordered all foreign troops in the country, including Rwanda’s, to leave but allowed Hutu armed groups to organise at the border once again, which led to Rwanda invading the country in 1998 ostensibly to create a zone in the DRC-Rwanda borderlands as a shield against Hutu militias. Many of the neighbouring countries were sucked into the war such as Angola (which reversed its alliance following the coming to power of Kabila), Namibia and Zimbabwe which fought the Rwandan, Ugandan and Burundi militaries on the other side of the conflict. It was amid the turbulence of the Second Congo Conflict that Laurent Kabila was assassinated in a 2001 coup attempt planned by his aides and guards. He was succeeded by his son, Joseph Kabila, who formally ended the Second Congo War in 2002. It was estimated that as many as three million people lost their lives during the Second Congo War.

The current round of conflict – or the Third Congo War – started in 2022 after the Rwandan forces  entered into DRC to provide military support to the March 23 Movement, M23, rebel group. Rwandan troops were accused of fighting alongside the M23 militia group against the Congolese military, FARDC, and pro-government militias. The M23, a prominent militia group made up primarily of ethnic Tutsis, had become a major force in eastern DRC by the early 2000s and Kigali was repeatedly accused of funding the group. In fact in 2013, the UN Security Council authorised a rare offensive brigade under the mandate of the UN Organisation Stabilization Mission in the DRC, MONUSCO, to support the Congolese army in its fight against M23. Unfortunately while the activities of M23 were contained following MONUSCO, other flashpoints also developed, most of them rooted in carryovers from the 1994 Rwandan genocides and the First and Second Congo Wars. 

Blessed with abundant natural resources, including having some of the world’s largest reserves of metals and rare earth minerals used to produce advanced electronics, the DRC has witnessed a proliferation of mining operations from varied interests in a classic illustration of what some social scientists call ‘resource curse’ – the tendency for countries with abundant natural resources to underperform economically and developmentally than those with fewer resources.

Apart from the devastating effects of the almost eternal crises in the DRC both on the country and its neighbours (whose social support systems are being overwhelmed by the influx of refugees from the DRC),  one can also speculate on how the wars in DRC affect  the nation rebuilding process in Rwanda. It is true that many people like to use Rwanda as a model of how a country can rebuild after a horrendous event like the 1994 genocide.

However, with the never-ending Hutu versus Tutsi wars in the DRC (each group with its own backers among the neighbouring countries), and Paul Kagame, the Tutsi leader of the country being partisan in that conflict, one can only speculate on whether the famed ethnic reconciliations in Rwanda is truly so deep that in Rwanda what matters to most people is their Rwandan, not ethnic identity – as we are all made to believe.

•Adibe is Professor of Political Science and International Relations at Nasarawa State University

Nigeria’s largest flag carrier, Air Peace, has dismissed reports that its Chairman, Allen Onyema, was stranded at the Ekiti State Agro Allied International Cargo Airport for 24 hours due to the airport’s lack of navigational aids.

The airline’s Head of Corporate Communications, Dr Ejike Ndiulo, in a statement, described the reports as false, inaccurate and misleading.

Ndiulo said the aircraft scheduled to pick up Onyema and his team on Saturday evening could not land in Ekiti due to poor weather conditions and was rerouted back to Lagos.

Last Saturday, Onyema, enroute to receive an award from the Federal University Oye-Ekiti, FUOYE, landed at the Ekiti airport.

Reports, however, said when Onyema was to leave Ekiti on Saturday evening after receiving the award, his flight could not be cleared to take off because there were no navigational aids and his B737 could not work out a coordinate to fly out of Ekiti airport.

Dismissing these reports, Ndiulo stated: “We are aware of select online reports that the Chairman/CEO, Air Peace Limited, Allen Onyema, was stranded for over 24 hours at the Ekiti State Agro Allied International Cargo Airport due to the airport’s lack of navigational aids on his recent visit to Ekiti.

“We want to categorically state that this report is false, inaccurate and misleading. This is a deliberate misrepresentation of facts designed to malign Air Peace and its leadership. The claim that his pilot took a risky manoeuvre to exit Ekiti airport to Lagos is an outright fabrication that irresponsibly suggests a breach of aviation safety protocols—something Air Peace would never engage in.

“The aircraft scheduled to pick up Onyema and his team on Saturday evening could not land in Ekiti due to poor weather conditions (heavy rain). As a standard safety precaution, the flight was rerouted back to Lagos. This is a routine occurrence in global aviation and not a reflection of any inadequacy on the part of the airport.

“At no point did any Air Peace flight engage in unsafe operations, contrary to the false narrative. Air Peace upholds the highest international aviation safety standards, with safety as our top priority.

“It is disappointing that someone chose to push a sensational and misleading narrative despite having been provided with the accurate sequence of events. This reckless journalism not only misinforms the public but also attempts to tarnish the reputation of Nigeria’s leading airline.

“At Air Peace, safety is not just a priority but a fundamental precondition for all our activities. We remain committed to maintaining safe and timely operations.”

[Vanguard]

Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says Nasir el-Rufai, former governor of Kaduna, should stop acting like a “crying child” and move on from the ministerial snub episode.

In July 2023, Tinubu sent the list of ministerial nominees, including el-Rufai, to the senate for screening and confirmation.

The senate withheld el-Rufai’s confirmation over petitions filed against him on security grounds.

Speaking in an interview on Monday, the ex-governor said Nigerians should not believe the narrative that the national assembly rejected him as a ministerial nominee.

El-Rufai said Tinubu did not want him in his cabinet after publicly pleading with him beforehand to suspend his future plans and accept the ministerial appointment.

Reacting during an interview with Channels Television on Tuesday, Onanuga faulted el-Rufai for his “incessant complaints” about being excluded from Tinubu’s government.

The presidential spokesperson compared the ex-minister’s takes to that of a child “crying over spilt milk”.

“Well, as a person, I pity the former governor of Kaduna state, Mallam Nasir el-Rufai. He feels hurt that he was not made a minister, but I think it has been a long time now,” Onanuga said.

“Ministers were appointed in August 2023, and I believe it’s time for him to move on. He cannot continue to behave like a child, as if someone stole his bread… crying over spilt milk, as we say.

“It is natural for him to feel hurt and bad about being excluded. However, as the president acknowledged in his recent tribute to him, Nasir actually played a significant role in helping to install President Tinubu.

“Still, if he is not part of the government, that does not mean he must bring down the roof. The president has nothing against him.

“I believe Nasir feels naturally hurt by his exclusion, which is why he is going everywhere campaigning against the president. This shows a man who resents being left out of the moving train and refuses to let go.

“As a brother and former governor, my advice to him is simple: he should forget about it if he was not made a minister.

“He has been in public service since 1999, and I think the hurt started when he was not appointed a minister. That explains why he has been making these statements.

“Even yesterday, in an interview with Arise TV, he claimed that it was the president who blocked his appointment.”

El-Rufai had also hinted at ditching the ruling All Progressives Congress (APC).

[TheCable]

Elementary economics tells us that inflation occurs when we have “too much money chasing too few goods.” This implies that to avoid inflation, we have to keep the money supply in check or ensure increased productivity within the economy.

This simple economic fact seems to be lost on the Tinubu administration even as they betrayed their unhealthy appetite for profligacy in their management of public funds.

Going to the crux of the matter, even though the Bola Tinubu administration inherited a dilapidated economy from his predecessor who also did a very poor job in managing the country’s economy, the poorly implemented policies of the current administration made a bad situation even worse. They resulted in probably the worst economic decline in the country’s history.

According to the spin doctors of the administration, the government had to take very tough measures to save the country from impending doom and even went on to claim that even the other leading opposition candidates had similar policies in their manifestos.

While they are right that those policies needed to be put in place to rejig the economy, the implementation of the policies was very poor and focused more on making more revenue available to the government while little or no consideration was given to the negative impact that the policies will have on millions of Nigerians.

The three main policies under reference that were implemented by this administration that sent shockwaves across the economy are namely:
• The removal of petrol subsidy
• Floating of the Naira
• Removal of electricity subsidy
While there was no actual subsidy on the Naira, with the floating of the Naira, the government was making three to four times more Naira for their dollar-denominated revenues which accounts for a huge percentage of government revenue.

According to the Minister of Finance, Mr Wale Edun, an extra twenty trillion Naira became available to the federal government in one year as a result of these policies. One would have thought that the funds would have been used to reduce the country’s burgeoning debt while also channeling some of the money to help fund productive ventures within the economy to help assuage the impact of the ‘tough’ economic policies on the citizens.

Rather what we saw was the government borrowing even more money and the funds being used to finance the profligate lifestyle of the president and others in the corridors of power. As a result of this and other fiscal policy indiscretions of the present administration, Nigeria’s debt went from N77 trillion which was inherited from the Buhari administration to N136 trillion by the end of December 2024 without anything tangible to show for the quantum leap in the country’s debt exposure.

Taking a cue from the Obasanjo administration in which Alhaji Atiku Abubakar was in charge of the economy, we will recollect that the administration also inherited a huge external debt from the military administration that they took over from. Even though oil was selling for less than $20 a barrel at the start of their administration, they adopted a very prudent fiscal policy regime which saw the administration building up the country’s foreign reserves.

With the increase in foreign reserves, the value of the Naira stabilized and the administration was able to save up enough money to pay off the country’s external debt while negotiating a huge discount for the country in the process. As a result of this, Nigeria’s credit ratings increased significantly and it opened the way for increased foreign investments in the country which eventually led to an increase in the value of the Naira from N135 to the dollar in 2006 to N120 to the dollar by the end of their tenor in 2007.

So when apologists of this administration ask; what would others have done differently? The answer lies in prudent fiscal policy which was the hallmark of the Obasanjo administration in which Alhaji Atiku Abubakar was put in charge of the economy.

Going back to our earlier definition of fighting inflation by increasing the level of productivity within the economy, the Atiku manifesto addressed this adequately by proposing to make available $10 billion out of the money saved from subsidy removal to fund Small and Medium Scale Enterprises (SMEs) in the country with an emphasis on funding those in the productive sector.

By using the money to fund the productive sector as proposed in the Atiku manifesto instead of using it to fund profligate consumption as has been done by the Tinubu administration, we would not only have solved the problem of “too much money chasing too few goods” which triggers inflation, we would also have drastically reduced the unemployment problem while helping to create more wealth for millions of Nigerians.

With the increased revenue Nigerians make as a result of the policy, more revenue will accrue to the government through taxes as a result of increased productivity within the economy instead of the current situation in which the Tinubu administration continuously seeks to increase the tax burden of an already impoverished populace.

While I will admit that the contentious economic policies of this administration were needed to reform the country’s economy, the reality is that they were very poorly implemented with the government taking all the benefits of the policies for itself while leaving the people to bear the full brunt of the policies.

So when people ask what Atiku could have done better, he would have demonstrated fiscal responsibility by adhering to the provisions of the Fiscal Responsibility Act which was signed into law when he led the country’s economic team and this would have put inflation in check and even shore up the value of the Naira.

From the savings made from subsidy removal, he would also have implemented a $10 billion economic stimulus plan which was targeted at giving soft loans to SMEs across the country. This money instead of being wasted on government excesses as been done in the Tinubu administration would have gone towards stimulating productive activities within the country, creating millions of jobs for Nigerians and brought down inflation.

At the end of the day, the difference lies in the mindset of the two leaders, while Tinubu believes that for the government to generate more revenue, he has to raise taxes, Atiku on the other hand believes that the government first has to invest in people and support them to generate more income which will eventually lead to increased tax revenues for the government. This is what Atiku would have done better.

Oshobi, Head of Research and Strategy NYFA, writes from Lagos

Imagine a man who, against all odds, wins the lottery, a jackpot that represents the hopes and dreams of millions. The air is thick with excitement, the promise of change palpable. He holds in his hands the golden ticket, a tangible proof of victory. But instead of cashing in, he hesitates, then inexplicably discards it, leaving himself and everyone who had faith in him bewildered, betrayed, and lost. Such is the story of General Ibrahim Babangida and the annulment of Nigeria’s June 12, 1993, election.

The June 12 election was not just any election; it was a landmark moment in Nigeria’s democratic history. It was widely regarded as the freest and fairest election the country had ever witnessed. A nation long plagued by military rule had seen a glimmer of hope, a chance at a fresh start. Moshood Kashimawo Olawale (MKO) Abiola emerged as the presumptive winner, embodying the aspirations of the people. Yet, in an act akin to tossing a winning lottery ticket into the wind, Babangida annulled the results, plunging the country into political turmoil.

Like the man who won the lottery but lost his ticket, Babangida’s decision was one of self-sabotage and national betrayal. He had presided over a transition program that, despite delays and skepticism, had given Nigerians a reason to believe in democracy again. The annulment, therefore, was not just a political maneuver; it was a crushing blow to the nation’s collective psyche. It was an admission that the promises made were hollow, that the democratic future Nigerians had dared to envision was nothing more than a mirage.

For a man who held immense power, Babangida’s choice remains one of the greatest paradoxes of Nigeria’s history. Some argue that he succumbed to pressure from the military elite and political interests that feared the redistribution of power. Others suggest that his decision stemmed from a personal unwillingness to relinquish control. Whatever the reason, the outcome was catastrophic. The country was thrown into chaos, Abiola was denied his mandate, and Nigeria spiraled into years of uncertainty that culminated in further military rule.

In retrospect, the annulment of the June 12 election was a lost opportunity of historic proportions. Like a lottery winner who never claims his prize, Babangida let go of a moment that could have enshrined his legacy as the leader who ushered Nigeria into a true democracy. Instead, he is remembered as the man who turned victory into defeat, progress into stagnation, and hope into despair. The echoes of that decision still reverberate through Nigeria’s political landscape, serving as a cautionary tale of what happens when leadership chooses fear over courage, control over progress, and self-interest over the will of the people.

Following the passing of our patriarch, elder statesman and nationalist, Chief Samuel Ayodele Adebanjo (April 10, 1928 – February 14, 2025), the family hereby notifies you of the funeral activities:

1. Day of Tributes/ Service of Songs: Date: Wednesday, April 30, 2025 Venue: Harbour Point, Victoria Island, Lagos Time: 1:00 pm - 6:00 pm
2. Wake: Date: Friday, May 2, 2025 Venue: Pa Ayo Adebanjo’s Country Home, Isanya Ogbo, Ijebu Ode, Ogun State Time: 4:00 pm - 6:00 pm
3. Church Service/Final Burial: Date: Saturday, May 3, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am - 1:00 pm
4. Thanksgiving: Date: Sunday, May 4, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am - 12:30 pm                                                                                

We covet your prayers for the family and your professional support as we continue with the preparations to give him a most befitting burial. We also look forward to your esteemed presence at all the events.

Please accept the assurances of our highest regards.

Signed:

Ms Ayotunde Ayo-Adebanjo

Mrs Adeola Azeez

Mr Obafemi Ayo-Adebanjo

For the family

NB: For enquiries, please call Mr Akin Oshuntokun (+2348037021187), and Biodun Azeez (08055144956, 08055166673 WhatsApp only).

Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerate Nigeria's production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023. Speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth. Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.  Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa's energy landscape, through indigenous leadership and sustainable development. Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources. As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria's commitment to increasing production, while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event, "Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement." The Minister announced Nigeria's oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025. He also reaffirmed the administration's "drill or drop" policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives, "I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector." He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum's timing, noting "It's apt. It's early in the year and it's about how we grow production. That's why you see all of us participating." He shared how indigenous operators have successfully increased production, citing his company's achievement of 57,000 barrels per day from previously untapped fields.

Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector. "Our success at Heirs Energies demonstrates what's possible in Nigeria's onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership," he said. "By tripling our producing wells to over 100, we've shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities."

The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector's transformative role in driving Africa's economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa's leading indigenous-owned integrated energy company, committed to meeting Africa's unique energy needs while aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa. Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, whose objective is to ensure Africans benefit directly from their continent’s resources.

HEIRS ENERGIES LEADERSHIP FORUM 2025

L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies' Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Deribit, the world's largest cryptocurrency derivatives exchange, aims to expand in Hong Kong, a sign of momentum as the market regulator looks to make the city a hub for virtual assets.

The Dubai-based company was drawn to Hong Kong because of its position as an international financial hub and its vibrant community of family offices and asset managers, which are increasingly interested in cryptocurrencies, said Jean-David Pequignot, the firm's chief commercial officer, who is based in the city.

"Hong Kong is this central financial hub in the world and a big one in Asia," he said. "If regulators can solve the derivatives piece, it is a place where we love to be."

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On Wednesday, the Securities and Futures Commission (SFC) unveiled a new road map of initiatives for the virtual-asset ecosystem. The plan includes studying the introduction of virtual asset derivative products for professional investors, or those with portfolios of at least HK$8 million (US$1 million).

Crypto derivatives trading was the missing piece of what Hong Kong regulators currently allow, which was predominantly focused on licensing, Pequignot said.

"Derivatives can be speculative instruments for people who want to take leveraged bets into a market," he said. "They can be risky, but they are also very powerful instruments for hedging and risk management."

The risk-management element could help investors navigate fluctuations in the volatile crypto market, Pequignot said.

Deribit, licensed in Dubai, provides a trading platform for bitcoin and ether options. This derivative instrument gives traders the right to buy or sell an asset at a predetermined price at a specific time without immediate commitment to buy or sell the underlying asset.

"Asia is a big market for derivatives, with sophisticated investors who are highly speculative in nature," Pequignot said. "We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with."

Singapore, another major Asian financial hub, has yet to establish regulations for crypto derivative trading.