Bitcoin's price is showing signs of volatility, with recent fluctuations sparking comparisons to its movements in August 2023. On Feb. 17, research from on-chain analytics platform CryptoQuant pointed out that Bitcoin's price action has become increasingly rangebound, signaling a potential shift in market behavior. The Choppiness Index, a measure of market volatility, has reached high levels, indicating that a significant price movement could be imminent.

The current range for Bitcoin has been hovering around 16% over the last 90 days, with a noticeable lack of trend in its price action. The Choppiness Index, which stands at 62 on the daily chart and 72 on the weekly chart, shows instability and an urgent need for Bitcoin to break out of its stagnant price range. According to CryptoQuant contributor Percival, such conditions often precede a larger market move. He notes that similar behavior was observed in August 2023 when Bitcoin experienced a sharp drop before beginning a sustained uptrend.

In 2023, before Bitcoin's price surged, the market had seen relatively low volatility, which caused many traders to abandon their positions. Percival suggests that the current situation could lead to a liquidity grab, where market participants holding positions on the wrong side of the trade are cleared out before a potential price rise. His analysis highlights that Bitcoin's price movements are currently erratic, with alternating periods of rapid gains and consolidations.

While Bitcoin is facing short-term uncertainty, long-term prospects remain positive. The increasing adoption of cryptocurrencies and institutional interest in digital assets like Bitcoin has led to an overall bullish sentiment. However, Bitcoin's price action is still subject to significant volatility, and investors are advised to remain cautious and well-informed about market developments.

Regarding potential price levels, the short-term holder (STH) cost basis of $92,000 is being closely monitored as a key level of support. If Bitcoin fails to hold this level, attention will shift to the 200-day exponential moving average (EMA), which is currently at $85,000. This could serve as a critical support zone if the market continues to experience downward pressure.

Bitcoin’s price action is in a highly volatile phase, with significant potential for movement in either direction. While market sentiment is mixed, some analysts believe a major price move is on the horizon. Investors are advised to watch key levels like the $92,000 cost basis and the $85,000 EMA as critical indicators of Bitcoin’s next move. As the situation develops, staying updated on market trends and adjusting strategies accordingly will be essential for navigating the unpredictable nature of Bitcoin's price.

[Yahoo finance]

If you hold cryptocurrencies like XRP (CRYPTO: XRP) or Bitcoin, (CRYPTO: BTC) you're probably not sure how they'd hold up in the event of an economic recession. Whether it would make sense to buy more of either asset in such a scenario is an even bigger question, as a timely purchase during hard times might pay off significantly when conditions improve down the line.

Are either of these assets worth buying if the economy starts to recede? Or would it make more sense to dump both? Let's unpack this issue and make a game plan so that you'll be prepared if something happens in the coming years.

Here's how a tough economy could impact these coins

In the U.S., an economic recession is generally defined as a period of at least two consecutive quarters in which the gross domestic product (GDP) decreases rather than increases as normal. Usually recessions are accompanied by higher unemployment, reduced consumption of goods and services, reduced international trade volume, and falling asset prices, particularly in more liquid assets like stocks and cryptocurrencies, but often in harder assets like real estate as well.

It's unpleasant to think about but consider the mechanism for why asset prices decline when the economy is having trouble. People believe that they'll be better off having cash in hand than seeing their capital eroded as assets become harder to offload and priced lower than before. In many cases, people need to liquidate their investments to pay their bills, as their sources of income dry up while the economic tide withdraws.

In such a scenario, the easiest assets to liquidate are the most likely to get sold first. That means stocks and cryptocurrencies would be on the chopping block before safer and harder-to-transfer assets like real estate. And typically, it's the riskiest assets that start taking the deepest hits the soonest in a recession, as risky plays tend to assume that the economy will continue expanding, as it's an expansionary phase that supports the drive to explore new horizons of business and industry in the first place.

So what does that mean for holders of less-risky cryptocurrencies like Bitcoin and XRP?

While it depends on the length and depth of the recession, they're very likely to get hosed. Declines of 80% or more wouldn't be surprising during a longer recession. But for those who could retain some capital and load up on one of these two coins, there could be a big opportunity in store.

There's a correct choice here if you can make it when it counts

XRP is not the coin to buy if there's a recession. Here's why.

In the contemporary Nigerian entertainment industry, an unsettling trend has emerged: the glorification of controversy as a means of remaining relevant. Some celebrities, either ignorantly or deliberately, believe that being constantly embroiled in controversy equates to success. This misguided ideology is fueled by the unquenchable thirst for public attention, social media engagement, and brand endorsement deals. However, the reality is that controversy, when not carefully managed, often leads to a damaging reputation, career stagnation, and, in some cases, irreparable downfall.

Given the allure of controversy, it is little wonder that the Nigerian entertainment industry is replete with celebrities who thrive on controversy. From musicians to actors, influencers, and reality TV stars, many have mastered the art of staying in the headlines through scandalous actions and statements. The rise of social media platforms such as Instagram, Twitter, and TikTok has further enabled this trend, allowing celebrities to instantly engage millions with provocative content.

Some celebrities see controversy as a surefire way to remain relevant, especially in an industry where public attention is fleeting. They stir public emotions by engaging in online feuds, making outrageous statements, or displaying socially unacceptable behavior. The resultant buzz generates clicks, shares, and comments, creating the illusion of fame and influence. In reality, this notoriety often comes at a great cost.

Unfortunately, there is a price of controversial fame, and which is damagingly costly. While controversy might bring temporary fame, it seldom leads to lasting success. In Nigeria, we have seen celebrities who were once household names fade into obscurity due to their inability to transition from scandal-driven popularity to substance-driven success. A case in point is some musicians who gained fame through provocative lyrics and gimmicks but struggled to maintain relevance when public interest shifted.

Brands and corporate organizations, which play a crucial role in the financial sustenance of celebrities, are cautious about associating with individuals who thrive on controversy. While some may leverage scandalous moments for short-term marketing, they often distance themselves when the public backlash becomes intense. The result is that these celebrities, despite their online fame, struggle to secure long-term deals and endorsements.

At the core of this issue is ignorance. Many of these celebrities do not understand that being relevant in entertainment goes beyond social media outrage. They lack the awareness that true success comes from talent, consistency, and personal brand management. A musician who invests in controversy rather than refining their artistry will soon be overtaken by those who focus on their craft. An actor who engages in endless social media drama rather than improving their skills will be left behind when the industry evolves.

Unfortunately, some of these celebrities do not realize the negative impact of their actions until it is too late. Many fail to build a solid legacy and eventually find themselves sidelined when public sentiment turns against them. Some even resort to desperate measures, such as fake scandals and publicity stunts, just to remain in the limelight.

Looking at the issue from the perspective of the role of social media and the press, it is germane to opine that social media has played a significant role in fostering this culture of controversy. With the increasing demand for content and entertainment, many blogs and media outlets thrive on sensational stories. This has created an ecosystem where celebrities feel pressured to stay relevant by any means necessary.

Moreover, the rise of clickbait journalism has further worsened the situation. Many online platforms prioritize engagement over credibility, publishing stories that sensationalize controversies involving celebrities. This cycle of controversy and media exploitation fuels the perception that remaining in the public eye, regardless of the circumstances, is a sign of success.

Rather than relying on controversy, Nigerian celebrities should focus on building lasting careers rooted in talent, discipline, and strategic brand management. There are numerous examples of Nigerian entertainers who have remained relevant for decades without resorting to controversy. These individuals have consistently delivered quality work, maintained professionalism, and cultivated strong relationships within the industry.

A prime example is Kate Henshaw, an actress who has remained relevant in Nollywood not through controversy but through talent, hard work, and professionalism. Kate Henshaw has built an enviable career by focusing on her craft, making strategic career moves, and maintaining a scandal-free public image. Her ability to reinvent herself over the years and stay at the top of her game without indulging in unnecessary drama is a testament to the fact that talent and integrity are the true determinants of success.

Similarly, Nigerian comedians such as Basketmouth and Ali Baba have stayed relevant without unnecessary drama. Their ability to evolve, create meaningful content, and maintain professionalism has ensured their continued success in an industry where many have come and gone.

It is imperative to educate upcoming entertainers on the dangers of building a career on controversy. Entertainment academies, mentorship programs, and industry stakeholders must emphasize the importance of personal branding, ethics, and professionalism. Young talents should understand that while controversy may offer temporary fame, it is not a sustainable strategy for success.

Furthermore, the media has a responsibility to promote stories that celebrate talent, innovation, and hard work rather than solely focusing on controversies. By shifting the narrative, the industry can encourage celebrities to prioritize substance over scandal.

While controversy may provide short-term attention, it is not an achievement. The ignorance of some Nigerian celebrities in mistaking controversy for success is a dangerous trend that must be addressed. True success in the entertainment industry is built on talent, consistency, and professionalism. Until celebrities begin to prioritize these values over cheap publicity, the industry will continue to witness a cycle of fleeting fame and regretful downfalls.

The time has come for Nigerian celebrities to rise above controversy and embrace meaningful engagement with their audience. In the end, history remembers those who leave a legacy of impact, not those who merely trended for the wrong reasons. Kate Henshaw remains a shining example of a celebrity who has built a lasting and respectable career through dedication, talent, and integrity, proving that real success transcends the fleeting nature of controversy.

Death may have stolen the mortal presence of Ayo Adebanjo and Edwin Clarke, but it has failed woefully to silence their voices. These two towering figures, who dedicated their lives to speaking truth to power, left behind words that remain inscribed on the marble of Nigeria’s conscience. Their unwavering advocacy for justice, equity, and good governance continues to resonate, serving as a moral compass in a nation riddled with corruption, ethnic strife, and leadership failure. With their departure, a gaping void has been created in sincere and fearless advocacy, leaving Nigeria bereft of two of its most courageous voices.

The demise of these legendary nationalists is not just a loss to their families or political affiliates; it is a grievous wound inflicted upon the very soul of Nigeria. For decades, Adebanjo and Clarke stood firm, unyielding in their quest for a better Nigeria. Their words, bold and piercing, unsettled the corrupt and comforted the oppressed. In a country where sycophancy has become a thriving industry and many so-called activists have succumbed to the seductive embrace of power, these two men remained unbought and unbowed. Their advocacy was neither for self-enrichment nor for the fleeting applause of the public but for the collective good of all Nigerians.

To start with, the indelible mark of Ayo Adebanjo would always be remembered by posterity.  Pa Adebanjo, a staunch Awoist, was a man of impeccable integrity. Throughout his political career and his time as a leader of Afenifere, the Yoruba socio-political group, he consistently stood on the side of justice. He was unapologetic in his criticism of bad governance, regardless of who was in power. His fearless denunciation of the misrule of successive governments was legendary. From the military era to the civilian dispensation, Adebanjo never wavered in calling out injustices, be it electoral fraud, economic mismanagement, or constitutional imbalance.

He advocated for true federalism, knowing that the lopsided structure of Nigeria was a recipe for perpetual discontent. He often argued that without restructuring, Nigeria would continue to grope in darkness, hamstrung by an over-centralized system that stifles progress and breeds marginalization. Unlike many of his contemporaries who compromised their principles for political expediency, Adebanjo remained steadfast, rejecting any form of inducement that could silence his voice.

With his passing, the Nigerian political landscape has lost a moral conscience. His absence is already being felt as the Lagos House of Assembly (LAHA) grapples with a leadership crisis that lacks direction, accountability, and sincerity. Who will now speak with his level of courage, experience, and moral authority? Ayo Adebanjo’s death is not just an end; it is a painful punctuation in Nigeria’s history of fearless advocacy.

Regarding Edwin Clarke, he was unarguably the Voice of the Niger Delta and Nigeria’s Conscience.  If Adebanjo was the voice of the Yoruba, Edwin Clarke was the indomitable lion of the Niger Delta. A man whose life was devoted to the pursuit of justice for his people, Clarke embodied the struggle for resource control, equity, and fairness. He was a formidable critic of successive governments that exploited the Niger Delta while leaving its people in abject poverty.

For decades, Clarke raised his voice against the environmental degradation, economic deprivation, and political marginalization of the Niger Delta. He did not hesitate to confront presidents, governors, and international oil companies over their injustices. His advocacy led to several policy changes, including increased derivation funds and the creation of interventionist agencies, even though corruption later crippled many of these initiatives.

Clarke was also a nationalist in every sense of the word. While fighting for his region, he never lost sight of the broader Nigerian question. He championed the cause of true federalism, national unity, and good governance. His pen and voice never ceased to challenge impunity, corruption, and the lack of accountability among Nigeria’s leaders. His words were powerful, reverberating across ethnic and political divides, forcing the powerful to listen, even when they pretended not to.

His death has created a vacuum that is difficult to fill. The Niger Delta, and indeed Nigeria, has lost a fearless advocate, a man who could speak truth to power without fear of retribution. In an era where many voices of opposition have been co-opted, silenced, or drowned in the sea of compromise, Clarke’s unwavering stance was a beacon of hope. Without him, who will confront the exploitation of the Niger Delta? Who will remind the government of its failures in governance, resource management, and national unity?

Without a doubt, their absence since the last few days can best be described to be a tragedy. Their exit is a tragedy not just because of their mortality, but because of the widening gap in sincere advocacy they have left behind. Their passing has exposed a disturbing reality: the absence of a new generation of leaders willing to speak truth to power without fear or personal gain.

In today’s Nigeria, many self-acclaimed activists and social commentators have compromised their integrity. Some have been silenced with political appointments, others have been bought over with financial inducements, and many have been cowed by threats and intimidation. The result is a society where sycophants and opportunists dominate public discourse while genuine voices of reason are increasingly scarce.

Yet, their words remain. They may be gone, but their voices are immortal. Their speeches, interviews, and writings continue to serve as a reminder of what true advocacy looks like. Their legacies remain a template for future generations who dare to challenge power and demand accountability.

Despite their exit from the world stage, death should be ashamed because their voices speak still. Death, you have failed! You may have taken their bodies, but you have not silenced their words. Shame on you, for the words of Ayo Adebanjo and Edwin Clarke remain on the marble of Nigeria’s history, eternally speaking truth to power. Every time a leader acts against the interest of the people, their voices will rise in condemnation. Every time injustice rears its ugly head, their words will echo as a rebuke. Every time Nigeria drifts into the abyss of misrule, their legacy will serve as a reminder that some men dared to stand, speak, and fight.

The challenge now falls upon us, the living, to pick up the mantle they have left behind. We must not allow their voices to fade into oblivion. The struggle for a better Nigeria is far from over, and the battle for justice, equity, and good governance must continue. If we let fear or personal comfort silence us, we betray not only their memory but also the future of Nigeria.

As we mourn the passing of these two titans, let us not just eulogize them in words but in action. Let us embody the principles they stood for. Let us reject injustice, corruption, and the tyranny of bad leadership. Let us demand accountability and refuse to be cowed into submission.

For as long as Nigeria remains, the words of Ayo Adebanjo and Edwin Clarke will remain etched in history, speaking truth to power. And to death, we say: shame on you!

Professionally, tomes have been written or said about his significant contributions to Nigerian letters, as a consistent public intellectual of more than three decades standing. For this particular purpose, I choose to bear testimony of a slightly different dimension of the Azu enigma:  a deep commitment to family values. His professional accomplishments are arguably matched by the equal success in building an adorable home, with his kids turning out excellently well.

In conversation around African culture, the art of giving is often characterised as binary. The material and the immaterial. Whereas the former consists of gifting, say, gold and silver; the latter involves the intimacy of donating, say, time.

Without denying the value of a material gift, there can, of course, be no disputing the nobility in devoting time to the pursuit of the interests of others. For, in the materialist world, we are classified either as billionaire, millionaire, simply comfortable or poor. Which means that our ability to give is contingent upon what providence has endowed us with.

But while the size of our wealth may vary individually, time is definitely a leveller of all. So, it can be seen that to give of one’s time — a resource universally fixed for everyone — is to truly give more indeed.

This is how I choose to define the essence of Azubuike Ishiekwene, a friend who sticks closer than a brother. Journalism had introduced us more than three decades ago in Lagos; first, as acquaintances, and, despite a wide age gap, we became buddies, then brothers, and collaborators. I count him among that special tribe instinctively wired and eager to volunteer of their allotted daily 24 hours often in the service of those not in the position to give anything in return.

It is often said that the factor of woman or money is the bane of friendship between two males. But for more than a quarter of a century that Azu and I became what the Yoruba classify as “kori kosun” (intimate friends), we have never quarrelled for one day. Which is a reflection of his temperance and tolerance.

I, therefore, count myself among the countless beneficiaries of his generosity of spirit, which is quite ecumenical in texture. You only need to hint Azu of a difficulty — whether professional or personal — and, in the next moment, he has everything already worked out clinically, like an oracle in terms of solution options.

Indeed, his spare frame belies an immense capacity for hard work and laser focus. Not until a dire medical warning came a few years ago did Azu, for instance, finally agree to accept a major lifestyle change: muting his phone after 10 p.m. Over the years, he had become addicted to an editor’s hazardous routine – working for 24 hours.

But regardless, with the furious force of a soldier ant, Azu still juggles a lot of things at once: business manager, columnist, writer, reporter, speaker, mentor, etc. The amazing thing is the adroitness he brings to bear on each of these responsibilities. 

Even at that, he yet has this uncanny way of inserting himself into other people’s world and inheriting their battles or yokes, so to speak.

That same spirit undoubtedly led him into countless volunteer organisations like the Open Fees NGO, which is committed to putting underprivileged children through school. One of its beneficiaries happens to be Azu’s own former gateman, now in medical school. When we started National Life newspapers in 2008, I drew immeasurably from Azu’s hands-on experience as Controller at THE PUNCH.

It was in the course of similarly pushing the boundaries of “community service” that he, for instance, had met his “missing rib” in the 80s. Then, Azu was roving around the idyllic campus of UNILAG, following the proverbial “October Rush,” when he bumped onto a needy JAMBITE trying to sort out her registration. Characteristically, the “Good Samaritan” took over her burden. Thereafter, one thing led to another, and he and Rume became an item on the Akoka campus.

The rest is now history.

That same spirit undoubtedly led him into countless volunteer organisations like the Open Fees NGO, which is committed to putting underprivileged children through school. One of its beneficiaries happens to be Azu’s own former gateman, now in medical school. When we started National Life newspapers in 2008, I drew immeasurably from Azu’s hands-on experience as Controller at THE PUNCH. And for the years that I served as Information Commissioner in Edo State and had to cope with the choking pressure of office, he was my backroom booster, who would help deliver excellent papers rapidly, at no cost. I also did not have to worry much about any backstabbers in the often-treacherous media space. Azu had my back fully covered.

Maybe that has to do with his growing up in the rough and tumble of what used to be Lagos’ most iconic ghetto in the ‘70s and ‘80s — Ajegunle, where the sense of community was strong and loyalty was a religion. No wonder, one of Azu’s favourite songs is Akon’s folksy “Ghetto.”

Professionally, tomes have been written or said about his significant contributions to Nigerian letters, as a consistent public intellectual of more than three decades standing. For this particular purpose, I choose to bear testimony of a slightly different dimension of the Azu enigma:  a deep commitment to family values. His professional accomplishments are arguably matched by the equal success in building an adorable home, with his kids turning out excellently well.

Suffice to add that as our friendship deepened over the years, so did our individual families become integrated. Before my own kids left home for university, “Big Mummy” (Rume) made it a point of duty to host them on weekends, from time to time, at their Magodo, Lagos, home.

By mid-2000s, frustration with ASUU’s prolonged strike eventually pushed the Ishiekwenes into pulling their first daughter, Ashioma, from University of Lagos (UNILAG) and enrolling her in a top university in the US, putting them under financial pressure. I should know. Azu and I have been involved in a lot of collaborations — both intellectual and entrepreneurial — yielding some money. Since I hadn’t started paying “serious school fees” as my kids were still in primary school in the 2000s, I invested mostly in properties. Azu’s share of whatever we made went almost entirely offshore into school fees and upkeep allowances in hard currencies. In fact, I used to tease him then as being Nigeria’s unacknowledged best authority on the black market, in terms of ascertaining the prevailing exchange rate of either the US dollar or British pound to the naira.

Happily, Ashioma earned both her first and second degrees in flying colour in Chemical Engineering. The second child, Meke, the chubbier version of the dad, studied Law in the UK, while Nkechi earned her PhD from New York university in 2024.

Before Ewan, Ese and Joshua too departed home for the university, the transition rite was never complete without a pep talk from Uncle Azu. Often mixing humour with a certain patriarchal sagacity, Azu would first praise them for excelling in their WAEC examinations and then admonish them to, when weary or tempted, always remember our sacrifices as parents and, above all, forever uphold the family’s good name, which we laboured hard to build.

From time to time, Azu never forgets to wire them money in continued expression of a shared commitment and affection. So much that his courier in the US inadvertently almost fell into bankruptcy on one occasion. The guy had mistakenly added an extra “0” to the dollar figure he sent my first son. Almost immediately, the poor guy dialled Ese’s number frantically, to no avail. Soon, I was contacted to quickly alert the boy not to assume that he had hit a jackpot.

While exchanging banters on the sidelines of the occasion that fateful day, the often-magisterial Chief Anenih chose to first blanch Azu literally, by giving him a condescending look from head to toe, before remarking with sardonic humour: “You already look so lean. By the time you people at PUNCH cough out damages to me at the court, I wonder if you’d have any flesh remaining on your bones.”

Curiously, after repeated dialling, I too could not reach Ese.

Which kind wahala be dis?!

Suspense.

It was not until after what seemed like an eternity that Azu eventually called back to announce that Ese had refunded the excess. The momentary “digital disappearance” was because Ese’s phone battery had gone flat.

God forbid thing!

That said, let it also be noted that Azu’s trademark smile however hides one thing: an immense capacity for mischief. Such that when victims of his caustic pen finally meet him in flesh, they are often left wondering if there is any pound of flesh to be exacted from him. I recall vividly a rather hilarious encounter we had with Chief Tony Anenih (of blessed memory) over two decades ago at a social event. The putative “Mr Fix It” of PDP had prior slammed a multi-billion naira libel suit on THE PUNCH over an unflattering news story. To worsen matters, all that while Azu never stopped peppering the PDP supremo in his column in SATURDAY PUNCH.

While exchanging banters on the sidelines of the occasion that fateful day, the often-magisterial Chief Anenih chose to first blanch Azu literally, by giving him a condescending look from head to toe, before remarking with sardonic humour: “You already look so lean. By the time you people at PUNCH cough out damages to me at the court, I wonder if you’d have any flesh remaining on your bones.”

We all laughed deliriously.

With Azu, it is always “yabis” unlimited, with him giving as much as he takes. In fact, he has a unique gift to make others laugh at his expense. A classic example is the recall, several years ago, of his experience during a trip to Thailand. On hearing Azu bemoan having severe body aches after a tortuous flight from Africa to Asia, his empathetic host (a fellow Nigerian) had recommended that he went for a body massage. Pronto, Azu jumped into a pair of jeans, T-shirt and sneakers, and headed for the parlour down the street.

Not until he was ushered into a dimly-lit room and a barely clothed damsel sashayed in, did Azu become conscious of the actual implication of a full body massage “with a happy ending.”

Of course, Thailand is notorious for sex tourism, which is insidiously executed through the ubiquity of “innocuous” massage parlours.

As a “Pastor”, Azu quickly did a cross sign for divine fortification against temptation on a foreign soil. Then, the young lady, scared of the prospect of losing revenue and a certain backlash from her Madam, broke down in tears.

Not to worry, Azu agreed to pay for services not rendered as a compromise that fateful night in Bangkok.

I laughed when he narrated this story to me, unwilling to be drawn into a debate as to my own possible response in the same circumstance.

Happy 60th birthday! Azu.

Louis Odion is a Fellow of the Nigerian Guild of Editors

The Statistician-General of the Federation, Adeyemi Adeniran, has advised Nigerians to disregard reports that inflation has come down.

Naija News reports that Adeniran explained that the report the Nigeria Bureau of Statistics (NBS) released was not the current inflation rate in the country.

In an interview with Arise News, on Tuesday night, he stated that NBS did not say prices of goods have come down in markets. He said what the report measured was how fast the price of goods is increasing in the country using the 2024 base.

He further explained that NBS decided to dump the 2009 base for the 2024 base to provide accurate data measuring the current inflationary pressures within the economy.

“The present government has been coming out with policies just to make things work better for the country. And there’s nothing wrong in that projection that government made. What we are doing as a responsible statistics office is to provide data, accurate data, that reflect present inflationary pressure within the economy. The government can now use to drive the objective of achieving that goal,” he said.

The Statistician-General of the Federation explained that in the 2024 base 960 items were collected into a basket of measurement and assigned weights.

He stressed that the new inflation report said that inflation remained high but prices are moving up slowly.

“When we talk about rebasing, as I said, we are moving from 2009, that was the old basing, to 2024. In the 2009 goods and services, the basket that we have, we have 740 items in that basket. In this newly rebased period, 2024, we have 960 items in the basket. And the weight assigned to each of these products in the basket is not the same. So to that extent, we cannot be comparing the 2009 base year result, which gave us 34.8% in December with this current January 2025 inflation rates. So they are not comparable. So saying that inflation moved from 34.8% to 24.48% is not the interpretation.

“We are coming with a new inflation rate for the country that showed the present inflationary pressure in the economy. So that government knows what actually is the correct situation. 

“So the new inflation rate is saying that prices are moving up, but in a slower rate. That’s what inflation measures. Inflation is measuring when prices are going up. At what rate are those prices moving up? You may have in a particular month, depending on the situation, the price will be moving rapidly, changing rapidly. And in another month or period of the year, you will see inflation not moving. The prices can still be going up, but not as much as it used to be. That’s what inflation is measuring. The rate at which prices are moving,” he stated.

He dismissed the misinterpretation of the report that food prices have come down.

He continued, “It’s different from the actual prices that people are paying for goods and services. So as we said, inflation is 24.48%. It doesn’t mean the prices of goods and services in the market have changed. But the rate by which some of the items are changing prices is what inflation is measuring.  So we are not saying prices have come down generally in the market.”

[NaijaNews]

On Monday, the crisis rocking the Lagos State House of Assembly came to a head when security operatives disrupted plenary.

There was commotion at the Assembly as the security operatives sealed off offices of Speaker Mojisola Meranda, her deputy, and clerk of the House.

Lagos Assembly scenario reactivates memories of similar incidents that occurred in others states across the country.

In this report, Daily Trust highlights some state houses of assemblies that have had leadership crises.

LAGOS

There was chaos at the Lagos State House of Assembly on Monday, as the Department of State Service (DSS) invaded the assembly, allegedly on the orders of the clerk.

In the ensuing melee, the lawmakers forcefully gained entry into the hallowed chamber and declared their support for the Speaker, Mojisola Meranda.

The Governance Advisory Council, the highest decision-making body of the All Progressives Congress in Lagos State, has, however, reaffirmed its plans to meet with President Bola Tinubu over the ongoing crisis in the state House of Assembly.

The fresh rift followed the militarisation of the Assembly complex by officials of the DSS on Monday.

The crisis deepened following moves by ousted Speaker Mudashiru Obasa to return to the House.

Obasa, who was removed by the majority of the lawmakers on January 13, 2025, approached the court last week to seek redress.

The lawmaker dragged the Assembly and the new Speaker before a Lagos State high court in Ikeja, claiming that the lawmakers were wrong to have removed him when the Assembly was in recess.

RIVERS

Twenty-seven members of the Rivers State House of Assembly had in December 2023, “dumped” the Peoples Democratic Party (PDP) for the All Progressives Congress (APC) at the heat of political crisis in the state.

The lawmakers led by Speaker Martins Amaewhule, are loyal to a former governor of the state, Nyesom Wike, who is currently the Minister of the Federal Capital Territory (FCT).

Their “defection” followed the feud between Wike and his successor, Governor Siminalayi Fubara, over political control in the state. It also led to multiple litigations.

Meanwhile, a five-member House led by Speaker Victor Oko Jumbo is loyal to Governor Fubara.

OGUN

In January 2024, Olakunle Oluomo was impeached as Speaker of the Ogun State Assembly Speaker by 18 members of the House.

He was immediately replaced by another ranking lawmaker, Oludaisi Elemide, representing the Odeda state constituency.

Oluomo was reportedly at the June 12 Cultural Centre, Kuto, Abeokuta—a few metres away from the Assembly complex— attending the swearing-in of customary court judges by the governor when his colleagues moved against him.

Governor Dapo Abbiodun, in a statement by his Special Adviser on Media, Kayode Akinmade, linked Oluomo’s impeachment to long-standing “internal wrangling in the Assembly that had persisted and degenerated despite several interventions.”

ONDO

On June 2, 2023, armed security men sealed off the Ondo State House of Assembly following an alleged plot to impeach the Speaker, Bamidele Oloyelogun.

This came a few hours after a letter purportedly written by the embattled Speaker announced his resignation.

The letter, according to reports, was hurriedly written by the Speaker to escape being impeached a few days to the expiration of the 9th Assembly which he led.

The two gates leading to the complex were blocked by the security operatives.

Olamide Oladiji was elected Speaker of the House on 4 June 2023.

NASARAWA

In 2023, the intrigues, twists and turns in the leadership crisis that engulfed the Nasarawa State House of Assembly tore the Assembly into two factions, with each claiming legitimacy to its leadership.

Daniel Ogazi and Ibrahim Balarabe Abdullahi, both of the All Progressives Congress (APC), emerged speakers of the Assembly at different sittings.

While Abdullahi, the immediate past Speaker, who sought a third term, was elected during a sitting at the Ministry for Local Government and Chieftaincy Affairs in Lafia, Ogazi emerged Speaker during a sitting at the Assembly complex.

The emergence of both Abdullahi and Ogazi, aside from factionalising the Assembly, threw up issues regarding the validity of anyone laying claim to the office of the speaker.

BENUE

In 2018, the impeached Speaker, Benue House of Assembly, Terkimbi Ikyange, was suspended by his colleagues for six months for what they called “unparliamentary behaviour”

The legislators took the decision during their sitting at the Old Banquet Hall of Government House, Makurdi.

The legislators could not hold their parliamentary session at the Assembly complex because the police locked the main entrance to the building.

The action compelled some legislators to scale the Assembly high walls to enter the premises only to discover that the chambers were also securely locked.

Following their inability to hold their sitting at the Assembly complex, they relocated to the Government House Banquet Hall to conduct their business.

Amid efforts to sanitise the financial sector, the Central Bank of Nigeria, CBN has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.

The apex bank disclosed in a recent circular, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”

According to the circular, banks are expected to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites and at least two in national newspapers.

“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following.

“1. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.

“Information to be published annually in at least two national daily newspapers or the premises of state and unit microfinance banks shall also convey the details as listed in (2) above.”

Earlier, DAILY POST reported that CBN announced fresh guidelines on the management of dormant accounts, unclaimed balances, and other financial assets.

This directive follows an earlier order issued by CBN on July 19, 2024, mandating banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.