Former President Olusegun Obasanjo, a towering figure in Nigeria’s political history, has once again found himself at the center of a public controversy, this time with the Nigerian National Petroleum Corporation Limited (NNPCL). Following his recent criticism of Nigeria’s failed refinery management system, the NNPCL extended an invitation to him to tour the rehabilitated Port Harcourt and Warri refineries. However, this invitation, described as “disrespectful” by Obasanjo, raises important questions about how political appointees and workers in ministries, departments, and agencies (MDAs) treat former leaders.

The incident is not just a reflection of poor communication protocol; it underscores a worrying trend of diminishing respect for elder statesmen in Nigeria. Regardless of one’s stance on Obasanjo’s policies during his tenure, his contributions to the nation’s development and his role as a global statesman demand decorum and reverence from public officials.

Obasanjo’s record is replete with notable achievements that have shaped Nigeria’s political and economic landscape. As a military leader, he oversaw the transition to civilian rule in 1979, a rare feat in Africa’s history of military regimes. Returning as a civilian president in 1999, he championed debt relief, reformed the telecommunications sector, and laid the groundwork for democratic consolidation. These milestones are part of Nigeria’s collective heritage, and their architect deserves more than casual dismissal by state actors.

Beyond his achievements, Obasanjo’s age and status as a patriarch in Nigerian society should naturally command respect. At 87 years old, he embodies the wisdom and experience that younger generations of leaders can and should learn from. For public officials to engage with him dismissively, as seen in the NNPCL’s informal invitation through a spokesperson, is not only improper but also culturally insensitive.

This is not the first time Obasanjo has been treated with less regard than his status warrants. Over the years, there have been instances where his candid critiques of governance have been met with disdain rather than engagement.

For example, in 2021, when Obasanjo advised against excessive borrowing by the federal government, some officials dismissed his warnings as alarmist. Similarly, his advocacy for electoral reforms has often been brushed aside by those more interested in maintaining the status quo than in improving democratic practices. These instances reflect a troubling disregard for constructive criticism, even when it comes from someone with unmatched insights into Nigeria’s governance.

Against the foregoing backdrop, saying that the refinery invitation to Obasanjo was a height of insolence is not a misnomer in the eyes of anyone who understands the kind of protocol and respect a statesman in the caliber of Obasanjo deserves. So, his frustration is understandable. Rather than address the core issues he raised about the inefficiency and corruption plaguing Nigeria’s oil sector, the NNPCL chose to respond with what can only be described as a public relations stunt. Inviting him to tour facilities without a formal letter or acknowledgment of his statesmanship reeks of condescension. It is little wonder that he saw the gesture as an insult.

In fact, critics of Obasanjo may argue that respect is earned, not demanded. While this is true in principle, it is also worth noting that respect for elders is deeply ingrained in Nigerian culture. Even if some officials fail to recognize Obasanjo’s achievements, they should at least honor his age. In many cases, he is old enough to be their grandfather. That alone should command a basic level of courtesy.

It is also important to distinguish between engaging in healthy debate and outright disrespect. Obasanjo, like any public figure, is not above scrutiny. His policies and decisions are open to critique. However, critique should be grounded in facts and delivered with civility. Unfortunately, what we often see is a toxic mix of personal attacks and dismissive rhetoric that does nothing to advance public discourse.

The Yoruba socio-political group, Afenifere, and the Coalition of United Political Parties (CUPP) have rightly condemned the NNPCL’s approach to engaging with Obasanjo. Afenifere’s Secretary-General, Chief Sola Ebiseni, called the invitation an act of “sheer arrogance and disrespect,” emphasizing that Obasanjo’s critique of the government’s management of refineries is valid and timely. The CUPP went further, describing the invitation as a distraction from the NNPCL’s inability to deliver results despite billions spent on rehabilitation.

These reactions should serve as a wake-up call to public officials. Disrespecting elder statesmen not only undermines their individual dignity but also sends a dangerous signal to younger generations. If we cannot respect those who paved the way, what hope is there for fostering a culture of respect and accountability in governance?

To avoid future incidents of this nature, MDAs and political appointees must adopt clear protocols for engaging with former leaders. Formal invitations, respectful language, and acknowledgment of their contributions should be standard practice. This is not about inflating egos; it’s about maintaining the dignity of public office and upholding cultural values.

Moreover, public officials should recognize that constructive criticism from former leaders is an opportunity for growth, not an attack to be deflected. Obasanjo’s critiques of the oil sector, for instance, highlight systemic issues that require urgent attention. Dismissing these observations only perpetuates the inefficiencies he has called out.

Respect for former leaders like Obasanjo is not just a matter of courtesy; it is a reflection of our national values. By treating elder statesmen with the decorum they deserve, we affirm our commitment to civility, accountability, and progress. As the debate over Nigeria’s refineries continues, let us not lose sight of the bigger picture: a nation’s greatness is measured not just by its achievements but by how it treats those who have served it.

If Nigerian political appointees and workers in MDAs cannot recognize Obasanjo’s statesmanship, they should at least honor his age. Anything less is a disservice to the ideals of leadership and respect that we claim to uphold.

Lightchain AI, priced at $0.006 in its presale, is gaining attention for its AI-driven approach to blockchain scalability and efficiency.

If readers missed the chance to invest in Solana (SOL) when it was priced at just $1, now might be the perfect time to consider another rapidly growing blockchain project. 

Lightchain AI, priced at just $0.006 in its presale, has already raised over $16.8 million, and its potential for explosive growth is undeniable.

Solana’s success and what it means for Lightchain AI

Solana’s impressive rise was fueled by its ability to scale quickly, handle high transaction volumes, and offer a cheaper alternative to Ethereum’s expensive gas fees. Early investors in Solana saw incredible returns as its new chain setup allowed it to dominate the decentralized app (dApp) and decentralized finance (DeFi) spaces.

Lightchain AI, much like Solana, is designed to overcome scalability and speed challenges faced by many blockchain networks. By integrating artificial intelligence (AI), Lightchain AI enhances blockchain efficiency, speeds up transaction processing, and enables cross-chain interoperability, solutions the crypto ecosystem desperately needs as adoption grows.

Lightchain AI: The next big leap in blockchain solutions

Solana is known for its speed and low fees, but Lightchain AI takes blockchain technology a step further with its AI-driven approach.  Unlike Solana’s proof-of-history (PoH) mechanism, Lightchain AI integrates artificial intelligence into its consensus model to enable smarter decision-making, enhanced security, and automated optimizations. 

The architecture of Lightchain AI is designed to boost blockchain efficiency, providing cutting-edge features like sharding and Layer 2 solutions for high-speed, high-throughput AI tasks. With its AI-powered design, Lightchain AI is setting a new standard for innovation in the blockchain space.

Early investment opportunity

With Lightchain AI’s presale still underway, investors can purchase tokens at an incredibly low price of $0.006. As the project continues to build momentum and its ecosystem expands, the value of the token could experience exponential growth, similar to what Solana saw in its early days.

Just as early Solana investors saw their investments skyrocket as the network gained adoption, Lightchain AI presents a unique chance for investors to get in on the ground floor. If the project follows a similar trajectory, those who invest now could see significant returns as the project grows and its AI-driven blockchain solutions gain traction.

[Crypto News]

Bitcoin (BTC) neared $89,000 in Asian morning hours after a 24-hour low of $86,200, slightly improving market sentiment with major tokens showing signs of a recovery.

XRP and BNB Chain’s BNB led a gradual majors rebound Wednesday as traders continue to reel from Tuesday’s carnage — one that saw overall capitalization drop as much as 10% and at least $1.2 billion in losses on bullish bets.

XRP rose 3%, while BNB and Solana’s SOL added 5%. Dogecoin (DOGE) and Cardano’s ADA showed a slight 1.2% gain, while Tron’s TRX was down 5% in the past 24 hours. The broad-based CoinDesk 20 (CD20) was down 2%.

The move higher was in line with a CoinDesk analysis on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event indicated assets were likely oversold and could see relief in the short term.

Gold fell 1.3% on Tuesday after a profit-taking bout following a record rally where it touched a new high Monday, but rose higher in Asian morning hours Wednesday.

Macro Outlook

Reasons for Tuesday’s panic ranged from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to a stronger yen, a perceived safe-haven currency whose growth tends to pull down riskier bets.

Expectations for easier U.S. Federal Monetary policy have surged, however, with prediction markets putting chances of a May rate cut to 30% over the past week, and the chances of two rate cuts by June have more than tripled to 15%.

These hopes come after a gauge of U.S. consumer confidence marked its deepest fall since August 2021, decreasing 7 points in February to 98.3 in its third straight decline. U.S economic data and policies tend to impact prices of risk assets such as bitcoin, as crypto traders bet on expectations of retail participation as idle cash frees up.

Traders Remain Cautious

Hopes of an altcoin rally remain muted among traders, with fresh dollar inflows expected to flow exclusively to BTC.

BTC finally broke out of its range, dipping below 90k for the first time in a month and now hovering just below that level, triggering over USD 200mm in liquidations over the past few hours.

Market sentiment remains under pressure following Trump’s decision to implement tariffs on Canada and Mexico and curb Chinese investment. Front-end gamma was covering as BTC broke lower, with 1M implied volatility now back around 50v, while skews interestingly remain largely unchanged.

“Zooming out, equities, fixed income, and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC remaining flat,” Singapore-based QCP Capital said in a broadcast message late Tuesday. “Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, with any new dollar inflows going exclusively into BTC.”

Dogecoin has fallen below $0.20 for the first time in months, marking a significant drop of over 11% in the past 24 hours. The meme coin is currently trading at $0.201, down 43% over the past month and 72% from its peak of $0.73 in 2021. This sharp decline reflects the broader struggles in the crypto market, with other major cryptocurrencies, including Bitcoin and Ethereum, seeing significant losses of 8.3% and 10.1% respectively. The meme coin sector is not immune to this downturn, with many coins seeing even larger drops.

Solana-based meme coins like Bonk and President Trump's official token (TRUMP) have also dropped by over 14% in the past week. Similarly, the Ethereum-based Pepe coin has been hit hard, continuing the trend of losses in the meme coin market. Meanwhile, Fartcoin, once a token that reached a $2.4 billion market cap, has seen its value plummet by nearly 90%. Currently trading at just $0.29, Fartcoin is no longer part of the top 200 cryptocurrencies by market cap.

The broader crypto market has been in turmoil, with Bitcoin dropping as low as $87,115 and Ethereum experiencing a similar downward trajectory. As of writing, the total market capitalization of cryptocurrencies has dropped 8.8%, falling below the $3 trillion mark. Analysts attribute these losses to various factors, including speculation and uncertainty about future regulations, such as the potential creation of a U.S. national Bitcoin reserve.

Amid the downturn, some tokens have managed to perform better. Popcat and Peanut the Squirrel have seen slight increases, up 1% and 5% respectively. Still, the overall trend remains negative, with significant liquidations occurring. Dogecoin contracts have seen $32.37 million in liquidations, while Trump token contracts have faced $11.39 million in losses.

In light of these recent events, investors are becoming increasingly wary of the volatility inherent in the crypto market, particularly within the meme coin space. The market's unpredictable nature continues to create uncertainty for investors, as seen in the ongoing downturn affecting some of the most well-known digital assets.

Despite the difficult climate, the cryptocurrency market remains dynamic, with fluctuations continuing to shape the sector. The continued volatility underscores the risk involved in digital asset investments and highlights the need for caution in the face of shifting market conditions.

[Coin Market Cap]

On Monday, Apple unveiled plans to invest more than $500 billion in business operations in the U.S., including across fields like artificial intelligence, manufacturing, and engineering.

Although crypto was notably absent in Apple's announcement, some in the industry speculated about a potential move into digital assets: “This level of investment could be the precursor to Apple’s entry into the digital asset space, which may be the product of a more favorable regulatory environment under the Trump administration,” Angus O’Callaghan, XDC Network's Head of Trading and Markets, told TheStreet Crypto.

"Apple has the user reach and technical knowledge to seamlessly enter the digital assets space,” added O’Callaghan.

Apple has not released any details about a possible entry into crypto.

In 2021, Apple CEO Tim Cook admitted he privately invested in crypto, but that the company was far from considering digital assets as part of its corporate strategy: “I think it’s reasonable to own [cryptocurrency] as part of a diversified portfolio,”

Cook said at the 2021 DealBook Online Summit. “I don’t think people buy Apple stock to get exposure to crypto,” he added, clarifying that the company was not integrating digital assets into the Apple payment ecosystem. “It’s not something we have immediate plans to do."

Last year, Bitcoin maximalist Michael Saylor, whose company Strategy (formerly known as MicroStrategy) functions as a proxy for the world's leading digital asset, advised Apple to purchase $100 billion in Bitcoin. The advice went unheeded by the company, with Cook continuing to maintain only personal holdings in crypto.

Meanwhile, Saylor's Bitcoin investment pitch to rival companies like Microsoft also failed, as Microsoft shareholders voted against investing in the digital asset last year.

Following Monday's news, some industry observers also raised other questions about Apple's U.S. investment strategy, suggesting that it may be a broader, calculated effort to align with the America-first aims of the Trump administration, which has castigated American firms promoting innovation abroad rather than domestically.

Apple shares are currently trading at $247.66.

[TheStreet ]

Admittedly, there's cause for concern if you're thinking about buying Bitcoin (CRYPTO: BTC) right now. Bitcoin has dipped below the psychologically important $100,000 price point, and at one point in January, it even fell below $90,000.

However, now is the time to buy Bitcoin at a discounted price before it once again skyrockets in value. Here are three big reasons why you should be adding Bitcoin to your portfolio right now.

Short-term vs. long-term outlook for Bitcoin

If you're a short-term investor, yes, the current situation appears fraught with risk. Bitcoin is only up a modest 2% for the year and has struggled to hold the line at $100,000. At this pace, there's absolutely no way that Bitcoin is going to double in price this year, as many predicted at the outset of 2025.

Even worse, every single bit of incoming macroeconomic news seems to knock Bitcoin lower. The world's top cryptocurrency has been remarkably fragile when it comes to inflation, tariffs, and any news related to monetary or fiscal policy. That shouldn't be happening because, historically, Bitcoin has been completely uncorrelated with every major asset class.

But here's the thing: Bitcoin continues to outperform the crypto market as a whole. Just look at how badly other cryptos are faring right now. Ethereum is down 20% for the year. Solana is down 16% for the year. And highly speculative meme coins such as Dogecoin and Shiba Inu are both down 30% for the year.

Best of all, the long-term outlook for Bitcoin remains unchanged. Cathie Wood of Ark Invest recently doubled down on her $1.5 million price forecast for Bitcoin. She expects Bitcoin to hit that price by the year 2030. She points to the growing integration of Bitcoin into the global financial system, the success of the spot Bitcoin ETFs, and the sound network fundamentals of the Bitcoin blockchain.

Big institutions are buying Bitcoin

There's further room for optimism because large institutional investors are now expanding their commitment to Bitcoin. As they see it, Bitcoin represents an entirely new asset class with its own unique risk-reward profile, and they are looking to add it to their overall portfolio mix. According to BlackRock, the company behind the highly successful iShares Bitcoin Trust (NASDAQ: IBIT), institutions should be allocating 2% of their portfolios to Bitcoin these days.

It looks like many institutions are following this advice. According to recent 13F filings with the SEC, large institutional inventors (those with over $100 million in assets under management) tripled their overall exposure to Bitcoin in the fourth quarter of 2024. As Coinbase Global points out, over 1,000 of these large institutional investors now have exposure to Bitcoin via the new spot Bitcoin ETFs.

The Office of the Attorney-General of the Federation and Minister of Justice has urged the Federal High Court in Abuja to dismiss a lawsuit against it, which seeks to compel Multichoice Nigeria to configure its GOtv and DStv decoders to charge Nigerian customers based on actual viewing time (pay-per-view or during viewing).

The AGF, named as the fourth defendant in a lawsuit against Multichoice, the Federal Competition and Consumer Protection Commission (FCCPC), and the National Broadcasting Commission (NBC), contends that the case constitutes an abuse of court process and should be dismissed outright.

The pending lawsuit, filed by Maduabuchi O. Idam Esq. on April 29, 2024 (suit number FHC/ABJ/CS/563/2024), seeks an order compelling Multichoice to allow the rollover of unused subscriptions upon expiration, enabling Nigerian customers to maximize their investment in its services.

What Transpired in Court   

At the resumed proceedings on February 19, 2025, before Justice Inyang Ekwo, Multichoice’s lawyer, Moyosore J. Onigbanjo (SAN), informed the court that he was opposing the claimant’s suit against the pay-TV network.

• The judge then asked the legal representatives of the FCCPC and NBC if they had filed any responses in the case.
• They individually confirmed that they had filed counter-affidavits against the claimant’s suit.
• The AGF’s lawyer also confirmed filing a motion on notice against the suit.

Ekwo then asked the claimant, “Have you received all these processes, and have you filed a reply?”  

“Yes, my Lord, I have responded,” the claimant answered but added that more court processes (further affidavits) needed to be exchanged, particularly between him and the legal teams of the AGF and NBC.

“I am going to give you a date for the hearing, believing that by then, parties should have filed and exchanged whatever necessary processes,” Ekwo responded.

The judge eventually fixed the hearing date for May 6, 2025.

AGF’s Motion to Strike Out the Suit   

• In the referenced AGF’s motion dated October 25, 2024, exclusively obtained by Nairametrics, the AGF urged the court to strike out or dismiss the suit, arguing that the claimant did not disclose any cause of action or omission by the AGF and that there was no connection between the AGF’s office and the lawsuit.
• The AGF’s lawyer, Maimuna Lami Shiru, further argued that the questions raised by the claimant did not reference the AGF’s powers or responsibilities.

“The AGF is not a regulatory body in respect of the subject matter of the claim and has no business in the suit.   

  “The AGF is not a proper or necessary party to the suit.   

   “The originating process is premature and defective as it relates to the AGF,” the motion stated.

• The AGF’s office emphasized that it is not a regulator of Multichoice or any other TV network provider in Nigeria and accused the claimant of failing to obtain the court’s permission before filing the suit.

• The AGF’s lawyer maintained that the case was frivolous and should be dismissed.

Backstory

Nairametrics previously reported that after the lawsuit was filed last year, Multichoice’s lawyer, Moyosore J. Onigbanjo (SAN), denied allegations of customer exploitation, through his court processes .

• Multichoice cited factors such as exchange rate fluctuations, rising programming and content costs, and increased electricity tariffs as reasons for its subscription rate adjustments in 2024.
• The FCCPC stated that its mandate focuses on promoting competition and protecting consumers but does not directly regulate business operations.
• The Commission also noted that it had previously investigated Multichoice and that similar cases are currently under appeal.

The NBC stated that before the committee assigned to investigate the plaintiff’s complaint could conclude its work, the Federal High Court in Abuja delivered a judgment declaring that the NBC lacks the authority to investigate or sanction in this context.

What You Should Know   

While a verdict on the pending lawsuit is yet to be determined, Multichoice has faced accusations of exploiting Nigerian customers over the years.

• In 2024, a Nigerian tribunal fined Multichoice N150 million and mandated a one-month free subscription for violating interim orders.
• However, Multichoice opposed the ruling, and the case was eventually struck out after a public interest lawyer withdrew the suit.
• Recently, Multichoice notified its customers of another price increase across its DStv and GOtv subscription packages, effective March 1, 2025.

This latest increase comes despite a significant loss of subscribers in the previous year, which the company attributed to multiple price hikes, inflation, and other factors.

[Nairametrics]

Afolabi Fashanu (SAN), Obasa’s lead counsel, confirmed on Tuesday that they are fully prepared for the February 28 court hearing, despite ongoing political efforts to resolve the Assembly crisis.

Fashanu emphasized that Obasa will not return to the Assembly until a judgment is obtained, arguing that any attempt to resume the speakership before the court’s ruling would be illegal.

Obasa, who was impeached on January 13, 2025, by a majority of lawmakers, filed a suit at the Lagos State High Court in Ikeja, challenging his removal and the emergence of Mojisola Meranda as the new Speaker.

Political Mediation Efforts

The Lagos Assembly crisis has proven difficult to resolve, even for the powerful Governors Advisory Council (GAC). In an attempt to mediate, President Bola Tinubu reportedly assigned Chief Bisi Akande and Aremo Olusegun Osoba, both former governors, to intervene.

Following marathon meetings from Sunday through Monday, reports suggest that the mediating panel recommended that both Obasa and Meranda should step down for another lawmaker from Lagos West Senatorial District.

Additionally, Obasa was reportedly asked to withdraw his court case and voluntarily resign, with the panel expected to brief President Tinubu on its intervention.

Obasa’s Legal Team Unmoved

However, when asked about these reports by The PUNCH, Fashanu denied any official communication regarding a settlement.

He said: “Well, that intervention, for me, is still a rumor because nothing of such has been communicated to us, as the legal team. So, what we all read in newspapers, we don’t even know the genuineness or authenticity of the news on the purported settlement.

“Our client has not communicated anything to us in the nature of withdrawal. So, we are still preparing for the case until otherwise.”

Restating the legal team’s commitment, Fashanu added:“Nothing is certain in life except death. But on our part, we will put in our maximum effort, and we believe he has a very good case. So, subject to the overriding power of the deciding judge, we are good to go.”

No Resignation, No Illegal Moves

A source close to Obasa also dismissed claims that he would voluntarily resign, insisting that “it has not gotten to that level.”

On whether Obasa would return to the Assembly before the court ruling, Fashanu clarified that such a move would be illegal, stating:

“That means he will be taking laws into his own hands, and I don’t think he would want to do that. If he had wanted to do that, I’m sure from day two or day three, he would have done that.”

[NaijaNews]