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Sunday, 23 February 2025 08:08

[OPINION] June 12, IBB and the Missing Persons - Simon Kolawole

As soon as I laid my hands on Gen Ibrahim Badamasi Babangida’s autobiography, ‘A Journey in Service’, there were only two things I was eager to read: the June 12 annulment story and the murder of Dele Giwa, one of the finest journalists out of Nigeria. There were many landmarks that defined the IBB era — he was military president from 1985 to 1993, during which a lot of good, bad and ugly things happened in the economy and polity — but the June 12 annulment and Giwa’s murder were life-defining topics he had never spoken frankly and extensively about, so you can appreciate my curiosity. Within minutes, I had flipped to the relevant pages and devoured them.

Long before Babangida’s version of history, I had a fairly formed narrative on June 12. Some pieces were based on what I read in newspapers and magazines after the presidential election was annulled in 1993 — a mishap that led to a devastating political crisis lasting for five years, worsened under the jackboots of Gen Sani Abacha and his henchmen. Strikes, fuel shortages, riots and economic paralysis stifled the nation. The bloodshed was chilling. As a living witness, I do not wish that we experience anything like that again. It was utterly horrible. It aggravated ethnic and regional tensions, pushed us to the precipice and injured our nation-building trajectory. Nigeria practically came to a standstill.

My initial theory around June 12 was that IBB did not want to leave power. Having overthrown Gen Muhammadu Buhari in August 1985, he had styled himself as “president”, departing from the title of “head of state” that previous military rulers used. The suspicion then was that he wanted to transmute to a civilian president, so he knew what he was doing. As he continued to juggle the transition programme, banning and unbanning politicians and creating political parties that were like government agencies, the suspicion grew stronger that he was working to an answer. When he annulled the presidential primaries in 1992, everything pointed in one direction: “hidden agenda”.

The annulment of an otherwise peaceful and credible June 12 election in 1993 was the final confirmation, for me, that Babangida had a sinister plan up his sleeve. Events preceding the election appeared to have been orchestrated to keep him in power. There were the religious riots and tensions up north. The sentencing of Gen Zamani Lekwot and 15 other Christians from Kaduna state to death for their alleged roles in the Zangon Kataf religious crisis of March 1992 was interpreted as an engineering of political instability to create the perfect excuse to hang on to power. Nigerians also faced a crippling fuel crisis, so I believed we were being deliberately frustrated and weakened.

Ironically, I was not a fan of Bashorun MKO Abiola. As someone who was brought up by a grandmother who had been a staunch supporter of Chief Obafemi Awolowo from the 1950s, I was conditioned to see Abiola as a traitor for not being in the same party with the sage in the second republic. Also, I was a lover of Fela’s music, so I had internalised his “International Thief Thief (ITT)” song against Abiola. To worsen matters, Abiola picked a fellow Muslim as his running mate. For me, a Muslim/Muslim ticket was a no-no. I was not into religionism; rather, I always favour balancing in a diverse society. By default, I started supporting Alhaji Bashir Tofa, who had a Christian running mate.

But my mindset was demolished days to the election when I got into a debate with a Muslim friend who asked me how, on God’s green earth, I would prefer Tofa to Abiola in terms of capacity and competence after watching the presidential debate, particularly with the unearthing of an old article by Tofa calling Christians “infidels”. I looked stupid and petty. I regained my senses, perished my misgivings about the Muslim/Muslim ticket, and began to root for Abiola. Alas, I could not vote because I was registered in Lagos while I was undergoing my youth service in Ogbomoso, Oyo state. On election day, I was in Ilorin, Kwara state, chilling with my cousins. We were all rooting for Abiola.

When the election was annulled, another theory started making the round that the north did not want a southerner as president, and this further exacerbated ethnic tensions. For a long time, I believed the theory — propagated mostly by Yoruba leaders — until I sat down to look at the results again, state by state. I realised Abiola won in nine of the 16 northern states at the time. Mind you, Abiola won in core northern states such as Kano (Tofa’s home base), Jigawa, Borno, Yobe and Kaduna, and got significant chunks in Kebbi, Katsina, Niger and Bauchi. So, how could any reasonable person conclude that the north did not want a southerner? I thereafter terminated that line of reasoning.

When I listened to some principal actors years later, I slightly modified my position by concluding that the military did not want to let go of power — even if Babangida himself was, by chance, sincere about the transition. But I kept asking: why did he not retire Abacha when he was stepping aside in 1993? Was it not part of an overall scheme to compensate Abacha for foiling the Orkar coup of 1990 and saving him? Abacha’s stature in the military had grown exponentially after he helped foil the Orkar coup and thereafter gave a national broadcast. IBB owed him one. Leaving him behind was to allow him to topple the interim government and do his own turn as head of state, I reasoned.

Many of the actors have since given their accounts, most of which still left me asking more questions. I earnestly yearned for IBB, the chief actor himself, to tell his own version. Thankfully, he has finally published his autobiography — three decades after the nation-crippling crisis. He admitted that Chief Arthur Nzeribe, convener of the Association to Better Nigeria (ABN) which secured the court order to stop the election, was well known to him. However, he said he did not support the group which was campaigning for an extension of military rule by four years. He said he was surprised when the injunction was issued despite a decree ousting the jurisdiction of the courts in election matters.

That injunction was issued by Justice Bassey Ikpeme of the federal high court, Abuja, two days to the election. You see, our judiciary has always been a problem. It did not start today. But another high court in Lagos ruled that the election should go on. The intriguing fact here is that Ikpeme, who was a new judge, had previously worked in the law chambers of Mr Clement Akpamgbo, Babangida’s attorney-general and minister of justice. IBB said he was surprised when Akpamgbo insisted at an emergency security council meeting that Ikpeme’s order should be obeyed. Abacha, Lt-Gen Joshua Dogonyaro and some service chiefs also supported Akpamgbo’s position, according to Babangida.

Prof Humphrey Nwosu, then chairman of the National Electoral Commission (NEC), insisted he had enough powers to go ahead with the election, Babangida said. He was supported by Lt-Gen Salihu Ibrahim, then chief of army staff. Babangida said he gave Nwosu the go-ahead to conduct the election, which he has finally admitted was free and fair. But he said he was in Katsina on a condolence visit to the Yar’Aduas on June 23 when he heard, like other Nigerians, that the election had been annulled. He said he was told that another judge, Justice Dahiru Saleh, had issued an injunction annulling the election. But Babangida completely in the dark? Sorry, I don’t believe that.

“A report filtered to me that the June 12 elections had been annulled,” Babangida wrote. “Even more bizarre was the extent of the annulment because it terminated all court proceedings regarding the June 12 elections, repealed all the decrees governing the Transition and even suspended NEC! Equally weird was the shabby way the statement was couched and made. Admiral Aikhomu’s press secretary, Nduka Irabor, had read out a terse, poorly worded statement from a scrap of paper, which bore neither the presidential seal nor the official letterhead of the government, annulling the June 12 presidential elections.” But Babangida officially announced the annulment on TV the next day.

In his autobiography, Babangida blamed the annulment on fifth columnists, saying the forces were led by Abacha. He wrote: “I would later find out that the ‘forces’ led by General Sani Abacha annulled the elections. There and then, I knew I was caught between ‘a devil and the deep blue sea’!!” So why did he not retire Abacha when he decided to step aside in August 1993? IBB gave the impression that he was helpless as the military had been polarised and Abacha had an army of loyalists. He even hinted that Abacha’s faction was planning to overthrow and kill him. I recall IBB saying in 1993 that “I am not only in office, I am also in power”. It sounded strange and desperate to me then — and now.

Still, I will not dismiss the entirety of Babangida’s story. I recall that after Abacha became head of state, he retired the “IBB Boys”: Dogonyaro, Brig-Gens David Mark, Anthony Ukpo, John Shagaya, Halilu Akilu and Tunde Ogbeha, among others. There was an obvious friction. Dr Nowa Omoigui, the respected military historian who died in 2021, wrote extensively on the mutual caginess between IBB and Abacha after the Orkar coup. It is, however, instructive that IBB reportedly started referring to Abacha as “Khalifa” (“successor”) after the foiled coup. IBB later removed and retired Lt-Gen Domkat Bali as chairman, joint chiefs of staff, and replaced him with Abacha, who doubled as army chief.

Curiously, Babangida did not blame any living person in his entire annulment story. Some of those who took part in the annulment are still alive. There are too many missing persons in the picture. IBB only named dead military officers such as Abacha and Dogonyaro — who cannot defend themselves. Admiral Augustus Aikhomu, Babangida’s former second-in-command, is also not alive to tell us the story behind THAT statement issued by his media aide. Akpamgbo died in 2006. We can’t ask him why he supported the out-of-order injunction issued by his former employee. Meanwhile, why didn’t IBB fire Akpamgbo, a “bloody civilian”, for supporting the implementation of the illegal court orders?

Overall, I am unable to accept IBB’s fascinating but tenuous narrative that he was powerless. With this book, I have another theory: if indeed it was Abacha that engineered the annulment, IBB was clearly not opposed to it. Towards the end of his regime, Babangida might have become weakened among sections of the military hierarchy, but he knew he owed Abacha one and would not stand in the way of his ally’s ambition. In the final analysis, we remain entitled to our scepticism about IBB’s story — just as it is hard to accept his claim that Giwa was killed by fifth columnists to discredit his regime. No. It looked very much like an assassination typically and clinically executed by the state.

AND FOUR OTHER THINGS…

ADIEU CLARK, ADEBANJO

What are the odds that two accomplished elder statesmen of similar persuasion would die at an identical age one day after the other? That is weird. Chief Ayo Adebanjo, 96, and Chief Edwin Clark, 97, both died last week having lived highly fulfilled lives. Both fought vigorously for their beliefs — which were mostly regional — and robustly spoke their minds fearlessly for decades. Ironically, Adebanjo, unlike Clark, was a politician who never held any public office. Clark was a commissioner and senator. Years ago, Adebanjo and I used to talk regularly but our views on national issues hardly aligned. Nonetheless, I had nothing but utmost respect for him and his comrade, Clark. Legends.

WILD, WILD LAGOS

Talking about politicians not wanting democracy to work, I am appalled by the unending drama in the Lagos house of assembly. Rt Hon Mudashiru Obasa was removed as speaker on January 13, 2025 and replaced with Rt Hon Mojisola Meranda, but he has refused to accept that the party is over. He has declared his removal (after almost 10 years in office) as illegal. One thing he has not done so far is to point to the section of the law that makes his removal unlawful. He can approach a court of law to assert his rights. The heating up of the polity is totally unnecessary and I hope the combatants will soon come to their senses. Obasa will not be the first speaker to be removed in Africa. Irritating.

ROYAL MESS

When we were kids, we used to sing songs about not crowning a thief as king and not appointing liars as chiefs. We all seem to agree today that our values have depreciated. Increasingly in Yoruba land, you are more likely to be made a king if you are a fraudster or a hardened criminal. Oba Joseph Oloyede, a monarch in Osun state, had not been seen for nearly a year until it was reported that the FBI had arrested him for alleged conspiracy, wire fraud, and money laundering. That aside, whoever wrote these lines in Sahara Reporters deserves an award and a pay rise: “Joseph Oloyede, the Apetu of Ipetumodu, who was reported missing in March 2024, has been found in FBI custody.” Amazing.

NO COMMENT

Senator Natasha Akpoti-Uduaghan (PDP) caused a stir last week when she vehemently rejected the new seating position allocated to her in the red chamber. She lashed out at Senate President Godswill Akpabio, defying the gavel — contrary to parliamentary practices. Akpabio was once in that position, ironically, and reacted the same way. In a radio interview, Akpoti-Uduaghan said she was fighting because of the klieg lights: “Changing my seat was just a chance of silencing or alienating me from being seen. Sitting position is important. The nearer you sit positions you near the camera and gives you an added advantage to be called upon to contribute to debates,” she said. Wonderful.

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Saturday, 22 February 2025 14:32

3 reasons why Chainlink price may bounce back in 2025

Chainlink price has crashed this year, continuing a trend that started in December when it peaked at a multi-year high of $30.78.

Chainlink LINK-6.14%Chainlink dived to $17.4 on Saturday, down by 43% from its highest level in December. Its crash mirrors the happenings among altcoins as most of them have retreated in the past few months.

Still, there are three key reasons why the LINK price may bounce back later this year.

First, there are signs that many Chainlink holders are not selling their coins. One piece of evidence is that balances on exchanges have continued falling this year. CoinGlass data shows that these balances have dropped to 138.8 million LINK coins, the lowest level since September last year. They plunged from 160 million in December.

Chainlink balances on exchanges | Source: CoinGlass

Falling centralized exchange balances is a sign that investors are optimistic about the coin, with most of them holding them steady in their self-custody wallets. In most periods, CEX balances jump when investors are moving them from their wallets to sell them.

The confidence among Chainlink holders is likely because many of them expect that the Securities and Exchange Commission will approve a spot LINK ETF later this year. Such a fund would lead to more inflows and boost its price.

Chainlink price may also rebound because of its positioning in the crypto industry, where it is the biggest oracle network. It has a total value secured or TVS figure of $35 billion, making it much higher than other oracles like Chronicle, Pyth, and RedStone.

Chainlink is also a big player in the Real World Asset tokenization industry through its cross-chain interoperability protocol. CCIP is a key component in the industry that provides solutions to build, scale, connect, and send assets across various blockchains.

Chainlink price analysis

Third, Chainlink price may bounce back because of its strong technicals. The weekly chart shows that LINK has remained slightly above the 100-week Exponential Moving Averages even after crashing by 43% from its highest point in November.

LINK has also formed a giant megaphone chart pattern, which is characterized by two diverging trendlines. In most periods, this pattern leads to a strong bullish breakout.

In LINK’s case, the initial target of a rebound will be the November high of $30 followed by the 61.8% retracement point of $35. A drop below the lower side of the megaphone will invalidate the bullish LINK outlook.

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Saturday, 22 February 2025 14:30

Weekly crypto recap: $1.4B Bybit hack, Solana memecoin drama, and Microstrategy's plan to raise $2B

It’s the week of Feb. 17, Bitcoin plunged and we might be experiencing another crypto contagion.

The biggest news of the week is that the crypto market is reeling after Bybit suffered the largest hack in industry history, with over $1.4 billion in Ethereum (ETH) and staked Ethereum (stETH) drained from the exchange.

The attack has triggered a wave of liquidations, particularly in Ethereum futures markets, as panic sets in.

On Feb. 14, the president of Argentina, Javier Milei, promoted the launch of a new Solana memecoin called LIBRA, which pumped and dumped. The story is still developing, but so far there have been multiple allegations of market manipulation and insider trading.

I'll be posting updates to The Street and Roundtable next week, so make sure you follow me there to get the latest.

Now for some good news! President Donald Trump shared an XRP-related article from Coindesk on his social media platform, Truth Social, which is spurring bullish sentiment. The article discussed the CEO of Ripple, Brad Garlinghouse, and his optimism about U.S. deals and hiring after Trump's election win.

Also, Brazil’s securities regulator approved the world’s first spot XRP ETF, which is managed by Hashdex, a global crypto asset management firm with over $1 billion in assets under management.

Brazil may have beaten the U.S. with a spot XRP ETF launch, but the U.S. SEC has acknowledged filings from multiple asset managers, including Bitwise, for their spot XRP ETF applications. The acknowledgements have initiated a 21-day public comment period before final decisions are made. According to Bloomberg analysts, there is a 65% chance of approval in the U.S.

For Bitcoin, Asset management firm Bitwise has pledged to donate $150,000 from its Bitcoin ETF (BITB) profits to support Bitcoin open-source developers. This initiative is part of an ongoing commitment, with 10% of BITB’s gross profits allocated annually to Bitcoin development.

Meanwhile, Strategy also known as MicroStrategy announced a plan to raise $2 billion through 0% convertible senior notes to purchase more Bitcoin.

This move is part of their "21/21 Plan", aiming to raise $42 billion over three years for Bitcoin acquisitions. The company now holds 478,740 BTC, and despite reporting a $670.8 million net loss in Q4 2024, its stock has surged 372% over the past year.

As of Feb. 18, the Bitcoin memecoin DOG, is now tradable on Solana, thanks to a two-way bridge launched by MineLabs. This bridge allows seamless movement of the token between Bitcoin and Solana, enabling fast trades with fees under a penny inside a Meteora liquidity pool.

Next, Grayscale has introduced the Pyth Trust, offering exposure to PYTH, a Solana-based governance token. Pyth is a decentralized oracle network that provides real-time financial data to blockchains and is used by 95% of Solana dApps.

ChainGPT integrated with Hedera, bringing AI-powered blockchain tools to the network. This includes an NFT Generator for low-fee, fast minting and a Smart Contract Generator and Auditor, enabling AI-driven contract creation, auditing, and deployment.

Lastly, Mantra Finance has secured a VASP license from Dubai’s VARA, allowing it to operate as an exchange and provide broker-dealer, management, and investment services. The company specializes in DeFi and Real-World Asset (or RWA) tokenization, with an initial focus on institutional investors and future plans for retail access.

[TheStreet]

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Saturday, 22 February 2025 14:25

These 2 Cryptocurrencies Are Red Hot, But Can They Maintain Their Momentum Past 2025?

This has been a strange year for the crypto market. Wasn't 2025 supposed to be the year that the world's top cryptocurrencies skyrocketed in value, fueled by all the pro-crypto optimism surrounding the Trump administration? Instead, only a handful of the top 20 cryptocurrencies (as ranked by market cap) are actually up for the year.

Two that particularly stand out are XRP (CRYPTO: XRP) and Litecoin (CRYPTO: LTC). XRP is up 24% for the year, while Litecoin is up 20% for the year. By way of comparison, Bitcoin is up only 2% for the year. That's an anomaly, given that Bitcoin historically leads the market higher. So how much longer can XRP and Litecoin maintain their momentum?

XRP

Let's start with XRP, which stands out as the clear winner in the crypto market right now. It is the best-performing large-market-cap crypto of 2025. And, over the past three months, it is up a head-spinning 400%.

There's a good reason for this spectacular performance, and it has to do with the pro-crypto, pro-business approach of the Trump administration. Keep in mind: Ripple, the company behind the XRP crypto token, has faced regulatory questions about the status of XRP for more than four years now. A Securities and Exchange Commission court case lodged against Ripple has been ongoing since December 2020.

So the thinking here is that all of these regulatory headaches are going to disappear in 2025. Paul Atkins, the newly appointed pro-crypto head of the SEC, could end the case once and for all. And a new regulatory framework for crypto will make it easier for Ripple to get back to business as usual. All of that bodes well, of course, for XRP, which is the crypto token powering Ripple's blockchain-based payment operations.

Confused investor with laptop. — Image source: Getty Images.

XRP has a second major catalyst, as well. This is the anticipated approval of spot XRP ETFs sometime by mid-2025. After the spectacular success of the spot Bitcoin ETFs in 2024, it's easy to see why there is so much optimism in the market right now.

One could argue that the arrival of the new spot Bitcoin ETFs was the key reason why Bitcoin more than doubled in price last year. So XRP bulls are clearly hoping that XRP also has the potential to double in price.

In terms of being able to maintain its market momentum past 2025, XRP seems to be in a good position. It would be nice to see a few more positive signals from the Trump administration regarding Ripple and XRP, of course. But it looks like the regulatory shackles are finally coming off this year, and that could send XRP soaring in value for at least the next 12 months.

Litecoin

Just like XRP, Litecoin is being sent higher by anticipation surrounding potential spot ETF approvals. Currently, analysts at Bloomberg think that Litecoin has a 90% chance of gaining approval from the SEC. As a result, Litecoin could become the first cryptocurrency to get a new spot ETF in 2025.

That's the good news. The bad news is that it is unclear just exactly how much demand there is for a Litecoin ETF. If you take a look at a chart comparing the performance of Bitcoin and Litecoin over the past two years, you'll understand why. In that time period, Bitcoin is up 363%, while Litecoin is up only 51%.

And that has generally been the story for Litecoin for much of its nearly 15-year history. Litecoin has historically underperformed Bitcoin, and that's what makes the current period of outperformance such an anomaly. Right now, Litecoin is running circles around Bitcoin, and, if history is any guide, that shouldn't be happening.

So, from my perspective, Litecoin is going to have a hard time maintaining its momentum past 2025. Sure, it might get a bump in price before the new spot ETFs are approved, but that is likely to be short-lived, given how little demand there might be for those ETFs.

What happens to the crypto market in 2025?

Right now, Bitcoin is struggling to get back above the $100,000 mark, and many of the most valuable cryptocurrencies in the world are in the red. Ethereum is down 20%, and so are many other Layer 1 blockchain networks used to power the blockchain economy.

Against this backdrop, it's easy to see why investors are flocking to XRP and Litecoin. They are just about the only top cryptocurrencies with any momentum behind them right now, and they will likely continue to go up. Both are clear beneficiaries of the buzz and speculation surrounding new spot crypto ETFs.

But just keep your expectations in check: Once Bitcoin gets its mojo back, both XRP and Litecoin may lose some of their appeal. Over the long haul, neither of these two cryptos may be able to keep up with a soaring Bitcoin.

[The Motley Fool]

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Saturday, 22 February 2025 14:24

Meet the Tech Behind Zap Africa: Moore Dagogo-Hart

Do you believe that a Nigerian crypto platform can rival Binance?

Meet the 25-year-old with a mission bigger than himself: “to prove that African innovators can build at a global level and create systems that change lives.”

Moore Dagogo-Hart is the co-founder and Chief Technology Officer (CTO) of Zap Africa, Nigeria’s pioneering non-custodial crypto exchange. Zap is the fastest-growing crypto exchange in Nigeria, and Moore is one of the key minds who has played a pivotal role in making this possible.

The Early Genius

Before co-founding Zap Africa, Moore had already demonstrated a knack for building groundbreaking technology. From a young age, he was gifted with the ability to understand and design complex systems. He believes technology is the closest thing we have to magic. That it is a tool that can rewrite economic realities, create wealth, and break down barriers.

In 2018, he built a top-charting mobile game, Color Match, at just 18 years old which charted #2 on Play Store and #4 on the App Store. He also developed an AI-powered risk detection model to detect sexual predators in chatrooms in 2020.

As a high achiever, Moore placed 3rd at Facebook’s #Hackathon4Justice in 2019 and was the winner of the Goldman Sachs’ University Hackathon in 2020.

From Goldman Sachs to Building Africa’s Future

Moore’s career officially began in 2021 as a software developer at Goldman Sachs. Here, he contributed to their financial security systems and gained firsthand experience in high-risk and high-stakes financial modelling. This was when realised his passion lay in building entirely new systems, not maintaining already existing ones. So, he quit.

He left Goldman after a couple of months to start his own company. He went on to co-found Solarsoft, where he built Africa’s first ever fully functional NFT wallet, Nebula. This development pioneered Web3 and digital asset ownership adoption in Africa. However, despite its success, the app was later removed from the App Store by Apple due to Apple’s crypto regulations.

This marked a key moment in Moore’s journey. When many would have seen this event as a failure, Moore took it as a lesson in decentralization, compliance, and the challenges of building blockchain-based systems in a centralized tech world like ours.

The Birth of Zap Africa: Africa’s First Non-Custodial Crypto Platform

The year was 2022. Many Nigerian crypto platforms were collapsing, one after the other, and trust was at an all-time low. Moore and his childhood friend, Tobiloba Asu-Johnson, then came together to form what would become Zap Africa.

They watched as friends, family and everyday people saw their life savings disappear overnight, and they knew there was a better way. So, they decided to create a solution. In less than three years, Zap Africa has emerged as Nigeria’s fastest-growing crypto platform under Moore’s leadership, processing ₦2 billion in transactions within its first three months.

Moore engineered Zap’s financial model, ensuring automated revenue generation, liquidity optimization, and scalable trading infrastructure. This basically means that he designed Zap’s financial system to work automatically, making sure the company earns money efficiently, has enough funds available for users to trade without delays, and can handle a growing number of transactions smoothly.

He was also heavily involved in executing a historic marketing play leveraging the $TRUMP coin, which brought in 10,000 users in 6 hours, marking the biggest growth spike in Zap’s history.

Moore’s vision for Zap is not restricted to Nigeria only but to the entire continent and beyond. He wants Zap to redefine Africa’s financial landscape, making wealth creation, decentralized finance, and borderless transactions a reality for all.

Beyond Crypto: Engineering Africa’s Tech Future

Moore is a man with many skills under his belt. In 2022 as well, he also founded Syx Labs, a deep-tech company solving complex problems in AI, blockchain, and fintech. Syx Labs is not your average software company; it’s an innovation lab designed to engineer Africa’s technological future.

They specialise in AI-driven financial models and fraud detection systems as well as blockchain-powered authentication and security solutions. They describe themselves as the “next-gen real estate and fintech platform tailored for the African market.”

Zap into the Future

Zap is on a mission to redefine the continent’s financial landscape by making wealth creation accessible to all and borderless transactions a reality.

Growing up, Moore witnessed the economic inefficiencies and limitations that hold Africa back firsthand, and he also recognized the unmatched potential of Africans. Now, he is determined to drive change and foster real economic freedom.

Zap isn’t waiting for permission. They are building the future.

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Saturday, 22 February 2025 14:20

El-Rufai’s Gathering Storm: Can His Momentum Upend Tinubu, Uba Sani Grip On Power?

The former Governor of Kaduna State, Nasir El-Rufai has surprisingly transformed into a vocal critic of government policies and a champion of the people’s interests, as evident from his recent criticism of President Bola Tinubu’s administration and his successor, Governor Uba Sani

Not only has he taken a firm stand against the Tinubu, whom he strongly campaigned for, but he has also urged opposition parties to form a coalition to wrestle power from the ruling party.

In one of his many criticism, he had said “The problems that led to the creation of the APC remain unresolved, but I no longer believe the APC is interested in addressing them. The distance between me and the party is widening.”

Speaking further, he stated, “ There are internal mercenaries in the PDP, hired and motivated to destroy the party. The Labour Party is also facing similar issues. Peter Obi himself told me, ‘I don’t know what’s happening in the party I contested with.”

Naija News reports that El-Rufai seems relentless in his desire to wrestle power from the All Progressives Congress (APC), Tinubu and also his successor, Sani

But one must question the reason for the former governors’ activism. Does this come from a place of true patriotism, or is this a path of vengeance to wrestle power from those he once supported?

Tinubu, El-Rufai And Uba Sani

It is no news that El-Rufai’s ministerial nomination into Tinubu’s cabinet was blocked by the Senate due to a damning security report.

Will it be far-fetched to assume that El-Rufai’s discontent stems from what he perceives as a betrayal by the Tinubu’s administration?

Though he has repeatedly claimed that he did not seek any political appointment from the president, his sudden opposition raises questions.

El-Rufai earlier stated that he made it clear long before Tinubu won the presidential election in 2023 that he hads no interest in any appointment.

According to him, “I was cabinet minister 22 years ago and was clear to Asiwaju that I was not interested in any position in his future government. The pathetic manner all of you latter-day converts to the Tinubu government make an issue of something that I never wanted in the first place is perhaps a reflection of the level of your moral flexibility.”

He also insisted that he would have criticised Tinubu’s government if he were a member of the cabinet.

In the same vein, El-Rufai has shown his disdain for Gov Sani’s support for Tinubu’s administration.

El-Rufai and Sani were allies before the 2023 general elections. The governor, who was El-Rufai’s advisor, had on many occasions pledged his loyalty to the former governor until he won the governorship race in 2023.

However, after taking over power, Sani’s relationship with El-Rufai turned sour.

An ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under El-Rufai administration had indicted the ex-governor and some of his appointees of siphoning ₦423bn state funds

Recently, El-Rufai accused Sani of sycophancy and pandering to Tinubu for personal gain.

His criticism came after Sani’s remarks during an interview, where the governor expressed surprise at the growing criticism of Tinubu’s administration from some founding members of the APC.

El-Rufai alleged that Sani’s unwavering support for Tinubu was linked to over ₦150bn in federal reimbursements received by Kaduna State in the past 18 months.

“Every day I see this governor embarrassingly and sycophantically rambling, I used to wonder why? However, confirming that Federal Government ‘reimbursements, interventions, and grants’ in excess of N150bn have been given selectively to Kaduna by Tinubu in the last 18 months now explains everything.

“By all means, defend Asiwaju for the conditional cash transfer. Asiwaju has earned it, coming from you. The people of Kaduna State will judge at the right time and place. Have a nice day,” El-Rufai said.

The Wind Under El-Rufai’s Wings

While El-Rufai might wish to wrestle power from the APC, one question remains: does he have the political weight to cause a ripple?

Recently, El-Rufai and allies of ex-Vice President Atiku Abubakar, held a private meeting with the leadership of the Social Democratic Party in Abuja

The closed-door meeting, which took place at the SDP national secretariat, had sparked speculations about potential political realignments ahead of the 2027 general elections.

Among the notable attendees were Maj. Hamza Al-Mustapha an ex-presidential candidate and former Chief Security Officer to the late Gen Sani Abacha and Atiku’s former spokesman, Otunba Segun Showunmi.

Although the specific agenda of the meeting was not disclosed, it is being described as part of a broader strategy to forge alliances among opposition figures with the aim of presenting a formidable challenge to Tinubu in the next election cycle.

Showunmi confirmed the meeting in a Facebook post, describing it as a “strategic gathering” convened by SDP Chairman, Shehu Gabam, to evaluate the state of opposition politics in Nigeria.

While it is possible for El-Rufai to join forces with the opposition to strengthen his prowess, we must also not forget that he equally has enough enemies ready to challenge him.

Thoughts Of A Political Analyst

Speaking in an exclusive interview with Naija News, political analyst, Tunji Ojo has opined that El-Rufai latest outburst is all political, insisting that he does not have what it takes to unseat Tinubu and his successor, Sani.

“It is all political, it is all hard wired politics. Because it’s not only Tinubu. Even El-Rufai friend Sanusi Lamido Sanusi has also come out to criticise Tinubu because the assumption is that Tinubu’s presidency is not in support of Lamido.

“They believe that he prefers Ado Bayero to Lamido. Despite the fact that Tinubu assisted in bringing Lamido to power. Kwankwaso was the governor before Ganduje took over and upset the apple cart by removing Lamido Sanusi. When Ganduje removed Sanusi it was El-Rufai that gave him Chancellor of Kaduna State University

“When people don’t have a chair at the table they would cry. El-Rufai said that he was a founding member of APC. He participated in the registration, formation of the constitution, drafting and all of that.

“El-Rufai has a running battle with three senators of the state, Shehu Sani, and some others. He made sure they did not come back and that was in 2019. He made sure those senators did not come back because they were opposed to his borrowing plan in Kaduna State. Uba Sani initially tried to cover up for El-Rufai but the Kaduna people were disenchanted with him. He was not delivering on governance. Insecurity was worsening in his first year. There was something like the chibok attack in one community where teachers and pupils were carted away by bandits and several other abductions. When people of Kaduna State began to accuse Uba Sani of being a failure he had to speak out that his hands and legs are tied that his predecessor mortgaged the state finances and they are paying so much in term of huge debt that El-Rufai collected when he was governor.

“The state House of Assembly accused El-Rufai of corruption and misappropriation and they set up a committee to investigate and that itself was a huge slap on El-Rufai face.

“El-Rufai felt betrayed that Uba Sani whom he took a bullet for made a senator, and governor could not stand up for him. What really hurt him was that he has being pencilled down as the Minister of Power by Tinubu but when his nomination was suspended by the Senate they went to meet President Tinubu not just for El-Rufai but for Festus Keyamo. They cleared Keyamo but failed to clear El-Rufai for supposed security petitions and since that time El-Rufai has become bitter. El-Rufai felt that any petition written against him should have been waived and his nomination confirmed. There is nothing that El-rufai says that is new.

“El-Rufai is right. He is not saying anything new. But he would not say these things if he had gotten his ministerial nomination,” he said.

When asked if El-Rufai might be trying to push his political ambition as president, Ojo expressed doubt that El-Rufai was strong enough to challenge Tinubu.

“Can El-Rufai our of power wield such an influence over Northern Nigerians? he has made so much enemies. Am not sure he is a political threat to the re-election bid of President Tinubu. Tinubu as I know him is a master strategist.

“Tinubu is a master strategist. Tinubu knows the value of Uba Sani. He prefers Uba Sani to El-Rufai.

“Tinubu does not want to run with it in that El-Rufai is a nuisance or is of no effect. There is a saying a leper might not be able to milk a cow but he can spill the milk. But if you ask Tinubu to choose between El-Rufai and Uba Sani he will choose Uba Sani.

“Some people advised Tinubu not to allow the nomination of El-Rufai to fly that he is a lesser evil in the whole permutation of 2027.

“I am not taken in by all the activism and heroism of El-Rufai because if there is a reshuffle and El-Rufai is made a minister he will not be speaking this way. El-Rufai was a former loyalist of Atiku, then he became loyalist of Obasanjo and then became a loyalist of Buhari. You should not believe people like that. How many ministers have resigned out of conviction of this government is bad let me just resign,” he added.

[NaijaNews]

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Saturday, 22 February 2025 14:17

Transfer: Boniface on Newcastle United radar

Newscastle United are targeting a summer move for Bayer Leverkusen striker, Victor Boniface DAILY POST reports.

Boniface has a contract with Leverkusen until 2029 but would be allowed to leave the Bundesliga champions if the offer is right.

Saudi club Al Nassr submitted a €70m bid for the Nigeria international last month but later rescinded their plan.

Al Nassr instead opted to sign Colombia and Aston Villa hitman, Jhon Duran.

According to the Chronicle, Newcastle United are already in talks with Boniface’s representatives.

DAILY POST recalls, the 24-year-old joined Bayer Leverkusen from Belgian Pro League outfit Union Saint-Gillloise in 2023.

He has scored 31 goals and provided 11 assists in 52 games across all competitions for Die Werkself.

[DailyPost]

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Saturday, 22 February 2025 14:14

Lagos, four other Nigeria’s most expensive cities to live in 2025

In 2025, the cost of living in Nigeria varies greatly between cities, with some urban areas being much more expensive than others. This difference in living costs is due to factors like business activity, demand for housing, available services, and local resources. Some of Nigeria’s most expensive cities are major centers for business, politics, and industry, where the high demand for goods and housing has led to rising costs.

Here are five most expensive cities to live in Nigeria in 2025:

1. Lagos

Lagos is the most expensive city in Nigeria in 2025. As the country’s business and economic hub, it attracts many businesses, which drives up the demand for housing and services. This has made living in Lagos costly, with high rent prices. Known for its busy city center and wealthy neighborhoods like Ikoyi and Victoria Island, Lagos also has expensive food, transportation, and other daily costs. With a Rent Index of 24.30, Lagos is even the most expensive rental city in Africa.

2. Abuja

Abuja, Nigeria’s capital city, is another high-cost city in 2025. Being the political heart of the country, it draws government officials, international workers, and business professionals, all contributing to the city’s high living costs. Expensive areas like Maitama, Asokoro, and Wuse are filled with luxury homes, and the prices for goods, services, and transportation remain high, making Abuja a costly place to live.

3. Port Harcourt

Port Harcourt, the oil capital of Nigeria, ranks among the most expensive cities to live in 2025. The city’s strong oil industry brings in workers and businesses from all over, which increases demand for housing and services. Popular areas like the Government Reserved Area (GRA) are known for their expensive properties. Along with high rent, costs for goods, transportation, and other services are also elevated due to the city’s economic growth.

4. Enugu

Enugu, known as the “Coal City,” has become more expensive in recent years. The city is growing as a commercial center, with more people moving in for work and business opportunities. This has driven up housing costs, especially in the city’s more popular areas. As Enugu continues to develop with more businesses and infrastructure, living expenses, including food, transportation, and utilities, have also increased.

5. Owerri

Owerri, the capital of Imo State, has seen a rise in living costs in 2025. The city’s growing economy, especially in real estate and services, has led to higher property prices and rent. Areas like Nekede, New Owerri, and World Bank Road are becoming expensive as demand for housing increases. Prices for goods and transportation have also gone up, making Owerri one of the most expensive cities in Nigeria.

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Saturday, 22 February 2025 14:12

‘You’re always envied,’ Abacha’s son defends late father amid renewed criticism

Son of General Sani Abacha, Nigeria’s former military ruler, Sadiq Abacha, has expressed admiration for his late father, stating that his leadership remains significant despite persistent scrutiny.

Sadiq, in a Facebook post on Saturday, suggested that his father was a victim of jealousy and subtle betrayal but insisted that history would ultimately be kind to him.

“The man Abacha—you have always been the one they envied with silent deceit. History shall remember you for being a better leader, no matter how much they try to put you down. As a son, I am most proud of you today. You indeed are the man they wish they were half of”, he wrote.

He ended his message with a Hausa proverb: “Duk wanda yayi jifa a kasuwa,” which translates to “whoever throws a stone in the market…”—a phrase often interpreted as a warning that actions have consequences.

Sadiq’s statement comes just days after the launch of the long-awaited memoir by former military President, Ibrahim Babangida, which has triggered extensive discussions.

A major highlight of the book is the controversial annulment of the June 12, 1993, presidential election, which Babangida admitted was won by MKO Abiola.

The former leader disclosed that while he regretted the decision, the move was largely orchestrated by forces within his government, allegedly led by Abacha, without his full awareness.

The late Abacha, who ruled Nigeria from 1993 until his passing in 1998, remains one of the country’s most debated figures.

While his government is credited with economic stabilisation and strong security policies, allegations of corruption and human rights violations continue to shape his legacy.

[Punch]

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Saturday, 22 February 2025 14:11

[OPINION] The Sanctification of Babangida - Ugoji Egbujo

A man cancels a free and fair election. When crisis ensues, he panics and steps aside, foisting a one-legged contraption on the country. Soon, his co-conspirators are fed up with the pretence. They sweep away the props and seize power. And a plague feasts on the nation

A man cancels the freest and fairest election his county has seen. He knows the consequences will be calamitous. He cancels it and allows his country to slide into the most brutal dictatorship it has ever known. The brute is his best friend. All who stand stubbornly in the way are mowed down and buried. Kudirat. Rewane. Onagoruwa Jr. Etc. Some escape the bullets and live with fractured minds. Ibru, Adesanya etc. Those who are fearful of dying or of the opposition being decapitated run into exile to live like refugees. The country is treated as a leper for seven whole years.

A man anulls a credible election and puts his country on the precipice. Riots break out. Poor folks run back to their villages. The land convulses. A strike squad is formed. Mustapha and Omenka settle on the country. Press freedom flees. Journalists become pet dogs; otherwise, they become bushmeat. People are thrown into dungeons for wincing. Death squads roam while torture squads sit in the basements, bending minds.

A man cancels free and fair elections. His friends seize the government and throw the winner of the election into a dungeon. His sin is that he refused to forsake his mandate. They keep him there. The world cries for his freedom. Mandela curses the oppressors. Traditional rulers go to bow and lick the feet of the junta. They keep the winner of the election in the dungeon till he dies. Till he dies.

Before Judas sold Jesus he was the treasurer of the ministry. He was part of the good works of that cohort. He was stealing from the purse but perhaps not enough to cripple the group. On the outside, he was chief amongst the miracle workers whom Jesus led. After Judas sold Jesus, no one said Judas bought food for me when I was hungry. Or Judas helped my wife to slaughter a goat. Or Judas introduced innovations into treasury management. Judas had committed a destiny-defining crime. His only reward would be infinite opprobrium. No caveats. Demons understood the conclusive enormity of his greed and treachery and besieged him. Judas didn’t seek a gathering to tender vacuous apologies or build a library.

Despite fates like Judas’ every man deserves a second chance. Man is fallible. Nobody is a saint. And time wipes away the pain of transgressions. We are enjoined to forgive. But as a country, we must keep records. Grant amnesties but keep records. Grant amnesties but don’t become amnesic. We can understand Authrur Eze. But Tinubu now says he owes it all to the man who annulled June 12. Dangote says the man who annulled June 12 and destroyed the Abioola mandate is the father of the private sector. Some state governors might say without him, they would have had no states to govern. The gods must be amused.

We have become incurable worshipers of our leaders. At every major gathering, one former Nigerian leader will be eulogised. He will be called a great man

Because these gatherings aren’t infrequent, all former leaders have been extolled to high heavens

So Balewa, Zik and Awo were all great. Gowon and Murtala were great. Obasanjo was wonderful

Shagari was fabulous. He died poor. IBB is now outstanding. Abacha, they also say was great and humane. Obasanjo, during his second coming, was a messiah. Yar’adua was marvellous. Jonathan was fantastic. Buhari, the incorruptible, was impeccable. Now Tinubu is loved more than hot Agege bread by many.

So why exactly is Nigeria poor? Why have our contemporaries like Indonesia and Singapore left us being? We have given our past leaders the highest honours. But our best youths fleeing the country. The names of our leaders hang on national monuments and we bow before them. But we have become bankrupt in China. We have abundant natural resources. We have overflowing human capital. So why are we the poverty capital of the world? We live by the river, but we wash our hands with spittle.

Babangida and his friend Abacha ruled for a combined 13 years. Gowon ruled for 9 years. Obasanjo did 11 years. Buhari did about 10. We celebrate these people every day. We call them heroes. We can excuse Obasanjo who transitioned to civil democratic rule and returned to pay off our debts. But how can this country gather to celebrate Babangida, who cancelled a credible election and triggered a chain reaction that led to the death of many people and the looting of the national treasury? We agree we have been decimated by chronic bad leadership yet we venerate all our leaders.

If the aim of a presidential library is partly to Immortalize a president and document history, then a library for Babangida will only serve to immortalize the perfidy he committed. Babangida should have let sleeping dogs lie. He is a Maradona. He ought to know not to stir the hornet’s nest. Sitting and watching some of victims , one after the other, to shower him with encomium, in that dubious sanctification ritual called a book launch, might be his ultimate step over, but hasn’t he roused some sleeping dogs?

I love books. I think memoirs by our past leaders, especially if confessional, will help the country. So Babangida could have quietly documented his memoir and released it without fanfare. In absolute penitence. Without the nauseating speeches. Without the donations. Without the grandiose dream of a presidential library. Without bruising sensibilities.

The question Nigerians must answer is this. Is it forgetfulness or folly? Who did this to us? Sorry, Mama Kudirat. Sorry.

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