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Sunday, 23 February 2025 08:11

[OPINION] The Confounding Odyssey of the 2025 Budget - Waziri Adio

Federal Government’s 2025 budget continued its fascinating journey last week. On 18^th February, the National Assembly rescinded the budget that it had passed just five days earlier but was yet to be transmitted for presidential assent. It was a minor adjustment. To correct ‘some errors’, the legislators simply (and swiftly) re-assigned N500 billion from capital expenditure to recurrent expenditure. The other broad categories remain the same, and the size of the budget stays at N54.99 trillion, they said.

The adjustment is historic nonetheless. A rescinded budget has not been part of our lexicon in more than 25 years of this republic. So, this is another milestone recorded by the 2025 budget in its storied journey. A clean copy of the budget has not been sighted, and the approved appropriation bill is yet to be signed by the president. My sense is that we may not have seen the last of the twists and turns of this peculiar budget.

After my last week intervention on the 2025 budget process, someone sent me a copy of the House of Representatives’ supplementary order paper which contains the highlights of the approved budget. The 15-page document provides answers to a few of the questions that I posed last week. But most of the puzzles remain. Maybe the full budget (which typically runs into more than 2000 pages) will provide further illumination. However, the highlights throw up fresh questions of their own.

Let’s start with where some clarity has been provided. I had wondered how the legislators managed to reduce the provision for debt service to N14.32 trillion from N16.33 trillion initially proposed by the executive. As shown in the order paper, the legislators approved N7.19 trillion for domestic debt, N6.75 trillion for foreign debt and N377.30 billion for the sinking fund, whereas the president had proposed N8.20 trillion for domestic debt, N7.69 trillion for foreign debt and N430.27 billion for the sinking fund. A comparison of the two sets of figures shows how the legislators were able to reduce debt service by N2 trillion. But it is still not clear if they did this unilaterally or in consultation with the executive. Also, there is still the need to understand the basis of such a significant reduction, and if this will have immediate or future repercussions or not. Are we pushing some due obligations down the line or was the initial debt service estimate bloated?

I had also asked how the legislators were able to prune statutory transfers to N3.65 trillion from the N4.44 trillion proposed by the president. Statutory transfers are meant to be somewhat protected—some of them are fixed percentages of certain revenue handles. The order paper shows that the legislators increased and reduced some of the proposed sums under statutory transfers and are still able to slash almost N800 billion or about 18% off the original proposal. In a way, this is the surgical approach that the legislators should be taking to appropriation. But cutting the fat is not an occupation they fancy much.

The National Assembly did not increase or reduce its own statutory transfer of N344.85 billion. Or so it appears. But there is a N170 billion under capital supplementation for service wide vote for the National Assembly. So, there is about a 50% increase in the budget of the National Assembly without an obvious increase. You have to go several rows down to see where it is neatly nestled. By the way, this service wide vote was not part of the original proposal by the president. A legitimate question is how come legislators now need service wide votes? All expenditures by the National Assembly should be handled from its statutory transfer, except for some key capital projects that fall within the remit of the Federal Capital Development Authority (FCDA).

It is noteworthy that the legislators kept untouched the statutory transfers to the Basic Health Care Provision Fund (N298 billion), the National Human Rights Commission (N8 billion) and the Public Complaints Commission (N14 billion). That is good. But they reduced the statutory transfers for NASENI from N298 billion to N248 billion and for UBEC from N596 billion to N496 billion. However, they increased the transfers to National Judicial Council from N341 billion to N521 billion and for INEC from N40 billion to N140 billion. I am sure they have good explanations for these adjustments, but it will be good to know the basis of their decisions, including alignment with statutory percentages of certain revenue handles.

The most interesting part, for me, is that they took a scalpel to the statutory transfers for all the zonal development commissions. They did the reduction in this order: Niger Delta Development Commission (NDDC) from N776.53 billion to N626.53 billion; North East Development Commission (NEDC) from N290.99 billion to N240.99 billion; North West Development Commission (NWDC) from N585.93 billion to N145.61 billion; the South West Development Commission (SWDC) from N498.40 billion to N140 billion; and the South East Development Commission from N341.27 billion to N140 billion. Equal opportunity reduction, in a sense, though it will be good to know if the reductions are in alignment with expected fall in the attached revenues.

But it gets more interesting. The legislators allocated statutory transfers to two development commissions that were not in the original proposal by the executive. This brings to seven the number of zonal development commissions provided for in the 2025 budget. The North Central Development Commission (NCDC) and the South South Development Commission (SSDC) got N140 billion apiece.

Please note that the NCDC bill was signed into law by President Bola Tinubu on 4^th February 2025. The president presented the budget proposal on 18^th December 2024, which rightly had no provision for NCDC. The president sent a letter to the National Assembly on 5^th February 2025, where he proposed additional revenue and expenditure of N4.53 trillion. This was a day after he signed the NCDC bill. It is doubtful that he included NCDC in the breakdown. It is possible NCDC was included in that list or it is possible that the legislators exercised their initiative or in consultation with the executive. In any case, this will be another record: a commission receiving budgetary allocation barely a week after the signing of its bill.

But that is not as record-breaking as the case of the SSDC. It is not clear how the SSDC is significantly different from NDDC (apart from that its coverage will be strictly for the South South zone, and not for all oil producing states, as NDDC covers Abia, Imo and Ondo that are from other zones). But that is not the point. As at today, SSDC is not a legal entity. The SSDC bill has not been signed into law. I think I understand the political consideration at play: development commissions have become the latest ploy for sharing the rapidly shrinking nation cake. So, everyone wants their slice of the cake before we get to the last crumb.

But it is quite odd that the National Assembly will make appropriation for an entity that does not exist in law yet. Is this anticipatory appropriation and is it allowed and what is the danger inherent in taking this kind of liberty? A neater approach would have been for the executive to be encouraged to bring a supplementary budget after the SSDC bill is signed into law. We are normalising many abnormalities, from the executive undertaking major projects without appropriation and with no questions asked by those with the powers of the purse to the legislators themselves making appropriation for an entity whose existence is not yet legally consummated. The persistent mockery being made of the budget process is simply astounding.

Another odd entry revealed in the order paper is the provision of N400 billion for light rail projects in four states: N150 billion to Kano State; N100 billion to Kaduna State; N100 billion to Ogun State; and N50 billion to Lagos State. Light rails are within cities and are thus state projects. There are strategically important federal rail lines crying for modernisation and expansion. Those should be the priority and the focus of the Federal Government. Yes, an argument can be made for the need for FG to support the development of critical infrastructure in key states, and this can include urban rail projects. But this should start with a clear and well-articulated policy framework that provides the rationale, the format, the eligibility criteria and the process for such an intervention.

Such a major policy decision should not just show up in the budget. For now, the allocation for light rail appears like a political settlement scheme or a belated attempt at regional balancing. They were not in the initial budget proposal by the president. Most likely, the Federal Government decided to support light rail in four states after the hoopla generated by the N146.14 billion included in the proposed budget of the Ministry of Transport as the counterpart funding by MOFI to the Lagos Greenline Metro Rail project.

But even the attempt at balancing falls flat. There is no prior document that articulates why the Federal Government can provide such a support, the criteria for selecting qualifying states, how states can apply to be considered, and if this will go round all the states or just a number of states per zone. On account of the haphazard approach, the discussion, even in the parliament, has moved from the propriety of a federal ministry providing funding to a state project to the slippery slope of deliberate neglect/marginalisation of certain zones by the Federal Government. This is unfortunate and could have been avoided if this had been more thoughtfully considered.

There are few other things peeking out. Even after the legislators rescinded the 2025 budget on Tuesday, capital expenditure still has the highest allocation. The N23.44 trillion allocated to capital is 42.63% of the budget. This is not just the highest amount but the highest percentage of the budget allocated to capital expenditure since 1999. Ordinarily, this should be celebrated, but certain things do not add up. There appears to be a deliberate attempt to big up the capital component of the budget. There are many items under capital supplementation that it will take a real stretch to capture as capital, except you are using the loose definition of working capital.

Some of these items include allocations to student loan scheme, consumer credit fund, refund to TETFUND, transfer to HYPPADEC (another development commission), national poverty reduction with growth strategy etc. It is noteworthy that capital supplementation (a recent and growing category in our budgets) got a 131% boost. The president proposed a total of N3.18 trillion as capital supplementation when he laid the budget before the parliamentarians on 18^th December 2024 and the legislators approved N6.37 trillion for the same category on 13^th February 2025. There are many items under capital that should invite greater scrutiny but which the legislators left untouched, including allocations to a hospital for NIA (N238.05 billion), for a building for FIRS (N50 billion) and for the take-off grant of a school of governance at NIPSS (N887.75 million).

Then, there is the issue of budget deficit. The math here is simply not ‘math-ing,’ as the younger ones say. The president mentioned a deficit of N13.08 trillion in his budget speech. The proposed budget on the website of the Budget Office of the Federation puts the budget deficit and the aggregate financing items at N13.39 trillion. The order paper containing the highlights of the approved budget maintains the deficit and the aggregate financing items at N13.39 trillion. But the National Assembly publicly announced a budget deficit of N13.08 trillion.

Apart from two different amounts featuring for the same items in different documents/pronouncements, I suspect the deficit is understated. And here, I am not talking of the eventual deficit in case ambitious revenue projection underperforms. The total revenue that can be publicly identified amounts to N40.88 trillion (the N36.35 trillion in the proposed budget—which included revenue of GOEs— and the N4.53 trillion additional revenue, which I am yet to see in the highlights in the order paper). If the total expenditure is N54.99 trillion and the total revenue is N40.88 trillion, then the deficit should be N14.11 trillion. So, there is a N1.03 trillion hanging somewhere. It is possible the full budget will clear the air, or this may be another error to be corrected or rescinded.

But the really intriguing part is that the National Assembly stated categorically (even when it doesn’t have to) that the N13.08 trillion deficit represents 1.52% of GDP. This contradicts the position in President Tinubu’s speech when he presented the budget proposal. “A total of N13.08 trillion, or 3.89% of GDP, will make up the budget deficit,” the president said on 18^th December 2025. It is important to underscore that the president and the parliament are keeping to the same amount as the budget deficit for 2025: N13.08 trillion. So, it is still a mystery how the National Assembly arrived at a deficit-to-GDP of 1.52% but the president put the same at 3.89% of GDP.

As I stated last week, N13.08 trillion can only be 1.52% of GDP if Nigeria’s GDP has grown to N860 trillion. This will be a major leap, even with rebasing. The last full-year GDP figure published by the National Bureau of Statistics (NBS) is for 2023, and Nigeria’s nominal GDP was N234 trillion. In its October 2024 World Economic Outlook Database, IMF estimates Nigeria’s nominal GDP as N302 trillion in 2024 and as N351 trillion for 2025. If we use IMF’s estimate for 2025, our deficit-to-GDP will be 3.73%. So, it will be good to know where and how the National Assembly derived deficit-to-GDP at 1.52%, which it trumpeted as being within acceptable limit (a major claim, as the Fiscal Responsibility Act, 2007 stipulates 3% as the cap for Deficit-to-GDP).

If the legislators have been briefed by NBS on the rebased GDP, it is important to question the propriety and the haste by legislators to use data not yet publicly released by the national statistical agency. If the problem is that they mixed up their numbers, we have cause to worry about what else they are mixing up. But it seems to me they know what they are doing: there are games within a game going on here. Such indiscretions and political games chip away the credibility of official data. And that is such a terrible thing.

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Sunday, 23 February 2025 08:10

[OPINION] Babangida’s Long Exhale - Chidi Amuta

Even after three decades of his untidy retreat to his Minna hometown, Babangida never forget the ‘public’ debts he owed to Nigerians. He owed Nigerian history an expose on his turbulent leadership . He owed the Nigerian populace an insight into his personal enigma and enduring charisma. He also owed us a personal perspective on the worrisome things that happened under his watch. Above all things, Babangida owed a personal recompense and reconciliation with Nigeria on the political headache of the June 12 1983 elections.

Through the public outing of his long awaited memoir-A Journey in Service-Babangida has settled nearly all his outstanding liabilities to his fellow citizens. In addition to previously unknown details of ‘what happened’ , he has finally come to a personal resolution of and reconciliation with the outcome of the contentious June 12 election. Abiola won. His election was annulled by Abacha’s hidden hands of limitless power ambition. Nigeria survived. Above all, he (IBB) has survived into ripening old age to look back and tell the story himself. Professional trouble makers and history manglers have been deprived of an opportunity to end the Babangida story in malignant tales.

Three decades is long enough time for a man to exhale after leading a sweltering marathon in Nigeria’s turbulent power waters. It is time enough for actors and spectators to have calmed down and taken a respite . Anger would have turned into resignation. Vengeful partisans would have handed the entire matter over to God in a nation where the divine has the final say in all matters political .

The man of power himself should have reflected on the roads he couldn’t travel and the paths that he and even the angels dreaded to try.

Babangida led us through troubling times and a treacherous landscape of existential problems. The times were hard and the options daunting in every direction. Our treasury was nearly empty as almost all leaders had turned dealers and fled with our common treasure. Our economic dance had no name. Nor could we look money lenders in the face and say: ‘please help a prodigal nation.’

We resolved by public acclaim after nationwide debates to retreat inwards in search of homegrown solutions. Harrowing reform was the name of the only option left. IBB showed us a new path, a hard road never before traveled. A free market economy of citizens chained under martial rule! Capitalism without capital and without freedom , rebuilding an economy under a retreating state and a frightened citizenry,

Babangida has spent three decades and more as one of us. He has watched history roll along. He may have lived through his errors and watched others ride the waves of his triumphs. His ultimate nemesis, Buhari , has come and gone, renaming his major pitfall- June 12- into a historical milestone of political advantage. The nation has learnt new names, new dance steps under new leaders. Wobbly as it is, Nigeria has survived as a democracy.

Despite the passage of time, however, something about Babangida has remained constant. His personal allure, the instant electricity of his name, the countless myths about the kind, gentle and smiling general at once capable of incredible compassion and unequaled humanity but readily credited with unthinkable atrocities. The Machiavellian Prince that left the throne but still elicits love but also compels chilling fear.

Above all, Babangida’s personal attraction and a certain public acknowledgment of his political genius has remained in tact. Politicians seeking national acknowledgment seek him. Those wanting to command access to power levers look for him. Those seeking recognition as political notables pay him homage. Those in want of the magic of political wisdom have made pilgrimage to his Minna home.

His Minna retirement home has remained something of a favourite destination for political pilgrims. Younger political gladiators in search of relevance, older political animals seeking to test their own relevance, regional leaders seeking a national acclaim and audience have gone to seek his blessing. He has remained something of a political oracle and universal counselor.

IBB’S tenure and time with us have remained alive for these years. People did not give up hoping for the story of those days from the man himself. The reasons behind the persistence of demands for a Babangida memoir are many.

The questions that have lingered are mostly about matters unusual that happened in the Babangida days : abnormal ways of dying; difficult ways of surviving and living; coups and runouts of coups and counter coups; impossible rules of governance. And yet, the man at the center of it all was constant, smiling, infinitely humane but stern as the professional warrior he was trained to be.

Rulership under him etched new rules and explored unfamiliar paths. It became a dance, a drama of hard choices: a man in full military gear that insisted strangely on being called ‘president’ without resigning his military commission; the msn who in the storm of the Cold War insisted that Nigeria should go: ‘a little to the right and a little to the left’, a man who enabled elected governors to rule under a martial president; a military ruler who allowed an elected legislature to thrive under ultimate garrison decrees. A master of multiple speak and the wisdom of Delphic ancestry: ‘ we do not know those who will succeed us but we know those who will NOT succeed us’!

The public outing of Babangida’s memoirs – A Journey in Service- is deserving of the national splash we have seen. Everything about IBB is news, sensation and headline. This is for good reason. In the growing pantheon of our former leaders, Babangida elicits the greatest anxiety and much deserved excitement . No memoir of a former leader has been and is likely to be so long awaited.

Why the anxious wait? The man’s actions in power deserve no less. He was an original author of the impossible. An army general who seized power, suspended the constitution but insists on being called President and genuinely in love with presidential democracy. A practicing Moslem who insisted that the ideal Nigerian family size should be a couple with four children. A dictator who ruled by decrees but committed himself to a rigorous democratic reform process. To rule by decree and allow elected local governments, state governors and an elected National Assembly.

The Babangida memoir is therefore a comprehensive answer to many lingering national questions but rendered as a string of varied personal stories of an individual life turned into national history

There are multiple stories in this master tale. The primary personal narrative is about his early life. It is story of a young lad who was orphaned at 14 and for whom school was a surrogate home. It is the story of proceeding to high school in Bida where he became classmates with people with whom his later life and career became intertwined. Gado Nasko, Sani Bello, Sani Sami, Mamman Vatsa, Mohammed Magoro , Garba Duba and others. It is the story of a boy who was good in sports and also had obvious natural leadership qualities. He was greeted by the envy of some peers and the obedience of many mates. These lives became more intertwined as most of these young boys later opted for careers in the military. They were inspired by among others young Capt Yakubu Gowon. They went ahead to head different areas of Nigeria’s military establishment.

The other story is that of his career path in the military, his involvement in the series of military coups that altered the history and course of the nation. His instinct for coups was so ingrained that many observers have said that his ultimate exit from power in 1983 was perhaps a self-inflicted coup .

The major tragic chapter of the IBB story is his combat experience in the civil war. His battlefield injury in

Uzuakoli and subsequent recovery ended in A decision to get married. Easily the most touching aspect of his war story is the breach with colleagues who fought on the Biafran side.

There are sub stories in this narrative that raise the temperature of the story to near tragic catastrophic dimensions. His bare handed encounter to disarm Col. Dimka after the assassination of Murtala Muhammed. There was also his narrow escape and survival following the Orkar coup. These aspects of the IBB story come close to fictional suspense crime stories.

The major story of public interest is Babangida and the drama of power incumbency. In this crucial part, the many unanswered questions come into view. he touching accounts of the death of Dele Giwa, the trial and execution of Mamman Vatsa, the dreadful night of the Orkar coup and the unfortunate crash of the military C-130 aircraft all come together as instances of the bad things that could happen in a season of power.

Babangida renders his account with the consummate ease of a master story teller. The difficult accounts of state action and the unattractive business of policy are made to be readable. He animates the landscape of the story with anecdotes and recollections of the human angle of difficult national decisions. In this memoir, there is hardly any name calling, hardly any contentious arguments. The audience is drawn into serious national issues by the allure of a very human story.

In the end, A Journey in Service becomes a shared experience between a national audience and the author as a heroic figure in a national experience of epic proportions.

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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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