Opposition politicians have revved up their engines again ahead of the 2027 election. They are busy meeting, engaging in visitations, regrouping, and strategising under various platforms. And recently at a two-day event in Abuja themed “Strengthening Nigeria’s Democracy: Pathway to Good Governance and Political Integrity,” some of these opposition figures huffed and puffed, upbraiding the present government and disparaging President Bola Tinubu and the governing All Progressives Congress.

Some of them, like former Vice-President Atiku Abubakar, have taken advantage of various public speaking opportunities to condemn the government’s policy options and decisions but offered little or no alternative course of action.

This is dismaying. During the Second Republic when the defunct Unity Party of Nigeria leader, the late sage Chief Obafemi Awolowo, was the leader of the opposition, he would dissect the policies of the National Party of Nigeria government of President Shehu Shagari, cut it down into granular details and offer clear, convincing and actionable alternatives. Awolowo’s interventions provided useful solutions that would have bolstered Nigeria’s economy and enriched our democracy, but unfortunately, that era lasted only four years and three months as the military struck.

President Tinubu has barely spent two years in office. Yet, political opponents have upped the ante in a desperate move to grab power in 2027. The latest move in this direction was the visit last week of the defeated Peoples Democratic Party candidate in the 2023 presidential election, former Vice President Atiku Abubakar, to former President Olusegun Obasanjo at his Abeokuta, Ogun State hilltop residence. Atiku was in company with former Sokoto State governor Aminu Waziri Tambuwal, former Cross River State governor Liyel Imoke and Senator Abdul Ningi from Bauchi State, all of the crisis-ridden PDP.

The former vice-president claimed the meeting had nothing to do with 2027. Anyone who believes him on that will believe anything. There was also New Nigeria People’s Party leader, Senator Rabiu Musa Kwankwanso, who travelled all the way to Lagos from Kano to confer with former Osun State governor Rauf Aregbesola to discuss issues believed to be in connection with 2027. Ogbeni Aregbesola is leading the Omoluabi Group in Osun.

Three sets of opposition groups are discernible at the moment. One group comprises President Tinubu’s opponents in the 2023 election who have refused to see, and perhaps may never see, anything good in the present government, hard as the administration works to reverse the past mistakes and dwindling fortunes of the country. These men contested the last election with the President and were roundly defeated both on the ballot and in court.

However, they have continued to carry on as if the 2023 election cycle has not ended. In this group are former VP Atiku and former Labour Party presidential candidate Peter Obi. Their depleting rank of supporters, called the Atikulated and Obidents, are in league with them in this cantankerous behaviour.

The second group is made up of some erstwhile APC chieftains who claim to still belong to the party but have constituted themselves into opposition elements within. Bitter and vicious, they include former minister of transportation Rotimi Amaechi and some others who rightly or wrongly feel entitled to political appointments and government patronage. Amaechi had detached himself from the APC since he lost out at the APC primaries in August 2022.

The last group is composed of former APC leaders who are completely out of the party but now vigorously working against the party’s interests. Ogbeni Aregbesola belongs in this group.

These three groups of opposition figures are working to take over power in 2027. They are aiming at forming a coalition to unseat APC. None has been consummated as of this time.

It is relevant to ask: why are opposition parties in our climes unduly fixated about taking over power? It may be argued that the zero-sum nature of our politics, the winner-takes-all syndrome, is a contributory factor. But then, the role of opposition parties in a democracy is much more crucial. It is critical in determining the level of accountability and acceptability of governing parties as well as the overall quality of a country’s democracy.

In his seminal work on the “Role of Opposition Parties in Developing Democracies” published in a journal by Democracy Works Foundation, Williams Gumede posits that: “Opposition parties provide alternative visions, policies, and leaders to the governing party. They scrutinise government decisions, policies, and actions – and play oversight over the executive and the public administration. They defend the voters’ interests – not only their constituencies but all the country’s voters.”

Indeed, opposition parties’ capacity to show the electorate they are credible alternatives is crucial to the credibility of the democratic system. The strength of the opposition in a democracy plays a key role in the quality of that democracy and, by extension, the effectiveness of the state. Gumede adds that, “a democratic system is significantly undermined if the opposition does not offer any credible alternatives to the governing party, is invisible in the public debate or does not have a public profile beyond during elections.”

Although many will reckon that 2027 is still a long time and according to a Yoruba adage, the sun out there can still dry the clothes, nonetheless, it is doubtful if the opposition as currently constituted in Nigeria is capable of ousting the APC in 2027.

This is why I surmise this way: the major opposition parties, the PDP, Labour Party, and of course NNPP are neck deep in crisis. They parade fragile leadership with seemingly unending court litigations. Generally, the opposition seems too uncoordinated and lacks focus. Any alliance by such groups can only be fickle and fissiparous. These opposition politicians are being driven by personal ambition, and not the interest of the country.

Also, the matter of power rotation between the North and South over two terms is also an important factor that may work against the opposition. This factor and the machinations over 2027 may have prompted the Secretary to the Government of the Federation Senator George George Akume and APC National Chairman Abdullahi Ganduje to ask the North to wait till 2031 for another shot at power, arguing that President Muhammadu Buhari from the North had done eight years in office and that the South should be allowed to complete its eight years as well.

APC national secretary Senator Ajibola Basiru spoke on this seeming emptiness of the disgruntled opposition groups. In an interview with the Nigerian Tribune published on Wednesday, February 12, 2025, he doubted if the opposition parties had what it takes to successfully cobble a merger or form a united front against the APC.

He declared: “The question is, for the economic policies of Asiwaju Bola Tinubu, what are the alternatives that the opposition has brought out, beyond just planning for the 2027 election? If 2027 comes, what do they want to campaign with, and what alternatives are you giving the people? They don’t have any alternative. The so-called opposition groups are just power-mongers. The only job they have is that they want to access government power for personal aggrandizement without any program or policies for the Nigerian people. I’m not a soothsayer, but they will not be able to merge because all the leading opposition figures are driven by personal ambitions.”

Do I agree with the APC national secretary? I think so.

Rahman is the senior special assistant to President Tinubu on media, publicity and special duties.

Aminu Tambuwal, a former governor of Sokoto state, says no politician with a conscience would join the All Progressives Congress (APC).

Tambuwal spoke on Saturday in Kaduna after the national executive council (NEC) meeting of the Peoples Democratic Party (PDP) in the north-west zone.

Tambuwal, a former speaker of the house of representatives, said the current economic situation in the country makes the membership of the ruling APC unattractive.

He noted that politicians defecting from the PDP to join the APC are “driven by stomach infrastructure”.

He added that those who believe in the country must work together to unseat the APC-led government in 2027.

“People leave parties for certain reasons or for different reasons, but what I have been observing is that defections are not based on the interest of the people but based on stomach infrastructure, Tambuwal said.

“If you are talking about defecting in the interest of the people, I believe no one can go to the APC.

“If you are a politician with a conscience, with the current policies being driven by the government of the APC.

“The current economic doldrum caused by APC has driven Nigerians into hardship across the country, and with the dismal performance of the Tinubu administration, there is nothing attractive outside stomach infrastructure.”

“It is for all of us who believe in this country, who believe in the service of the people, to continue to come together and work out something that will ensure that by 2027, we ease out this administration that lacks focus, compassion, and does not have any direction.”

[TheCable]

Nigeria’s First Lady, Senator Oluremi Tinubu has been elected as a member, Steering Committee of the Organization of African First Ladies for Development (OAFLAD), the highest decision making body of the organization.

This was at the 29th Ordinary General Assembly of the organization ongoing in Addis Ababa on the sideline of the 38th African Union Summit Ordinary Session.

She joins the 8- member Steering Committee as one of the two members representing West Africa. Other member nations elected include Sierra Leone whose First Lady is the new President of the Organization, Angola, whose First Lady is the Vice President, Malawi, Kenya, Ethiopia, Equatorial Guinea and Congo.

She will serve in the new position for a two year tenure.

Senator Oluremi Tinubu who is already a strong voice within OAFLAD, the First Lady is expected to further carry the torch of the organization, driving its advocacy initiatives towards the realization of its 2025-2030 Strategic Framework.

SIGNED

Busola Kukoyi

SSA Media to the First Lady of Nigeria 

OpenAI says its board of directors has unanimously rejected a $97.4 billion takeover bid by Elon Musk.

“OpenAI is not for sale, and the board has unanimously rejected Mr. Musk's latest attempt to disrupt his competition," said a statement Friday from Bret Taylor, chair of OpenAI's board.

OpenAI attorney William Savitt in a letter to Musk's attorney Friday said the proposal “is not in the best interests of OAI's mission and is rejected.”

Musk, an early OpenAI investor, began a legal offensive against the ChatGPT-maker nearly a year ago, suing for breach of contract over what he said was the betrayal of its founding aims as a nonprofit he helped found a decade ago.
Then on Monday, while that case was still awaiting a key ruling, Musk and his own AI startup, xAI, and a group of investment firms announced a bid to buy the nonprofit that controls OpenAI. Musk in a court filing Wednesday expanded on the proposal to acquire the nonprofit's controlling stake in the for-profit OpenAI subsidiary.

Savitt's letter Friday said that filing added “new material conditions to the proposal. As a result of that filing, it is now apparent that your clients' much-publicized bid' is in fact not a bid at all.” In any event, “even as first presented,” the board has unanimously rejected it, Savitt said.

Musk has alleged in the lawsuit that the companies are violating the terms of his foundational contributions to the charity. Musk had invested about $45 million in the startup from its founding until 2018, his lawyer has said.

He escalated the legal dispute late last year, adding new claims and defendants, including OpenAI's business partner Microsoft, and asking for a court order that would halt OpenAI's plans to more fully convert itself into a for-profit business. Musk also added xAI as a plaintiff, claiming that OpenAI was also unfairly stifling business competition.

A judge is still considering Musk's request but expressed scepticism about some of his claims in a court hearing last week.

[telegraphindia]

Meta is betting big on humanoid AI-powered robots, Bloombergreports.

The company has reportedly formed a new division within its Reality Labs unit, which developed the Meta Quest VR headset, which will initially focus on developing hardware for robots that can assist with physical tasks like household chores.

The unnamed new division will be led by Marc Whitten, former CEO of General Motors' self-driving car division Cruise, and it will look to hire 100 engineers in 2025. The company has reportedly already begun talks with robotics companies like Chinese firm Unitree Robotics and US startup Figure AI.

But rather than directly launching a branded robot, like Tesla's Optimus, Meta plans to develop AI systems, sensors, and software for robots that will then be manufactured and sold by a range of companies, much like how smartphone manufacturers all over the world use Google’s Android operating system. Meta is allegedly aiming for its upcoming LLaMA language model to become “a foundation for robotics researchers around the world.”

Though Meta isn't aiming squarely at the consumer market, Bloomberg reports that Meta still plans on building hardware, using existing components, and will build prototypes for testing purposes. However, the sources said that Meta hasn’t ruled out the option of one day launching a consumer-facing robot.

Rather than working separately from its AR and VR projects, Meta executives reportedly hope that the division will be able to leverage data collected from the firm’s augmented and virtual reality devices to spur advances in robotics. This shouldn't come as that much of a surprise, Meta has been open about its plans to use data collected from its Quest VR headsetsto improve its products.

But robotics aficionados shouldn’t get their hopes up, at least in the short term. A source with knowledge of the project told Bloomberg that it “could be years” before Meta’s platform is ready to power third-party robotics.

It’s not just Meta turning its eye toward humanoid robotics. Apple analyst Ming-Chi Kuo saidthe iPhone maker is “exploring both humanoid and non-humanoid robots for its future smart home ecosystem, though the products are still early proof-of-concept (POC) stage internally.”

Meanwhile, Nvidia has also been bullish on the future of robotics and physical AI. At CES 2025 last month, CEO Jensen Huang predicted the market for humanoid robotics could soon hit $38 billion in the coming decades, saying that “the ChatGPT moment for general robotics is just around the corner.”

[uk.pcmag]

President Javier Milei advertised a crypto token meant to help local Argentine businesses, but his support was met with widespread concern about a potential scam and he deleted the post.

Milei initially promoted the LIBRA token late Friday in a post on X, saying the money raised would go to help small and medium-size companies in Argentina and stressing that the project was privately run. In a text message, he added that he would reap no personal financial benefit from the venture.

The token’s name appeared to be in reference to Milei’s political party, La Libertad Avanza, or his libertarian roots as an economist. Milei told Bloomberg he met with the company behind the coin, KIP Protocol, months ago. The company’s website includes a blog post featuring a selfie with its co-founder and the Argentine president giving a thumbs-up dated Oct. 20.

Argentines immediately began to panic over whether the president’s social media was hacked or if Milei himself had been duped by crypto scammers.

Community notes published on X — the social-media platform owned by Milei’s ally Elon Musk — cautioned people against the coin. Crypto scams, often called “rug pulls,” are rife on social media.

Milei deleted the initial post five hours later, saying he was “not aware of the details of the project and after having become aware of it I decided not to continue spreading the word.”

Despite being a Wall Street darling, Milei has so far struggled to lure foreign investment into Argentina even as his government crushes inflation and passes business-friendly reforms. He still hasn’t dismantled the complex currency controls his administration inherited more than a year ago, though Argentina’s economy is expected to grow again in 2025 after two years of punishing recession.

Even before Friday’s token drama, headwinds were building in Buenos Aires. US President Donald Trump’s tariffs stand to disproportionately hit Argentina, while Nissan is cutting back car production and Mercedes-Benz is leaving the country after more than 70 years. Argentina’s economic lifeline, the Rio Parana that carries most of the country’s farm exports, faced a setback after Milei’s government canceled an auction to dredge it deeper after receiving just a single bid as ships struggle to navigate narrow waters.

Asset managers, ranging from wealth management companies to hedge funds and pension funds, boosted allocations to U.S. exchange-traded funds tied to the price of bitcoin in the fourth quarter of 2024, as the price of the world's largest cryptocurrency soared 47%, according to recent regulatory filings.

The State of Wisconsin Investment Board disclosed in its quarterly 13-F filings with the Securities and Exchange Commission that its bitcoin ETF holdings more than doubled in the final three months of last year, to 6 million shares of the iShares Bitcoin Trust ETF by December 31. The fund, which was the first fund of its kind to report investing in crypto following the debut of bitcoin ETFs, couldn't immediately be reached for comment.

Other large investment funds also boosted their holdings in the ETFs, which launched in January 2024.

Tudor Investment Corp, a systematic hedge fund manager, reported its holdings of the iShares ETF -- now the largest of the pack, with more than $55 billion in assets -- climbed to 8 million shares, from 4.4 million shares. The value of those holdings also soared, reflecting bitcoin's jump in value, hitting $426.9 million, up from $159.9 million at the end of September. Tudor didn't immediately respond to a request for comment.

An Abu Dhabi sovereign wealth fund, Mubadala Investment Co, reported its first foray into bitcoin ETFs in the fourth quarter, taking a 8.2 million share stake in the iShares ETF that was worth $436.9 million.

Hedge fund Hunting Hill Capital had no exposure to these ETFs as of the end of the third quarter, but by December 31 had re-emerged as a significant investor, with positions valued at about $131 million by the end of the year.

"We’ve been actively trading within the broader crypto ETF complex, and the timing of the third-quarter filing may not have aligned with when we bought and sold various ETFs," said Adam Guren, founder and chief investment officer of the firm.

The ranks of those adding to positions included financial advisory firms whose clients have been eager buyers of bitcoin ETFs. Cetera Advisors and NewEdge Advisers were among firms that boosted holdings in several of the ETFs, including products offered by Fidelity, ARK Investments and Invesco.

Other investors were more selective, the filings showed. Cresset Asset Management boosted its exposure to ETFs carrying lower fees, said Jack Ablin, the firm's chief investment officer.

"It's also possible right now to get attractive options pricing for collar strategies, allowing us to protect the downside while giving away less of the upside in exchange, on these bitcoin funds," Ablin said.

It's often difficult to make sense of regulatory actions and changes to the structure and size of regulatory units. In a quickly evolving sector like cryptocurrency, it's even more challenging than usual. Sometimes it's not certain whether a major new development is going to be a boost or lead to a bust -- and there can be persuasive arguments in both directions.

If you're planning substantial crypto investments, understanding regulatory shifts and their implications is crucial. So here's what the latest big change is and what you need to do about it to stay ahead of the game.

The wild west is about to get even wilder

According to a report by The New York Times published on Feb. 4, the Securities and Exchange Commission (SEC) will be reducing its 50-person cryptocurrency law-enforcement group in keeping with the preferred policies of the new presidential administration. It's unclear if any or all of the activities originally assigned to the group will be handled by the newly formed Crypto Task Force created as part of an initiative by the new administration.