Despite his long absence from the epicentre of power, General Ibrahim Babangida remains a subject of constant fascinations. The attention commanded by his recently published autobiography, My Journey in Service, attests to his hold on the public imagination for good or evil. Love him or hate him, you dare not ignore him. Younger Nigerians may not understand the full import of Babangida’s allure, yet his career has so much to do with what we are today. This is the man offered a place in history by Destiny but who through his reckless idiosyncratic preoccupations, destroyed the house he had built with so much meticulous husbandry. He tried to ramble about the June 12 debacle by speaking through both ends of his mouth. Now all his story, whatever else he may be struggling with in his winter years, would be reduced to the tragedy of the man who annulled the freest election in Nigerian history.

It is a fact that Abiola did not have the opportunity to tell his own side of the story. Abiola was eager to display his love affairs with Babangida. In those days, as you climb the flight of stairs leading to the first floor of Abiola’s palatial mansion in Ikeja, you will see the giant picture of Babangida on the wall. Abiola wanted it be known that Babangida was his friend. He was very successful in his primary assignment of making money. He had almost everything. He kept acquiring more. He acquired good friends. He acquired a multitude of dangerous and envious enemies whom he thought were his friends.
During the Second Republic, Abiola made a spectacular foray into politics, colliding with the immovable obelisk of Yoruba politics, Chief Obafemi Awolowo, first Premier of the defunct Western Region. His ambition was high and he thought he had arrived. He had money and relied on the dangerous friends he had acquired in the military. One of them was Babangida.
It was believed that Abiola was recruited into millionairedom through his friendship with General Murtala Muhammed, General Yakubu Gowon’s Minister of Communications. It was a turbulent and profitable friendship and when Gowon was toppled in 1975, Abiola’s friend became the new Head of State. Six months later, Muhammed was assassinated during the botched coup of February 13, 1976 and Abiola’s kinsman, General Olusegun Obasanjo, became the new Head of State. It was an endless summer time for Abiola and the harvest was big. He found his way into the Constituent Assembly and made more friends.

One of his new friends was Alhaji Shehu Shagari, a suave subaltern of the late Sardauna of Sokoto, Alhaji Ahmadu Bello. Shagari was Abiola’s colleague at the Constituent Assembly. He was elected the first President of Nigeria under the new American style Constitution. Despite his money, Abiola’s National Party of Nigeria, NPN, did not make much inroads into Yorubaland. Despite the passage of years, the Yoruba people have not forgotten the Fulani, who dominated the NPN, as the traditional enemy. For almost 50 years in the 19th Century, the Fulani, after seizing Ilorin, an Oyo provincial town, by subterfuge, embarked on a ceaseless campaign to impose Fulani rule over the rest of Yorubaland on the presence that they were spreading Islam. They have succeeded in doing the same in Hausaland, where they killed all Hausa kings and replaced them with Fulani rulers. Their unforgiving and unrelenting quest for total power also manifested during the First Republic when they hounded Obafemi Awolowo into prison. By the time of Abiola’s bumptious challenge, Awolowo had joined the pantheon. To the Yoruba people, he was now an irunmole; one of those ageless deities inhabiting Oke Itase in the sacred land of Ile-Ife.

By 1982, Abiola was having a rethink. He left the NPN and claimed that he was no longer interested in partisan politics. However, when the military struck on December 31, 1983, sacking the regime of President Shagari, Abiola’s friends were back in power. Some people were even ready to speculate that Abiola was one of the sponsors of the coup that toppled the Shagari regime. He was flamboyant and large and through him, possibilities were many. He was very successful; too successful. That was the problem.

Among the stories of Orunmila, there was a man who was too well fed that he started looking for medicine that could burst his protruding belly. So, Abiola started looking for battles to fight. He sought and was given honours from different corners of the world. He was the Pillar of Sports in Africa. He was the Bashorun of Ibadan, a title once held by Oluyole, the Oyo prince who became the second ruler of Ibadan after the legendary Ife general, Lagelu. He wanted visibility. He wanted power! He had the unquenchable desire to change the world.

He soon started having trouble with his old friends. In 1991, the African Concord, one of the publications of the Concord Group of Newspapers owned by Abiola, wrote a story that annoyed the Babangida regime. The regime simply passed a decree banning all newspapers in the Concord stable including the National Concord, Sunday Concord, Weekend Concord, Isokan and Amana. When Abiola humiliatingly arranged a truce, asking his editor, Bayo Onanuga, to apologise, Onanuga refused flatly, declaring in a letter to Abiola: “I am not going to write any apology to anyone!” Instead, he resigned, along with his colleagues; Kunle Ajibade, Femi Ojudu, Dapo Olorunyomi and Seye Kehinde, to start TheNews magazine.

Despite his travails, Abiola still believed so much in Babangida. In 1992, I was among a group of journalists that travelled with him to Goree Island in Senegal, as part of his global campaign for reparation from the West for their two centuries of Trans-Atlantic Slave Trade. On our return journey, I sat beside him on the plane to conduct an interview for TELL magazine. He said he would not join politics again. “What else do I want in my life,” he said. I believed him.

Then he visited his friend in the newly built Aso Rock Presidential Villa, Abuja. Babangida took him on a tour of the palace, culminating in a pleasurable moment at the presidential office. “This would be your office,” Babangida told him. Abiola believed him and he plunged into the presidential race, culminating in the June 12 debacle.

My late boss, Mr Dele Giwa, the first Editor-in-Chief of Newswatch also believed that Babangida was his friend. Then one day early 1986, my colleague, Chuks Iluegbunam, was assigned to cover the opening day of the trial of Major-General Maman Vatsa and 15 others accused of plotting to topple the new military regime of Babangida. I told the Editorial Board of Newswatch that I believe Vatsa will be killed because he was put in handcuff and leg chains. You cannot do that to a general unless you are prepared to finish him.
“He is Babangida’s childhood friend,” Giwa said. “Babangida was his best man at his wedding.” Giwa believed Babangida would spare Vatsa.
Giwa was very sober when the news came via an announcement by General Domkat Bali that Vatsa and the others “have been executed about an hour ago!” Bali added with blatant irony: “In the military, the price of treason is death!”

After that death came for Giwa on October 19, 1986 wearing the innocent mask of a parcel.
Babangida said in his book that he did know anything about the death of Dele Giwa. I believe him.

He would have a lot of explanations to make when he finally makes the inevitable journey to God’s Headquarters. He may have to contend with many restless ghosts before he finally keeps that appointment before the Judgement Throne. Then his comprehensive mendacity may not be of any use. Francois-Marie Arouet, better known as Voltaire, his nom de plume, the French philosopher of the 18th Century said: “Lord, protect me from my friends; I can take care of my enemies!”

-the end-

Some retail outlets belonging to the Nigerian National Petroleum Company Limited have adjusted the petrol pump price to N860 per litre.

PUNCH Online observed that while there is no official communication from the NNPCL Retail yet, some stations in Lagos adjusted their pumps to N860 per litre, down from N945 as of Sunday.

This comes a few days after the Dangote Refinery reduced its ex-depot petrol price from N890 to N825 per litre.

NNPC spokesperson, Olufemi Soneye, did not respond to calls or messages regarding the development.

However, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the development to PUNCH Online.

“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal,” the IPMAN leader said.

Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said, “They reduced the pump price earlier this morning but I’m yet to get the details.”

The Dangote Refinery announced a price cut last week Wednesday, setting another price regime for the petrol market in Nigeria.

[Punch]

The world’s highest paid CEOs are not just business leaders: they are visionaries shaping industries and driving massive financial growth.

Their compensation, often tied to stock performance and company success, reflects their impact on the global economy.

Here’s a look at the highest paid CEOs and their contributions to their respective companies, per TOI World Desk data:

1. Elon Musk (Tesla) – $23.5 Billion

Elon Musk, the CEO of Tesla, has played a transformative role in the electric vehicle (EV) industry. His compensation package, estimated at $23.5 billion, is primarily tied to stock options linked to Tesla’s market performance. Under his leadership, Tesla has maintained its dominance in the EV market, demonstrating remarkable financial growth and innovation in sustainable technology.

2. Tim Cook (Apple) – $770.5 Million

Since taking over as Apple’s CEO in 2011, Tim Cook has guided the company to unprecedented success and finds himself among the highest paid CEOs in the world. Under his leadership, Apple became the first company to reach a $2 trillion valuation. His compensation, totaling $770.5 million, includes stock grants and bonuses, reflecting his pivotal role in driving innovation across products like the iPhone, iPad, and Apple Watch.

3. Sundar Pichai (Alphabet) – $280 Million

Sundar Pichai, CEO of Alphabet, Google’s parent company, has been instrumental in the company’s dominance in search, advertising, and cloud computing. His estimated salary of $280 million underscores his leadership in steering Google Search, YouTube, and Google Cloud toward continued global expansion and innovation.

4. Jensen Huang (Nvidia) – $561 Million

Jensen Huang, the CEO of Nvidia, has led the company to remarkable heights, particularly in AI and gaming technology. His compensation of $561 million is largely based on stock options, reflecting Nvidia’s rapid growth and its emergence as a leader in AI and graphics processing.

5. Reed Hastings (Netflix) – $453.5 Million

Reed Hastings, co-founder and CEO of Netflix, has reshaped the entertainment industry with his pioneering leadership in streaming services. His compensation of $453.5 million highlights his role in Netflix’s global expansion and its dominance in digital content distribution.

6. Leonard Schleifer (Regeneron Pharmaceuticals) – $452.9 Million

Leonard Schleifer, CEO of Regeneron Pharmaceuticals, has overseen groundbreaking advancements in biopharmaceuticals. His $452.9 million compensation, largely derived from stock options, is a testament to Regeneron’s success in developing innovative treatments for diseases such as cancer and eye disorders.

7. Marc Benioff (Salesforce) – $439.4 Million

Marc Benioff, CEO of Salesforce, has revolutionized customer relationship management (CRM) software. His $439.4 million compensation reflects his leadership in expanding Salesforce’s reach through acquisitions and advancements in cloud computing and AI-driven business solutions.

8. Satya Nadella (Microsoft) – $309.4 Million

Under Satya Nadella’s leadership, Microsoft has evolved from a software giant to a cloud computing powerhouse. His $309.4 million compensation underscores his role in driving success through Azure, gaming, and productivity tools, significantly boosting Microsoft’s global influence.

9. Robert A. Kotick (Activision Blizzard) – $296.7 Million

Robert A. Kotick, CEO of Activision Blizzard, has overseen the company’s success in the gaming industry, with franchises such as Call of Duty and World of Warcraft. His $296.7 million compensation package, heavily based on stock options, reflects his role in the company’s expansion and market dominance.

10. Hock E. Tan (Broadcom) – $288 Million

Hock E. Tan, CEO of Broadcom, has played a strategic role in the semiconductor industry, leading the company to significant growth. His $288 million compensation underscores his impact on innovation and acquisitions that have strengthened Broadcom’s position in telecommunications, data centers, and consumer electronics.

Vanguard News

Patrick Doyle, the ace Nigerian actor, has weighed in on the sex-for-Lamborghini controversy between Burna Boy and Sophia Egbueje, the socialite.

The controversy began after an audio recording where Sophia claimed that Burna Boy had promised to buy her a Lamborghini, but reneged on his pledge after they became intimate.

She alleged that he gave excuses for not buying the car, prompting her to block him and purchase the vehicle herself.

A few days after the audio circulated online, she shared a video of a Lamborghini being delivered to her house.

Doyle took to his Facebook page to criticize Sophia and those who congratulated her on acquiring the luxury vehicle.

He questioned how people could praise her despite the rumours surrounding her means of livelihood, which he described as “shameful”.

Doyle condemned the “romanticising of iniquity” and the tendency to celebrate questionable behavior, calling out those who congratulated Sophia as “half-wits” and “dim wits.”

“She boasted about the value of her wrist watch and flaunted a 600 million naira car. The combined value of both items is in the range of 650 to 750 million naira,” he wrote.

“Some half wits were impressed and effusively congratulated her as she smiled and flaunted both items. As if we hadn’t heard about her shameful means of livelihood.

“Meanwhile, I can bet that there are members of her extended who are going through a tough time. The romanticising of iniquity has become the stock in trade of dim wits amongst us.”

Burna Boy had earlier shared a video of himself singing, seemingly mocking Egbueje for making a fuss about the issue.

[TheCable]

Hon. Mojisola Meranda, the first female speaker of the Lagos State House of Assembly, has tendered her resignation, effective immediately. This dramatic exit comes just 49 days after she made history by becoming the first woman to assume the role.

Meranda's resignation was announced after a meeting with key stakeholders, including embattled former Speaker, Hon Mudashiru Obasa, who has been challenging her legitimacy in court. The meeting, which also included APC Chairman Cornelius Ojelabi and Attorney-General Lawal Pedro, seemed to have sealed Meranda's fate.

Meranda's brief tenure was marked by controversy, with Obasa questioning the legitimacy of her election. Despite this, she had garnered support from some lawmakers, who passed a vote of confidence in her leadership just yesterday.

Her sudden exit had left many wondering if the assembly would plunge into further turmoil or if a new leader would emerge to steer the ship. Obasa's return has brought a mix of reactions, with some lawmakers expressing relief and others questioning the implications of his re-election.

As the assembly seeks stability, Obasa's re-election raises questions about the future of the institution. Who is the unseen hands behind the sceen? Will he be able to restore order and confidence among lawmakers, or will the controversy surrounding his return create more challenges?

Despite her sudden exit, she has reaffirmed her commitment to serving the people of Apapa 1 constituency. In fact, she was re-elected as Deputy Speaker in a surprise move, sparking speculation about her future plans.

The Governor of Anambra State, Professor Chukwuma Charles Soludo, CFR, has expressed sincere felicitations and best wishes to esteemed Muslim brothers and sisters in Anambra State and across Nigeria as they commence the holy month of Ramadan fast.

In his goodwill message, Governor Soludo stated that Ramadan, a period of profound spiritual reflection, self-discipline, and heightened devotion, offers a unique opportunity for Muslims to strengthen their connection with the Almighty Allah, foster unity, and extend compassion to those in need.

This sacred month reinforces the timeless values of charity, empathy, and peaceful coexistence, which are fundamental to building a harmonious and progressive society.

The Governor went further to assure that Anambra State deeply values the contributions of the Muslim community to the socio-economic dynamism of the state, encouraging all faithful to use this auspicious period to deepen their faith and pray for the continued peace and prosperity of Anambra State and Nigeria.

Governor Soludo, therefore, wishes all Muslims a blessed and rewarding Ramadan and prays that the Almighty Allah grants them the strength and grace to successfully complete the fast.

Signed:

Christian Aburime
Press Secretary to the Governor

Organised crime in Nigeria is like a tap root with its grip firm and difficult to detach, all thanks to systemic weaknesses and institutional failures. This crime epidemic is not just a statistic, but a harsh reality that affects Nigerians daily. Most citizens agree on three fundamental issues regarding crime in Nigeria: the high success rate of organised crime, the fact that socioeconomic conditions create a breeding ground, and the weakness of governmental structures and institutions.

 Criminal enterprises continue to grow with little resistance from law enforcement, and widespread poverty, hunger, and unemployment push many into criminal activities as a means of survival. According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate stood above 34% in 2023, with youth unemployment exceeding 42%, creating a vast pool of potential recruits for organized crime. 

Corruption, inefficiency, and lack of accountability have allowed criminals to overpower the justice system. The inability of security agencies to curb the growing influence of organized crime has emboldened criminals, who operate with little fear of repercussions. This situation has created a vicious cycle where crime flourishes, law enforcement remains ineffective, and public confidence in governance continues to erode. The Global Organized Crime Index 2021 ranked Nigeria as the 6th most criminally entrenched country globally, highlighting the country’s struggle with illicit markets, criminal networks, and state-embedded actors. The absence of a strong judicial deterrent has led to an increasing number of young Nigerians being drawn into illegal activities. 

A recent warning by the Economic and Financial Crimes Commission (EFCC) chairman highlighted how foreign criminal groups embed themselves within Nigerian cities. These syndicates recruit young Nigerians into sophisticated cybercrimes, particularly cryptocurrency fraud, with global financial implications. Adding to the concerns, the EFCC has alleged that foreign fraud syndicates are importing arms into Nigeria using cryptocurrency as a payment mode. This development raises serious national security concerns and underscores the critical need for stricter monitoring of digital financial transactions. International collaboration is not just beneficial, but necessary in our efforts to combat crime. 

High-profile cases of fraud, drug trafficking, and financial crimes fuel Nigeria’s reputation as a centre for organized crime. Failing to combat these crimes has led to travel restrictions, financial monitoring, and diplomatic strain between Nigeria and other nations. The reputational damage is enormous, and the implication is visible when you see how innocent Nigerians are searched and treated like criminals at airports and other gateways in countries around the world. 

Despite efforts by law enforcement agencies, organized crime thrives due to systemic weaknesses. Nigeria has become a global hotspot for internet fraud, ranging from phishing scams to Business Email Compromise (BEC) fraud. The rise of “Yahoo Yahoo” (online fraudsters) has normalized cybercrime among youths, many of whom view it as a lucrative alternative to legitimate employment. A Nigerian Communications Commission (NCC) report estimated that cybercrime costs the Nigerian economy over $500 million annually. 

The infamous “419 scam” (named after Nigeria’s penal code section on fraud) remains a persistent issue, targeting individuals and businesses worldwide. Nigeria has become the butt of jokes around the world when comedians and the likes evoke the image of “a scam Nigerian rich prince looking for someone in the West to help him luander his family wealth”. 

Nigeria faces severe security challenges from Boko Haram, ISWAP, and other militant groups. However, the Nigerian government is not sitting idly by. Due to regulatory loopholes, the banking system has become an avenue for terrorist financing. In response, the Nigerian government implemented the Terrorism (Prevention and Prohibition) Act of 2022 and the Money Laundering (Prevention and Prohibition) Act of 2022 to curb terrorist financing. However, enforcement remains weak, and more needs to be done to strengthen these measures. 

Kidnapping for ransom has become one of the most lucrative criminal activities in Nigeria. According to the National Bureau of Statistics (NBS}, Nigerians paid approximately N2.23 trillion as ransom to kidnapers between May 223 and Aril 224. Victims range from schoolchildren to high-profile politicians and business executives. Many kidnappers operate with impunity due to compromised security forces. 

Fraudulent investment schemes prey on Nigerians’ economic desperation, often collapsing and leaving thousands financially devastated. High-profile Ponzi schemes such as MMM Nigeria defrauded millions of Nigerians, and most recently, investment scams such as MBA Forex and Chinmark have left investors with billions of naira in losses. The government’s failure to properly regulate investment platforms and prosecute perpetrators has contributed to the continued rise of Ponzi schemes.

Nigeria is also a transit point for illegal arms trafficking, fueling conflicts and criminal enterprises. The porous borders allow weapons to flow freely into the country, exacerbating insecurity. Reports by the Small Arms Survey indicate that over 70% of the estimated 500 million illegal small arms circulating in West Africa are in Nigeria, aiding insurgents, bandits, and criminal syndicates. The unchecked smuggling of firearms contributes significantly to rising violence and organized crime activities, including armed robbery and terrorism.

Nigerian drug syndicates operate both locally and internationally, with high-profile cases of cocaine and heroin trafficking. In 2022, the National Drug Law Enforcement Agency (NDLEA) seized over 3.6 million kilograms of illicit drugs, including heroin, cocaine, and methamphetamine, across various states. Despite these efforts, corruption within law enforcement agencies often compromises investigations, allowing drug barons to operate with impunity. The international reach of Nigerian drug cartels has been evident in cases such as the arrest of Nigerian nationals involved in heroin trafficking in Southeast Asia, where drug-related offences carry the death penalty.

The theft and illegal crude oil refining have cost Nigeria billions in revenue. The Nigerian National Petroleum Company (NNPC) estimates that the country loses about 400,000 barrels of crude oil daily to theft, amounting to over $3 billion annually. Militants, local cartels, and corrupt government officials are deeply involved in this illicit trade. The environmental consequences of illegal oil bunkering are severe, with widespread pollution in the Niger Delta region leading to health crises and economic devastation for local communities. 

Additionally, illegal mining of valuable minerals like gold and lithium is widespread, often controlled by criminal groups that exploit weak regulations. Reports by the Nigeria Extractive Industries Transparency Initiative (NEITI) reveal that the country loses billions in revenue due to unregulated mining activities. In Zamfara and Osun states, illegal gold mining has been linked to armed banditry, with criminal gangs using proceeds to fund violent attacks. Foreign companies, often operating with local collaborators, smuggle precious minerals out of Nigeria, depriving the nation of much-needed economic gains. 

Several factors contribute to the high success rate of organized crime in Nigeria. The lack of a reliable national identification and address system makes tracking criminals difficult, as many citizens operate without proper documentation. Nigeria has created a NIN data base but still it has not been appropriately used to combat crime. Rapid urbanization has led to an unregulated population boom, overwhelming security agencies. Unemployment remains a key driver of crime, pushing many young people towards fraudulent activities. The societal pressure to attain wealth at any cost has normalized corruption and criminal behaviour. 

Many criminals evade justice due to bribery and judicial inefficiencies, further eroding trust in the legal system. Corruption at all levels of government enables organized crime to flourish, from law enforcement officials who accept bribes to policymakers who ignore illicit activities. Ineffective policies and weak political will prevent meaningful reforms, allowing criminal networks to strengthen.

Despite the challenges, Nigeria can still reverse the trend of organized crime with strategic interventions. The first necessary step is a comprehensive process of reform, involving de-criminalization of the relevant agencies. You cannot use officially licensed criminal cartels to fight casual criminals. Strengthening law enforcement and judicial systems is critical, but the role of the public is equally important. Citizens should be vigilant and report any suspicious activities to the authorities. Security agencies require better funding and training, and the public can support these efforts by providing information and cooperating with investigations. 

Judicial reforms should ensure speedy trials and strict sentencing for criminals. The judiciary must uphold strict interpretations of the law, and courts should deliver appropriate punishments for criminal offences. Judges must resist external influences, bribery, and political interference. Enforcing harsher penalties for criminal activities is essential. Laws against cybercrime, kidnapping, and fraud should be strictly enforced, and high-profile criminals should be prosecuted as deterrents.

Enforcing stricter financial regulations will help disrupt criminal financing. Strengthening anti-money laundering measures and improving surveillance of cryptocurrency transactions are necessary steps. Implementing a national identification and address system will help track criminals and reduce identity fraud. Citizens should be required to register with verifiable addresses. 

Addressing unemployment and poverty through job creation programmes and entrepreneurship initiatives will discourage youth involvement in crime. Combating corruption and improving governance will require more assertive and independent anti-corruption agencies. Government officials found complicit in organized crime should be held accountable. 

Nigeria stands at a crossroads. The country can either continue on its current path, where crime syndicates dictate the rules or take bold and decisive action to reclaim national security and stability. The government must demonstrate an unwavering commitment to justice, ensuring crime is met with swift and appropriate punishment. Citizens must demand accountability from leaders and refuse to normalize corruption. 

A functioning society cannot exist where crime thrives unchecked. It is time for Nigeria to embrace the rule of law, restore public trust, and build a nation where security and justice prevail over criminal enterprise. The fight against organized crime is not just a fight for governance—it is a fight for the nation’s soul. Without urgent intervention, Nigeria risks deeper instability and economic decline. The future of Nigeria depends on a collective effort to restore law, order, and justice.

Bitcoin experienced a substantial increase, climbing around 20% from its recent lows, while other cryptocurrencies mentioned by President Donald Trump in a recent Truth Social post also experienced a sharp rise.

Market action showed Bitcoin rallied as high as $95K on Sunday after the president’s announcement via social media. Bitcoin cooled at $93K at the time of publication.

Trump suggested that his January executive order on digital assets would create a reserve of currencies in the U.S., including Bitcoin, Ether, XRP, Solana, and Cardano.

The president of the world’s most powerful economy revealed the plan in a Sunday post on his social media platform, Truth Social, stating that a presidential working group had been instructed to move forward with the reserve’s establishment

“The initiative aims to support the crypto industry and strengthen America’s position in the global digital asset market,” he said. “After years of corrupt attacks by the Biden Administration, a US Crypto Reserve will elevate this critical industry, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump stated. 

This announcement led to a positive change in sentiment for the world’s largest cryptocurrency, which had been losing ground since mid-January due to disappointment over Trump’s inaction in relaxing regulatory policies. Over a fifth of Bitcoin’s value has been taken off the price since it peaked at $109,000 in early January

Trump disclosed plans to create a Crypto strategic reserve in the United States in the last quarter of 2024, indicating his support for the cryptocurrency industry.

He declared, “We’re going to do something great with crypto because we don’t want China or anybody else to embrace it, but others are, and we want to be ahead.” 

Bitcoin dropped more than 17 percent last month, marking its largest monthly percentage decline since June 2022.

Optimism that the crypto-friendly president would support a strategic Bitcoin fund and end the Biden administration’s crackdown on the sector has propelled its rally since Trump’s election in November.

However, investors haven’t heard much specific news about that policy thus far, aside from the rush of tech-friendly officials Trump appointed to office.

Technical analysis  

Recent market activity shows that Bitcoin could extend the rally to retest its next resistance level at $100,000 if it continues to recover.

The daily chart’s Relative Strength Index (RSI) now stands close to neutral, suggesting improved market sentiment.

The RSI needs to move above its neutral level of 50 for the bullish momentum to continue. However, if Bitcoin continues to fall and closes below the $90,000 support level, it may retest its $85,000 daily support.

President Trump’s position on cryptocurrencies has changed over time. He was initially dubious, but in keeping with his pledge to make America a center for cryptocurrency innovation, he has lately taken a more encouraging stance.

This commitment is demonstrated by the issuance of Executive Order 14178, which instructs federal agencies to create frameworks that facilitate the integration and regulation of digital assets.

America’s Crypto Czar confirms Trump’s strategy 

White House AI and crypto czar David Sacks has endorsed President Donald Trump’s declaration of an American strategic reserve for cryptocurrency.

“President Trump has announced a Crypto Strategic Reserve consisting of bitcoin and other top cryptocurrencies,” Sacks wrote in a post on the social media site X.  President Trump is making the U.S the “World’s Crypto Capital.’

Sacks announced plans for a major industry gathering: “On Friday, March 7, President Trump will host the first White House Crypto Summit.. Prominent CEOs, investors, and founders from the cryptocurrency sector will be among the attendees. I hope to see you all there!”

The summit is anticipated to help the administration and important stakeholders communicate, strengthening America’s prominent position in the global crypto industry

[Nairametrics]

As the leadership crisis in the Lagos State House of Assembly deepens, sources within the Presidency and the All Progressives Congress (APC) leadership have hinted at a possible judicial resolution if efforts to reinstate Mudashiru Obasa fail.

Despite intense lobbying from political heavyweights, the majority of lawmakers remain steadfast in their support for Speaker Mojisola Meranda, creating a stalemate between the two factions.

Naija News reports that a highly placed source within the Presidency told Vanguard, “The President is insisting Obasa must return but the Assembly members are also throwing their weight behind Meranda.

“The two camps do not want to shift grounds. As it is, the court will decide who the Speaker is and you know how judicial process works, it will move from the High Court to Appeal Court and from there, to the Supreme Court; the court will decide.”

The legal process, according to insiders, could be drawn out, moving from the High Court to the Court of Appeal, and eventually, to the Supreme Court a situation that could leave the Assembly in limbo for months.

Meanwhile, Obasa has taken the legal route, suing Meranda, the Assembly, and 36 lawmakers in a bid to overturn what he describes as his “unlawful removal.”

The case, currently before Justice Yetunde Rukayat Pinheiro of the Lagos State High Court, Ikeja, was adjourned last Friday to March 7, when pending applications are expected to be heard.

[NaijaNews]

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to instruct the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to halt the increase in Automated Teller Machine (ATM) transaction fees pending the conclusion of the lawsuit on its legality.

SERAP stated that if the CBN implements the ATM fee increase while the suit is still pending before the Federal High Court in Lagos, it would undermine the judicial process and the rule of law.

The civil society organisation, which made the argument in an open letter dated March 1, 2025, signed by its Deputy Director Kolawole Oluwadare, also asserted that the apex bank must suspend the increase and wait for the lawsuit’s outcome.

SERAP further urged the president to seek legal advice from the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN),, regarding the CBN’s legal responsibility to uphold the rule of law by suspending the ATM fee increase while the lawsuit is pending.

This lawsuit followed the CBN’s announcement that ATM withdrawals at bank-owned machines outside their branch premises would now incur a fee of N100 for every N20,000 withdrawn.

Withdrawals made at shopping centres, airports, or standalone cash points would incur a fee of N100 plus a surcharge of up to N500.

In the open letter, SERAP stated that suspending the fee increase would align with the letter and spirit of the 1999 Nigerian Constitution (as amended), the president’s oath of office, and repeated promises to uphold the rule of law.

The organisation insisted that the CBN has the responsibility to uphold due process, protect the integrity of the judicial process, and ensure that its operations do not undermine the rule of law or the court.

It also maintained that the CBN must maintain the status quo as of February 26, 2025, when the court documents were duly served, and during the lawsuit filed by SERAP concerning the ATM fee hike before the Federal High Court in Lagos.

SERAP stated, “The CBN is not permitted to act in ways that would disregard the public interest or create a situation of complete helplessness for the Federal High Court.

“Nigerian courts disapprove of acts of self-help and respond swiftly to such conduct to reinforce that they will not be manipulated to hinder one party while allowing the other to benefit extrajudicially.

“Implementing the increase in ATM transaction fees while the upheld court processes and lawsuit are pending would directly threaten the integrity of the country’s judicial system and the rule of law.

“The credibility and relevance of the judicial system are at risk of being compromised, which could encourage other ministries, departments, and agencies (MDAs) to adopt similarly dismissive attitudes toward pending legal cases.

“The CBN must fulfil its general duty to act in good faith and avoid actions that might undermine the integrity of the judicial process by promptly suspending the increased ATM transaction fees until the lawsuit is heard and resolved.

“We would appreciate urgent action on the recommended measures to uphold the integrity of the judicial process and the rule of law.

“It is in the public’s interest to ensure that the streams of justice remain clear and pure, maintaining the authority and integrity of the court in this matter.

“SERAP filed the lawsuit on February 21, 2025, under number FHC/L/CS/344/2025, against the CBN due to its failure to reverse the unfair and unreasonable increase in ATM transaction fees.

“The court documents were officially served to the CBN in Abuja on February 26, 2025, and the CBN has acknowledged receipt.

“In the lawsuit at the Federal High Court in Lagos, SERAP is asking the court to determine whether the CBN’s decision to increase ATM transaction fees was arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act of 2018.

“It is crucial to keep the streams of justice clear and pure and to uphold the authority and integrity of the court in this case,” SERAP stated.

[Leadership]