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Senate President Godswill Akpabio has distanced himself from a planned rally purportedly organised in his name by a group known as the Progressive Peoples’ Resolution (PPR).
The group is led by Ubong Idemudo.
In a statement issued by Jackson Udom, his special assistant on media, the senate president said he was unaware of any such demonstration scheduled to take place in Akwa Ibom on April 4.
He urged his supporters and residents of the state to disregard the event and go about their normal activities.
According to the statement, intelligence suggests that the rally is being orchestrated by “fifth columnists” seeking to exploit Akpabio’s name for ulterior motives.
“The planned rally, from information pieced together, is the handiwork of fifth columnists trying to use the name of the Senate President to achieve their devilish goal,” the statement reads.
The senate president also called on the police and other security agencies to step in, describing the event as “satanic”.
“The police and other security agencies in the state are by this statement directed to ensure that such satanic rally is not allowed to hold, as such has no approval of the Senate President,” the statement added.
[TheCable]
The political adviser to President Bola Ahmed Tinubu, Dr. Hakeem Baba-Ahmed, has tendered his resignation.
Sources within the presidency confirmed to Daily Trust that Baba-Ahmed, a former spokesman for the Northern Elders Forum (NEF), submitted his resignation about two weeks ago. However, as of the time of reporting, it remains unclear whether the presidency has formally accepted his resignation.
Baba-Ahmed was appointed Special Adviser on Political Matters in the Office of Vice President Kashim Shettima in September 2023. Throughout his tenure, he represented the presidency at various public events, including the national conference themed: “Strengthening Nigeria’s Democracy: Pathway to Good Governance and Political Integrity,” held in January 2025 in Abuja.
Resignation Amid Criticism
Dr. Baba-Ahmed’s role within the presidency had attracted occasional criticism. A notable point of contention arose in April 2024, when Bello Mohammed Matawalle, the Minister of State for Defence, criticized northern appointees, including Baba-Ahmed, for failing to defend the administration amidst accusations of misrepresentation.
Matawalle took aim at Baba-Ahmed’s criticisms of the NEF, particularly Baba-Ahmed’s response to Matawalle’s dismissal of the group as a “political paperweight.” Baba-Ahmed had suggested that Matawalle should focus on highlighting his own achievements as a minister rather than attacking the NEF.
In response, Matawalle insisted that government appointees, including Baba-Ahmed, had a duty to support and defend the administration.
“Every appointee of President Tinubu, including Dr. Baba-Ahmed, owes the government a duty to promote, elucidate, and advance its good works and commendable efforts across all sectors,” Matawalle emphasized.
Dr. Hakeem Baba-Ahmed: A Glimpse into His Career
Dr. Hakeem Baba-Ahmed (born September 11, 1955) is a seasoned public servant with extensive experience in Nigeria’s governance and civil service. He hails from Kaduna State and is a practicing Muslim.
Baba-Ahmed holds a PhD and has studied at institutions such as Ahmadu Bello University (ABU), Zaria, the London School of Economics, and the University of Sussex. He began his career as a lecturer before transitioning to the civil service, where he served in various capacities, including as Permanent Secretary in the Federal Civil Service.
He held prominent positions throughout his career, including Secretary to the Kaduna State Government and Secretary to the Independent National Electoral Commission (INEC). Baba-Ahmed’s contributions to governance earned him the national honor of Officer of the Federal Republic (OFR).
Before his appointment as Special Adviser to the President, Baba-Ahmed was the Director of Publicity and Advocacy for the Northern Elders Forum (NEF), a position where he frequently voiced his opinions on policies affecting the North and the broader Nigerian populace.
Natasha Akpoti-Uduaghan, the senator representing Kogi central, says she will present evidence to support her allegations of sexual harassment against Senate President Godswill Akpabio.
Speaking on Thursday during her appearance on Channels Television’s Politics Today programme, the Kogi senator said the evidence would be presented “at the right time”.
“At the right time and at the right space, I will present the evidence that I have (against Akpabio),” she said.
Akpoti-Uduaghan’s comments come after weeks of controversy surrounding her allegations against Akpabio.
The lawmaker was suspended on March 6 for “gross misconduct” following her seating arrangement altercation with Akpabio.
Afterwards, Akpoti-Uduaghan accused the senate president of making inappropriate advances towards her during a visit to his home in Akwa Ibom state on December 8, 2023.
The senator alleged that Akpabio implied she should “take care” of him if she wanted favourable treatment in the red chamber.
On March 1, Ekaette Akpabio, wife of the senate president, filed multiple lawsuits against Akpoti-Uduaghan over alleged defamatory comments made against her husband.
On March 5, Akpabio denied sexually harassing Akpoti-Uduaghan.
“At no time did I ever attempt any sexual harassment on the said distinguished senator Akpoti-Uduaghan or any other woman for that matter,” Akpabio had said.
“I and my siblings were raised very well by my late single mother, who died in 2000, through very difficult times. And I therefore have the highest regard for women.”
During the show, Akpoti-Uduaghan also dared Akpabio to press charges over the allegation of death threat she levelled against him.
“I am hearing that the senate president wants to sue me for that; I will tell him to go ahead. We will meet and cross that bridge,” she said.
When asked to substantiate her allegation, Akpoti-Uduaghan responded, “Let us get to that bridge”.
Saudi Arabia authorities have denied issuing a viral memo notifying travellers of visa restrictions and an entry ban.
The memo named Egypt, India, Pakistan, Morocco, Tunisia, Yemen, and Algeria among the countries facing the restrictions.
Nigeria, Jordan, Sudan, Iraq, Indonesia, Ethiopia, and Bangladesh were also listed as restricted from applying for new short-term Saudi visas, including visas for business, visits (single/multi-entry), tourism, and family visits.
The restrictions are scheduled to take effect April 13, the memo claimed.
The document added that citizens from the listed countries would not be permitted to enter Saudi Arabia from the effective date even if they hold valid visas.
“Non-compliance may result in a 5-year ban from entering KSA,” the statement said.
However, the Saudi Tourism Centre debunked the document as unofficial when contacted by TheCable.
The agency told TheCable that the only circular issued by the Saudi authorities were guidelines around hajj travels.
“Anyone holding a Tourist visa is not permitted to perform Hajj, enter or stay inside Makkah during 01 Thul Quda to 14 Thul Hijjah 1446 AH (29 April to 11 June 2025 AD),” the Saudi agency said on Thursday.
The Saudi hajj visa is granted exclusively for the hajj pilgrimage and is valid only during the Muslim holy period.
Muslims seeking to visit Saudi Arabia are required to apply for a hajj visa other than a tourist visa.
The President of the Senate, Senator Godswill Akpabio has dismissed claims that he is in support of a planned rally purported to be in support of him slated to hold today 4th April 2025.
The rally is said to be organised by an association tagged, Progressive Peoples’ Resolution (PPR) and led by one Ubong Idemudo, a known controversial character.
However, speaking via a statement signed on Thursday by his Special Assistant, Media, Jackson Udom, the Senate President called on the Police and other security agencies in the state to ensure that such a satanic rally was not allowed to hold, as such did not get his approval.
The statement is titled, ”Disregard any rally in Akwa Ibom purported to be in support of Senate President Godswill Akpabio, GCON.”
The statement read, “The attention of the office of the President of the Senate, Godswill Akpabio, has been drawn to a planned rally purported to be in support of the Senate President and organised by an unknown association by name; Progressive Peoples’ Resolution (PPR) and led by one Ubong Idemudo, a known controversial character, slated for tomorrow 4th April, 2025.
“The President of the Senate is not aware of any rally organised in his support at any venue in Akwa Ibom and therefore urges his supporters and the peace loving people of Akwa Ibom State to disregard such rally and go about their lawful duties.
“The planned rally, from information pieced together, is the handiwork of fifth columnists trying to use the name of the Senate President to achieve their devilish goal.
“The Police and other security agencies in the state are by this statement directed to ensure that such satanic rally is not allowed to hold, as such has no approval of the Senate President.”
The Edo chapter of the National Youth Service Corps (NYSC) has extended the service of some corps members by 90 days.
The punishment, TheCable understands, was approved by Frances Ben-Ushie, the Edo state coordinator of NYSC.
The affected corps members were penalised for protesting their unpaid N77,000 allowance in a social media group.
They learned of their punishment after receiving a “notification of extension of service” instead of the expected discharge certificates.
The NYSC management in Edo sanctioned the corps members with a 90-day service extension without pay.
The sanctioned corps members, it is understood, were originally scheduled to complete their service year on March 17, 2025.
However, the punishment has drawn criticism from social media users, with many arguing that the penalty does not match the offense.
Among the critics is Omoyele Sowore, the 2023 presidential candidate under African Action Congress (AAC), who said the action is “unacceptable and therefore, will not stand”.
“NYSC in Edo is punishing corps members with a 90-day extension—without pay—for simply demanding their rightful ₦77,000 allowance?” a user of the microblogging site X asked.
“Instead of addressing the non-payment, they resort to oppression. This is exploitation, not service to the nation! Unacceptable!”
Another user argued that the corps members deserved to be punished for their actions.
“Well, it serves them right. But I 100% know the new @officialnyscng, as a regular will temper justice with mercy by releasing them,” the post read.
The national leadership of the Peoples Democratic Party (PDP) has maintained that its candidate, Asue Ighodalo, won the 2024 Edo State governorship election.
This is as the party rejected the verdict of the Edo governorship tribunal, which upheld the victory of Governor Monday Okpebholo of the All Progressives Congress (APC).
The PDP, in a statement on Thursday by its National Publicity Secretary, Debo Ologunagba, said the verdict of the tribunal is a violation of judicial impartiality and a betrayal of the trust of Nigerians in the judiciary.
The PDP said it came to the conclusion after a thorough review of the tribunal’s verdict.
The statement added that despite the verdict, the PDP and its candidate are proceeding to the Appeal Court and believe the higher court would deliver justice.
“The national leadership of the Peoples Democratic Party (PDP) after a thorough review of the judgment of the Edo State Governorship Election Petition Tribunal asserts that the verdict is an absolute miscarriage of justice and a complete betrayal of the trust Nigerians, particularly the people of Edo State invested in the Election Tribunal.
“The PDP insists that with the avalanche of evidence as properly presented and also duly admitted by the Tribunal, it was clear that its candidate, Dr. Asue Ighodalo won the September 21, 2024 Edo State Governorship election, having scored the highest number of valid votes cast in the election.
“It is very disturbing that despite the overwhelming evidence and findings by the Tribunal that the PDP was robbed of its clear victory at the election through manipulations including wrongful allocation of votes to the All Progressives Congress (APC), arbitrary and illegal cancellation of valid votes won by the PDP, the Election Tribunal contradicted itself by coming to a conclusion that is at variance with its own findings.
“More distressing is that this judgment by the Edo State Governorship Election Petition Tribunal constitutes a major threat to the confidence Nigerians have in democracy and adjudication of electoral matters.
“It is instructive to note that democracy can only thrive in an atmosphere of adherence to the Rule of Law and adjudication of issues which can only be accepted by the people when indeed a tribunal of such nature impartially apply the law, the facts and body of evidence made available to it at proceedings
“However, consistent with PDP’s avowed belief in the capacity of the judiciary to, in appropriate cases, ensure that justice is done, our Party and candidate Dr. Asue Ighodalo are proceeding to the Court of Appeal where we believe that there will be a conscientious judicial review of the matter to give justice to the people of Edo State.
“In the meantime, the PDP calls on the people of Edo State to remain resolute and not allow the verdict of the Election Tribunal to dampen their confidence in the institution of the Judiciary and democracy in Nigeria as they await the restoration of the mandate they freely gave to our Party and candidate, Dr. Asue Ighodalo at the election,” the statement read.
A private hospital located in Iwerekun 1, Ibeju/Lekki, Lagos, As Salam Convalescent Centre, has denied claims that it demanded an upfront payment of ₦500,000 before treating a pregnant woman, Kemi, who later died from complications related to her pregnancy.
Kemi’s husband, Akinbobola Folajimi, made the allegations in a viral video, accusing the hospital of refusing to provide medical treatment to his wife due to his inability to make the upfront payment. In the video, Folajimi is seen desperately trying to keep his wife conscious as she lay weak inside a car.
In his emotional post, Folajimi recounted the tragic events that led to his wife’s death. He claimed that after being turned away by the private hospital, they were referred to a general hospital in Epe, where Kemi passed away.
He stated, “The doctor told me to deposit ₦500,000, and I begged him to start doing whatever was needed to save my wife while I ran around for the money. But they drove us out like they didn’t care. Unfortunately, they blindly rejected us and asked me to take her to the General Hospital at Epe, even though the doctor knew that Epe from Lakwe is way too far for her condition. Before we rushed her to Epe, she was gone.”
Folajimi’s emotional video sparked widespread condemnation, with many demanding reforms to ensure medical institutions are held accountable for such alleged neglect.
However, in a telephone interview with Punch on Thursday, the founder of As Salam Convalescent Centre, Rauf Salami, denied the allegations. He stated that the hospital never demanded any payment and that the primary concern was the patient’s critical condition.
Salami explained, “On the day in question, a pregnant woman was brought to our centre. My colleague on duty reported that she had convulsed twice at home before arrival. Upon examination, it was clear that she required immediate blood transfusion and surgical attention. Given the complexity of the case, we advised the husband to take her to the Epe General Hospital, which is better equipped to handle such emergencies.”
Salami further clarified that Kemi was not a registered patient at the hospital and had never visited the facility before the day of the incident.
“We referred her to a more suitable facility immediately after she was brought in, without even transferring her from the wheelchair used to bring her in,” Salami stated.
He also expressed his frustration over the false claims made by the woman’s husband on social media, particularly on TikTok.
Addressing the backlash, Salami expressed frustration over the allegations, stating, “Going by the reactions to what happened, it may frustrate one to the point of contemplating suicide because it was deeply frustrating. But that notwithstanding, people have been telling me to sue him. I could do that because I have my evidence.”
He reiterated that Kemi’s condition was critical upon arrival and that the hospital lacked the resources to handle her case.
Salami said, “The woman was not registered in the hospital. We didn’t know her. When they brought her in, we discovered it was something we could not handle. If we had given her just one drip that day, she could have died because there was no blood left in her body.”
Salami speculated that Kemi might not have been receiving proper antenatal care before the incident, stating, “I don’t think the woman was registered in any hospital because if she had been receiving treatment during her antenatal period, she wouldn’t have been in that condition.”
Despite the controversy surrounding the incident, Salami concluded by placing his trust in God, saying, “I am a Muslim, and whatever comes a Muslim’s way, the best thing to say is ‘Inna lillahi wa inna ilayhi raji’un’ (Indeed, to Allah we belong, and to Him we shall return).”
He also expressed confidence that the community members who have used his hospital’s services will help restore his integrity.
FORMER Deputy National chairman of the Peoples Democratic Party, PDP, Chief ‘Bode George, yesterday, said the declaration of a state of emergency in Rivers State and the handling of Senator Natasha Akpoti-Uduaghan’s allegations against Senate President, Godswill Akpabio, could lead to the collapse of the country’s Fourth Republic.
George, who said similar occurrences had, in the past, led to the collapse of the country’s First and Second republics, argued that the presidential system that Nigeria currently operates was worse than military rule.
He stated that the voice vote used in approving the President Bola Tinubu’s declaration of state of emergency in Rivers was unconstitutional, noting that moves to recall Natasha from the Senate were also shameful.
He made his views known in Lagos.
His words: “Today, I see what led to the collapse of the First and Second republics being repeated by the All Progressives Congress, APC-led Federal Government.
“Nigerians could not believe it when security was withdrawn from an elected speaker in Lagos, and deployed to a deposed speaker. A legislative decision was also overturned by the unilateral action of the president in Abuja.
“In Rivers State, Governor Siminalayi Fubara, his deputy and lawmakers were suspended and the National Assembly, without the mandatory two thirds approval, rubber-stamped this unconstitutional action by voice vote.
“The partisan handling of the allegations made by Senator Natasha Akpoti-Uduaghan against the Senate President, Godswill Akpabio, by the Senate, is an embarrassment to the country.
“It is disheartening that Nigeria is on the spot globally for the wrong reasons. Chief Olusegun Obasanjo said recently that democracy is dying. I disagree. Democracy is not dying. Rather, the operators, especially, Executive and Legislature, are losing their sense of responsibility. It is a big shame.
“Look at the way Nigeria is being embarrassed globally with the way Senator Natasha Akpoti-Uduaghan is being persecuted, victimised and hounded. Why? She made an allegation and instead of setting up an independent body to check the claims, she was suspended.
“Now, they are trying to recall her, using the machinery of state. What is the meaning of this nonsense? Are we this cheap as a country? What type of democracy is this?
“Seriously? Does what is going on, with many loopholes, make sense to anybody? Why the inconsistency?
“Look at the gang up against Natasha in the Senate. Don’t these Senators have daughters? With insecurity, corruption and poverty all over the place, is the Natasha issue the most topical now? She is a very strong member of our party and we will not allow this humiliation at all.
“The law says two thirds of members of the National Assembly must approve a declaration of state of emergency. That is, 74 Senators and 240 Representatives. So, what is the meaning of voice vote? Did they get these numbers before the emergency rule was approved? That’s why I commend Senators Tambuwal, Dickson, Abaribe and others who kicked against the illegality and injustice in the Senate.
“I also insist that this attempt to recall Natasha is being stage managed by the APC and Senate and it is shameful. How will INEC identify all the signatories and their details? Some characters just went to INEC office with bags of papers and, boom! It has become official documents. What nonsense? This is clear manipulation and it will not stand.”
“The government also tried to stop her from going to Kogi State, but look at the way she went there in a chopper. Look at the mammoth crowd that received her. Now, the government is embarrassed.
“This presidential system we are operating now is worse than what happens in a military organisation. This is no longer democracy. It portends what is coming in 2027.
“Look at what is happening in Bayelsa State, the headquarters of Ijaw Nation. FCT Minister, Nyesom Wike, is reportedly going there to attend a rally, and the state government has told him to ‘back off’. With what is happening in neighbouring Rivers, why should Wike be allowed to go to Yenagoa and heat up tension in the state? Kogi State Police Command banned rallies and political gatherings because of Natasha. In Bayelsa, Wike is being encouraged to breach the peace in the state, by trying to poke the eyes of the Ijaw people. This will be a double tragedy and it makes no political sense at all. Can this be interpreted that the Federal Government is encouraging lawlessness nationwide?”
[Vanguard]
Nollywood actress, Omotunde Adebowale David, popularly known as Lolo 1, has stated that Nigerians facing difficulties abroad would rather continue with the hardship than return to Nigeria.
Sharing her concern in a recent interview on News Central, Lolo 1 emphasised how Nigerians are willing to endure hardships in foreign countries due to the lack of basic amenities and opportunities in their home country.
The thespian lamented that despite difficult living conditions abroad, Nigerians prefer to stay due to access to reliable electricity, good roads and functional transportation systems, which are often lacking in Nigeria.
She criticised leaders for failing to provide a better quality of life for its citizens, forcing them to seek alternatives abroad.
Lolo 1 highlighted the irony of Nigerians contributing to the development of foreign countries while struggling on their own.
She wrote: “I feel bad for Nigerians, I feel bad because are the facts not glaring? I don’t know much about data but the data is literally in your face. It shows that we are making the lives of foreign countries easier.
“People would rather suffer there and pay high school fees than be here and have relative ease. There are some people abroad that whose living conditions are so terrible and degrading but they would rather stay there managing because at least they are managing where there is constant electricity.
“They are managing but the roads are pliable. They are managing but at least they can still find transportation. But look at us here, if you enter a bus and people see you, they attribute your life to poverty and that’s not true. I don’t want to drive every day, but look at what is happening in the county. Even feeding is expensive here”.
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The Nigeria Union of Pensioners, South-West Zone on Thursday lamented the failure of the government to implement the N32,000 pension increase across board for the pensioners as directed by President Bola Tinubu last year September.
President Tinubu was said to have given the directive at the commencement of payment of 70,000 new minimum wage to also ensure that the pensioners were not excluded.
The Public Relations Officer of the union, Dr Olusegun Abatan raised this concern while addressing the press during the zonal meeting of the pensioners held in Abeokuta on Thursday.
Abatan said that among the six South-West states, only Governor Seyi Makinde of Oyo State has implemented a part of this pension increase, paying N17,500.
He explained that Makinde has also implemented the 33 per cent pension increase of 2020, the 20 per cent pension increase of January 2024, and raised the minimum paid for pensioners in the state to N25000.
Abatan said the Oyo government has equally completed plans to be paying N2bn every month for payment of pensions and gratuities adding that this kind gesture has brought lots of reliefs for the pensioners in the state.
The pensioners spokesman has therefore called on other state governments to follow the good example of Gov Makinde and prioritise making life more rewarding for the pensioners in their old age.
He disclosed that “The are two circulars from the office of income and wages in 2024, the first one being a 20 per cent pension increase from January 2024, which has not been done by virtually all the state governments except Oyo State.
“In September 2024, the Commander-in-Chief of the Federal Republic of Nigeria, President Bola Tinubu, also gave a directive for the pensioners to have N32,000 added across board to their pensions based on the new minimum wage of N70,000.
“I,however regret to tell you that many of our States in the Southwestern have not done this. At the same time we want to thank the Governor of Oyo State for raising the minimum wage for pensioners to 25,000 and for factoring other pension increases such as the 33%, consequential adjustments of 2019, 20% of January 2024 pension increase, though he did not pay N32,000 as directed by Mr President but he gave us N17500.
“The pensioners in Oyo State have had a serious leap from their pensions that I make bold to say that the Oyo State pensioners are the highest paid in the federation aside from the federal pensioners. We thank him for this.
“Regrettably, the Federal government that said the N32,000 should be given to the pensioners across board has also not implemented fully this directive, so we are appealing to the Pension Transitional Arrangement Directorate to please get this implemented for the retired workers”.
Abatan also begged for the Federal Government’s intervention over the inability of pensioners banking with the failed Heritage Bank to access their funds for the past one and a half year.
The pensioners’ leader said that this unfortunate incident has brought lots of anguish and agony to the affected members of their association.
Abatan also praised the Southwestern government for its support for the pensioners and urged them to please attend to their other demands to make their retirement enjoyable and worthwhile.
ensioners Lament Non-Implementation of Tinubu’s N32,000 Pension Increase.
[Punch]
Miss Isioma Sybil Nwosu, a Biochemistry student, has emerged as the overall best-graduating student of Lagos State University (LASU) for the 2023/2024 academic session, with a Cumulative Grade Point Average (CGPA) of 4.93.
The announcement was made by the Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, during a press briefing on Thursday, marking the beginning of activities for the 28th Convocation ceremony.
Prof. Olatunji-Bello expressed pride in LASU's role in producing market-ready graduates equipped to make significant contributions nationally and globally.
The Convocation ceremony will feature a series of events, including a staff sports competition, special Jumat and thanksgiving services, a coconut-breaking ceremony, and a lecture titled "Patriots, Citizenship, and National Ownership: The Imperative of Collective Responsibility for Nigeria's Future."
The lecture, scheduled for April 8, 2025, will be delivered by the Honourable Minister of Education, Dr. Maruf Olatunji Alausa, with Dr. Abdullahi Umar Ganduje, National Chairman of the All Progressives Congress, as chairman of the occasion.
A total of 971 diploma students, 8,711 first-degree students, and 2,235 postgraduate students will graduate during the ceremony.
The university will also confer honorary doctorate degrees on Brigadier General Buba Marwa (Rtd.) and Otunba Olufemi Olusegun Pedro, while elevating Prof. Joseph Abayomi Olagunju to the rank of Distinguished Professor.
Prof. Olatunji-Bello highlighted LASU's achievements under her administration, including full accreditation of 43 courses, collaborations with local and international institutions, and rankings as the best state university and leading university in Sub-Saharan Africa.
The 28th Convocation ceremony will conclude on April 10, 2025, with the award of Doctorate Degrees (PhD) and the conferment of distinguished professorships and honorary doctorate degrees.
In a sector packed with assets that arrive on Monday and hit zero by Thursday, Bitcoin (CRYPTO: BTC) stands on its own as a cryptocurrency that's practically guaranteed to survive and possibly even thrive over the long term. That makes it the smartest coin to buy and hold, and the longer your investing timeline is, the better it looks.
Let's examine three reasons that's the case.
1. It's immune to inflation
One of the core pillars of Bitcoin's long-term investment thesis is that it's designed to maintain its purchasing power relative to fiat currencies. You've probably heard something along those lines before, but let's take a moment to really unpack it.
Fiat currencies are issued by governments. Governments tend to cumulatively issue more and more currency over time, which is normal, necessary, and expected. But that means fiat currencies have a tendency to lose their purchasing power in the long run as the amount of money in circulation rises.
Bitcoin, on the other hand, has a finite supply: There can only ever be 21 million Bitcoins in circulation (about 19.8 million already circulate). Of that new supply, only tiny fractions of Bitcoin are mined in any one week. And, as the difficulty of mining new coins only increases over time, it becomes harder and harder to meet the existing level of demand for it with the creation of new supply, creating a durable upward pressure on the coin's price.
In contrast to fiat currencies, Bitcoin thus has a mechanism, escalating scarcity, to become more valuable over time rather than less. It can't be printed like fiat currency can, nor can its total supply be tinkered with like it can be with many other cryptocurrencies. So even over the course of decades, it has a clear runway to keep growing, even without a lot of new demand.
2. It isn't going to be replaced by another coin
Bitcoin isn't the only cryptocurrency that's marketed as a long-lived store of value. Nor is it the least volatile of its competitors in that category; stablecoins are technically cryptocurrencies, and their price rarely moves at all because they're pegged to the value of a fiat currency, such as the U.S. dollar. But Bitcoin isn't about to be replaced by stablecoins, nor any altcoin competitor.
It's market cap is more than $1.6 trillion. Even the largest stablecoin, Tether, is only valued at about $143 billion. Litecoin, an altcoin that was once branded as "digital silver" in comparison to Bitcoin's positioning as "digital gold," is only worth about $6.4 billion. There's simply no other asset in the crypto sector that's as large, old, and reliably in the spotlight as Bitcoin.
That means when institutional investors look to allocate some of their vast capital to cryptocurrency, which they're currently doing in large numbers, they're not going to bother with the smaller fish because they won't be able to buy or sell at the scale they need without moving the price of the underlying asset. Therefore, their capital will flow in large part to the established winner of the sector: Bitcoin.
3. Its stewards are extremely meticulous
Contrary to popular belief, Bitcoin is still in active development. There's a relatively small staff of highly motivated developers that, in conjunction with the nonprofit Bitcoin Foundation and groups of miners, determine the advancement of the coin's technology via a laborious and ultimately democratic process.
But, unlike other cryptocurrencies, the tech development roadmap is not exactly intended to turn heads. Instead, it's meant to avoid breaking anything that works, and to only take action when it's necessary to protect the coin from a technical threat or value-limiting technical constraint. For an asset that investors look to for value preservation over time, that's exactly the right perspective. Furthermore, the fact that decisions about the coin are made collectively, and proposed changes to it are analyzed comprehensively before advancing into development, means that the odds of major blunders are low.
The same can't be said of any of Bitcoin's peers, even if they're able to offer flashier technical specifications like faster transaction times, or a roadmap that's packed with in-demand features for developers. For investors, that makes the asset exceptional, and, as long as Bitcoin's excellent governance model lives on, it's a big contributor to the thesis for long-term holding.
[The Motley Fool ]
Emirates NBD is tapping into the UAE’s booming crypto scene by integrating a cryptocurrency trading service into its Liv X digital banking app. With crypto app downloads in the UAE increasing by 41% to 15 million in 2024, according to AppsFlyer, the Emirates NBD group is leveraging its established reputation and the country’s favorable regulatory environment to capitalise on surging local interest and demand for cryptocurrency trading.
GlobalData 2024 Financial Services Consumer Survey
GlobalData’s 2024 Financial Services Consumer Survey shows the UAE is among the top countries for cryptocurrency ownership, with 44% of consumers holding crypto, an increase from 37% the year before. Meanwhile, the percentage of crypto holders who actively invest in the asset grew from 83% to 91% over the same period.
Several factors have driven this surge in demand. Dubai’s Virtual Asset Regulatory Authority (VARA) has positioned itself ahead of the curve in crypto regulation globally, as it issued its comprehensive virtual asset framework back in 2023 to foster innovation in cryptocurrencies within a safe regulated environment. The UAE recognised early on that regulation could provide the credibility that the crypto industry has struggled to establish elsewhere, the credibility that has since propelled Dubai to the status of global crypto hub.
In response, a number of Web3 companies globally (primarily from India) started setting up shop in Dubai to leverage the regulatory environment for new crypto product and solution launches. Amid the influx of new crypto players, Emirates NBD holds a significant advantage with its latest trading solution.
GlobalData Competitor Benchmarking Analytics
As the UAE’s second-largest main banking provider with a 17% market share, as per GlobalData’s Competitor Benchmarking Analytics 2024, it benefits from strong customer trust. UAE incumbents enjoy record-high levels of consumer confidence, with customers more likely to turn to their primary bank for financial support than in almost any other market.
The Emirates NBD group made a strategic move in the digital banking era by launching Liv Bank in 2017, creating the country’s first digital-only bank. It leveraged this separate digital-native platform to stay ahead of innovation with the introduction of novel features such as a gamified reward structure, and lifestyle tools and benefits.
At the same time, Liv is backed by 60 years of the Emirates NBD group’s established brand legacy, which induces trust among the wider population, even for some of the newest and potentially riskier financial trends, such as cryptocurrency trading. The UAE is now creating a blueprint for traditional financial institutions’ crypto adoption journey that is being made possible by the proactive and timely regulation of the industry, combined with legacy institutions’ openness and willingness to innovate and cater to the modern banking customer’s demand.
To avoid falling behind on a trend that is now undoubtedly here to stay, Western banks and regulators need to take note and acknowledge and cater to the population’s crypto interest with urgency.
Blandina Szalay is an analyst, Banking & Payments, at GlobalData
"Regulation, openness, and a modern platform needed for legacy banks to embrace cryptos" was originally created and published by Private Banker International, a GlobalData owned brand.
[GlobalData]