A potentially explosive situation is unfolding in Amede Eha-Amufu, Isi-Uzo Local Government Area, Enugu State, as the  Commissioner Ministry of Local Government, Rural Development & Chieftancy Affairs, Deacon Okey Ogbodo and Chairman Isi Uzo Local Government Area, Mr. Obiora Obeagu face allegations of attempting to impose a defeated candidate as Igwe.

The controversy centers on a 2019 election on September 5th, between Chief Simeon Mgborogwu Edeoga and Chief Emeoha Michael Ikechukwu. Chief Edeoga reportedly won with 619 votes, but Hon. Ogbodo and Hon. Obeagu seem to be disregarding the community's mandate.

The Amede community is urging security agencies to intervene, citing a pending court case. They warn that any attempt to disrupt peace will be met with resistance. The community also questions the legitimacy of the election, given the absence of a Town Union Executive for three years.

How can election take place where there is no town union Executive?

Bitcoin mined has crossed the 19.96 million mark, meaning over 95% of Bitcoin in existence has been issued. The largest cryptocurrency could soon experience a scarcity amidst fast-paced BTC withdrawals from exchanges. U.S. President Donald Trump’s plan for a strategic Bitcoin reserve and developments like institutional adoption and Layer 2 rollout on BTC could catalyze demand for the digital asset. 

Bitcoin scarcity and BTC demand drivers

Bitcoin supply on exchanges decreased by nearly 15% since the declaration of the U.S. Presidential election results in November 2024. In the same timeframe, supply outside of exchanges has climbed from 17.99 million to 18.3 million, according to Santiment data. 

Typically, a decline in supply on exchanges and an increase in BTC tokens held by wallets outside of exchanges is considered a bullish sign for the digital asset. The volume of BTC held on exchanges has hit its lowest level in nearly three and half years. 

A drop in exchange supply eases selling pressure, and consistent demand historically drives prices higher. 

Matthew Sigel, Head of digital assets research at asset management giant VanEck analyzed 20 state-level Bitcoin reserve bills. Sigel predicts that if the bills are enacted, Bitcoin traders could expect $23 billion in demand for BTC. At current prices, the equivalent of 247,000 BTC demand could emerge from institutional investors. 

The sum ascertained by Sigel is independent of pension fund allocations, likely to rise if legislators move forward.

Data from Bitbo.io shows that only 1.039 million BTC BTC1.69%Bitcoin tokens are left to be mined. Over 95% of mined Bitcoin is either in circulation or held in wallets outside of exchanges, held by large wallet investors and entities. Demand from institutional investors could emerge as a top driver for Bitcoin price in 2025. 

U.S. Strategic Bitcoin Reserve progress and Trump’s plan for Bitcoin

U.S. President Donald Trump has suggested the creation of a Strategic Bitcoin Reserve, considered a game changing development in crypto. Typically, a reserve asset can be used in times of crisis, nation states maintain Gold reserves and reserves of Oil and Gas to tackle supply shocks. 

The proposal to hold Bitcoin as a reserve asset, therefore, solidifies demand for the token from the U.S. The administration currently holds almost 200,000 Bitcoins, seized through criminal investigations conducted by the FBI. 

According to a Financial Times report published on February 12, the government has previously sold its BTC holdings, however it is less likely in the Trump administration as the idea of a Bitcoin reserve is discussed. 

The finite supply of Bitcoin has garnered advocates who believe that “scarcity adds value” and that holding BTC tokens in reserve would appreciate in value in the long term. 

As President Trump supports Bitcoin and digital assets in his pro-crypto stance and campaign, institutional investors and Wall Street Bankers are examining the feasibility of adding the asset to their balance sheet. Trump’s Crypto and AI Tsar, David Sacks said, “One of the first things we’re going to look at is the feasibility of a bitcoin reserve.”

Bitcoin Layer 2 protocols

Kevin Liu, founder and CEO of GOAT Network discussed technological advancements on the Bitcoin blockchain and commented on the feasibility and future of Bitcoin Layer 2 protocols in an exclusive interview with Crypto.news. 

Liu said: 

“It only makes sense to offer numerous ways for that growing number of users to engage (with Bitcoin). Most Bitcoin Layer 2 networks rely on Bitcoin to fuel their economies, whereas most Ethereum Layer 2 lean on Ether. Different options for different users. 

I do think Bitcoin L2s are well positioned, because Bitcoin is the undisputed king of cryptocurrencies, by market cap, mindshare, and pretty much any other major metric. Since Bitcoin L2s are such a new concept, there’s also a lot more room for growth and novel use cases than the more mature Ethereum L2 and alt-L1 markets.”

Liu told Crypto.news that numerous large institutions are rolling up their sleeves to learn more about Bitcoin Layer 2 networks and BTCFi. 

“Both institutions and individual users don’t want to sell their Bitcoin. They want to put it to work, earning real BTC yield. They can then use that yield to, say, pay for capital gains, or just everyday expenses. If the BTC yield is large enough, there may even be room to pay for day-to-day requirements and grow their overall stack.”

When asked about the altcoin season and Bitcoin dominance this market cycle, Liu said, 

“Every bull market has seen Bitcoin dominance spike dramatically at some point, sucking the life and liquidity out of most other altcoins. That’s what’s happened for most of this cycle too. How altcoins perform from here will answer your question regarding how the overall market performs.

What we can say is that BTCFi is a new and exciting opportunity for crypto users, and the opportunity to earn real BTC yield offers a major opportunity to get the most out of BTCFi. We’re excited to hopefully play a key role in BTCFi’s growth.”

Whales and institutions don’t want to sell Bitcoin, what to expect 

Crypto intelligence tracker Santiment predicts an incoming capitulation in Bitcoin. In crypto, capitulation is when a large number of investors sell an asset due of fear of a steeper correction in the token’s price and a prolonged price drop is typically followed by a recovery in the token’s price. 

Santiment evaluated the number of non-empty wallets on the Bitcoin blockchain and identified a decline, meaning retail traders and investors are likely dumping their holdings for fear of losses, while whales and large entities continue to accumulate BTC. 

Within the last three weeks, Bitcoin blockchain’s number of non-empty wallets declined by 277,240, a significant drop, according to Santiment. 

In the long term, this behaviour is typical of “capitulation” and supports a bullish thesis for Bitcoin in 2025. 

Bitcoin price forecast for February 2025

Evaluating derivatives market data on Derive.xyz, it is observed that 47.3% of all premiums were calls sold and 24.4% calls bought, indicating traders are expecting some upside but with capped potential.

Dr. Sean Dawson, Head of Research at Derive.xyz told Crypto.news that:

“We’re experiencing a temporary lull in volatility as the market recovers from last week’s turbulence caused by Trump’s tariff announcements.

BTC At-the-Money (ATM) 7-day Implied Volatility (IV) dropped 7 percentage points – from 47% to 40% over the last 24 hours and BTC’s chance of hitting $125,000 by June 27 has improved to 44.4%, up from 41.9%.” 

Dr.Dawson maintains an optimistic outlook on Bitcoin price in the near and long-term. 

To forecast Bitcoin price for February 2025, we analyze the weekly and daily price chart for BTC/USDT. On the daily timeframe, technical indicators support a bullish thesis and a likely return to test the all-time high of $109,588. 

RSI reads 44 and is sloping upwards, MACD flashes red histogram bars that are consecutively shorter meaning underlying negative momentum in Bitcoin price trend is likely waning. 

BTC could face resistance at the $100,000 milestone and find support at two key levels, $93,646 and $90,000 on the daily timeframe. The three EMAs identify $98,154, the 10-day EMA, as a resistance level to watch and the $84,534 level, the 200-day EMA, as a key support for Bitcoin. 

On the weekly timeframe, Bitcoin is 13% away from its all-time high, a re-test is likely in February 2025, however traders need to watch the price trend closely. Both MACD and RSI are momentum indicators that are neutral or bearish. RSI reads 61, under the “overvalued” zone at 70, and MACD flashes a red histogram bar under the neutral line after weeks of positive underlying momentum in Bitcoin price. 

While there is a possibility of a correction, a recovery is likely, and the $100,000 milestone is a key level to watch in the coming weeks. 

Michael Saylor, co-founder of Strategy, formerly MicroStrategy is convinced that Bitcoin is on an unstoppable trajectory to replace gold, predicting a staggering price of $500,000 per coin in the near term and $5 million per coin in the long run.

Speaking in an X Space on Sept. 20, 2024, the Strategy co-founder outlined three key catalysts that he believes will trigger an unprecedented Bitcoin rally.

At the time of the X spaces, BTC was trading at $63,000. It is now at $97,000, up 53.97%. ​If Bitcoin continues to grow at an average rate of 54% every five months, it would take approximately 3 years and 3 months to reach $5 million.

Saylor argued that even without any major regulatory or institutional breakthroughs, Bitcoin is already on track to surpass gold as the dominant store of value.

"It's going to be a grind up by a factor of 10 just because gold is broken and Bitcoin is going to replace gold," he said. "Everybody in the universe now knows they need a non-sovereign store of value in the form of a bearer instrument."

With inflation concerns now a mainstream narrative, Saylor believes Bitcoin’s role as an inflation hedge will drive its gradual ascent.

"Last year, people said inflation may be coming. Now, the mainstream narrative has flipped to ‘inflation is here, you need an inflation hedge,’" he noted.

According to him, this alone is enough to propel Bitcoin to $500,000 per coin — but three additional factors could send it to $5 million per Bitcoin.

Three catalysts that could send Bitcoin to $5 million

Saylor believes Bitcoin’s price could skyrocket to $5 million per coin if three major catalysts unfold. The first, he says, is the approval of a Spot Bitcoin ETF, which would allow institutions to make large purchases seamlessly.

"Someone can go ahead and buy $100 million of Bitcoin through a security, an ETF security. I think that's one."

The second major factor is banks custodying Bitcoin and offering loans against it, a move that would integrate Bitcoin into the traditional financial system and increase institutional demand.

"Your bank is going to custody it for you and lend against it,” he noted.

Lastly, Saylor sees fair value accounting for Bitcoin on corporate balance sheets as a game-changer. If companies can report Bitcoin’s true market value rather than being forced to write down losses, it could accelerate adoption. "I can mark it up or mark it down on my balance sheet based on fair value, the same way I handle Apple stock or even Treasury bonds."

The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.

Revenue from pig butchering scams, where perpetrators cultivate relationships with individuals and convince them to participate in fraudulent schemes, increased nearly 40% in 2024 from the previous year, the firm estimated in a report published on Thursday.

Revenue in 2024 from crypto scams was at least $9.9 billion, although the figure could rise to a record high of $12.4 billion once more data becomes available, it said.

"Crypto fraud and scams have continued to increase in sophistication," Chainalysis researchers said.

The company pointed to marketplaces that support pig butchering operations and the use of GenAI as factors making it easier and cheaper for scammers to expand operations.

Indeed, GenAI technology could potentially "exponentially scale crypto scams", Chainalysis said.

The company, which tracks publicly available transaction data on the blockchain to identify scam revenue, said crypto fraud activity grew 24% each year on average since 2020.

Cryptocurrencies, most notably bitcoin, have soared in price and popularity over the past few years as investors chased banner returns and interest in blockchain technology soared.

The sector has jumped significantly since U.S. President Donald Trump's victory in the November election on hopes of an easier regulatory environment.

Other particularly lucrative scams included crypto drainers, where scammers pose as blockchain projects and take control of victims' crypto wallets, and high-yield investment scams that promised outsized returns, according to Chainalysis.

In January 2024, a crypto drainer posed as the U.S. Securities and Exchange Commission after the regulator's X account was compromised.

Cryptocurrency ATMs have also been key hotspots for scams, according to Chainalysis, with perpetrators often impersonating government officials or customer support agents to convince victims to deposit cash into the machines.

[Reuters]

As of mid-February 2025, the Nigerian stock market, tracked by the All-Share Index, exhibits a promising upward trajectory, after a strong performance in the fourth quarter of the previous year.

Throughout 2024, the index achieved an impressive year-to-date increase of 37.7%, with a remarkable 39% surge in January alone.

However, this momentum encountered challenges in the second quarter of 2024, as the All-Share Index experienced a decline from 104,566.20 at the beginning of April to 98,255.63 by the month’s end.

Ultimately, the index closed the second quarter down by 4.3%, losing 4,508.71 points as uncertainties about bank recapitalization efforts weighed heavily on the market.

The first quarter of 2025 has thus far mirrored the bullish trend of Q1 2024, with the index climbing over 4,800 points and surpassing the 107,500-mark as of February 13, 2025.

Considering this, the question at hand is how the index will perform in the upcoming second quarter of 2025, especially given the retracements that plagued the same period last year. To navigate this uncertainty, insights from industry experts have been sought in this work.

Market trend in 2025 thus far 

The All-Share Index is currently experiencing robust bullish momentum that began intensifying around December 2024 and continued into January 2025.

• Starting 2025 at 102,928.57, the index has closed six out of seven trading weeks in the green, surpassing the 105,000 and 106,000 thresholds.
• Despite a minor dip in the third week, when it fell from a weekly opening of 105,451.06 to 102,353.68, All-Share has since rebounded and broken the 107,000 barrier as of February 12, 2025.

However, certain technical indicators, including the Relative Strength Index and the Stochastic Oscillator, point to an overbought condition in the broader market, suggesting that a retracement or reversal could be on the horizon.

A shift from debt securities 

In an interview, Samuel Oyekanmi, research lead at Norrenberger, expressed optimism for the Nigerian equities market, predicting a significant rise in investor interest in the second quarter which could spur a positive trend.

Oyekanmi explained, “As yields on debt securities decline, we may see more investors shifting their focus to equities.” He pointed out that although debt instruments are generally viewed as safer investments, the current decline in yields may prompt more investors to shift their focus toward equities. 

He provided data from the Debt Management Office (DMO), highlighting that Nigeria’s Eurobond yield fell to 9.13% on February 4, 2025, down from 9.21% the previous day—a decrease of 7.76 basis points and the lowest yield seen in nearly 39 days.

“The last time we recorded a lower average was on December 11, 2024, at 9.095%,” he added. 

Oyekanmi also pointed out a drop in Treasury bill yields, stating, “The yield on Nigeria’s one-year Treasury bill auction decreased from 29.65% to 29.21%, marking the second consecutive decline.”

He continued, “These lower yields may encourage more investment in equities during Q2, especially given the strong performance of certain stocks so far this year.”

Good fundamentals and a year-to-date lure 

Another industry expert, Mr. Olatunde Amolegbe, MD/CEO of Arthur Steven Asset Management, expressed a positive outlook for the All-Share Index in the second quarter of 2025, suggesting the market may either stabilize or gain additional momentum.

“I anticipate a stable market or further price increases in Q2,” he remarked.

Amolegbe highlighted several favorable fundamental factors currently influencing the market, including rapid recapitalization in the banking sector and increased production in the oil industry.

He also noted the significant public interest in recent market offerings, signaling a growing appetite among investors for equities.

“The banking recapitalization process is progressing swiftly, as evidenced by the recent release of allotment results. Public offerings have attracted strong investor engagement,” he stated.  

Regarding anticipated corporate announcements in Q2 2025, he added, “We may witness favorable corporate news that could positively impact investor sentiment.” 

Samuel Oyekanmi further underscored that the impressive year-to-date performance of certain bullish stocks in 2024 could draw investors who previously favored debt securities into the equities market.

He pointed out that impressive year-to-date returns seen in some equities in 2024 are likely to entice investors eager to seize such lucrative opportunities.

“Despite the inherent risks, investors are in pursuit of substantial returns, which equities delivered last year with compelling year-to-date performance,” he concluded. 

For Chris Njoku, Multi-Assets Portfolio Manager at FBNQuest, the prospect of new listings on the Nigerian Exchange (NGX) could boost the All-Share Index.

“There are possibilities that we might see some new listings in Q2, including NNPC and Dangote Refinery.” 

Way forward 

Looking ahead, the market shows a clear contrast.

• While indicators like the Relative Strength Index and Stochastic Oscillator signal an overbought condition, staying above the 14 threshold across daily, monthly, and weekly time frames, the Moving Average Convergence Divergence (MACD) points to a continued bullish trend for the All-Share Index.

This optimistic outlook, bolstered by strong market fundamentals and potential positive corporate actions, suggests the index might either surge significantly in the second quarter or remain stable.

Experts predict that investors not satisfied with returns from debt securities may increasingly shift to equities in Q2, especially if favorable conditions in key sectors like banking and oil continue.

As a result, equity markets could draw those seeking better returns, paving the way for notable investment developments.

[NaijaNews]

Naija News reports that Governor Mbah said PDP’s only path to victory was through a united house built on justice and inclusion.

He stated this on Thursday when he hosted the party’s National Reconciliation Committee, led by former Governor Prince Olagunsoye Oyinlola, at the Government House, in Enugu.

“We cannot afford to approach future elections with a divided house. The only path to victory is through a united front, built on justice, inclusion, and a genuine effort to bring back those who have left,” he said.

The Governor assured that Enugu remains a PDP state and would always carry the party’s banner high.

“Enugu remains the bastion of the PDP, a state that has proudly carried the party’s banner over the years.” he stated.

The only South East PDP Governor noted that the defections of PDP members in the region to other parties were an issue of concern. He, however, expressed optimism that all the decampees remain members of PDP at heart.

“We recognize that some of our members in the Southeast may have felt aggrieved in the past, but we must remember that our party operates on a foundation of brotherhood and shared values. Many of those who left still hold the PDP close to their hearts, and this reconciliation effort is an opportunity to welcome them back home.

“The truth remains that the PDP is the only party with the structure, history, and vision to truly serve the Nigerian people. It is therefore our responsibility to restore hope in Nigerians. The work of the reconciliation committee is critical because it requires patience, wisdom, and tact to achieve lasting peace,” he added.

Governor Mbah further urged all PDP members to embrace this reconciliation process in the spirit of unity and collective progress.

“We must come together, stronger than ever, to build a formidable party ready to reclaim its rightful place in governance for the good of our people,” he concluded.

[Naija News]

U.S. Congressman Scott Perry has claimed that the United States Agency for International Development (USAID) has provided funding to terrorist groups, including Boko Haram.

Perry, a Republican from Pennsylvania, made this allegation during the first meeting of the Subcommittee on Delivering on Government Efficiency on Thursday, according to PUNCH.

“Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money, your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding,” Perry said.

Perry also said that USAID had reported a $136 million allocation for the establishment of 120 schools in Pakistan, claiming that there was “no evidence” that the schools were actually built.

“USAID spent $840 million in the last year, the last 20 years, on Pakistan’s education-related programme. It includes $136 million to build 120 schools, of which there is zero evidence that any of them were built. Why would there be any evidence? The Inspector General can’t get in to see them.

President Donald Trump has previously advocated for the dissolution of USAID, accusing the agency of corruption in a post on his Truth Social platform. Elon Musk, whom Trump appointed to head the Department of Government Efficiency, has also voiced criticism of USAID, alleging that it conducts rogue activities.

Musk has described USAID as “a viper’s nest of radical-left Marxists who despise America” and has promised to close it down.

Among his other accusations, Musk has suggested that USAID engages in “rogue CIA work” and has even “funded bioweapon research, including COVID-19, which resulted in the deaths of millions.”

Trump stated that DOGE would “dismantle government bureaucracy, reduce excessive regulations, eliminate wasteful spending, and reorganise federal agencies — crucial to the ‘Save America’ initiative. This will create significant disruptions within the system, affecting many who are tied to government waste!”

[News Central]

Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) has assured members of the public that Keystone Bank Limited “remains sound, safe and fully operational.”

Daily Trust reports that the Lagos State Special Offences Court, Ikeja, ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.

Justice Hakeem Oshodi on Tuesday gave the order after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.

Since the forfeiture order, there has been panic among depositors of the bank over the safety of their funds.

But the apex bank on Friday allayed their fears, saying the bank remains fully operational and stable.

Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali in a statement stated that Keystone operations are fully secure, adding there is no course for concern.

The statement read: “We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities.

“Keystone Bank’s operations are entirely secure, and there is no reason for concern. For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership.

“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors. As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance.

“We will take all necessary steps to protect the interests of depositors, staff, and stakeholders. Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”

[DailyTrust]

The United States, US, Vice President, JD Vance on Friday identified the retreat of free speech across Europe as his greatest fear.

JD Vance said he is more worried about the lack of free speech in Europe than China and Russia.

He spoke at the ongoing Security Conference in Munich, Germany where he criticized the lack of values in Europe.

According to JD Vance: “The threat that I worry most about, vis-a-vis Europe, is not Russia, it’s not China, it’s not any other external actor.

“What I worry about is the threat from within: the retreat of Europe from some of its most fundamental values — values shared with the United States of America.

“Across Europe, free speech, I fear, is in retreat,” he added.

“Under Donald Trump’s leadership, we may disagree with your views, but we will defend your right to offer it in the public square — agree or disagree.”

The US Vice President also disclosed that mass illegal immigration is Europe’s ‘most urgent’ challenge.

He charged Europe to do more in curbing the issue of illegal migration, calling it the continent’s “most urgent” challenge.

“How many times must we suffer these appalling setbacks before we change course and take our shared civilization in a new direction?”

Vance also noted that European electorates did not vote to open the “floodgates to millions of unvetted immigrants.”

“We think it’s an important part of being in a shared alliance together that the Europeans step up while America focuses on areas of the world that are in great danger,” Vance said.

[DailyPost]