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Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, conducted an inspection of the agency’s Enforcement Office in Apapa, Lagos, on Saturday, focusing on illicit pharmaceuticals seized from the Idumota Open Drug Market.
During the visit, Adeyeye noted that the NAFDAC warehouse had reached full capacity, with the overflow of confiscated drugs spilling into the director’s office due to the sheer volume of seized items.
Speaking to journalists after the inspection, she highlighted that the agency’s primary mission is to protect public health.
“We are not disturbing trade; we are protecting lives. We cannot, because of trade, let people continue to die needlessly. What NAFDAC is doing is exactly what it is mandated to do. There is no politics in this operation!” she asserted.
Adeyeye also revealed that many shops within these markets operate illegally, lacking proper registration with the Pharmaceutical Council of Nigeria.
Justifying the agency’s heightened enforcement activities in Onitsha, Aba, and Idumota, she disclosed that over 1,000 personnel are actively engaged in removing counterfeit, expired and unregistered medicines from circulation.
ON JUNE 12: How civilian governors plotted against military Handover
Former military president, General Ibrahim Babangida, retd, has said that former Head of State, Major General Muhammadu Buhari, retd, was overthrown in 1985 because he personalised leadership.
Sunday Vanguard recalls that Buhari was one of the leaders of the military coup of December 1983 that toppled ex-President Shehu Shagari.
But 40 years after Babangida seized power from Buhari through a palace coup, the former military administrator who ruled for eight years between 1985 and 1993, said Buhari and his deputy, the late Brigadier Tunde Idiagbon, displayed a “holier-than-thou” attitude, which led the country to a brink.
Babangida, who revealed this in his book: ‘A Journey in Service’, explained that Buhari opposed the civil populace and his constituency, the military.
Change in leadership was necessary
His words: “The change in leadership had become necessary as a response to the worsening mood of the nation and growing concern about our future as a people. All through the previous day, as we flew from Minna and drove through Lagos towards Bonny Camp, I was deeply reflecting on how we as a nation got to this point and how and why I found myself at this juncture of fate. By the beginning of 1985, the citizenry had become apprehensive about the future of our country.
The atmosphere was precarious and fraught with ominous signs of clear and present danger. It was clear to the more discerning leadership of the armed forces that our initial rescue mission of 1983 had largely miscarried.
We now stood the risk of having the armed forces split down the line because our rescue mission had largely derailed. If the armed forces imploded, the nation would go with it, and the end was just too frightening to contemplate. Divisions of opinion within the armed forces had come to replace the unanimity of purpose that informed the December 1983 change of government.
In state affairs, the armed forces, as the only remaining institution of national cohesion, were becoming torn into factions; something needed to be done lest we lose the nation itself. My greatest fear was that division of opinion and views within the armed forces could lead to factionalisation in the military. If allowed to continue and gain root, grave dangers lay ahead.
Antagonise the civil populace
“My predecessor in office, Major General Muhammadu Buhari, and his deputy, Brigadier Tunde Idiagbon, had separated themselves from the mainstream of the armed forces by personalising what was initially a collective leadership. They both posited a ‘holier than thou’ attitude, antagonising the civil populace against the military. Fundamental rights and freedoms were being routinely infringed upon and abused. As a military administration, we were now presiding over a society that was primarily frightened of us. We were supposed to improve their lives and imbue the people with hope for a better future.
Instead, we ruled the nation with a series of draconian decrees. An administration intended to reflect the collective will of the armed forces as a national institution came to be seen as the private personal autocracy of a stubborn few. Like most military coups, our leadership change was informed by widespread disquiet among the civil populace. Ordinary people were experiencing severe economic hardship. The general economic and social conditions the people lived under were worsening by the day.
Essential goods and supplies were scarce.
“Yet arbitrary controls in all aspects of economic life and an ancient resort to barter in international trade meant that the nation’s financial woes would not end soon. Draconian decrees led to the abuse and severe limitation of basic freedoms as people were clamped into indefinite detention, most times for minor infractions. Punishment for crimes against the state had led to the pursuit of mechanical legalistic justice against the dictates of natural justice. As the Chief of Army Staff, I was under undue pressure from the rank and file to seek ways of reconnecting the government to society lest we lose the nation itself.
Integrity of the Armed Forces
“On several occasions and instances, even the very integrity of the armed forces was being called into question. A disciplinary case involving allegations of divided interest against some senior officers was decided without due recourse to the Army Council. Instead of waiting for a report and investigation from the Army leadership, the affected officers were unceremoniously relieved of their commission, and their military career of so many years was abruptly ended without any input from the Army as their institution of origin. I objected to this arbitrariness and disregard for due process. I confided in some senior colleagues that I would rather resign my commission than continue in office as Chief of Army Staff without input into decisions that concern the careers of personnel under my command.
Surveillance
“In response, I was placed under surveillance, with the privacy of my communications and those of my family constantly monitored. This tense atmosphere culminated in the unanimous decision of a broad spectrum of senior and middle-level officers to change the nation’s leadership. The processes associated with this change were completed without bloodshed by midnight on August 26, 1985. ON AUGUST 27, 1985, I assumed office as the nation’s new leader, fully aware of the many challenge confronting the country. I had no illusions about the direction in which to move the country. I had long-standing convictions about Nigeria born of many decades of comprehensive consultations with a broad spectrum of compatriots from nearly all walks of life. Having been part of all previous government changes, I had become quite familiar with the wishes and aspirations of our people and developed a template of what needed to be done, at least from my modest perspective. The new administration’s determination was informed by a genuine desire to end the cycle of instability in both the politics and general history of the nation. I made this clear in my inaugural address to the nation.”
The former military leader also expressed regret leaving behind the late General Abacha, as the most senior military officer to work with the Interim National Government led by Earnest Shonekan, describing his action as a ‘grave mistake’.
Babangida denied knowing or having anything whatsoever to do with ABN, led by Senator Nzeribe, whose activities contributed immensely to the annulment of the June 12 election won by MKO Abiola.
Babangida admitted in the book: “While mapping out our strategies for the way forward, our credibility deficit persisted, compounded by several seemingly unrelated events. In March 1992, a hitherto unknown group named Association for Better Nigeria (ABN) emerged, headed and funded, we later found out, by the wealthy Igbo maverick Arthur Nzeribe, calling for four more years for the administration.
“The emergence of the group personally took me by surprise. But we were, as a government, so immersed in our credibility crisis that no one believed that I, or a member of our government (at least, to my knowledge at that time), had a hand in the group’s activities, especially also, as Chief Arthur Nzeribe was personally known to me. It was difficult in the circumstances that we now found ourselves having to persuade an already sceptical Nigerian population that we were not behind the campaign for an extension to military rule.
“It was a bewildering experience, even more so because, as we later found out, ABN was not even a formally registered organisation then. As I will show later, figuring out the real forces behind this shadowy organisation took a long time.
“Our problem of what to make of ABN’s activities was compounded by behind-the-scene pressure from various groups, including the political class, for us to remain in office! Recall that the elected State Governors had assumed office in January 1992.
“Suddenly, in our search for a way forward, some of the State Governors who had been elected through a process that we were trying to fine-tune for the Presidential elections were telling us, like ABN, to postpone the Presidential elections. I was alarmed. Yet, the same governors (with the possible exception of one or two) went back to their party Conventions to say that I had a hidden agenda to extend my stay in power! At moments like that, being President of a beautiful country like Nigeria became frustrating. You wished you didn’t have to confront these challenges in those rare, lonely moments.
“But our challenges were far from diminishing. If anything, they multiplied. While still engulfed by the shadowy activities of ABN and troubled by the unsolicited ‘advice’ of some state governors to extend our stay in office, we were suddenly confronted in May 1992 by a wave of communal, industrial, labour and student unrest on a scale that was frighteningly disturbing. The communal conflict in Zangon-Kataf in Kaduna State quickly spread like wildfire to other parts of the state. In Lagos and other parts of the country, violent protests over the effects of the Structural Adjustment Programme (SAP) had claimed lives.
Confession
Babangida alos recalled all the attempts made by Abacha and other unnamed senior military officers to truncate the transition programme in Nigeria at the time and confessed that he made a big gaff by allowing the former head of state to remain in power after he left office in 1993.
Babangida noted: “Without question, one of my biggest headaches at this time was Sani Abacha. I knew that Abacha was ambivalent about a return to civil rule. But I thought, in retrospect now, naively, that he would support our transition to civil rule programme.
“As I said earlier, Abacha and I had come a long way. We were good friends, and he had indeed been nice to me. As I have said elsewhere, he saved my life once and also risked his life to ensure that I took over in 1985. I could never forget those details.
“I obviously didn’t know everything about him! For instance, I was alarmed to discover that he and a handful of others mobilised negative opinions against me within the military, portraying me as the problem. That campaign was geared towards a violent military coup to remove me as President forcefully.
“Without question, the idea of an ING was a contraption, something of a compromise between the fierce Abacha-led opposition to the June 12 election results and the position that the election results be allowed to stay, one that will succeed our government after the August 27, 1993, exit date.
“To legally actualise that decision, the government directed Professor Ben Nwabueze and Clement Akpamgbo to draft an enabling law, Decree 61 of 1993, the legal framework for the ING. Although the political parties had suggested a few other names for headship of the ING, we, as a government, were okay with letting the Transition Council Chairman, Chief Ernest Shonekan, head the ING.
“Desirous of not being a stumbling block of any type, and as a personal sacrifice, on August 17, 1993, I announced my desire to ‘step aside’ and go into retirement during my address to a joint sitting of the National Assembly.
“The outgoing government also felt that it would be proper for the Service Chiefs to retire, namely Lt-General Ibrahim, Air Vice-Marshal Akin Dada, Vice-Admiral Dan Preston Omatsola, and Aliyu Attah. One didn’t need to be a soothsayer or an astute political scientist to see that Chief Shonekan would have a tough time on the job.
Although a former Chief Executive of UAC/Unilever, I feared he might lack the political astuteness to handle the impending national challenges. The situation was further complicated because, like Abiola, Shonekan was an Egba-Yoruba, which meant the new Interim government would be unpopular in Abiola’s strongest hold, southwestern Nigeria.
“Partly for the reasons stated above, we decided to provide adequate support to the new government by retaining critical top military officers from the outgoing Transitional Council I had headed, essentially as ‘enforcers’ for the new interim government.
“Accordingly, Lt-Generals Joshua Dogonyaro (as Chief of Defence Staff), Aliyu Muhammed Gusau (as Chief of Army Staff), and Brigadier John Shagaya (as GOC First Division) were retained.
“Problematic as it seemed, General Abacha also retained his position as the Chairman of the Joint Chief of Staff and, presumably, as enforcer-in-chief for the new government! But as we all now know, that was a grave mistake,” Babangida admitted.
Babangida also reflected on the controversial cancellation of the governorship primaries of the two political parties in 1991, saying that it was marred by allegations of rigging and other electoral malpractices.
He gave justification for the cancellation, saying, “The rescheduled primaries were successfully held in five states on December 3, 1991, but only after we had arrested and detained some 13 political ‘godfathers’ within the two parties, among them Maj-General Shehu Musa Yar’Adua, Alhajis Abubakar Rimi, Maitama Yusuf, Lateef Jakande, Lamidi Adedibu, Chiefs Bola Ige, Jim Nwobodo, C. C. Onoh. Arthur Nzeribe, Olusola Saraki and Solomon Lar”.
The world of billionaires showcases a fascinating dichotomy with many of the youngest billionaires inheriting their fortunes from family wealth.
Some, however, are self-made individuals who have managed to carve out their own financial success through innovation, entrepreneurship, and strategic investments.
Regardless of how they attained their wealth, these young billionaires are not just amassing fortunes—they are shaping industries, influencing economies, and redefining the future of business.
Here is a closer look at the five youngest billionaires in the world, according to the Forbes Real-Time Billionaires List as of January 2025:
1. Clemente Del Vecchio (Age: 20 | Net Worth: $5.8 Billion | Country: Italy)
Clemente Del Vecchio, the youngest billionaire in the world, inherited his wealth as the son of the late Leonardo Del Vecchio, the founder of EssilorLuxottica, the world’s largest eyewear company. With a controlling stake in the business empire, Clemente has joined the ranks of Italy’s wealthiest individuals at a remarkably young age. While much of his fortune comes from inheritance, he has also shown interest in investment opportunities, particularly in luxury brands and fashion startups.
2. Livia Voigt (Age: 20 | Net Worth: $1.3 Billion | Country: Brazil)
Livia Voigt’s fortune comes from her family’s stake in Weg S.A., a multinational company specializing in electrical equipment and automation. Her grandfather, Werner Ricardo Voigt, co-founded the company, which has since become one of the largest industrial manufacturers in Latin America. Despite her young age, Livia is expected to play a more active role in the family business in the future, with interests in corporate governance and industrial innovation.
3. Kim Jung-youn (Age: 20 | Net Worth: $1.2 Billion | Country: South Korea)
Kim Jung-youn is one of the youngest billionaires in South Korea, inheriting her wealth from her late father, Kim Jung-ju, the founder of Nexon, a leading video game company. Nexon is responsible for developing popular online games such as MapleStory and Dungeon & Fighter. Despite inheriting her stake in the company, Kim has remained largely private about her future plans in the gaming and technology sectors.
4. Kevin David Lehmann (Age: 22 | Net Worth: $3.2 Billion | Country: Germany)
Kevin David Lehmann inherited a controlling stake in dm-drogerie markt, Germany’s largest drugstore chain, from his father, Guenther Lehmann. The family business, founded in 1973, has grown into a retail giant with thousands of stores across Europe. Although Kevin maintains a low profile, his wealth continues to grow as the company thrives in the highly competitive retail sector.
5. Luca Del Vecchio (Age: 23 | Net Worth: $5.8 Billion | Country: Italy)
Luca Del Vecchio, like his younger brother Clemente, inherited a vast fortune from their father, Leonardo Del Vecchio, the legendary Italian businessman behind EssilorLuxottica. With their family’s deep roots in the eyewear industry, both brothers hold significant stakes in the company, which dominates the global market for luxury eyeglasses and lenses.
President Bola Tinubu on Saturday launched the completed and ongoing 24km section, alongside the upcoming 48km section, of the Lagos-Ibadan dual carriageway.
This includes Section One and the Lagos-Sagamu route in Lagos and Ogun, Phase Two.
Tinubu highlighted the importance of road infrastructure for socio-economic development.
He reaffirmed his administration’s commitment to improving the country’s transport network to enhance mobility and economic growth.
The president stated, “There is no doubt that road infrastructure plays a fundamental role in the socio-economic development of any nation.”
Quoting Norman Foster, he added: “Infrastructure is much more than roads and bridges; it is the foundation that sustains economic growth, facilitates mobility, and enhances the quality of life.”
He stressed his administration’s commitment to linking rural roads to urban centres, commercial hubs, and industrial corridors to maximise the nation’s resources and mineral deposits.
Tinubu, represented by Ogun governor Dapo Abiodun, said: “This strategic approach aligns with the Federal Government’s Renewed Hope Agenda.
“We are committed to rebuilding, expanding, and modernising our national road networks, railways, and airports, all vital to economic prosperity.”
He praised the Minister of Works, Sen. Dave Umahi, for his dedication. He described Umahi as “the actualiser of our vision on road infrastructure” and “a right fit for purpose.”
Umahi noted that the president, represented by the Ogun governor, will inaugurate both the completed/ongoing 24 km section and the upcoming 48 km section, ensuring momentum in spite of incomplete procurement.
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He confirmed that palliative work had been undertaken as temporary repairs. “What we are doing today is part of the Lagos-Ibadan project, Phase Two,” he said.
Umahi outlined key components, including the Ogun River, Marlboro underpass, Wawa underpass, Arepo underpass, Sagamu-Iperu (24 km), RCC Church interchange, two flyovers, and five pedestrian bridges.
“The next phase, which the representative of the president will flag off, is 48 km by two, extending from Iperu to Ijebu Ode along the Sagamu-Ore route,” Umahi added.
He confirmed that the full 96 km (48 km by two) would be inaugurated, alongside completed palliative works, to maintain project continuity.
Umahi explained that the second part of the 48 km stretch (Iperu to Ijebu Ode) faced a procurement issue. The process was flawed and required resubmission to the Bureau of Public Procurement (BPP) with a 30-day turnaround.
“The second leg of Phase Two, Section Two, of Lagos-Ibadan was wrongly procured. I directed its resubmission to the BPP, and in 30 days, work will commence.
“The governor of Ogun, representing the president, will flag off both phases, even though Phase Two is not fully procured. In 15 days, the project will be awarded.
“It is better to flag off both today from Iperu, where the first 24 km stops, to Ijebu Ode,” he said.
Umahi thanked the governor for his support and emphasised the project’s national significance. (NAN)
As Osun State conducted local government council elections across the state, low turnout of voters, as well as absence of security operatives in polling units highlighted the exercise.
Although some wards and polling units witnessed a large turnout of voters, majority of the units where voting took place recorded low turnout compared to the last governorship election in the state.
Voting did not take place in some polling units in Osogbo, Olorunda local government areas and in most polling units of Ilesa-West, Ilesa-East, Irewole, where Remi Abass was killed during the council takeover crisis, Isokan and Ayedaade local government areas.
Most places visited showed that voting took place in most of the local government areas where there are elected or appointed officials, including Ede-South, which houses the governor’s residence, Ede-North, Egbedore, Odo-Otin, Boripe, Ejigbo, Ifelodun, Irepodun, Orolu, Obokun, Oriade, Ife-Central, Ife-North and Ife-East.
Also, it was observed that security operatives were not at any of the polling units visited by our reporters while voters conducted their activities peacefully.
Police were, however, sighted on the major ways mounting roadblocks and checking vehicles passing through the barricades.
It was gathered that one person was killed at Ilesa-East local government but it was not clear if the reported death was connected to the election.
Meanwhile, a trending video on social media showed that polling officials in Ejigbo were arrested with polling materials and were not allowed to proceed to the polling units.
The OSIEC Chairman, Mr Hashim Abioye described the process as peaceful, lamenting the arrest of some of its polling officials across the local government in a bid to disrupt the election.
“I want to assure our people that those who are still awaiting the arrival of our electoral officials, I want to tell them that it was because the Police arrested some of our officials for committing no crime at all, against no lawful order of any court, but as it is we have deployed materials to those polling units because we have enough on ground. As I am talking to you, voting is ongoing in those places”, he said.
Meanwhile, in most of the polling units visited there was an early opening and closure of polls, with some concluding the exercise as early as 9 am.
A voter at Ward 1 Unit 1 in Iragbiji, Boripe local government, Abayomi Abiodun, disclosed that polling started as early as 7:30 am and closed around 11 am. The polling official, Ibrahim Adewale disclosed that accreditation and voting were carried out simultaneously.
A voter at Ward 4, unit 15 in Osogbo local government disclosed that he was surprised when he got to the units and discovered that voting had been concluded, saying many electorates in the area were disenfranchised.
Findings also showed that early opening and closing of voting occurred in many polling units as Governor Ademola Adeleke voted at his Sagba/Abogunde ward 2, polling unit 9 around 7:50 am.
Meanwhile, the All Progressives Congress, APC, described the exercise as a charade and the state sliding into the stone age, adding that the OSIEC boss is a PDP-card-carrying member.
A party chieftain, Jamiu Olawumi, who spoke on behalf of the Party Chairman, Tajudeen Lawal, said, “What they did in Ife-Central local government is not an election. Some people were thumb-printing ballot papers for the electorates ditto for Egbedore where a school principal and a PDP member were snatching ballot boxes from one polling unit to another to stuff ballot papers into it. This is nothing but a charade and we are resolute in our decision in line with the Appeal Court judgement that there is no vacancy in the 30 local government council areas of the state”, he said.
Similarly, the Allied Peoples Movement, APM, Chairman, Adewale Adebayo said what happened in Osun was not an election but a lockdown.
“What we experience in Osun State today is not election but lockdown because people refuse to participate in the illegal poll except Ede town where only a few members of the PDP voted in some polling units of top political appointees of the governor.
“Our party is vindicated with this exercise of our earlier apprehension that OSIEC can never conduct any meaningful election since its chairman, Hashim Abioye is a card-carrying member of PDP and serves Adeleke as Special Adviser Legal matters and served as PDP caretaker Secretary.”
Meanwhile, like Governor Adeleke, the Speaker of the House of Assembly, Hon Adewale Egbedun voted at Asi Ward 9 unit 5 in Odo-Otin local government; former Governor Olagunsoye Oyinlola also voted at his Okuku home town polling units while House of Representatives member, Hon. Bamidele Salam voted at his Unit 1 Awo/Abudo ward, in Egbedore local government.
Also, the Chief of Staff to the Governor, Kazeem Akinleye, perform his civic responsibility at Alusekere Ward 5, Unit 9. The Deputy Governor and Chairman, Uniosun Governing Council Chair, Professor Wale Oladipo voted at the same Ilode ward 1, Unit 1 in Ife-Central local government.
As at the time of filing this report, journalists did not know where the results would be announced as the OSIEC headquarters is still under seal since Thursday by the police
Chainlink price has crashed this year, continuing a trend that started in December when it peaked at a multi-year high of $30.78.
Chainlink 
LINK-6.14%Chainlink dived to $17.4 on Saturday, down by 43% from its highest level in December. Its crash mirrors the happenings among altcoins as most of them have retreated in the past few months.
Still, there are three key reasons why the LINK price may bounce back later this year.
First, there are signs that many Chainlink holders are not selling their coins. One piece of evidence is that balances on exchanges have continued falling this year. CoinGlass data shows that these balances have dropped to 138.8 million LINK coins, the lowest level since September last year. They plunged from 160 million in December.
Falling centralized exchange balances is a sign that investors are optimistic about the coin, with most of them holding them steady in their self-custody wallets. In most periods, CEX balances jump when investors are moving them from their wallets to sell them.
The confidence among Chainlink holders is likely because many of them expect that the Securities and Exchange Commission will approve a spot LINK ETF later this year. Such a fund would lead to more inflows and boost its price.
Chainlink price may also rebound because of its positioning in the crypto industry, where it is the biggest oracle network. It has a total value secured or TVS figure of $35 billion, making it much higher than other oracles like Chronicle, Pyth, and RedStone.
Chainlink is also a big player in the Real World Asset tokenization industry through its cross-chain interoperability protocol. CCIP is a key component in the industry that provides solutions to build, scale, connect, and send assets across various blockchains.
Chainlink price analysis
Third, Chainlink price may bounce back because of its strong technicals. The weekly chart shows that LINK has remained slightly above the 100-week Exponential Moving Averages even after crashing by 43% from its highest point in November.
LINK has also formed a giant megaphone chart pattern, which is characterized by two diverging trendlines. In most periods, this pattern leads to a strong bullish breakout.
In LINK’s case, the initial target of a rebound will be the November high of $30 followed by the 61.8% retracement point of $35. A drop below the lower side of the megaphone will invalidate the bullish LINK outlook.
Weekly crypto recap: $1.4B Bybit hack, Solana memecoin drama, and Microstrategy's plan to raise $2B
Admin
It’s the week of Feb. 17, Bitcoin plunged and we might be experiencing another crypto contagion.
The biggest news of the week is that the crypto market is reeling after Bybit suffered the largest hack in industry history, with over $1.4 billion in Ethereum (ETH) and staked Ethereum (stETH) drained from the exchange.
The attack has triggered a wave of liquidations, particularly in Ethereum futures markets, as panic sets in.
On Feb. 14, the president of Argentina, Javier Milei, promoted the launch of a new Solana memecoin called LIBRA, which pumped and dumped. The story is still developing, but so far there have been multiple allegations of market manipulation and insider trading.
I'll be posting updates to The Street and Roundtable next week, so make sure you follow me there to get the latest.
Now for some good news! President Donald Trump shared an XRP-related article from Coindesk on his social media platform, Truth Social, which is spurring bullish sentiment. The article discussed the CEO of Ripple, Brad Garlinghouse, and his optimism about U.S. deals and hiring after Trump's election win.
Also, Brazil’s securities regulator approved the world’s first spot XRP ETF, which is managed by Hashdex, a global crypto asset management firm with over $1 billion in assets under management.
Brazil may have beaten the U.S. with a spot XRP ETF launch, but the U.S. SEC has acknowledged filings from multiple asset managers, including Bitwise, for their spot XRP ETF applications. The acknowledgements have initiated a 21-day public comment period before final decisions are made. According to Bloomberg analysts, there is a 65% chance of approval in the U.S.
For Bitcoin, Asset management firm Bitwise has pledged to donate $150,000 from its Bitcoin ETF (BITB) profits to support Bitcoin open-source developers. This initiative is part of an ongoing commitment, with 10% of BITB’s gross profits allocated annually to Bitcoin development.
Meanwhile, Strategy also known as MicroStrategy announced a plan to raise $2 billion through 0% convertible senior notes to purchase more Bitcoin.
This move is part of their "21/21 Plan", aiming to raise $42 billion over three years for Bitcoin acquisitions. The company now holds 478,740 BTC, and despite reporting a $670.8 million net loss in Q4 2024, its stock has surged 372% over the past year.
As of Feb. 18, the Bitcoin memecoin DOG, is now tradable on Solana, thanks to a two-way bridge launched by MineLabs. This bridge allows seamless movement of the token between Bitcoin and Solana, enabling fast trades with fees under a penny inside a Meteora liquidity pool.
Next, Grayscale has introduced the Pyth Trust, offering exposure to PYTH, a Solana-based governance token. Pyth is a decentralized oracle network that provides real-time financial data to blockchains and is used by 95% of Solana dApps.
ChainGPT integrated with Hedera, bringing AI-powered blockchain tools to the network. This includes an NFT Generator for low-fee, fast minting and a Smart Contract Generator and Auditor, enabling AI-driven contract creation, auditing, and deployment.
Lastly, Mantra Finance has secured a VASP license from Dubai’s VARA, allowing it to operate as an exchange and provide broker-dealer, management, and investment services. The company specializes in DeFi and Real-World Asset (or RWA) tokenization, with an initial focus on institutional investors and future plans for retail access.
This has been a strange year for the crypto market. Wasn't 2025 supposed to be the year that the world's top cryptocurrencies skyrocketed in value, fueled by all the pro-crypto optimism surrounding the Trump administration? Instead, only a handful of the top 20 cryptocurrencies (as ranked by market cap) are actually up for the year.
Two that particularly stand out are XRP (CRYPTO: XRP) and Litecoin (CRYPTO: LTC). XRP is up 24% for the year, while Litecoin is up 20% for the year. By way of comparison, Bitcoin is up only 2% for the year. That's an anomaly, given that Bitcoin historically leads the market higher. So how much longer can XRP and Litecoin maintain their momentum?
XRP
Let's start with XRP, which stands out as the clear winner in the crypto market right now. It is the best-performing large-market-cap crypto of 2025. And, over the past three months, it is up a head-spinning 400%.
There's a good reason for this spectacular performance, and it has to do with the pro-crypto, pro-business approach of the Trump administration. Keep in mind: Ripple, the company behind the XRP crypto token, has faced regulatory questions about the status of XRP for more than four years now. A Securities and Exchange Commission court case lodged against Ripple has been ongoing since December 2020.
So the thinking here is that all of these regulatory headaches are going to disappear in 2025. Paul Atkins, the newly appointed pro-crypto head of the SEC, could end the case once and for all. And a new regulatory framework for crypto will make it easier for Ripple to get back to business as usual. All of that bodes well, of course, for XRP, which is the crypto token powering Ripple's blockchain-based payment operations.
XRP has a second major catalyst, as well. This is the anticipated approval of spot XRP ETFs sometime by mid-2025. After the spectacular success of the spot Bitcoin ETFs in 2024, it's easy to see why there is so much optimism in the market right now.
One could argue that the arrival of the new spot Bitcoin ETFs was the key reason why Bitcoin more than doubled in price last year. So XRP bulls are clearly hoping that XRP also has the potential to double in price.
In terms of being able to maintain its market momentum past 2025, XRP seems to be in a good position. It would be nice to see a few more positive signals from the Trump administration regarding Ripple and XRP, of course. But it looks like the regulatory shackles are finally coming off this year, and that could send XRP soaring in value for at least the next 12 months.
Litecoin
Just like XRP, Litecoin is being sent higher by anticipation surrounding potential spot ETF approvals. Currently, analysts at Bloomberg think that Litecoin has a 90% chance of gaining approval from the SEC. As a result, Litecoin could become the first cryptocurrency to get a new spot ETF in 2025.
That's the good news. The bad news is that it is unclear just exactly how much demand there is for a Litecoin ETF. If you take a look at a chart comparing the performance of Bitcoin and Litecoin over the past two years, you'll understand why. In that time period, Bitcoin is up 363%, while Litecoin is up only 51%.
And that has generally been the story for Litecoin for much of its nearly 15-year history. Litecoin has historically underperformed Bitcoin, and that's what makes the current period of outperformance such an anomaly. Right now, Litecoin is running circles around Bitcoin, and, if history is any guide, that shouldn't be happening.
So, from my perspective, Litecoin is going to have a hard time maintaining its momentum past 2025. Sure, it might get a bump in price before the new spot ETFs are approved, but that is likely to be short-lived, given how little demand there might be for those ETFs.
What happens to the crypto market in 2025?
Right now, Bitcoin is struggling to get back above the $100,000 mark, and many of the most valuable cryptocurrencies in the world are in the red. Ethereum is down 20%, and so are many other Layer 1 blockchain networks used to power the blockchain economy.
Against this backdrop, it's easy to see why investors are flocking to XRP and Litecoin. They are just about the only top cryptocurrencies with any momentum behind them right now, and they will likely continue to go up. Both are clear beneficiaries of the buzz and speculation surrounding new spot crypto ETFs.
But just keep your expectations in check: Once Bitcoin gets its mojo back, both XRP and Litecoin may lose some of their appeal. Over the long haul, neither of these two cryptos may be able to keep up with a soaring Bitcoin.
[The Motley Fool]
Do you believe that a Nigerian crypto platform can rival Binance?
Meet the 25-year-old with a mission bigger than himself: “to prove that African innovators can build at a global level and create systems that change lives.”
Moore Dagogo-Hart is the co-founder and Chief Technology Officer (CTO) of Zap Africa, Nigeria’s pioneering non-custodial crypto exchange. Zap is the fastest-growing crypto exchange in Nigeria, and Moore is one of the key minds who has played a pivotal role in making this possible.
The Early Genius
Before co-founding Zap Africa, Moore had already demonstrated a knack for building groundbreaking technology. From a young age, he was gifted with the ability to understand and design complex systems. He believes technology is the closest thing we have to magic. That it is a tool that can rewrite economic realities, create wealth, and break down barriers.
In 2018, he built a top-charting mobile game, Color Match, at just 18 years old which charted #2 on Play Store and #4 on the App Store. He also developed an AI-powered risk detection model to detect sexual predators in chatrooms in 2020.
As a high achiever, Moore placed 3rd at Facebook’s #Hackathon4Justice in 2019 and was the winner of the Goldman Sachs’ University Hackathon in 2020.
From Goldman Sachs to Building Africa’s Future
Moore’s career officially began in 2021 as a software developer at Goldman Sachs. Here, he contributed to their financial security systems and gained firsthand experience in high-risk and high-stakes financial modelling. This was when realised his passion lay in building entirely new systems, not maintaining already existing ones. So, he quit.
He left Goldman after a couple of months to start his own company. He went on to co-found Solarsoft, where he built Africa’s first ever fully functional NFT wallet, Nebula. This development pioneered Web3 and digital asset ownership adoption in Africa. However, despite its success, the app was later removed from the App Store by Apple due to Apple’s crypto regulations.
This marked a key moment in Moore’s journey. When many would have seen this event as a failure, Moore took it as a lesson in decentralization, compliance, and the challenges of building blockchain-based systems in a centralized tech world like ours.
The Birth of Zap Africa: Africa’s First Non-Custodial Crypto Platform
The year was 2022. Many Nigerian crypto platforms were collapsing, one after the other, and trust was at an all-time low. Moore and his childhood friend, Tobiloba Asu-Johnson, then came together to form what would become Zap Africa.
They watched as friends, family and everyday people saw their life savings disappear overnight, and they knew there was a better way. So, they decided to create a solution. In less than three years, Zap Africa has emerged as Nigeria’s fastest-growing crypto platform under Moore’s leadership, processing ₦2 billion in transactions within its first three months.
Moore engineered Zap’s financial model, ensuring automated revenue generation, liquidity optimization, and scalable trading infrastructure. This basically means that he designed Zap’s financial system to work automatically, making sure the company earns money efficiently, has enough funds available for users to trade without delays, and can handle a growing number of transactions smoothly.
He was also heavily involved in executing a historic marketing play leveraging the $TRUMP coin, which brought in 10,000 users in 6 hours, marking the biggest growth spike in Zap’s history.
Moore’s vision for Zap is not restricted to Nigeria only but to the entire continent and beyond. He wants Zap to redefine Africa’s financial landscape, making wealth creation, decentralized finance, and borderless transactions a reality for all.
Beyond Crypto: Engineering Africa’s Tech Future
Moore is a man with many skills under his belt. In 2022 as well, he also founded Syx Labs, a deep-tech company solving complex problems in AI, blockchain, and fintech. Syx Labs is not your average software company; it’s an innovation lab designed to engineer Africa’s technological future.
They specialise in AI-driven financial models and fraud detection systems as well as blockchain-powered authentication and security solutions. They describe themselves as the “next-gen real estate and fintech platform tailored for the African market.”
Zap into the Future
Zap is on a mission to redefine the continent’s financial landscape by making wealth creation accessible to all and borderless transactions a reality.
Growing up, Moore witnessed the economic inefficiencies and limitations that hold Africa back firsthand, and he also recognized the unmatched potential of Africans. Now, he is determined to drive change and foster real economic freedom.
Zap isn’t waiting for permission. They are building the future.
The former Governor of Kaduna State, Nasir El-Rufai has surprisingly transformed into a vocal critic of government policies and a champion of the people’s interests, as evident from his recent criticism of President Bola Tinubu’s administration and his successor, Governor Uba Sani
Not only has he taken a firm stand against the Tinubu, whom he strongly campaigned for, but he has also urged opposition parties to form a coalition to wrestle power from the ruling party.
In one of his many criticism, he had said “The problems that led to the creation of the APC remain unresolved, but I no longer believe the APC is interested in addressing them. The distance between me and the party is widening.”
Speaking further, he stated, “ There are internal mercenaries in the PDP, hired and motivated to destroy the party. The Labour Party is also facing similar issues. Peter Obi himself told me, ‘I don’t know what’s happening in the party I contested with.”
Naija News reports that El-Rufai seems relentless in his desire to wrestle power from the All Progressives Congress (APC), Tinubu and also his successor, Sani
But one must question the reason for the former governors’ activism. Does this come from a place of true patriotism, or is this a path of vengeance to wrestle power from those he once supported?
Tinubu, El-Rufai And Uba Sani
It is no news that El-Rufai’s ministerial nomination into Tinubu’s cabinet was blocked by the Senate due to a damning security report.
Will it be far-fetched to assume that El-Rufai’s discontent stems from what he perceives as a betrayal by the Tinubu’s administration?
Though he has repeatedly claimed that he did not seek any political appointment from the president, his sudden opposition raises questions.
El-Rufai earlier stated that he made it clear long before Tinubu won the presidential election in 2023 that he hads no interest in any appointment.
According to him, “I was cabinet minister 22 years ago and was clear to Asiwaju that I was not interested in any position in his future government. The pathetic manner all of you latter-day converts to the Tinubu government make an issue of something that I never wanted in the first place is perhaps a reflection of the level of your moral flexibility.”
He also insisted that he would have criticised Tinubu’s government if he were a member of the cabinet.
In the same vein, El-Rufai has shown his disdain for Gov Sani’s support for Tinubu’s administration.
El-Rufai and Sani were allies before the 2023 general elections. The governor, who was El-Rufai’s advisor, had on many occasions pledged his loyalty to the former governor until he won the governorship race in 2023.
However, after taking over power, Sani’s relationship with El-Rufai turned sour.
An ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under El-Rufai administration had indicted the ex-governor and some of his appointees of siphoning ₦423bn state funds
Recently, El-Rufai accused Sani of sycophancy and pandering to Tinubu for personal gain.
His criticism came after Sani’s remarks during an interview, where the governor expressed surprise at the growing criticism of Tinubu’s administration from some founding members of the APC.
El-Rufai alleged that Sani’s unwavering support for Tinubu was linked to over ₦150bn in federal reimbursements received by Kaduna State in the past 18 months.
“Every day I see this governor embarrassingly and sycophantically rambling, I used to wonder why? However, confirming that Federal Government ‘reimbursements, interventions, and grants’ in excess of N150bn have been given selectively to Kaduna by Tinubu in the last 18 months now explains everything.
“By all means, defend Asiwaju for the conditional cash transfer. Asiwaju has earned it, coming from you. The people of Kaduna State will judge at the right time and place. Have a nice day,” El-Rufai said.
The Wind Under El-Rufai’s Wings
While El-Rufai might wish to wrestle power from the APC, one question remains: does he have the political weight to cause a ripple?
Recently, El-Rufai and allies of ex-Vice President Atiku Abubakar, held a private meeting with the leadership of the Social Democratic Party in Abuja
The closed-door meeting, which took place at the SDP national secretariat, had sparked speculations about potential political realignments ahead of the 2027 general elections.
Among the notable attendees were Maj. Hamza Al-Mustapha an ex-presidential candidate and former Chief Security Officer to the late Gen Sani Abacha and Atiku’s former spokesman, Otunba Segun Showunmi.
Although the specific agenda of the meeting was not disclosed, it is being described as part of a broader strategy to forge alliances among opposition figures with the aim of presenting a formidable challenge to Tinubu in the next election cycle.
Showunmi confirmed the meeting in a Facebook post, describing it as a “strategic gathering” convened by SDP Chairman, Shehu Gabam, to evaluate the state of opposition politics in Nigeria.
While it is possible for El-Rufai to join forces with the opposition to strengthen his prowess, we must also not forget that he equally has enough enemies ready to challenge him.
Thoughts Of A Political Analyst
Speaking in an exclusive interview with Naija News, political analyst, Tunji Ojo has opined that El-Rufai latest outburst is all political, insisting that he does not have what it takes to unseat Tinubu and his successor, Sani.
“It is all political, it is all hard wired politics. Because it’s not only Tinubu. Even El-Rufai friend Sanusi Lamido Sanusi has also come out to criticise Tinubu because the assumption is that Tinubu’s presidency is not in support of Lamido.
“They believe that he prefers Ado Bayero to Lamido. Despite the fact that Tinubu assisted in bringing Lamido to power. Kwankwaso was the governor before Ganduje took over and upset the apple cart by removing Lamido Sanusi. When Ganduje removed Sanusi it was El-Rufai that gave him Chancellor of Kaduna State University
“When people don’t have a chair at the table they would cry. El-Rufai said that he was a founding member of APC. He participated in the registration, formation of the constitution, drafting and all of that.
“El-Rufai has a running battle with three senators of the state, Shehu Sani, and some others. He made sure they did not come back and that was in 2019. He made sure those senators did not come back because they were opposed to his borrowing plan in Kaduna State. Uba Sani initially tried to cover up for El-Rufai but the Kaduna people were disenchanted with him. He was not delivering on governance. Insecurity was worsening in his first year. There was something like the chibok attack in one community where teachers and pupils were carted away by bandits and several other abductions. When people of Kaduna State began to accuse Uba Sani of being a failure he had to speak out that his hands and legs are tied that his predecessor mortgaged the state finances and they are paying so much in term of huge debt that El-Rufai collected when he was governor.
“The state House of Assembly accused El-Rufai of corruption and misappropriation and they set up a committee to investigate and that itself was a huge slap on El-Rufai face.
“El-Rufai felt betrayed that Uba Sani whom he took a bullet for made a senator, and governor could not stand up for him. What really hurt him was that he has being pencilled down as the Minister of Power by Tinubu but when his nomination was suspended by the Senate they went to meet President Tinubu not just for El-Rufai but for Festus Keyamo. They cleared Keyamo but failed to clear El-Rufai for supposed security petitions and since that time El-Rufai has become bitter. El-Rufai felt that any petition written against him should have been waived and his nomination confirmed. There is nothing that El-rufai says that is new.
“El-Rufai is right. He is not saying anything new. But he would not say these things if he had gotten his ministerial nomination,” he said.
When asked if El-Rufai might be trying to push his political ambition as president, Ojo expressed doubt that El-Rufai was strong enough to challenge Tinubu.
“Can El-Rufai our of power wield such an influence over Northern Nigerians? he has made so much enemies. Am not sure he is a political threat to the re-election bid of President Tinubu. Tinubu as I know him is a master strategist.
“Tinubu is a master strategist. Tinubu knows the value of Uba Sani. He prefers Uba Sani to El-Rufai.
“Tinubu does not want to run with it in that El-Rufai is a nuisance or is of no effect. There is a saying a leper might not be able to milk a cow but he can spill the milk. But if you ask Tinubu to choose between El-Rufai and Uba Sani he will choose Uba Sani.
“Some people advised Tinubu not to allow the nomination of El-Rufai to fly that he is a lesser evil in the whole permutation of 2027.
“I am not taken in by all the activism and heroism of El-Rufai because if there is a reshuffle and El-Rufai is made a minister he will not be speaking this way. El-Rufai was a former loyalist of Atiku, then he became loyalist of Obasanjo and then became a loyalist of Buhari. You should not believe people like that. How many ministers have resigned out of conviction of this government is bad let me just resign,” he added.
[NaijaNews]
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In 2025, the cost of living in Nigeria varies greatly between cities, with some urban areas being much more expensive than others. This difference in living costs is due to factors like business activity, demand for housing, available services, and local resources. Some of Nigeria’s most expensive cities are major centers for business, politics, and industry, where the high demand for goods and housing has led to rising costs.
Here are five most expensive cities to live in Nigeria in 2025:
1. Lagos
Lagos is the most expensive city in Nigeria in 2025. As the country’s business and economic hub, it attracts many businesses, which drives up the demand for housing and services. This has made living in Lagos costly, with high rent prices. Known for its busy city center and wealthy neighborhoods like Ikoyi and Victoria Island, Lagos also has expensive food, transportation, and other daily costs. With a Rent Index of 24.30, Lagos is even the most expensive rental city in Africa.
2. Abuja
Abuja, Nigeria’s capital city, is another high-cost city in 2025. Being the political heart of the country, it draws government officials, international workers, and business professionals, all contributing to the city’s high living costs. Expensive areas like Maitama, Asokoro, and Wuse are filled with luxury homes, and the prices for goods, services, and transportation remain high, making Abuja a costly place to live.
3. Port Harcourt
Port Harcourt, the oil capital of Nigeria, ranks among the most expensive cities to live in 2025. The city’s strong oil industry brings in workers and businesses from all over, which increases demand for housing and services. Popular areas like the Government Reserved Area (GRA) are known for their expensive properties. Along with high rent, costs for goods, transportation, and other services are also elevated due to the city’s economic growth.
4. Enugu
Enugu, known as the “Coal City,” has become more expensive in recent years. The city is growing as a commercial center, with more people moving in for work and business opportunities. This has driven up housing costs, especially in the city’s more popular areas. As Enugu continues to develop with more businesses and infrastructure, living expenses, including food, transportation, and utilities, have also increased.
5. Owerri
Owerri, the capital of Imo State, has seen a rise in living costs in 2025. The city’s growing economy, especially in real estate and services, has led to higher property prices and rent. Areas like Nekede, New Owerri, and World Bank Road are becoming expensive as demand for housing increases. Prices for goods and transportation have also gone up, making Owerri one of the most expensive cities in Nigeria.
[TheNation]
The Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, Uno Eke, has been sentenced to one year in prison for conspiracy, obtaining property by false pretence, and money laundering amounting to N2bn.
This was disclosed in a statement by the Economic and Financial Crimes Commission on its verified X handle on Saturday.
The statement revealed that Eke was convicted by Justice Rosemary Oghoghorie of the Federal High Court in Calabar, Cross River State, after pleading guilty to four amended charges preferred against him by the Uyo Zonal Directorate of the EFCC.
The statement partly read, “Justice Rosemary Dugbo Oghoghorie of the Federal High Court sitting in Calabar has convicted and sentenced the Chief Executive Officer, Micheno Multi-purpose Cooperative Society, Uno Michael Eke to 1-year imprisonment for conspiracy, obtaining property by false pretence and money laundering to the tune of N2bn.”
The EFCC detailed the charges against Eke, with Count One stating: “That you, Uno Michael Eke (being the President/Chief Executive Officer of Micheno Multi-Purpose Cooperative Society); Registered Trustees of Micheno Multi Purpose Cooperative Society, MMCS, Aya Kanu Aya, (Alias Mbakara) being the Vice President of Micheno Multi-Purpose Cooperative Society (now at large), sometime between June and August 2018 in Calabar within the jurisdiction of this Honourable Court, conspired among yourselves to commit an offence to wit: obtaining property by false pretence and you thereby committed an offence contrary to Section 8 (a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act’.”
Another charge read, “That you, Uno Michael Eke (being the President/Chief Executive Officer of Micheno Multi-Purpose Cooperative Society), Registered Trustees of Micheno Multi-Purpose Cooperative Society, MMCS, Aya Kanu Aya (Alias Mbakara) being the Vice President of Micheno Multi-Purpose Cooperative Society (now at large), on or about the 12th day of July 2018 in Calabar within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the sum of Two Million Naira (N2,000,000.00) from one Kubnse Ogar Ebute by inducing her to invest the money into your Swiss golden packages through your Micheno Multi-Purpose Cooperative Society Ltd under the false pretence of paying her 80% as return on investment on her principal sum on the 40th day of his investment, which you knew to be false and thereby committed an Offence contrary to Section 1 (1) (b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
Eke pleaded guilty to the charges when they were read to him in court.
The prosecution counsel, Joshua Abolarin, urged the court to convict him based on the charges, while the defence counsel, Ime Umanah, pleaded for a lighter sentence, citing a plea bargain agreement.
“The judge, after considering the plea of the convict and evidence before the court, convicted and sentenced Eke to one-year imprisonment or an option of fine of N2m.
Also, the convict was ordered to forfeit the following to the Federal Government of Nigeria: 12 flats of two bedrooms each located at Goodluck Jonathan bypass, Calabar, Cross River State, two plots of land (4.162 hectares and 3.391 hectares) both located at Adiabo Ikot Mboout Community Land, Odupkpani Local Government Area, Cross River State, two plots of land located at Akai Effa, Calabar Municipality, Cross River State and 18 self-contained flats (storey building), located beside University of Calabar, Ita-Agbor, Calabar, Cross River State and N10m recovered during investigation”, the statement further stated.
The court further ordered that all recovered funds be restituted to the victims of the fraud.
“Eke’s road to the Correctional Centre began when he was arrested for collecting huge sums of money from different unsuspecting victims with a promise of 80% return on investment within 40 days.”
Investigations revealed that Eke operated multiple bank accounts where he received N2bn from his victims, which he then used to acquire landed properties and houses in Calabar.
Son of General Sani Abacha, Nigeria’s former military ruler, Sadiq Abacha, has expressed admiration for his late father, stating that his leadership remains significant despite persistent scrutiny.
Sadiq, in a Facebook post on Saturday, suggested that his father was a victim of jealousy and subtle betrayal but insisted that history would ultimately be kind to him.
“The man Abacha—you have always been the one they envied with silent deceit. History shall remember you for being a better leader, no matter how much they try to put you down. As a son, I am most proud of you today. You indeed are the man they wish they were half of”, he wrote.
He ended his message with a Hausa proverb: “Duk wanda yayi jifa a kasuwa,” which translates to “whoever throws a stone in the market…”—a phrase often interpreted as a warning that actions have consequences.
Sadiq’s statement comes just days after the launch of the long-awaited memoir by former military President, Ibrahim Babangida, which has triggered extensive discussions.
A major highlight of the book is the controversial annulment of the June 12, 1993, presidential election, which Babangida admitted was won by MKO Abiola.
The former leader disclosed that while he regretted the decision, the move was largely orchestrated by forces within his government, allegedly led by Abacha, without his full awareness.
The late Abacha, who ruled Nigeria from 1993 until his passing in 1998, remains one of the country’s most debated figures.
While his government is credited with economic stabilisation and strong security policies, allegations of corruption and human rights violations continue to shape his legacy.
[Punch]
A former Governor of the Central Bank of Nigeria, Godwin Emefiele, has denied the ownership of some funds and property forfeited to the Federal Government on the order of the Federal High Court in Lagos.
Justice Yellim Bogoro of the Federal High Court in Lagos on Friday ordered the final forfeiture of $4.7m, N830m, and multiple properties said to be linked to the former apex bank boss.
The judge, who had earlier dismissed an application brought by an interested party seeking to stop the judgment from being delivered, granted the final forfeiture application filed by the Economic and Financial Crimes Commission.
Reacting in a press statement issued late Friday by Olawale Fapohunda on behalf of his legal team, Emefiele also distanced his immediate family from ownership of the said properties and funds.
While admitting that part of the assets belonged to his relatives, Emefiele asked those associating him and his immediate family with the assets to stop doing so in the interest of fairness.
The former CBN governor stated that a company, DeepBlue Energy Limited, established in 2009, is owned by his relative and not himself, as being peddled in the media.
He stated that Justice Aneke of the same Federal High Court, Ikoyi, Lagos, had previously discharged an interim forfeiture order on the same assets, which is now ordered to be forfeited by Justice Bogoro.
The statement read in parts, “Our attention has been drawn to recent news reports indicating that Justice Bogoro of the Federal High Court, Ikoyi, Lagos, has granted a final forfeiture order on certain properties allegedly linked to one Anita Joy Omoile and her companies, including DeepBlue Energy Limited.
“It is important to clarify that DeepBlue Energy Limited, established in 2009, is owned by a relative of our client, Mr. Godwin Emefiele, but not by Mr. Emefiele himself.
“For the avoidance of any doubt, we, as the legal representatives of Godwin Emefiele, categorically disassociate our client from the ownership of the assets in question.
“For emphasis, the assets in question do not belong to our client or any member of his immediate family.
“Furthermore, information reaching us suggests that Justice Aneke of the same Federal High Court, Ikoyi, Lagos, had previously discharged an interim forfeiture order on the same assets now forfeited by Honourable Justice Bogoro.
“We urge all stakeholders and members of the public to take note of this clarification and stop associating these assets with Mr. Godwin Emefiele.”