FEATURES

FEATURES

 A rout in Bitcoin deepened on Friday as investors rushed to safe assets in the wake of US President Donald Trump’s latest tariff threats, marking a dramatic reality check for one of the most popular Trump trades.

 

The cryptocurrency tumbled as much as 7.2% on Friday to the lowest since early November and is down some 27% since it hit an all-time high less than six weeks ago. The selloff came amid a broad plunge in cryptocurrencies, with Ether, Polkadot and XRP all dropping more than 7% on Friday.

“The last time we saw sentiment like this was 2022,” said Caroline Bowler, chief executive officer of BTC Markets Pty Ltd, referring to the “crypto winter” when prices plummeted amid rising interest rates and industry woes. “This tanking can be viewed as a response to macro fears on Trump’s tariffs and geopolitical uncertainty.”

Trump said Thursday that 25% tariffs on Canada and Mexico would come into force from March 4, undermining hopes he might reverse course after a previous delay. He also said Chinese imports would face a further 10% levy, prompting officials in Beijing to promise “all necessary measures” in response.

The focus on trade tensions led to a broad risk-off decline across markets on Friday, pushing down almost all Asian stock markets and fueling declines in European futures. But cryptocurrencies — which are deeply exposed to shifts in risk appetite — were among the worst hit.

Bitcoin has now fallen more than 20% in February. If the decline holds through the end of Friday, it would mark the biggest monthly drop since June 2022.

Trump Trade Woes

The selloff underscores a swift change of fortunes for what was previously one of the most popular Trump trades in global markets: buying Bitcoin on the expectation that the president’s crypto-friendly approach would lead to a broad rally.

That worked for a while. Bitcoin hit its all-time high of $109,241 on Jan. 20, the day of Trump’s inauguration. But cryptocurrencies have recently come under pressure amid worries that Trump’s pugilistic approach to global trade could lead to broad pain.

“Given the macro environment, it’s not surprising to see we are where we are,” said Stefan von Haenisch, director of over-the-counter trading in Asia Pacific at crypto custody firm Bitgo Inc. Traders are still waiting for Trump to come up with concrete steps for the sector including a Bitcoin stockpile, he said.

What Bloomberg’s Strategists Say...

“The real panic may be ahead of us still. Bitcoin always has another 70%+ crash in its future, by construction. $72k-$74k would appear to be the technical crunch zone that might trigger the next crypto winter.“

— Mark Cudmore, MLIV Executive Editor

Read more here.

Investors are now being forced to consider quite how far the world’s biggest cryptocurrency can fall. There is support for the coin around $70,000, said Ruslan Lienkha, chief of markets at crypto platform YouHodler, pointing to technical analysis. But he said investors shouldn’t assume the rout in Bitcoin will get that bad. Bitcoin was down about 4.3% to $80,653 as of 6:52a.m. in New York.

“We will only see this level if negative sentiment dominates the equity markets,“ said Lienkha.

Bearish sentiment this week has also hit spot US Bitcoin exchange-traded funds, with investors pulling out more than $1 billion on Tuesday, the biggest one-day outflow since their debut last year.

Trump has already made a few changes that have pleased crypto bulls, including putting crypto advocates in key positions. The Securities and Exchange Commission, which embarked on a yearslong crackdown under former Chair Gary Gensler, has also closed investigations into several crypto outfits in recent weeks.

Trump has said he wants to make the US “the crypto capital of the planet and the Bitcoin superpower of the world.”

Read: Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000

(Updates pricing.)

[Bloomberg]

China has vowed to take all necessary countermeasures after U.S. President Donald Trump announced a fresh 10% tariff hike on Chinese imports.

CNBC reports that this latest escalation in the ongoing trade dispute between the world’s two largest economies has raised concerns over global market stability and potential economic ramifications.

The Chinese Ministry of Commerce, in a statement released on Friday, expressed firm opposition to the U.S. decision, warning of potential retaliatory measures.

 

“If the U.S. insists on its own way, China will take all necessary countermeasures to defend its legitimate rights and interests,” the Ministry stated, according to a CNBC translation. 

The statement further urged Washington to reconsider its approach, emphasizing the importance of resolving conflicts through dialogue based on equality.

“We urge the U.S. side to not repeat its own mistakes, and to return as soon as possible to the right track of properly resolving conflicts through dialogue on equal footing.” 

Timing and Implications 

  • The new tariffs, set to take effect on March 4, will coincide with the start of China’s annual parliamentary meetings, a period of heightened economic and political discussions in Beijing.
  • These additional duties follow an earlier 10% tariff imposed by Trump on February 4, bringing the total tariff increase to 20% within a month.
  • Trump justified the decision by citing China’s alleged role in the fentanyl crisis. The synthetic opioid, whose precursors are largely produced in China and Mexico, has been responsible for tens of thousands of overdose deaths in the U.S. annually.

Potential Chinese Retaliation 

Economic analysts predict that China’s response will include higher tariffs on select U.S. imports, placing more American firms on its unreliable entity list, and possibly tightening export controls on critical minerals, a sector where Beijing holds significant leverage.

Neil Thomas, a fellow on Chinese politics at the Asia Society, noted that while Beijing’s reaction may be measured, it is expected to target strategic sectors.

“In the short term, China’s response will likely include raising tariffs on select U.S. imports, adding more American firms to its unreliable entity list, and potentially further tightening export controls on critical minerals,” Thomas said. 

Alfredo Montufar-Helu, head of the China Center at The Conference Board, added that China’s response could be strategically designed to impact industries that are important to Trump’s voter base, keeping the door open for further negotiations.

He said China would prefer to leave some room for further negotiations as it hopes to avoid even higher import tariffs and other ‘corrective’ measures by Washington.

Previous Retaliatory Measures 

China has a track record of targeting U.S. industries in retaliation to tariff hikes. Following the February 4 tariffs, Beijing responded by increasing duties on certain U.S. energy imports and placing two American firms on its unreliable entity list, limiting their ability to conduct business in China.

Additionally, China has increased restrictions on exports of critical minerals essential for U.S. industries, a move that could severely impact supply chains.

Stephen Olson, a visiting senior fellow at the Institute of Southeast Asian Studies and a former U.S. trade negotiator, highlighted the significance of China’s control over essential raw materials.

“The sharpest arrow that China has in its quiver would be to restrict U.S. access to critical minerals that can’t readily be sourced elsewhere,” Olson remarked. 

The trade war escalation has raised concerns about potential disruptions in global supply chains and economic growth. China’s exports have remained a rare bright spot in its otherwise slowing economy, and with the U.S. being its largest single-country trading partner, both nations have a vested interest in preventing further economic downturns.

[Nairametrics]

The factional Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has said that he has been a disciple to President Bola Ahmed Tinubu since he left secondary school.

Obasa stated this while answering questions in relation to the crisis rocking the state House of Assembly during an interview on Channels TV’s Politics Today on Thursday.

Obasa had stormed the assembly on Thursday alongside his security details and presided over ‘plenary’ attended by four lawmakers, a development which has deepened the crisis.

When asked whether he has Tinubu’s backing in the crisis, Obasa said, “I have been following this man since I just left secondary school. I have pictures to prove this. During SDP I contested for delegate.

“Since then I have always been one of his disciples and I will not change tomorrow. I have always been a loyalist. If they are just realising that now, then they have not been part of us from the genesis.”

On the alleged misunderstanding with Governor Sanwo-Olu, Obasa said that he had been working with the governor smoothly.

“It is not a sin to have an ambition. The governor is my leader and brother. And there is no reason for me to disrespect him. If I have taken a step or an action that seems disrespecting him that might have happened unconsciously.

“Number one, the governor is in our state. We have to respect him and he is my brother. So, as far as I am concerned, there is nothing like that.

“Governorship ambition is not in my consideration. But that doesn’t mean I am not qualified,” he added.

[DailyTrust]

Nigerian singer Timaya and his American girlfriend, Brooke Bailey, have dispelled rumors of their separation.

Speculation recently emerged that the couple had separated after Brooke Bailey unfollowed Timaya on Instagram and deleted all photos of him from her page. The singer also does not have photos of Bailey on his Instagram page and is not following anyone on the platform.

Shutting down the rumors, the couple, via their respective InstaStories, reposted a cozy photo of themselves.

Recall that in December 2024, Timaya and Bailey sparked relationship speculations after they were spotted holding hands while boarding a private jet.

The American reality star also expressed her love for Timaya while in Bayelsa to support him during his homecoming concert in January.

Thereafter, the couple shared photos and videos of themselves professing their love for each other.

[DailyPost]

 
 
 
 

The Speaker of the Lagos State House of Assembly, Mojisola Meranda, has faulted the action of her predecessor Mudashiru Obasa, who showed up at the Assembly on Thursday, insisting he is still the speaker.

Recall that The Nation had reported that Obasa, returned to the House in a shocking move on Thursday.

Obasa, who was removed as Speaker by 36 lawmakers on January 13, 2025, came in the company of security officials and made his way into the Speaker’s Office around 9 am.

He seized control of the Speaker’s office and held what could be described as a plenary session with four lawmakers loyal to him. Other lawmakers present at the 40-member assembly boycotted the session.

The ousted Speaker proclaimed that his removal was null and void, and asserted that he remains the legitimate Speaker of the House.

 

Reacting, Meranda said: “Well, this is just the beginning and just like what happened in there, both parties have their representatives, and I think we should allow the legal team do their job. 

“Well, I think he (Obasa) is still a member of the assembly, so he has every right to be at the assembly, but I think the invasion and breaking into my office is really a big one. 

“The sitting with just lawmakers is a show of shame because in our job, we’ve numbers that must form quorum. If you’re sitting with only 3 or 4 lawmakers, then you’re only doing theatre. 

“The public will be notified on the next sitting of the house.”

[TheNation]

The Senator representing Kogi Central, Natasha Akpoti-Uguaghan, has accused the Senate President, Godswill Akpabio, of sexual harassment.

Akpabio has since denied the allegation through his media consultant, Kenny Okulogbo,

Akpoti-Uduaghan made the allegation during an interview with Arise Television on Friday.

She alleged that Akpabio blocked her motions from being heard on the floor of the Senate because she rejected his advances.

 

The Kogi lawmaker added that by rejecting Apkabio’s sexual advances, she was subjected to persistent harassment and malignment in his home in Uyo, the Akwa Ibom state capital, and his office.

She said, “My issue with Akpabio started on the 8th of December, 2023, when my husband and I attended a pre-birthday invitation extended by the Senate President at his residence in Uyo. We had earlier gone to his house at Ikot-Ekpene, and he held my hand and said he wanted to show me around his house. Just the three of us, my husband and him. I noticed he hastened his pace while still holding my hand, and he got to this particular sitting room.

“He asked ‘do you like my house?’ and I replied ‘of course yes,’ and he said, ‘now that you are a Senator, you are going to create time for us to spend quality time here and you will enjoy it.’

“Later, on the floor of the Senate, I attempted to raise a motion regarding corrupt practices at the Ajaokuta Steel Company. I listed this motion five times, and it was only on the sixth occasion that it appeared on the order paper. When I approached the Senate President to enquire why my motion had been repeatedly stepped down, he told me ‘Natasha, I am the Chief Presiding officer of the Senate. You can enjoy a whole lot if you take care of me and make me happy.’ At that point, I told him that I would pretend I didn’t hear that.

 

“My case is a case of a student being punished by a lecturer for refusing to sleep with him.”

Speaking further, Akpoti-Uduaghan said some senators had warned her to adhere to the seat change because it was a trap.

She added, “I was approached by a sergeant-at-arms in the Senate chamber who informed me that my seat had been changed by the Senate President, Godswill Akpabio. This was news to me because I had attended the last session and had not been informed of any changes. Before the Senate President could announce my suspension, I needed to invoke Order 10, which serves as an SOS for Senators who feel their rights have been breached. The Senate President made a mistake by not allowing me to speak on that Order 10.”

Reacting to the allegation in an interview with PUNCH Online correspondent, the media consultant to the Senate President, Kenny Okulogbo, described the allegations as tissues of lies.

Okulogbo stated that the Kogi lawmaker is angry because she was removed as the Chairman of the Senate Committee on Local Content.

He said, “All that Senator Natasha said are all tissues of lies. She is just angry because she was removed as the Chairman of the Senate Committee on Local Content.

“The Senate President will respond. We will make an official statement soon.”

[Punch]

Sophia Chinwe Egbueje is a distinguished socialite, model, and entrepreneur.

With a strong presence in the fashion industry and a remarkable influence on social media, she has carved a niche for herself in the Nigerian entertainment and business landscape.

Sophia Egbueje: Early Life and Education

Born June 1, 1996, in Lagos State, Nigeria, into the Egbueje family, Sophia hails from Umuoji town in the Idemili North Local Government Area of Anambra State. Raised in a closely knit household, she shares a strong bond with her siblings.

Academic Pursuits

Sophia Egbueje attended Covenant University in Ogun State, where she earned a degree in Accounting. Her educational background provided her with essential business acumen, which would later fuel her entrepreneurial ventures.

Career Journey

Sophia’s passion for fashion was evident from an early age. Determined to make an impact in the industry, she launched her own fashion company, curating and promoting exclusive fashion pieces that resonated with a diverse clientele.

Her strategic use of social media, particularly Instagram, propelled her into the limelight. By showcasing her impeccable fashion sense and luxurious lifestyle, Sophia Egbueje cultivated a strong following, significantly boosting her brand’s visibility and success.

Beyond her personal brand, Sophia Efgbueje has collaborated with various fashion labels, solidifying her reputation as a trendsetter. Her ability to blend global fashion trends with Nigerian aesthetics has positioned her as a major influencer in the fashion and lifestyle space.

Vanguard News

 

The Commissioner for Local Government and Chieftaincy Affairs in Kaduna State, Alhaji Sadiq Mamman Lagos has said that former Governor Nasir El-Rufai, cannot decide on what will happen in 2027, but only God can decide.

He also decried El-Rufai’s comment against President Bola Ahmed Tinubu and Governor Uba Sani of Kaduna State.

He told El-Rufai to steer clear of Kaduna, pointing out that “God will decide who wins the Governorship and Presidential election in 2027”.

Mamman Lagos spoke in an interview with journalists, even as Kaduna’s 255 Councilors in Kaduna State endorsed President Tinubu and Governor Uba Sani for a second term in 2027.

“We must set the record straight by reminding all who care to listen that our good and amiable Governor had never at any time interfered with the running of the state in the previous administration.”

“He concentrated on initiating and passing bills in collaboration with fellow lawmakers at the Senate and his constituents to make life better for people. We see no reason he should at this time be distracted by someone who feels he has the monopoly to either make or mar individuals.”

“Go round and see for yourselves how Governor Uba Sani has succeeded in reversing virtually all the unpopular and various anti masses policies of his predecessor who rode to power on the goodwill of the people and sacrifices made by grassroots politicians such as Uba Sani…”

“Governor Sani has surpassed the expectations of even the opposition who see in him a leader needed at this time to unite the people and bring back the lost glory of the state. He has virtually touched all aspects of governance to bring success…”

 

“Confiscated or demolished properties have been returned to their owners, high tuition fees charged by the previous administration have been reversed, traditional rulers deposed, got back their thrones.”

“There have been massive infrastructural developments cutting across all the three Senatorial Zones, correcting the hitherto impression of the APC as government of a particular segment.”

“We want to use this opportunity to admonish this individual and his co-travelers, if any, to desist from further making of inflammatory and empty threats as if he owns the key to political success in the next election. The electorate will decide who to pitch their tents with and can be relied on for his compassion and soft heart for the masses,” he said.

Early, the Councillors said there is no vacancy in the Presidential Villa Abuja and Sir Kashim Ibrahim Kaduna Government House come 2027.

Muhammad Sani Badiko, who addressed journalists on behalf of the 255 councilors, linked their support for Governor Uba Sani to the massive infrastructural developments which “are unprecedented in the history of Kaduna state”.

 

“We score the Governor high on rural development, economic recovery, education and healthcare positive intervention programmes for growth and innovation. We are going to mobilize grassroots support for the Governor’s reelection in 2027, we call on all political actors to sheath their swords and wait after 2031,” they said.

The ousted Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has stated that the same due process that led to his appointment must be followed for his removal.

Naija News reports that on Thursday, Obasa made a dramatic appearance at the Assembly complex, declared himself Speaker, and presided over a plenary session with only four lawmakers in attendance.

 

Speaking on Channels Television’s Politics Today on Thursday evening, Obasa emphasized that he was not opposed to his removal, but insisted that due process must be adhered to.

“First, we were on recess. A motion was moved to adjourn till February 18 by the Majority Leader and was well seconded. So, I went on an official trip to Congress in the United States of America. The second trip was to be in Canada for a programme organised for some members of the House.

 

“So, we adjourned properly. When reconvening, it must go through the Majority Leader, the Clerk, and the Speaker. According to the rules of the House, only the Speaker can reconvene. If that process is not followed, then it doesn’t matter what forgery is being attempted.

“When I was elected as Speaker, the entire House supported me. When I took office in June 2023, the whole House backed my nomination, and I became Speaker. There is nothing wrong if the House decides otherwise. However, they followed a process to elect me, so if they wish to remove me, they must follow the same process,” he stated.

Meranda Withdrew From Speakership Race – Obasa

Obasa also revealed that his successor, Mojisola Meranda, withdrew from the Speakership race following a meeting with the party leadership in the state. He added that her withdrawal led to the removal of her security detail.

“When my security personnel were withdrawn, even while I was not in the country, without my knowledge or consent, did I complain? I did not. There was a meeting in Marina, attended by all party leaders and House members. During that meeting, Meranda openly stated that she had stepped down and resigned.

“When you resign from an office, the paraphernalia of that office is naturally taken away,” he explained.

Obasa Denies Friction With Governor Sanwo-Olu

When asked whether his political troubles stemmed from his ambition to become Governor or disrespecting Governor Babajide Sanwo-Olu, Obasa dismissed the claims.

“It is not a sin to have ambition — let’s correct that. Secondly, the Governor is my brother, my leader, and my everything. I have no reason to disrespect him.

 

“If I have taken any action that seemed disrespectful, it was likely unconscious. There is no reason for me to do such a thing. The Governor is number one in our state,” he said.

The Redeemed Christian Church of God has announced free medical surgeries to mark the General Overseer, Pastor Enoch Adeboye’s 83rd birthday.

Adeboye was born on March 2, 1942, in Ifewara, Osun State. He will be 83 on Sunday.

According to a statement by his son, Pastor Leke Adeboye, on Thursday, the programme, which is part of the church’s Corporate Social Responsibility initiatives, would offer free medical services in various areas, including obstetrics and gynaecology, surgeries, general surgeries, eye surgeries, dialysis sessions, reading glasses, and consultation.

According to the church, the free medical services will be executed by the Redeemer’s Health Centre.

 
 

The statement added that interested individuals can register for the various services by contacting the designated phone numbers or visiting the RHC premises.

It stated, “Pastor Adeboye’s commitment to giving back to society is evident in the church’s numerous CSR initiatives, which have impacted over 166 million lives and executed over 990,000 projects.

“We are committed to impacting lives across different sectors.

 

“Our CSR programmes are designed to provide support and care to those in need, and we are grateful for the opportunity to serve.”

The RCCG’s health interventions have been extensive, with over nine million beneficiaries of free healthcare services, 33,052 completed healthcare projects, and four intensive care units/centres established in various locations.

The free medical services programme is a testament to Adeboye’s commitment to serving humanity and making a positive impact on society, the church added.