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Jude Okoye, the elder brother and former manager of the defunct music group P-Square, has been remanded in prison after his arraignment on fresh charges of $1,019,763.87 and £34,537.59 fraud.
On Monday, the Economic and Financial Crimes Commission (EFCC) filed fresh four-count charge alleging that Okoye “dishonestly converted” funds received as music proceeds from three companies to his own use.
According to the charges, Okoye’s actions were intended to permanently deprive his brother Peter ‘Mr. P’ Okoye of his benefits from the payment.
The charges, dated January 27, 2025, specifically stated that Okoye and his company Northside Music Limited converted the following amounts:
“$767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties. £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties,” it reads in part.
“$133,566.49 paid by Kobalt Music Services Limited as payment for music digital distribution/publishing royalties.
“$118,652.23 paid by Mech Limited as payment for music digital distribution/publishing royalties.
The EFCC alleged that Okoye’s actions contravene sections 278 and 285 of the criminal law of Lagos State of 2011.
On Tuesday, Okoye, who appeared before Ramon Oshodi, a justice of the Ikeja high court, pleaded “not guilty” to the charges.
Clement Onwuenwunor, the defence counsel, informed the court that Okoye has a similar case ongoing at the Ikoyi court and has been granted bail.
He argued that the dispute is between Okoye and his Psquare brothers and that his client is a prominent entertainer who would not jump bail.
The lawyer asked the court to grant bail to Okoye pending the start of his trial.
However, MK Bashiru, the prosecuting lawyer, opposed the request, stating that he is yet to file a response to the bail application.
In his ruling, Oshodi said he cannot “hastily grant the bail application” because he needs to be fully aware of the filing.
The judge asked the prosecuting counsel to file a response to the bail application pending the hearing on March 6.
The trial was scheduled for May 16 and 23.
Okoye’s latest ordeal comes barely a day after he was granted N100 million bail over alleged fraud charges.
Last week, he was arraigned by EFCC on charges of laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded “not guilty” to the charges and was remanded in the Ikoyi correctional facility by Alexander Owoeye, the judge of a federal high court in Ikoyi, Lagos.
ORIGIN OF CONTROVERSY
The controversy began in 2017 with the feud between Paul Okoye and his twin brother Peter. The rift led the brothers to split their group Psquare and pursue solo careers.
The twins were said to have parted ways after a disagreement on the role of Jude — their older brother who was their manager then.
Though they reunited in November 2021, their reconciliation was short-lived.
In August 2024, Paul revealed another fallout, accusing Peter of orchestrating his arrest by the anti-graft commission.
Peter, however, denied the allegations and accused Jude of diverting millions of dollars from their joint account into a secret company.
He said he was left with no choice but to involve the EFCC after Paul asked him to “do your worst” during their last conversation on the matter.
Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself,” to mend the rift between his brothers.
[TheCable]
The 49-day reign of Mojisola Meranda as Speaker of the Lagos State House of Assembly ended on Monday, when the lawmakers re-elected Mudashiru Obasa to lead them.
The move is not unconnected to the resolutions of the mediating panel led by Chief Bisi Akande and Chief Olusegun Osoba, former governors of Osun and Ogun states, who intervened in the leadership crisis that rocked the assembly for almost 50 days.
Over a week ago, the heavyweights in the All Progressives Congress, including the aforementioned former governors, were drafted by President Bola Tinubu to find a lasting solution to the Assembly leadership crisis which began when Obasa was removed by over 30 lawmakers on January 13, 2025.
Obasa was away in the United States when he was removed and replaced with his deputy, Meranda, a move that Obasa vehemently rejected, and even approached the court to challenge.
At the plenary on Monday, other principal officers elected under Meranda also resigned from their positions, including Deputy Speaker, Mojeed Fatai, and Chief Whip, Okanlawon Sani.
Before the development, Obasa, Meranda and all the lawmakers had met with the leadership of the party in the state, led by the state Chairman, Cornelius Ojelabi.
The state Attorney General, Lawal Pedro (SAN), was also at the meeting held outside the assembly chamber, before the plenary where Meranda officially resigned.
In her resignation speech, Meranda stated that her decision was made in the interest of democracy and to prevent further crises within the Assembly.
She emphasised that leadership required selfless sacrifice and that stepping down was necessary to maintain stability.
“I wish to let every one of you know that I have made a personal sacrifice towards resolving the leadership crisis rocking the Lagos State House of Assembly.
“I recognise the role my family has played and continues to play in entrenching democracy, good governance, and the betterment of our people.
“I will never depart from the well-established path of honour, dignity, integrity, and service as personified by my late father,” she said.
The first female speaker in the history of the Assembly added, “I took this decision carefully and with firm consideration.
“On one hand, I accepted the position of Speaker on January 13, 2025, and on the other hand, I resigned the position as it is threatening the democracy of this House.
“I am not a quitter; however, I took this bold decision in order to save this legislative institution from further unnecessary conflict and embarrassment.
“Accordingly, I have agreed to yet again make a personal sacrifice by stepping down as the Speaker of this great Assembly.”
According to Meranda, the party is supreme.
“I sincerely thank you for your understanding and support, just as we know that party decisions are supreme,” she said.
Obasa, who took a fresh oath of office as the Speaker, pledged to Lagos residents that the assembly would continue to make laws for the progress of the state.
He appreciated the intervention of Akande and Osoba in resolving the crisis.
He said, “We want to assure Lagosians that we have resolved and determined to serve their interest and protect their interest always.
“Our major responsibility is to represent them and that’s what we have been doing.
“What is happening here today shows that the Lagos State House of Assembly is capable and is a House of integrity. It is a house that has an internal mechanism to resolve issues in the interest of the institution and our party.
“Today is not the day for speech making but to celebrate my colleagues and thank them for all they have been doing. I am sure we will continue to work together in peace, love and harmony.”
Obasa thereafter adjourned the plenary indefinitely.
The PUNCH earlier reported that part of the resolutions of the Akande-led panel who met with members of the Governance Advisory Council, Governor Babajide Sanwo-Olu and the lawmakers at Marina, was for Obasa to also resign after being re-elected as Speaker.
A GAC member, Chief Muraina Taiwo, who was at the meeting and spoke with The PUNCH in February, said that “The APC leaders, including Chief Bisi Akande and Chief Olusegun Osoba, came to mediate.
“They will go back to Abuja to brief our leader (Tinubu) how they feel about everything. They are suggesting to Speaker Obasa that he should step down and the other woman (Meranda) to also step down and they will bring in another new person.
“They are thinking of submitting a few names but all will land at the table of the leader.”
Another top source in the APC in the state had also said, “Meranda will step down and Obasa will also step down. They will now pick someone else from Lagos West.
“Lagos West is the largest senatorial zone in Lagos. The lawmakers seem to have agreed, otherwise, there won’t be peace.
“Part of the understanding is that the case the man (Obasa) took to court, he will withdraw it as well.”
However, it is not certain if the resolution still subsists, or if Obasa would resign anytime soon.
The GAC member, Chief Muraina, when asked about it in a telephone interview on Monday, said it was left for Obasa to resign or not, adding that the party was, however, in support of his return to the House as Speaker.
Chief Muraina said, “The whole party is in support. You can see the resignation address of the former Speaker. She did it wholeheartedly and she abided by the decision of the party.”
When asked if Obasa would be resigning, he said, “That is his own personal decision, If he chooses to resign tomorrow, fine, if he insists on staying on the seat, it’s left to him.
“Resignation is not by force unless a directive comes from the party’s leadership. For now, I don’t see him resigning. The party has not decided that he should resign.”
Another GAC member, Anthony Adefuye, said the party had allowed peace to reign in the House.
He said the resolution of the leadership crisis was due to the intervention of many people.
“Many of us intervened. We are happy and glad that the whole thing has been settled. Let us allow peace.
“God has given us a President, let us also behave like people who have a President, and let the town be peaceful,” the GAC member said.
The APC Chairman in Lagos, Cornelius Ojelabi, commenting on the development in an interview with our correspondent, expressed satisfaction with the resolution of the House leadership crisis.
When asked about the resolution of the party that Obasa was to resign after Meranda, Cornelius said, “That (the current situation) is where the party resolved it for now. That’s where we resolved it.”
When quizzed further if Obasa would no longer be resigning, he said, “No, that’s where we resolved it. We just want peace in the House generally.
“The kind of harmonious relationship that existed among them before in the House, we want to try as much as possible to bring it back.”
In a statement released by the APC, signed by its spokesperson in the state, Seye Oladejo, the party congratulated Lagosians and members of the Lagos State House of Assembly and general members of the APC for finding an amicable solution to the rift within the House of Assembly.
Oladejo said the crux of the disagreement which had been mainly to draw the attention of the public and the party to intractable internal issues “stretched the well-tested and trusted internal conflict resolution mechanism of the party.”
He said, “As a truly democratic party, we refrained from needless interference in the affairs of the legislature whose independence we hold in high esteem.
“However, the House deferred to the party when the conflict festered and defied all suggestions for settlement.
“We want to put it on record that the members of the House officially briefed the party about the untoward development and requested wise counsel from the party just a few days ago.”
He said the party met with all the members and proffered practical solutions which were sacrificial, stabilising and in the best interest of the state.
“You may wish to note that our role remained basically advisory and could only be binding if upheld in the hallowed chamber of the House of Assembly,” he added.
Obasa suit pending
Obasa’s counsel, Chief Afolabi Fashanu (SAN), said the Lagos Speaker will be deciding on the withdrawal of the suit against the Assembly and Meranda.
Obasa had, earlier in February, dragged Meranda and the Assembly to court to challenge his removal by the lawmakers on January 13, 2025.
Obasa, in suit number ID/9047GCM/2025, filed before Justice Yetunde Pinheiro of the Lagos State High Court, Ikeja, is contesting the constitutionality of the sitting and proceedings during a recess, which occurred without him reconvening the House or delegating the authority to someone else.
On Friday, Justice Pinheiro fixed March 7, 2025, for the hearing of all pending applications on the matter.
When asked in a telephone interview on Monday if Obasa would discontinue the suit, following his official return as Speaker, his lawyer said, “Withdrawing the case still has to be at his instance.”
He added, “Just as you saw what transpired with respect to him coming back (to the House), he still has to formally brief us on what he wants us to do in terms of withdrawing the case. So, as of now, he has not gotten back to us.
“So maybe by tomorrow (Tuesday), we will have a meeting with him on how to proceed. Because I do not know the terms of his return, whether it was conditioned upon fulfilment of certain things or not.”
Lawmakers eulogise Meranda
Meanwhile, lawmakers have praised Meranda for heeding the directives of the APC and “letting go.”
They saluted her 49 days of leadership and wished her well in her future endeavours.
“The entire chamber is in tears. You have restored the spirit of friendship, comradeship, and loyalty to this House.
“We now have a renewed sense of belonging and an understanding that the party is supreme,” said lawmaker Temitope Adewale.
He added, “To my dear colleagues, this is not the end—this is Asiwaju’s House. Let’s not lose hope; things will change for the better.”
Another lawmaker, Tobun Abiodun, said, “You did very well, but as we know, we are politicians, and in politics, our party is supreme.
“We are proud party members, and our party has spoken. I thank the Deputy Speaker and everyone else affected. We are here to obey the party, and we are not ashamed of it. Madam Speaker, I pray for you—may God Almighty be with you.”
He added, “You have listened to the party and are willing to let go.”
The lawmaker representing Surulere, Desmond Elliot, could not control his emotion, as he asked not to speak, and almost burst into tears.
All other members commended Meranda for her unique leadership style, describing her as a dedicated and visionary lawmaker with a track record of selfless service and commitment to legislative excellence.
They expressed confidence in her ability to further strengthen the Assembly’s legislative agenda in her new role as Deputy Speaker.
Assembly security tightened
The Assembly complex was under heavy security surveillance before and after the plenary.
Operatives of the state police command, Lagos Neighbourhood Security Corps, Nigeria Security and Civil Defence Corps and the Department of State Services cordoned off the Assembly premises.
Earlier in the day, there was strict screening at the assembly gate with journalists denied entry until around 1 pm.
Lawmakers and staff of the Lagos State House of Assembly wept in the full glare of those present on Monday when the former Speaker, Rt. Hon. Mojisola Meranda, tendered her resignation letter to allow the previously impeached speaker, Rt. Hon. Mudashiru Obasa, to return to his position.
LEADERSHIP reports that the House had been engulfed in crisis since January 13 when Hon Mudashiru Obasa was removed as Speaker.
Most of the lawmakers and Assembly staff who spoke without inhibition applauded Meranda over how she led the House within the 49 days she was the speaker of the House, saying reversing the situation was a return to a reign of tyranny in the Assembly.
Before her resignation, Meranda who was the first female speaker of the state, and Obasa had earlier held a meeting with lawmakers, with Lawal Pedro, the Lagos State attorney general, and Pastor Cornelius Ojelabi, the chairman of the All Progressives Congress (APC) in Lagos, in their midst.
Meranda was reappointed as the Deputy Speaker, while Mudashiru Obasa took the oath of Office as the Speaker. Also, Hon Sanni Okanlawon resigned as the Deputy Chief Whip, while Hon Setonji David resigned as the Chief Whip.
In the meantime, Hon. David was reelected as the Deputy Chief after being nominated by Hon. Kehinde Joseph. Hon. Richard Kasunmu returned as the Deputy Majority Leader, while Hon. Adewale Temitope retained the position.
Similarly, Deputy Speaker Mojeed Fatai resigned and was elected as the Chief Whip. Meranda returned as the new deputy speaker.
With this development, Meranda served as the Speaker for 49 days before bowing to the All Progressives Congress (APC) party supremacy principle.
LEADERSHIP gathered that the development was decided at the strategic meeting of the Governance Advisory Council (GAC) with members of the House on Sunday.
It was further gathered that Hon Obasa had to beg for his return after the marathon meeting and promised to turn a new leaf.
The lawmakers took turns during the plenary to eulogise Meranda’s good qualities.
Moving the motion under matters of public importance, Hon Aro Moshood said, “Today, I stand in the House with a deep respect for leadership, Rt. Hon. Mojisola Meranda. I want to appreciate your leadership style since you have started piloting the affairs of the House.
“Madam Speaker, under your leadership, we have witnessed a new focus, presiding with passion. You have been a source of inspiration to us. Thank you. May God bless you.”
Speaking at the Chamber, Meranda said, “My decision to resign was a personal sacrifice with the primary aim of entrenching democracy.
“I hereby give notice of my decision to resign effective March 3, 2025, after carefully considering the recent turmoil and the need to protect democracy.
“I also commend my colleagues, management and staff for their solidarity during my tenure of office. I leave this position as Speaker and shall continue to serve my constituency in Apapa Constituency 1.
“I am not a quitter. I decided to safeguard the institution to save the institution from conflict and embarrassment. The party is supreme, and therefore, I take a bow and step down as Speaker”.
In his remarks, the visibly humbled re-elected Speaker, Rt. Hon. Mudashiru Obasa commended the party leaders for making sacrifices to resolve the issues in the legislative arm of the state amicably.
He commended the former governors of Osun State, Bisi Akande and Olusegun Osoba, the GAC leaders, Lagos State Governor Babajide Sanwo-Olu, and Deputy Governor Obafemi Hamzat for their roles in resolving the crisis.
Obasa added that the House is capable, mature, and has internal mechanisms to resolve issues.
Sources in the Assembly reliably informed LEADERSHIP that the House adjourned indefinitely to allow the scars of the turmoil to heal completely, saying the current peaceful resolution was merely cosmetic.
The source said, “The initial plan was for Meranda to resign today and Obasa to resign on Wednesday, tomorrow. Then, another lawmaker from Lagos West would be elected to be the new speaker. Anything short of this arrangement is a waste of the party leaders’ efforts. One person cannot be superior to the 35 other lawmakers. It will not be business as usual again in this Assembly.”
The Ondo State governor, Dr. Lucky Aiyedatiwa, has presented Toyota Hilux vehicles to the newly inaugurated local government chairmen of the 18 local government areas of the State.
Aiyedatiwa, who reaffirmed his administration’s commitment to strengthening grassroots governance and improving service delivery at the local level, urged the local government council chairmen to remain accountable, transparent, and responsive to the needs of the people at the grassroot.
The official presentation ceremony of the vehicles held on Monday at the Government House in Akure, the state capital.
Speaking at the presentation of the vehicles, Governor Aiyedatiwa stated that the provision of the sport utility vehicles (SUVs) was to facilitate their movement and improve their efficiency in the discharge of their duties.
He emphasised that local government administration plays a critical role in governance, and his administration remained committed to ensuring that the chairmen have the necessary tools to function effectively.
“This administration prioritises grassroots development, and we are determined to support the local government system in every way possible. Personally, I believe in local government autonomy and I’ll wholeheartedly support it. These vehicles are not for luxury but to aid you in reaching every corner of your local government to serve the people better,” the governor said.
Aiyedatiwa further hinted that the success of their administration at the local level will contribute significantly to the overall development of Ondo State.
In his remarks, the chairman of the Association of Local Governments of Nigeria (ALGON), Ondo State chapter, who is also the chairman of Akure South Local Government Council, Gbenga Fasua, expressed the chairmen’s commitment to good governance, grassroots development, and the implementation of people-oriented policies.
The event was attended by the Deputy Governor, Dr Olayide Adelami; Speaker, Ondo State House of Assembly, Rt. Hon. Olamide Oladiji; Special Adviser to the Governor on Union Matters and Special Duties, Comrade Bola Taiwo; chairman, Ondo SUBEB, Rt. Hon. Victor Olabimtan, among other top government functionaries
More Photos Below
A 21-year-old 300-level student at Federal University Gusau (FUGUS) in Zamfara State, Zarah Abubakar Shehu, has died in custody of her abductors despite heavy ransom already paid for her release.
Zarah, the only daughter of her mother, was kidnapped on Sunday, November 3, 2024, after heavily armed bandits stormed the Damba area of Gusau, where she lived with her family.
Counter-terrorism expert, Zagazola Makama, confirmed that Zarah was kidnapped alongside her two siblings and taken deep into the forests of Zamfara State.
Soon after the abduction, the kidnappers reached out to their family, demanding a ransom of ₦35 million for the safe release of Zarah and her siblings.
However, like many families caught in such terrifying situations, they struggled to raise such an enormous sum.
After several weeks of desperation, negotiations, and financial mobilisation, the family managed to gather ₦10 million.
The kidnappers agreed to accept the sum but also insisted that the family also provide four motorcycles and four cartons of engine oil before releasing the captives.
Zarah and her siblings spent a harrowing four months in captivity, enduring unimaginable hardship.
Once all the demanded items had been gathered, the kidnappers’ leader was informed.
The kingpin instructed his men to check on the captives, only to be told that one of them, Zarah, had already died two days earlier and had been buried.
The federal government has approved provisional licenses for eleven (11) new private universities across the country, further expanding Nigeria’s higher education sector.
Minister of Education, Tunji Alausa, announced the approvals after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa on Monday.
The newly approved institutions include New City University, Ayetoro, Ogun State; University of Fortune, Igbotako, Ondo State; Eranova University, Mabushi, FCT and Minaret University, Ikirun, Osun State.
Others are Abubakar Toyin University, Oke-Agba, Kwara State; Southern Atlantic University, Uyo, Akwa Ibom State; Lens University, Ilemona, Kwara State, and Monarch University, Iyesi-Ota, Ogun State.
Others are Tonnie Iredia University of Communication, Benin City, Edo State; Isaac Balami University of Aeronautics and Management, Lagos State and Kevin Eze University, Mgbowo, Enugu State.
A Lagos court has granted Jude Okoye, former manager of the defunct music group P-Square, bail set at ₦100 million ahead of his trial for alleged fraud.
Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.
Presiding Judge, Justice Owoeye ruled that Okoye must provide two sureties, each owning landed property in Lagos worth ₦100 million.
The court will verify the property documents, and Okoye is barred from traveling abroad without approval.
Until he meets the bail conditions, Okoye will remain in custody. His trial is set to begin on April 14, 2025.
As the cryptocurrency market fell to its lowest level since the days after his father’s November election victory, Eric Trump urged investors not to lose faith. “Buy the dips!!!” he tweeted last week.
The phrase is a common one in the volatile world of cryptocurrency, where shared momentum and optimism drive the markets. But a few days later, observers might wonder whether there was more behind the message.
On Sunday, Donald Trump announced that his administration was pressing ahead with plans to set up a US crypto reserve, identifying three digital coins – XRP, Solana and Cardano – that would be included in the fund.
The values of the three lesser-known tokens, popular in crypto circles but obscure to much of the general public, instantly surged by up to 20pc.
Trump later added that Bitcoin and Ethereum, the two biggest cryptocurrencies would “obviously” be included, adding: “I also love Bitcoin and Ethereum!” The two digital coins subsequently enjoyed their own price spike.
In the space of an hour, roughly $250bn (£196.7bn) was added to the value of the cryptocurrency market. There is no evidence that Eric Trump’s advice was informed, but it was certainly profitable.
In Trump’s first term, he saw the stock market as a proxy approval rating. In his second, he may prefer the price of Bitcoin.
While Wall Street has been relatively languid since his second election win, cryptocurrencies have traded at all-time highs.
Trump cheered as Bitcoin hit $100,000 for the first time in December, posting on Truth Social: “Congratulations Bitcoiners … You’re welcome!!!”
The Bitcoin price – a single, simple metric – may also appeal to the president as the wider US economy appears to struggle. On Friday, an economic tracker from the Federal Reserve Bank of Atlanta suggested that the economy could shrink at an annualised rate of 1.5pc in the first quarter of the year. Inflation fears have also returned, in part owing to Trump’s tariffs.
The momentum-fuelled crypto market has proven an easier beast to tame.
After a crackdown by the Biden administration, which fretted about the lack of protections around digital assets, Trump has been able to boost prices with a series of crypto-friendly appointments at key government agencies and promises to make America the world’s “crypto capital”.
Once a sceptic who criticised cryptocurrency as a scam, Trump himself has demonstrated little personal passion for the industry. Policies such as freeing Ross Ulbricht, the founder of online drug market The Silk Road, have appeared designed to win the community’s support rather than demonstrate a coherent vision of what cryptocurrency means in Trump’s America.
But they have endeared the president to a new legion of supporters who felt that their industry was under threat. The crypto industry, despite being set up on libertarian principles, spent $133m to help elect Trump and dozens of other supportive candidates in last year’s election, becoming a devastatingly effective new power in Washington DC.
Among Trump’s big supporters were Marc Andreessen, the Silicon Valley venture capitalist whose firm has become one of the crypto industry’s heaviest backers; Cameron and Tyler Winklevoss, the twin brothers who became billionaires through Bitcoin; and Brian Armstrong, the boss of crypto exchange Coinbase.
Most prominent has been David Sacks, the former PayPal executive and close ally of Elon Musk, who was a relatively early Trump backer in Silicon Valley and has since been appointed the president’s “crypto tsar”. He will be charged with developing plans for Trump’s crypto reserve, which is likely to be outlined in more detail at a “summit” on Friday.
Trump’s announcement led to a backlash on concerns that taxpayer money would be used to prop up an asset disproportionately held by a rich clique.
“Torn as to whether this is more dumb or more corrupt,” wrote Jason Furman, a key economic adviser to Barack Obama.
Joe Lonsdale, the founder of tech firm Palantir and a major Trump supporter, wrote: “It’s wrong to steal my money for grift on the Left; it’s also wrong to tax me for crypto bro schemes.”
Trump’s specific shopping list of cryptocurrencies also raised eyebrows.
XRP, Ripple and Solana, whose combined value is roughly one seventh of Bitcoin’s, are relatively niche even among those who have parked money in Bitcoin. One meme spreading among Bitcoin fans on Sunday called the plan a “s---coin reserve”.
Others pointed out that the list closely mirrored a cryptocurrency fund that Sacks had invested in – despite Trump’s crypto tsar having denied any conflict of interest on Monday, saying he had sold all of his cryptocurrency holdings before Trump took office.
The sense of injustice rose when it emerged that an anonymous “whale” had made a highly leveraged bet on Bitcoin and Ethereum on Sunday on the trading service Hyperliquid, closing the position after the cryptocurrencies’ price rise and making a $7m profit.
The move led to frenzied social media speculation about the trader’s identity and whether they might have an inside line to the White House.
Regardless, the Trump family itself stands to benefit from soaring crypto prices. Eric Trump and Donald Trump Jr have positions at crypto company World Liberty Financial, and the technology company behind Trump’s Truth Social has said it will put up to $250m into assets – including cryptocurrencies.
So far, the design of Trump’s crypto reserve is unclear. Some have speculated that it could merely be funded by cryptocurrencies seized from criminals by law enforcement, a stockpile estimated to be worth almost $20bn. Meanwhile, US senator Cynthia Lummis has suggested a 1m Bitcoin reserve, which would cost $93bn at today’s prices.
“Government waste and expenditures are under the microscope right now, especially with the emergence of DOGE, so I strongly doubt a majority of Americans will take kindly to the government using taxpayer dollars to accumulate Bitcoin or other crypto assets (especially more obscure coins like Cardano or XRP),” says Nic Carter, of cryptocurrency investment firm Castle Island Ventures.
“Bitcoin (and crypto) holders are still a small minority of Americans. Trump’s close associates have a lot of interests in cryptocurrency, so to the broader public, and especially his critics, these moves will seem self-interested, even if they are made with sincere intentions.
“I think Bitcoiners underestimate the political backlash that they will face if the general public views the policy as a government bailout for a small set of (already affluent) Americans, at the expense of the US taxpayer.”
Sacks pushed back on the idea that any fund would be financed by new taxes, saying more details would come. But as American citizens fret about the price of eggs, any suggestion that Trump is bailing out his crypto-owning backers is unlikely to be popular.
[The Telegraph]
Just three days ago, Bitcoin was in a sharp decline, falling below $80,000. However, in a dramatic reversal, the leading cryptocurrency has surged by over $14,000, or 20%, fueled by Donald Trump. Over the weekend, the president revealed plans to establish a crypto reserve — to include Bitcoin, Ether, Solana, XRP, and Cardano — injecting new momentum into the sluggish market.
Here’s a look at what the week holds for these cryptocurrencies:
Bitcoin
Bitcoin exchange-traded funds (ETFs) experienced significant outflows in February, indicating a shift in investor sentiment. Trump’s announcement has sparked mixed reactions from experts, with its potential impact remaining uncertain.
Currently, Bitcoin is trading at $92,000, a 5% daily gain but a 4% dip over the past seven days.
Ether
Ether, the second-largest cryptocurrency by market value, is following Bitcoin’s trend, including a lack of significant growth in recent months. Despite hosting hundreds of decentralized applications (dApps), the Ethereum blockchain still struggles with high fees and slow transaction speeds.
Additionally, Ether ETFs have also seen substantial outflows due to weak demand.
Currently, Ether is trading at $2,297, a 14% slide in the past seven days.
Solana
Solana is one of the fastest-growing major cryptocurrencies. It competes with Ethereum in terms of speed and has emerged as a strong platform for hosting hundreds of decentralized applications (dApps). Several popular memecoins were developed on the Solana blockchain.
Following the successful launch of Bitcoin and Ether ETFs, there are strong indications that Solana ETFs may be launched soon. Several asset management companies have already submitted applications.
Currently, Solana is trading at $158, representing a fall of 5% over a week.
XRP
XRP continues to be worth watching as the Securities and Exchange Commission has officially begun reviewing the proposed XRP exchange-traded fund (ETF).
XRP is the native token of the XRP Ledger, an open-source blockchain. It is used by the Ripple payment network to facilitate cross-border transactions and is designed to act as a bridge currency.
Currently, XRP is trading at about $2.60, representing a gain of 8% in a week.
Cardano
Cardano has been rising since Trump’s reelection amid unconfirmedrumors that its founder, Charles Hoskinson, may join the Trump administration. The SEC hasformally acknowledged the Cardano ETF proposed by Grayscale.
Currently, Cardano is trading around $0.96, up more than 34% over the past seven days.
[Quartz]
Cryptocurrency prices jumped after President Donald Trump's surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump's growing attempts to use volatile cryptocurrency prices as a barometer of his public support.
Trump said on social media Sunday that his administration is working toward creating a “Crypto Strategic Reserve” that will include lesser-known cryptocurrencies XRP, solana, and cardano. He later followed up with another post saying his planned reserve would also include bitcoin and ether, the two most popular cryptocurrencies.
The announcement helped crypto prices rebound, at least temporarily, after recent sell-offs. Bitcoin was trading around $90,000 Monday morning after dipping below $80,000 last week. XRP, solana and cardano saw massive spikes in their prices after Trump's announcement Sunday followed by a more gradual decline through Monday morning.
On the campaign trail, Trump pledged support for a “strategic national bitcoin” stockpile, which would include bitcoin the U.S. government has previously seized in law enforcement actions. Sunday's announcement was the first time he advocated for the government to hold other types of cryptocurrencies.
The White House did not immediately provide additional details, including how much of each type of cryptocurrency Trump wanted the U.S. to hold, and how the government would acquire them, and whether he favored including other types of cryptocurrencies as well.
Eric Trump, the president's son, said the price increases validated the recent advice he's made on social media to stock up on crypto assets. “Hopefully, I made someone's life just a little bit better," he posted on social media.
The president has cast himself as hero to the crypto industry, which he said in his announcement had been the target of “years of corrupt attacks by the Biden administration." The crypto industry felt unfairly targeted by the Biden administration and spent heavily to help Trump win election. The first several weeks of his administration have seen several moves to boost crypto, including ending or pausing high-profile enforcement actions by the Securities and Exchange Commission.
Crypto prices soared after Trump's victory last year, and when the price of bitcoin first crossed $100,000 in early December, Trump took credit and posted "YOU’RE WELCOME!!!" on social media.
But prices have fallen since Trump's inauguration and Trump has faced criticism, including from allies within the crypto industry, for helping launch a personal meme coin just before he took office that has since collapsed in value. The crash of meme coins linked to First Lady Melania Trump and Argentine President Javier Milei, along with a massive hack of a major cryptocurrency exchange that the FBI has said was done by North Korea, have also dimmed enthusiasm for crypto.
“Why is crypto in the toilet if Trump is crypto king?" Dave Portnoy, an influencer and crypto enthusiast, said on social media last week.
The inclusion of cryptocurrencies other than bitcoin is likely to face sustained pushback among some corners of the heavily divided cryptocurrency industry. Bitcoin is the oldest and by far most popular cryptocurrency, and accounts for more than half of the world's global crypto market cap.
Advocates for the government holding a crypto reserve said would help diversify government holdings and hedge against financial risks. Critics say the volatility of cryptocurrencies makes them a poor choice as a reserve asset.
In addition to his announcement Sunday, Trump has also recently announced he will speak at and host industry leaders on Friday at a White House “Crypto Summit.”
[AP]
More...
Fulham have condemned racist abuse against Calvin Bassey following their Emirates FA Cup win against Manchester United at the Old Trafford on Sunday.
Bassey was subjected to racist and homophobic abuse on the social media after the game.
“We strongly condemn this abhorrent behaviour which has no place in football or society. Such actions are entirely unacceptable, and we stand in full support of Calvin Bassey, who will continue to receive our full backing,” the London club wrote on their official website.
“We will do everything in our power to work with the relevant authorities in identifying the perpetrators of these vile messages and taking the strongest form of action against them.
“Fulham Football Club is committed to maintaining a firm stance against all forms of discrimination and remains dedicated to fostering an environment of respect and inclusion.
Bassey scored the game’s opening goal late in the first half.
Captain Bruno Fernandes equalised for United 19 minutes from time.
The scoreline remain 1-1 after extra time with Fulham prevailing 4-3 on penalities.
[DailyPost]
When the news of Mudashiru Ajayi Obasa’s return as Speaker of the Lagos State House of Assembly broke on Monday March 3, it sent shockwaves through the political landscape.
His removal from the speakership position on January 13 attracted flurry of reactions and also sparked crisis in the Lagos Assembly.
Obasa was replaced by his former deputy, Mojisola Meranda, as the new Speaker.
He rejected his removal as unconstitutional. He filed a lawsuit against Meranda, the Assembly, and 36 lawmakers, challenging his removal.
Over the years, Obasa has cultivated a strong reputation, commanding respect and fear alike.
Obasa was born on 11 November 1972. He had his primary education at St Thomas Acquinas Primary School, Surulere, Lagos.
He then attended Archbishop Aggey Memorial Secondary school, Mushin, Ilasamaja, Lagos where he obtained the West Africa School Certificate.
He received a bachelor’s degree in law from Lagos State University, Lagos in the year 2006.
His political career took off when he became a councilor in Agege Local Government under the Alliance for Democracy in 1999. He served in this role until 2002.
Obasa secured a seat in the Lagos State House of Assembly in 2003, representing Agege Constituency I. He became a member of the Assembly in 2003 and had since then enjoyed re-election and served as member of numerous committees including Committee on Lands and Housing and Physical Planning.
At different times, he served as Chairman of Committee on Rural Development, House Committee on Public Account for Local Government for six years and Chairman, House Committee on Budget and Economic Planning.
He went on to win re-elections in 2011, 2015, 2019, and 2023, solidifying his position as a prominent figure in Lagos State politics.
Obasa has served as a lawmaker under four different state governors (Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and Babajide Sanwo-Olu) and was Speaker during the tenure of the last two.
In July 2023, Obasa was presented with an honorary citizenship of the state of Georgia at the Georgia Legislative Black Conference in Atlanta, Georgia, for his “service to the state of Georgia” and Nigeria.
From his days at SDP and UNCP to now being a member of the APC, Obasa can be described as an experienced grassroots politicians.
[TheCable]
Some retail outlets belonging to the Nigerian National Petroleum Company Limited have adjusted the petrol pump price to N860 per litre.
PUNCH Online observed that while there is no official communication from the NNPCL Retail yet, some stations in Lagos adjusted their pumps to N860 per litre, down from N945 as of Sunday.
This comes a few days after the Dangote Refinery reduced its ex-depot petrol price from N890 to N825 per litre.
NNPC spokesperson, Olufemi Soneye, did not respond to calls or messages regarding the development.
However, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the development to PUNCH Online.
“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal,” the IPMAN leader said.
Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said, “They reduced the pump price earlier this morning but I’m yet to get the details.”
The Dangote Refinery announced a price cut last week Wednesday, setting another price regime for the petrol market in Nigeria.
[Punch]
The world’s highest paid CEOs are not just business leaders: they are visionaries shaping industries and driving massive financial growth.
Their compensation, often tied to stock performance and company success, reflects their impact on the global economy.
Here’s a look at the highest paid CEOs and their contributions to their respective companies, per TOI World Desk data:
1. Elon Musk (Tesla) – $23.5 Billion
Elon Musk, the CEO of Tesla, has played a transformative role in the electric vehicle (EV) industry. His compensation package, estimated at $23.5 billion, is primarily tied to stock options linked to Tesla’s market performance. Under his leadership, Tesla has maintained its dominance in the EV market, demonstrating remarkable financial growth and innovation in sustainable technology.
2. Tim Cook (Apple) – $770.5 Million
Since taking over as Apple’s CEO in 2011, Tim Cook has guided the company to unprecedented success and finds himself among the highest paid CEOs in the world. Under his leadership, Apple became the first company to reach a $2 trillion valuation. His compensation, totaling $770.5 million, includes stock grants and bonuses, reflecting his pivotal role in driving innovation across products like the iPhone, iPad, and Apple Watch.
3. Sundar Pichai (Alphabet) – $280 Million
Sundar Pichai, CEO of Alphabet, Google’s parent company, has been instrumental in the company’s dominance in search, advertising, and cloud computing. His estimated salary of $280 million underscores his leadership in steering Google Search, YouTube, and Google Cloud toward continued global expansion and innovation.
4. Jensen Huang (Nvidia) – $561 Million
Jensen Huang, the CEO of Nvidia, has led the company to remarkable heights, particularly in AI and gaming technology. His compensation of $561 million is largely based on stock options, reflecting Nvidia’s rapid growth and its emergence as a leader in AI and graphics processing.
5. Reed Hastings (Netflix) – $453.5 Million
Reed Hastings, co-founder and CEO of Netflix, has reshaped the entertainment industry with his pioneering leadership in streaming services. His compensation of $453.5 million highlights his role in Netflix’s global expansion and its dominance in digital content distribution.
6. Leonard Schleifer (Regeneron Pharmaceuticals) – $452.9 Million
Leonard Schleifer, CEO of Regeneron Pharmaceuticals, has overseen groundbreaking advancements in biopharmaceuticals. His $452.9 million compensation, largely derived from stock options, is a testament to Regeneron’s success in developing innovative treatments for diseases such as cancer and eye disorders.
7. Marc Benioff (Salesforce) – $439.4 Million
Marc Benioff, CEO of Salesforce, has revolutionized customer relationship management (CRM) software. His $439.4 million compensation reflects his leadership in expanding Salesforce’s reach through acquisitions and advancements in cloud computing and AI-driven business solutions.
8. Satya Nadella (Microsoft) – $309.4 Million
Under Satya Nadella’s leadership, Microsoft has evolved from a software giant to a cloud computing powerhouse. His $309.4 million compensation underscores his role in driving success through Azure, gaming, and productivity tools, significantly boosting Microsoft’s global influence.
9. Robert A. Kotick (Activision Blizzard) – $296.7 Million
Robert A. Kotick, CEO of Activision Blizzard, has overseen the company’s success in the gaming industry, with franchises such as Call of Duty and World of Warcraft. His $296.7 million compensation package, heavily based on stock options, reflects his role in the company’s expansion and market dominance.
10. Hock E. Tan (Broadcom) – $288 Million
Hock E. Tan, CEO of Broadcom, has played a strategic role in the semiconductor industry, leading the company to significant growth. His $288 million compensation underscores his impact on innovation and acquisitions that have strengthened Broadcom’s position in telecommunications, data centers, and consumer electronics.