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The Inspector-General of Police, IGP Kayode Egbetokun, has appointed Deputy Commissioner of Police (DCP) Osifo Tony Emefile, as the new Director of Sports for the Nigeria Police Force.
Naija News reports that this was made known in a statement on Friday night by Force Public Relations Officer, Muyiwa Adejobi.
Recall that the outgoing Force Director of Sports – Commissioner of Police (CP) Patrick A. Atayero, was appointed on 26th March 2020, shortly after the successful conclusion of the 12th Biennial Police Games (BIPOGA) tagged Anambra 2020.
The statement read: “The CP with the unflinching support of the IGP and Management of the Force, has certainly dug deeper the foundations of the Pillar of Nigerian Sports in the NPF, as evident in the many achievements recorded from 2020 till date.
“The incoming Director has the wealth of experience and seasoning to move the Force Sports to more prestigious heights. DCP Osifo was the former Police Machine Football Ace Striker, 1993/1994 Bournvita Award winner for highest goal scorer, former Board Member of the Nigeria Scrabble Federation 2013-2017, the pioneer Chairperson of the Police Scrabble Association, the current Chairman of Police Athletics Association as well as the Chairman of the Technical Sub-Committee for the 13th and 14th BIPOGAs. He also currently serves as the representative of the Force and the Security Consultant on the League Management Committee for the Nigeria Professional Football League.
“The Inspector-General of Police extends his heartfelt facilitation to the new Director of Sports, while charging him to improve on the feats recorded by his predecessor in order to upscale Sports development in the Nigeria Police Force.”
The Economic and Financial Crimes Commission (EFCC), on Friday, arraigned 11 Chinese nationals before the Federal High Court in Ikoyi, Lagos, over allegations of cybercrime, romance scams, and security breaches
The defendants, alongside their company, Genting International Company Limited, were docked before Justice Chukwujekwu Aneke on separate charges.
The defendants included Li Niu, Xiao Qinyun, Fu Zheng Yang, Xiao Yi, Bei Bei Linde Jun, Li Hang, Huan Livo, Wang Wei Tong Mo Ying, Gao Yang, Zebin Chen, and Yuan Zhibin all pleaded not guilty to the charges.
They are part of a 792-member syndicate allegedly involved in cryptocurrency investment and romance fraud, arrested in Lagos on December 10, 2024, during a surprise operation dubbed the ‘Eagle Flush Operation’.
The foreigners were arraigned on separate charges related to cyber-terrorism, cybercrimes, possession of documents containing false pretences, advance fee fraud, and identity theft.
Based on their pleas, prosecution counsel Ahmed Yerima, F.S. Mohammed, A.M. Dambuwq, and N.C. Mutfwang requested a trial date for the defendants to be remanded in a correctional facility.
Justice Aneke granted the order and then adjourned the matter until March 14 and 21, 2025, for the commencement of the trial.
One charge against Bei Bei Linde Jun states: “That you, BEI BEI LINDE JUN (female), an adult, and GENTING INTERNATIONAL CO. LIMITED, sometime between November 28, 2024, and December 10, 2024, at No. 7, Oyin Jolayemi Street, Victoria Island, Ikoyi, Lagos, within the jurisdiction of the Federal High Court of Nigeria, with the intent to defraud, willfully accessed computer systems organised to destabilise the social and economic structure of the Federal Republic of Nigeria by secretly employing several Nigerian youths for identity theft and other computer-related fraud. You thereby committed an offence contrary to and punishable under Section 18 of the Cybercrimes (Prohibition, Prevention, Etc.) Act, Laws of the Federation of Nigeria, 2015 (as amended).”
The charge against Li Niu reads: “That you, LI NIU, sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, were found in possession of documents in which you falsely represented yourself as ‘LISA’, claiming to be a female from Singapore. You knew or ought to have known that this representation was false, thereby committing an offence contrary to Section 6 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under Section 1 (3) of the same Act.”
Nigerians have expressed outrage at the revelation by a US congressman that United States Aid For International Development (USAID) under the Barack Obama and Joe Biden administrations has funded terrorist organisations like Boko Haram, ISIS, Al-Qaeda, Khorasan, among others.
Scott Perry, a United States Congressman representing Pennsylvania, made this disclosure at the inaugural hearing of the Sub-committee on Delivering on Government Efficiency on Thursday, after President Donald Trump shut down the agency accusing it of massive corruption.
Speaking during a session titled “The War on Waste: Stamping Out the Scourge of Improper Payments and Fraud,” Perry accused USAID of providing $136 million for building 120 schools in Pakistan, stressing that there was “zero evidence” of the construction of the schools.
According to Perry: “Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money, your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding.
“You are funding terrorism, and it’s coming through USAID. And it’s not just Afghanistan, because Pakistan’s right next door.
“Somebody else got the money. You are paying for terrorism. This has got to end.”
Speaking to LEADERSHIP on Friday, an international affairs analyst and journalist, Dr. Austin Maho, said although it was outrageous, there has always been suspicion about covert activities directed to destabilise Nigeria and other third-world countries even as he called for a thorough probe to ascertain the true situation.
He said that in the past, many high ranking US officials have at one time or the other accused the US of sponsoring ISIS and the attendant political distabilisation of the Middle East and Africa, noting that evidence abound on the internet.
He said, however, the US sponsorship of Boko Haram was a different ball game and strikes at the very heart of Nigeria’s security, which needed further probe.
“There have been serious questions in the past as to why the Nigerian army has not been able to completely wipe out Boko Haram. Who funds them and supplies them weapons? What is behind their surviving power in almost two decades of war? The revelation may just be the answer to these questions.
“However I think the statement of one congressman, as weighty as it is, is not enough for us to jump into conclusion. We need collaboration, we need hard evidence. The Nigerian government should launch a probe into this matter to get to the bottom of it, because it concerns our national security. One Congressman saying it isn’t quite enough for me. There should be corroboration,” he added.
Also speaking to LEADERSHIP on Friday, Professor Yusuf Zoaka of the Department of Political Science and International Relations, University of Abuja, said the allegation by the US lawmaker was a serious and controversial claim that required careful scrutiny.
He stressed that USAID is a federal agency primarily focused on providing humanitarian aid, economic development, and disaster relief globally. Its mission was to promote peace and stability, making the allegation of funding terrorism highly contradictory to its stated objectives.
The University don, however, pointed out that as of now, there was no publicly available credible evidence to support the claim that USAID was funding Boko Haram or any other terrorist organisation, adding that such allegations demanded thorough investigation and substantiation before being accepted as a fact.
He said further that the USAID often worked in conflict zones to address the root causes of extremism, such as poverty, lack of education, and unemployment. Its programs were designed to undermine the appeal of terrorist groups like Boko Haram, not support them.
He noted that the allegation could stem from misunderstandings about how aid was distributed in conflict zones. “In some cases, aid resources may inadvertently fall into the hands of malicious actors due to the complex nature of these environments, but this is not the same as intentional funding.
“Such allegations, if substantiated, could harm USAID’s reputation and undermine its ability to carry out its humanitarian
“It should, however, be said that the allegations had tainted the work of USAID and its credibility. We should not forget that recently the Chief of Defence Staff (CDS) had complained that most of the terrorists killed or arrested were found to be in possession of US Dollars.
“This certainly needs to be properly investigated to ascertain the veracity of the allegations. ‘There is no smoke without fire’ if we consider the predictions of the USA government that Nigeria will collapse by 2015,” he said.
At the time of filing this report on Friday, the United States Embassy in Abuja was yet to respond to inquiries sent to it for a possible reaction to this disclosure.
In a related development, Nigeria’s Ministry of Foreign Affairs’ acting spokesman, Kimiebi Ebienfa, was yet to issue a reaction of the Ministry on the vexed issue at the time of filing this report on Friday.
Gunmen suspected to be kidnappers have shot dead a 46-year-old private health worker, Akinola Oyabiyi in Akure, the Ondo State capital.
A source who revealed the incident to LEADERSHIP said the tragic incident occurred around 8pm on Tuesday in the Akure Airport area of Akure North Local Government.
The deceased, a father of four, was reportedly driving home when he was attacked and killed by the assailants while his nine-year-old son was abducted by the hoodlums.
This latest killing followed series of violent incidents reported in the area, which includes the recent murder of five farmers and multiple kidnappings.
President Bola Tinubu has approved the conversion of Yaba College of Technology (YABATECH) to a university, marking a significant milestone in Nigeria’s educational advancement.
Minister of Education, Tunji Alausa, announced the development on Friday during a working visit to the institution. He disclosed that President Tinubu promptly approved the request after their discussion.
Alausa stated, “The rector said some minutes ago that the staff, students, and management of the college have been praying and fasting that it be converted to a university.
“When I discussed the issue with President Bola Tinubu, he did not waste time in approving. I am just waiting for the memo and other necessary protocols from the appropriate quarters.”
YABATECH Ready For University Status
Alausa praised the institution for its academic contributions, noting that YABATECH is well-equipped for the transition.
“This school is a legacy, and with over 200 staff members holding doctorate degrees in various fields, it is more than ready and fit to become a university. All the credit for this should go to the president, who loves education and is concerned about giving the best to the youths who are our future leaders,” he said.
The minister emphasized that the conversion aligns with the Tinubu administration’s efforts to advance technical, vocational, and entrepreneurial education, which could reduce the mass exodus of Nigerians seeking opportunities abroad.
“We are not taking the issue of artificial intelligence, robotics, coding, and others with levity. We know that if our youths are good at those things, they can be in Nigeria and be working for firms in many parts of the world, earning foreign exchange. That will help stem this Japa of a thing, where people would travel abroad to do menial jobs,” he added.
Earlier, YABATECH’s Rector, Ibrahim Abdul, reiterated the need for the institution’s upgrade.
“While we are praying that we become a university, we don’t want to become just one of those universities. We want to be a university of technical and vocational education that would bring innovation and solve societal problems,” he said.
The rector highlighted that with over 200 PhD holders on staff, YABATECH has the manpower and only requires government support to fulfil its aspirations.
The Federal Road Safety Corps (FRSC) has confirmed that the death toll from the fatal crash involving a truck beneath the Muhammadu Buhari Interchange Flyover in Hotoro, Kano, has risen to 23, while 48 others sustained various degrees of injuries.
The accident, which occurred at approximately 9:50pm on Thursday night, involved a DAF model trailer carrying goods and passengers. According to the FRSC, dangerous driving due to overspeeding led to loss of control, causing the vehicle to overturn under the bridge.
In an official statement, the Public Relations Officer of the FRSC RS1.2 Kano Sector Command, CRC Abdullahi Labaran, said: “The Federal Road Safety Corps (FRSC) Kano Sector Command regrets to report a fatal Road Traffic Crash (RTC) that occurred on 13th February 2025 at approximately 2150 hours along the Kano-Maiduguri Road, under the Muhammadu Buhari Interchange Flyover, Hotoro.”
The FRSC has since launched an investigation into the accident. The Sector Commander, CC UM Matazu, expressed his condolences to the bereaved families and urged drivers to avoid overloading trailers with goods, animals, and passengers to prevent similar tragedies.
“The obstruction caused by the accident has been cleared, and the free flow of traffic has been restored,” the FRSC statement added.
The FRSC has reiterated its commitment to ensuring safety on Nigerian roads even as it urged all motorists to adhere strictly to traffic regulations.
Impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has filed a lawsuit at the Lagos State High Court, seeking his immediate reinstatement as Speaker.
According to court filings obtained by Peoples Gazette, Obasa claims he was unlawfully removed from office on January 13, 2025.
The suit, filed on February 14, 2025, lists the current Speaker, Lasbat Mojisola Meranda, and the Lagos State House of Assembly as defendants.
The legal action follows several failed political meetings between Lagos and Abuja aimed at resolving the leadership crisis. Despite President Bola Tinubu’s directive that Obasa be reinstated, the stalemate has persisted, with lawmakers reportedly fearing possible retaliation from the impeached Speaker if returned to office.
In his suit, Obasa challenged the constitutionality of the plenary session that resulted in his impeachment, arguing that it was held unlawfully during the Assembly’s recess without proper authorization.
The filing states: “The action challenged the sitting and proceedings of the Lagos State House of Assembly to sit during recess without reconvening the House or giving any other person powers to reconvene the House.”
Mr. Obasa contends that the session violated Section 36, 90(2)(c), 101, and 311 of the 1999 Constitution (as amended) and breached the Lagos State House of Assembly Rules and Standing Orders, specifically Order V Rule 18(2) and Order II Rule 9(i-viii).
Naija News reports that the leadership crisis has deepened despite President Tinubu’s firm stance. Tinubu, frustrated by the delay in reinstating Obasa, recently declined a meeting with members of the Governance Advisory Council (GAC) of the Lagos APC, accusing them of defying his directive.
However, opposition within the party remains strong. Muraina Akanbi Taiwo, a GAC member, rejected the push for Obasa’s reinstatement, stating: “Moves to reinstate Mr. Obasa would be rejected. Mr. Tinubu is not God in the state.”
Bitcoin mined has crossed the 19.96 million mark, meaning over 95% of Bitcoin in existence has been issued. The largest cryptocurrency could soon experience a scarcity amidst fast-paced BTC withdrawals from exchanges. U.S. President Donald Trump’s plan for a strategic Bitcoin reserve and developments like institutional adoption and Layer 2 rollout on BTC could catalyze demand for the digital asset.
Bitcoin scarcity and BTC demand drivers
Bitcoin supply on exchanges decreased by nearly 15% since the declaration of the U.S. Presidential election results in November 2024. In the same timeframe, supply outside of exchanges has climbed from 17.99 million to 18.3 million, according to Santiment data.
Typically, a decline in supply on exchanges and an increase in BTC tokens held by wallets outside of exchanges is considered a bullish sign for the digital asset. The volume of BTC held on exchanges has hit its lowest level in nearly three and half years.
A drop in exchange supply eases selling pressure, and consistent demand historically drives prices higher.
Matthew Sigel, Head of digital assets research at asset management giant VanEck analyzed 20 state-level Bitcoin reserve bills. Sigel predicts that if the bills are enacted, Bitcoin traders could expect $23 billion in demand for BTC. At current prices, the equivalent of 247,000 BTC demand could emerge from institutional investors.
The sum ascertained by Sigel is independent of pension fund allocations, likely to rise if legislators move forward.
Data from Bitbo.io shows that only 1.039 million BTC 
BTC1.69%Bitcoin tokens are left to be mined. Over 95% of mined Bitcoin is either in circulation or held in wallets outside of exchanges, held by large wallet investors and entities. Demand from institutional investors could emerge as a top driver for Bitcoin price in 2025.
U.S. Strategic Bitcoin Reserve progress and Trump’s plan for Bitcoin
U.S. President Donald Trump has suggested the creation of a Strategic Bitcoin Reserve, considered a game changing development in crypto. Typically, a reserve asset can be used in times of crisis, nation states maintain Gold reserves and reserves of Oil and Gas to tackle supply shocks.
The proposal to hold Bitcoin as a reserve asset, therefore, solidifies demand for the token from the U.S. The administration currently holds almost 200,000 Bitcoins, seized through criminal investigations conducted by the FBI.
According to a Financial Times report published on February 12, the government has previously sold its BTC holdings, however it is less likely in the Trump administration as the idea of a Bitcoin reserve is discussed.
The finite supply of Bitcoin has garnered advocates who believe that “scarcity adds value” and that holding BTC tokens in reserve would appreciate in value in the long term.
As President Trump supports Bitcoin and digital assets in his pro-crypto stance and campaign, institutional investors and Wall Street Bankers are examining the feasibility of adding the asset to their balance sheet. Trump’s Crypto and AI Tsar, David Sacks said, “One of the first things we’re going to look at is the feasibility of a bitcoin reserve.”
Bitcoin Layer 2 protocols
Kevin Liu, founder and CEO of GOAT Network discussed technological advancements on the Bitcoin blockchain and commented on the feasibility and future of Bitcoin Layer 2 protocols in an exclusive interview with Crypto.news.
Liu said:
“It only makes sense to offer numerous ways for that growing number of users to engage (with Bitcoin). Most Bitcoin Layer 2 networks rely on Bitcoin to fuel their economies, whereas most Ethereum Layer 2 lean on Ether. Different options for different users.
I do think Bitcoin L2s are well positioned, because Bitcoin is the undisputed king of cryptocurrencies, by market cap, mindshare, and pretty much any other major metric. Since Bitcoin L2s are such a new concept, there’s also a lot more room for growth and novel use cases than the more mature Ethereum L2 and alt-L1 markets.”
Liu told Crypto.news that numerous large institutions are rolling up their sleeves to learn more about Bitcoin Layer 2 networks and BTCFi.
“Both institutions and individual users don’t want to sell their Bitcoin. They want to put it to work, earning real BTC yield. They can then use that yield to, say, pay for capital gains, or just everyday expenses. If the BTC yield is large enough, there may even be room to pay for day-to-day requirements and grow their overall stack.”
When asked about the altcoin season and Bitcoin dominance this market cycle, Liu said,
“Every bull market has seen Bitcoin dominance spike dramatically at some point, sucking the life and liquidity out of most other altcoins. That’s what’s happened for most of this cycle too. How altcoins perform from here will answer your question regarding how the overall market performs.
What we can say is that BTCFi is a new and exciting opportunity for crypto users, and the opportunity to earn real BTC yield offers a major opportunity to get the most out of BTCFi. We’re excited to hopefully play a key role in BTCFi’s growth.”
Whales and institutions don’t want to sell Bitcoin, what to expect
Crypto intelligence tracker Santiment predicts an incoming capitulation in Bitcoin. In crypto, capitulation is when a large number of investors sell an asset due of fear of a steeper correction in the token’s price and a prolonged price drop is typically followed by a recovery in the token’s price.
Santiment evaluated the number of non-empty wallets on the Bitcoin blockchain and identified a decline, meaning retail traders and investors are likely dumping their holdings for fear of losses, while whales and large entities continue to accumulate BTC.
Within the last three weeks, Bitcoin blockchain’s number of non-empty wallets declined by 277,240, a significant drop, according to Santiment.
In the long term, this behaviour is typical of “capitulation” and supports a bullish thesis for Bitcoin in 2025.
Bitcoin price forecast for February 2025
Evaluating derivatives market data on Derive.xyz, it is observed that 47.3% of all premiums were calls sold and 24.4% calls bought, indicating traders are expecting some upside but with capped potential.
Dr. Sean Dawson, Head of Research at Derive.xyz told Crypto.news that:
“We’re experiencing a temporary lull in volatility as the market recovers from last week’s turbulence caused by Trump’s tariff announcements.
BTC At-the-Money (ATM) 7-day Implied Volatility (IV) dropped 7 percentage points – from 47% to 40% over the last 24 hours and BTC’s chance of hitting $125,000 by June 27 has improved to 44.4%, up from 41.9%.”
Dr.Dawson maintains an optimistic outlook on Bitcoin price in the near and long-term.
To forecast Bitcoin price for February 2025, we analyze the weekly and daily price chart for BTC/USDT. On the daily timeframe, technical indicators support a bullish thesis and a likely return to test the all-time high of $109,588.
RSI reads 44 and is sloping upwards, MACD flashes red histogram bars that are consecutively shorter meaning underlying negative momentum in Bitcoin price trend is likely waning.
BTC could face resistance at the $100,000 milestone and find support at two key levels, $93,646 and $90,000 on the daily timeframe. The three EMAs identify $98,154, the 10-day EMA, as a resistance level to watch and the $84,534 level, the 200-day EMA, as a key support for Bitcoin.
On the weekly timeframe, Bitcoin is 13% away from its all-time high, a re-test is likely in February 2025, however traders need to watch the price trend closely. Both MACD and RSI are momentum indicators that are neutral or bearish. RSI reads 61, under the “overvalued” zone at 70, and MACD flashes a red histogram bar under the neutral line after weeks of positive underlying momentum in Bitcoin price.
While there is a possibility of a correction, a recovery is likely, and the $100,000 milestone is a key level to watch in the coming weeks.
Michael Saylor, co-founder of Strategy, formerly MicroStrategy is convinced that Bitcoin is on an unstoppable trajectory to replace gold, predicting a staggering price of $500,000 per coin in the near term and $5 million per coin in the long run.
Speaking in an X Space on Sept. 20, 2024, the Strategy co-founder outlined three key catalysts that he believes will trigger an unprecedented Bitcoin rally.
At the time of the X spaces, BTC was trading at $63,000. It is now at $97,000, up 53.97%. If Bitcoin continues to grow at an average rate of 54% every five months, it would take approximately 3 years and 3 months to reach $5 million.
Saylor argued that even without any major regulatory or institutional breakthroughs, Bitcoin is already on track to surpass gold as the dominant store of value.
"It's going to be a grind up by a factor of 10 just because gold is broken and Bitcoin is going to replace gold," he said. "Everybody in the universe now knows they need a non-sovereign store of value in the form of a bearer instrument."
With inflation concerns now a mainstream narrative, Saylor believes Bitcoin’s role as an inflation hedge will drive its gradual ascent.
"Last year, people said inflation may be coming. Now, the mainstream narrative has flipped to ‘inflation is here, you need an inflation hedge,’" he noted.
According to him, this alone is enough to propel Bitcoin to $500,000 per coin — but three additional factors could send it to $5 million per Bitcoin.
Three catalysts that could send Bitcoin to $5 million
Saylor believes Bitcoin’s price could skyrocket to $5 million per coin if three major catalysts unfold. The first, he says, is the approval of a Spot Bitcoin ETF, which would allow institutions to make large purchases seamlessly.
"Someone can go ahead and buy $100 million of Bitcoin through a security, an ETF security. I think that's one."
The second major factor is banks custodying Bitcoin and offering loans against it, a move that would integrate Bitcoin into the traditional financial system and increase institutional demand.
"Your bank is going to custody it for you and lend against it,” he noted.
Lastly, Saylor sees fair value accounting for Bitcoin on corporate balance sheets as a game-changer. If companies can report Bitcoin’s true market value rather than being forced to write down losses, it could accelerate adoption. "I can mark it up or mark it down on my balance sheet based on fair value, the same way I handle Apple stock or even Treasury bonds."
"If the banks can hold this stuff on their balance sheet, then a whole new class of investors are going to buy it," he explained. "People are going to put in million and multi-billion dollar orders to buy it as a treasury asset."
With banks enabling borrowing against Bitcoin at low interest rates, he believes there will be no reason for holders to sell.
"Nobody's going to sell it because there's no reason to sell it if you can borrow against it at SOFR plus 50 basis points," he stated.
‘Bitcoin will be unaffordable’ — Saylor
Saylor concluded with a claim, "We're going to blow through the market cap of gold by a factor of 10."
While he couldn’t pinpoint an exact timeline, he estimated these changes could unfold within 12 to 36 months — but added that he prefers a longer, more gradual increase.
"I hope it doesn't happen in 12 months, because my view is, the longer it takes, the more progressive the grind, the more time I have to buy more of it," he added.
Strategy has increased its Bitcoin holdings to 478,740 BTC, following a purchase of 7,633 BTC worth $742.4 million in the week ending Feb. 9. The latest acquisition was made at an average price of $97,255 per Bitcoin, raising the company’s overall average purchase price to $65,033 per BTC.
This purchase came after a brief pause in the previous week, likely due to a blackout period around the company’s earnings report. On Feb. 6, MicroStrategy reported a fourth-quarter net loss of $3.03 per share, compared to a $0.50 per share profit a year earlier.
[TheStreet]
The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.
Revenue from pig butchering scams, where perpetrators cultivate relationships with individuals and convince them to participate in fraudulent schemes, increased nearly 40% in 2024 from the previous year, the firm estimated in a report published on Thursday.
Revenue in 2024 from crypto scams was at least $9.9 billion, although the figure could rise to a record high of $12.4 billion once more data becomes available, it said.
"Crypto fraud and scams have continued to increase in sophistication," Chainalysis researchers said.
The company pointed to marketplaces that support pig butchering operations and the use of GenAI as factors making it easier and cheaper for scammers to expand operations.
Indeed, GenAI technology could potentially "exponentially scale crypto scams", Chainalysis said.
The company, which tracks publicly available transaction data on the blockchain to identify scam revenue, said crypto fraud activity grew 24% each year on average since 2020.
Cryptocurrencies, most notably bitcoin, have soared in price and popularity over the past few years as investors chased banner returns and interest in blockchain technology soared.
The sector has jumped significantly since U.S. President Donald Trump's victory in the November election on hopes of an easier regulatory environment.
Other particularly lucrative scams included crypto drainers, where scammers pose as blockchain projects and take control of victims' crypto wallets, and high-yield investment scams that promised outsized returns, according to Chainalysis.
In January 2024, a crypto drainer posed as the U.S. Securities and Exchange Commission after the regulator's X account was compromised.
Cryptocurrency ATMs have also been key hotspots for scams, according to Chainalysis, with perpetrators often impersonating government officials or customer support agents to convince victims to deposit cash into the machines.
[Reuters]
More...
KEY POINTS
- The digital advertising market is doing so well that even Reddit is getting a cut of the spoils.
- “Advertisers feel like consumers are susceptible to advertising and are investing in that,” said Gil Luria, head of tech research at investment banking firm D.A. Davidson.
- It’s possible that AI startups like Anthropic and others could eventually become the next wave of major ad spenders, following a Super Bowl ad this month by OpenAI.
The digital advertising market is doing so well that even Reddit is getting a cut of the spoils.
Reddit on Wednesday reported fourth-quarter revenue of $428 million, which was up 71% from the previous year and represents the fastest growth rate for any quarter since 2022. Although Reddit’s shares tumbled on weaker-than-expected user numbers, the company’s growing sales indicate a particularly healthy digital ad market, said Jeremy Goldman, a senior director at Emarketer.
Investors typically look to the financial performance of tech giants like Meta, Alphabet and Amazon for a view of the ad market’s overall health, Goldman said. That Reddit’s sales grew significantly alongside the bigger players shows that advertisers feel optimistic enough to “diversify to a platform that’s more nascent, like Reddit, and say ‘We’re willing to throw some dollars at this thing that we don’t really understand,’” Goldman said.
Media and advertising executives told CNBC in December that they were optimistic about the market and said that ad spending increased in the fourth quarter. That sentiment seemed to be reflected by online ad tech companies’ latest quarterly earnings reports, said Gil Luria, head of tech research at investment banking firm D.A. Davidson. He added that “animal spirits are high” following the U.S. presidential election.
For its fourth quarter results, Meta said sales were $48.39 billion, up 21% from the prior year. Microsoft said its fiscal second-quarter search and news advertising revenue soared 21% year over year, although it doesn’t provide specific sales numbers. Amazon said its online advertising business grew 18% year-over-year to $17.29 billion in the fourth-quarter, and for its fourth-quarter results, Alphabet said its Google advertising sales grew 11% year over year to $72.46 billion while YouTube’s ad revenue rose 14% to $10.47 billion.
“Advertisers feel like consumers are susceptible to advertising and are investing in that,” Luria said.
Luria noted that while Google is the dominant online advertising business, it’s losing some market share as its core search engine is increasingly challenged by other companies investing in artificial intelligence and related services like ChatGPT.
“They are the biggest digital advertising platform by quite a bit of margin, but a lot of that is based on search, and their search franchise is continuously being eroded,” Luria said. “It’s being eroded by Amazon, being eroded by Meta, being eroded by the AI players.”
Fortunately for Alphabet, YouTube is still booming, Luria said.
YouTube is “becoming such an important media destination that the momentum there is greater than what you would just see from the advertising growth,” said Luria. He noted that some creators have migrated to YouTube amid the TikTok ban.
The uncertainty over TikTok’s future in the U.S. has yet to impact advertisers who are still running campaigns on the ByteDance-owned platform, said Kate Scott-Dawkins, the global president of business intelligence of media investment firm GroupM.
If TikTok eventually does get banned in the U.S., Scott-Dawkins said she expects Meta and Alphabet would inherit much of those ad dollars but noted Snap, Pinterest and others could also pick up scraps.
Snap and Pinterest also reported their fourth quarter results last week. Pinterest said its sales jumped 18% year over year to $1.15 billion while Snap reported $1.56 billion in revenue for the period, marking a 14% increase from the previous year.
But not every digital advertising player had good results for the quarter.
Despite ad tech company The Trade Desk on Wednesday reporting a 22% year over year increase in fourth-quarter sales to $741 million, that figure came in below Wall Street estimates, which sent shares tanking. CEO Jeff Green attributed the miss to “a series of small execution missteps” during an analyst call.
Although companies are pumping money into digital ad platforms, there’s a chance that high inflation, tariffs and weaker economies outside of the U.S. put pressure on the ad market, experts said.
High tariffs and new trade policies could result in Chinese-linked retailers like Temu and Shien slowing down their massive digital advertising campaigns with giants like Meta and Alphabet, Luria said. But even if those Chinese-linked retailers curb spending, it’s likely other advertisers take their place, Luria said.
It’s possible that AI startups like OpenAI, Anthropic and others could eventually become major ad spenders, Scott-Dawkins said. It’d be similar to how older tech companies like Airbnb and TikTok once grew their users via Facebook and Google. OpenAI debuted a Super Bowl commercial last week, which could be an indicator of more ad spending to come, she said.
[CNBC]
As of mid-February 2025, the Nigerian stock market, tracked by the All-Share Index, exhibits a promising upward trajectory, after a strong performance in the fourth quarter of the previous year.
Throughout 2024, the index achieved an impressive year-to-date increase of 37.7%, with a remarkable 39% surge in January alone.
However, this momentum encountered challenges in the second quarter of 2024, as the All-Share Index experienced a decline from 104,566.20 at the beginning of April to 98,255.63 by the month’s end.
Ultimately, the index closed the second quarter down by 4.3%, losing 4,508.71 points as uncertainties about bank recapitalization efforts weighed heavily on the market.
The first quarter of 2025 has thus far mirrored the bullish trend of Q1 2024, with the index climbing over 4,800 points and surpassing the 107,500-mark as of February 13, 2025.
Considering this, the question at hand is how the index will perform in the upcoming second quarter of 2025, especially given the retracements that plagued the same period last year. To navigate this uncertainty, insights from industry experts have been sought in this work.
Market trend in 2025 thus far
The All-Share Index is currently experiencing robust bullish momentum that began intensifying around December 2024 and continued into January 2025.
- Starting 2025 at 102,928.57, the index has closed six out of seven trading weeks in the green, surpassing the 105,000 and 106,000 thresholds.
- Despite a minor dip in the third week, when it fell from a weekly opening of 105,451.06 to 102,353.68, All-Share has since rebounded and broken the 107,000 barrier as of February 12, 2025.
However, certain technical indicators, including the Relative Strength Index and the Stochastic Oscillator, point to an overbought condition in the broader market, suggesting that a retracement or reversal could be on the horizon.
A shift from debt securities
In an interview, Samuel Oyekanmi, research lead at Norrenberger, expressed optimism for the Nigerian equities market, predicting a significant rise in investor interest in the second quarter which could spur a positive trend.
Oyekanmi explained, “As yields on debt securities decline, we may see more investors shifting their focus to equities.” He pointed out that although debt instruments are generally viewed as safer investments, the current decline in yields may prompt more investors to shift their focus toward equities.
He provided data from the Debt Management Office (DMO), highlighting that Nigeria’s Eurobond yield fell to 9.13% on February 4, 2025, down from 9.21% the previous day—a decrease of 7.76 basis points and the lowest yield seen in nearly 39 days.
“The last time we recorded a lower average was on December 11, 2024, at 9.095%,” he added.
Oyekanmi also pointed out a drop in Treasury bill yields, stating, “The yield on Nigeria’s one-year Treasury bill auction decreased from 29.65% to 29.21%, marking the second consecutive decline.”
He continued, “These lower yields may encourage more investment in equities during Q2, especially given the strong performance of certain stocks so far this year.”
Good fundamentals and a year-to-date lure
Another industry expert, Mr. Olatunde Amolegbe, MD/CEO of Arthur Steven Asset Management, expressed a positive outlook for the All-Share Index in the second quarter of 2025, suggesting the market may either stabilize or gain additional momentum.
“I anticipate a stable market or further price increases in Q2,” he remarked.
Amolegbe highlighted several favorable fundamental factors currently influencing the market, including rapid recapitalization in the banking sector and increased production in the oil industry.
He also noted the significant public interest in recent market offerings, signaling a growing appetite among investors for equities.
“The banking recapitalization process is progressing swiftly, as evidenced by the recent release of allotment results. Public offerings have attracted strong investor engagement,” he stated.
Regarding anticipated corporate announcements in Q2 2025, he added, “We may witness favorable corporate news that could positively impact investor sentiment.”
Samuel Oyekanmi further underscored that the impressive year-to-date performance of certain bullish stocks in 2024 could draw investors who previously favored debt securities into the equities market.
He pointed out that impressive year-to-date returns seen in some equities in 2024 are likely to entice investors eager to seize such lucrative opportunities.
“Despite the inherent risks, investors are in pursuit of substantial returns, which equities delivered last year with compelling year-to-date performance,” he concluded.
For Chris Njoku, Multi-Assets Portfolio Manager at FBNQuest, the prospect of new listings on the Nigerian Exchange (NGX) could boost the All-Share Index.
“There are possibilities that we might see some new listings in Q2, including NNPC and Dangote Refinery.”
Way forward
Looking ahead, the market shows a clear contrast.
- While indicators like the Relative Strength Index and Stochastic Oscillator signal an overbought condition, staying above the 14 threshold across daily, monthly, and weekly time frames, the Moving Average Convergence Divergence (MACD) points to a continued bullish trend for the All-Share Index.
This optimistic outlook, bolstered by strong market fundamentals and potential positive corporate actions, suggests the index might either surge significantly in the second quarter or remain stable.
Experts predict that investors not satisfied with returns from debt securities may increasingly shift to equities in Q2, especially if favorable conditions in key sectors like banking and oil continue.
As a result, equity markets could draw those seeking better returns, paving the way for notable investment developments.
[NaijaNews]
Naija News reports that Governor Mbah said PDP’s only path to victory was through a united house built on justice and inclusion.
He stated this on Thursday when he hosted the party’s National Reconciliation Committee, led by former Governor Prince Olagunsoye Oyinlola, at the Government House, in Enugu.
“We cannot afford to approach future elections with a divided house. The only path to victory is through a united front, built on justice, inclusion, and a genuine effort to bring back those who have left,” he said.
The Governor assured that Enugu remains a PDP state and would always carry the party’s banner high.
“Enugu remains the bastion of the PDP, a state that has proudly carried the party’s banner over the years.” he stated.
The only South East PDP Governor noted that the defections of PDP members in the region to other parties were an issue of concern. He, however, expressed optimism that all the decampees remain members of PDP at heart.
“We recognize that some of our members in the Southeast may have felt aggrieved in the past, but we must remember that our party operates on a foundation of brotherhood and shared values. Many of those who left still hold the PDP close to their hearts, and this reconciliation effort is an opportunity to welcome them back home.
“The truth remains that the PDP is the only party with the structure, history, and vision to truly serve the Nigerian people. It is therefore our responsibility to restore hope in Nigerians. The work of the reconciliation committee is critical because it requires patience, wisdom, and tact to achieve lasting peace,” he added.
Governor Mbah further urged all PDP members to embrace this reconciliation process in the spirit of unity and collective progress.
“We must come together, stronger than ever, to build a formidable party ready to reclaim its rightful place in governance for the good of our people,” he concluded.
[Naija News]
Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) has assured members of the public that Keystone Bank Limited “remains sound, safe and fully operational.”
Daily Trust reports that the Lagos State Special Offences Court, Ikeja, ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
Justice Hakeem Oshodi on Tuesday gave the order after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
Since the forfeiture order, there has been panic among depositors of the bank over the safety of their funds.
But the apex bank on Friday allayed their fears, saying the bank remains fully operational and stable.
Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali in a statement stated that Keystone operations are fully secure, adding there is no course for concern.
The statement read: “We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities.
“Keystone Bank’s operations are entirely secure, and there is no reason for concern. For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership.
“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors. As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance.
“We will take all necessary steps to protect the interests of depositors, staff, and stakeholders. Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”
[DailyTrust]