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BlackRock Chairman and CEO Larry Fink acknowledged in his 2025 annual letter that Bitcoin could challenge the U.S. dollar’s status as the global reserve currency.
“If the U.S. doesn’t get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin,” Fink wrote in BlackRock’s March 2025 letter.
The statement marks a significant shift from the head of the world’s largest asset manager, recognizing digital assets as potential alternatives to the dollar.
Throughout the letter, Fink mentioned Bitcoin seven times and the dollar eight times, signaling the growing relevance of digital currencies in financial discourse.
BlackRock’s letter frames Bitcoin as both an innovation and a risk, warning that if investors view it as a more stable long-term store of value than the dollar, it could undermine U.S. financial primacy.
Fink stressed that “two things can be true at the same time,” referring to both innovation and risk in digital asset development.
Beyond Bitcoin, Fink positioned tokenization as a transformative force for capital markets, likening it to the shift from postal mail to email.
He argued that tokenized assets could bypass financial intermediaries and democratize access to investments through fractional ownership and improved voting systems.
BlackRock also highlighted India’s digital identity system as a model for secure transactions, with over 90% of Indians verifying smartphone transactions—a benchmark for future tokenized economies.
MultiChoice, Africa’s leading entertainment provider and operator DStv, has warned shareholders to brace for tougher times as the company struggles in a challenging economic climate.
The pay-TV giant has suffered a sharp decline in its subscriber base, dropping from over 23 million to 19.3 million in less than two years.
According to NewsPoint Nigeria, sources said that a significant portion of the losses occurred outside South Africa, with over 84% of the affected users being DStv customers.
In an earlier statement, MultiChoice attributed the steep decline to economic pressures in key markets, particularly Nigeria. “The loss in the rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia,” the company said.
The company’s latest voluntary operational update, released in preparation for its financial results for the year ending March 31, 2025, reinforces the severity of its current challenges.
MultiChoice noted that the “challenging consumer environment has resulted in a decline in subscribers and limited revenue growth,” underscoring the financial strain faced by the company.
This development came amid increasing regulatory scrutiny, with Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) recently filing charges against MultiChoice for allegedly violating local regulatory directives.
The Nigeria Security and Civil Defence Corps (NSCDC) has impounded a truck loaded with 70,000 litres of stolen crude oil in Port Harcourt, Rivers State.
This is contained in a statement signed by the NSCDC National Public Relations Officer (NPRO), Afolabi Babawale, yesterday in Abuja.
Babawale explained that the Commandant General’s Special Intelligence Squad (CGS SIS) had acted on orders to prevent incidents of pipeline vandalism, crude oil theft, and illegal dealings in petroleum products in the Niger Delta.
According to him, the CGS SIS responded swiftly to an intelligence tip-off and impounded a long caravan truck with an in-built tank fully loaded with stolen crude oil.
“The truck was spotted while in transit around Eleme flyover in Elelewon, Port Harcourt, and was subsequently impounded by the CGS SIS,” he said.
Babawale quoted the Squad Commander, AS Dandaura, who revealed that his team was quickly deployed to the crime scene.
“The truck was fully loaded with siphoned crude oil illegally drawn from vandalised wellheads and destroyed pipelines.
“However, the truck’s occupants fled as the operatives approached the scene of the crime.
“An investigation has been launched to track down the syndicate responsible for the act of economic sabotage.
“For the record, the exhibits recovered at the point of arrest include: A red-head and navy-blue container truck with 10 tyres (Reg. No. AGL574XY), containing approximately 70,000 litres of stolen crude oil,” he stated.
Babawale emphasised that once the investigation concluded, the NSCDC would seek the forfeiture of the truck and its contents in a court of competent jurisdiction.
He said proceeds from the sale of the assets would be remitted to the Proceeds of Crime Account (POCA).
The CGS SIS Commander further reiterated the squad’s commitment to waging an unrelenting battle against oil thieves and their sponsors, affirming that any suspects arrested would face the law after thorough investigations. (NAN)
There are indications that the naira-for-crude policy of the Federal Government may continue, as impeccable insider sources familiar with the development insisted on Monday that all parties involved in the deal would reconvene soon.
The first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.
It has not been renewed, and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.
This came as a report by S&P Global on Monday stated that the Dangote refinery processed approximately 400,000 barrels per day of crude oil in 2025 so far, with about 35 per cent of this supply being sourced from international imports.
This means the plant imported about 140,000 barrels of crude oil per day and a total of 12.6 million barrels in three months.
Commenting on the naira-for-crude policy, a senior government official familiar with the workings of the committee responsible for the deal told one of our correspondents that the government has not ruled out the policy.
“The initiative is going to continue because it is now obvious that the policy has a great impact on not just fuel prices, but also on other economic indices. It also positively impacted the FX rate.
“However, the committee is awaiting the Nigeria Upstream Petroleum Regulatory Commission’s submission on the task given to it as regards the policy. Once that is done, the next thing should be the way forward as regards the naira-for-crude policy,” the source, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, stated.
Recall that on October 1, 2024, the government commenced the sales of crude oil in naira to the Dangote refinery to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of fuel.
NNPC recently stated that the Dangote refinery had received 48 million barrels of crude oil in naira under the deal. It also said a total of 84 million barrels of crude had been supplied to the refinery since it commenced operations in 2023.
NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement, explained that the initial deal was for six months and that discussions for the renewal of the agreement were currently ongoing, with the aim of establishing a new contract.
Meanwhile, the S&P report also revealed that the Dangote refinery had secured its first crude oil from Brazil and Equatorial Guinea, according to a company executive, as volatile domestic availability had added incentive to diversify its feedstock.
According to S&P Global Commodities at Sea data, Brazil’s Petrobras shipped the first cargo of Brazil’s Tupi crude to the refinery on March 26, delivering one million barrels of the medium sweet grade.
Supplies from Equatorial Guinea are yet to be dispatched, according to the ship tracking data, but will soon add to the growing list of crude grades being processed at the plant.
“We have started sourcing globally,” a refinery executive told S&P Global Commodity Insights. The official also confirmed that the company now counts Brazil and Equatorial Guinea among its global oil suppliers.
“Dangote has received roughly 400,000 b/d of crude oil in 2025 to date, of which around 35 per cent was imported internationally,” the S&P report stated, quoting data obtained from the CAS data.
Last year, the Dangote Chairman, Aliko Dangote, shared plans to run Brazilian crude at the plant back in July 2024 and said talks were underway with Senegal and Libya over potential supply routes.
However, as the refinery’s main trade partner and minority stakeholder, NNPC, has faced its challenges, the company could have new incentives to forge alternative supply links. Since the refinery began operating, NNPC has consistently underdelivered on supplies for Dangote.
After delivering around a third of some 300,000 b/d of discounted oil it had initially promised to the refinery, according to CAS data, the national oil company reduced its stake in the project from 20 per cent to 7.2 per cent in July.
In October, it agreed to begin supplying crude to Dangote in naira as part of an initiative to deflate Nigerian fuel prices and briefly became its sole supplier.
However, according to NNPC figures, the NOC delivered roughly 280,000 b/d of crude to Dangote in naira by March 10, falling shy of the 385,000 b/d agreed under the deal. The six-month deal officially ended on Monday, March 31, 2024.
Reacting, a Dangote executive who spoke to S&P Global expressed significant uncertainty regarding the future of a new naira-for-crude deal, stating, “We are not even certain if it will be renewed or if it will proceed at all.”
Besides challenges for NNPC, he argued that the obligation for Dangote to sell its oil products in naira under the deal had become a drag on its operations. He said that the refinery was left exposed to price fluctuations by pegging contract prices to dollar-based benchmarks and converting them into naira at the point of sale.
“It’s not commercially advantageous for us,” said the source. “When we buy in naira and sell in naira, the forex risk between the time of buying crude and selling the products may not be fully covered”.
According to trade sources and Nigerian port authorities, NNPC has allocated seven crude oil cargoes to deliver around 245,000 b/d to the Dangote site in April but has yet to agree on payment terms.
HURIWA reacts
The Human Rights Writers Association has called on President Bola Tinubu to ensure the continuation of the naira-for-crude deal between NNPC and local refineries, including the Dangote refinery.
The group warned that the termination of the deal could lead to sudden and indiscriminate hikes in pump prices of petroleum products, thereby exacerbating the hardships faced by millions of Nigerians.
HURIWA made the call in a statement signed by its National Coordinator, Emmanuel Onwubiko, who emphasized the need for a humane and compassionate government, while urging the President to quickly direct his economic team to reach a new agreement with local refineries.
“In the spirit of the Sallah celebrations and given the public shows of supplications to God by the President and other public office holders as part of the end of the fasting and lenting period, we are praying President Tinubu to direct his Coordinating Minister for the Economy and the Minister of Finance to transparently and rapidly reach agreement to continue the naira-to-crude-deal with local crude oil refineries including the Dangote Petroleum refinery.
“We make this public supplication and appeal because any alteration to this deal would mean excruciating hardships and the massive affliction of poverty on millions of the already suffering, struggling and multidimensionally poor households,” the statement read.
Onwubiko noted the economic impact of failing to renew the deal, adding that many small and medium-scale enterprises dependent on petrol-powered generators may be forced to close down, while private sector workers may face termination of appointments.
He further noted the impact of the deal on 133 multi-dimensionally poor Nigerians, noting that the World Bank had stated that several million more Nigerians had fallen into poverty due to the rising cost of living.
The group urged Tinubu’s government not to ignore “the expanding frontiers of mass poverty that any further hike in the pump price of petrol would bring unto millions of Nigerian already overstretched households.”
The Edo State Governorship Election Petition Tribunal has fixed Wednesday, the 2nd of April, 2025, for Judgment, Naija News reports.
The Independent National Electoral Commission (INEC) had declared Monday Okpebholo of the All Progressives Congress (APC) has the winner of the election held last year.
Okpebholo defeated Asue Ighodalo of the Peoples Democratic Party (PDP) and Olumide Akpata of the Labour Party (LP).
Recall that the Edo State Governorship Election Petition Tribunal had reserved judgment in the petition filed by the PDP and its candidate, Asue Ighodalo, challenging the declaration of Okpebholo as winner of the September 21, 2024 governorship election.
The PDP and Ighodalo are disputing the results announced by the Independent National Electoral Commission (INEC), alleging electoral irregularities, including over-voting, ballot non-serialization, incorrect collation, and computation errors.
During the course of the tribunal hearings, the petitioners called 19 witnesses and subpoenaed a Senior Technical Officer from INEC’s ICT department, who presented 154 BVAS machines to support claims of over-voting.
INEC, Okpebholo, and the APC are the first to third respondents respectively in the case marked EPT/ED/GOV/02/2024.
INEC did not call any witnesses to counter the petitioners’ claims. Okpebholo presented one witness, while the APC called four before closing their defense.
The three-member panel led by Justice Wilfred Kpochi announced that judgment would be delivered at a later date to be communicated to all parties.
“A date for judgment will be communicated to the parties by the Secretary of the tribunal. The tribunal stands adjourned until then,” said Justice Kpochi.
Earlier, the petitioners’ lead counsel, Adetunji Oyeyipo (SAN), formally adopted their final written address. INEC’s counsel, Kanu Agabi (SAN), urged the tribunal to dismiss the case, describing it as lacking in merit.
Agabi argued that all polling unit agents who testified had signed the result sheets and “could not distinguish between what they heard and what they observed.” He added that the number of polling units covered by the petitioners was too small to warrant nullification of the entire election.
“The petitioners have not pleaded any alternative results on the basis of which they can be declared winners. Their case is based on analyses carried out by hired consultants,” Agabi stated, describing their claims of non-compliance as weak and unsupported by credible evidence.
On behalf of the governor, Onyechi Ikpeazu (SAN) said the APC candidate emerged victorious through valid votes. He challenged the petitioners’ position on the non-serialization of sensitive materials, clarifying that Form EC25B only requires the quantity of materials received and returned—not their serial numbers.
He added that while the petitioners alleged over-voting, none of the BVAS machines brought before the tribunal were actually opened for verification. “They failed to present the necessary documents to substantiate their claims,” Ikpeazu argued, calling the petition an “academic exercise.”
Also adopting its final address, APC’s counsel, Emmanuel Ukala, stated that the petitioners failed to provide enough witnesses to support their claims. He pointed out that only five polling unit agents were called out of over 4,000 polling units in the state, with no presiding officers summoned to testify.
He stressed the Supreme Court’s standard that allegations of non-compliance must be proven polling unit by polling unit, ward by ward, and local government by local government. “The petitioners did not show how the BVAS machines functioned, nor did they call enough witnesses,” Ukala added.
Responding, the petitioners’ counsel, Ken Morzi (SAN), clarified that their complaints were limited to 765 polling units, not the entire state. He argued that the case should be assessed holistically and not based solely on the percentage of polling units challenged.
Morzi said, “We concede that elections took place at the polling units, but our contention is how 25 votes transformed into 525 votes at the collation centres.”
He also addressed allegations of document dumping, asserting that all submitted documents were certified by INEC and tendered without objection. On the issue of alternative results, Morzi said all evidence before the tribunal was provided by the petitioners.
An elder in the Redeemed Christian Church of God, City of David Parish, Quincy Ayodele, has denied claims that the former Pastor-in-charge of the parish, Idowu Iluyomade, rebelled against the church before starting his own.
Ayodele stated that she had expected that Iluyomade would be restored to his parish or another after he had served his three-month suspension handed to him by the church leadership.
According to Church Times, in a chat with Daddy Freeze posted on his YouTube Channel on Monday, the natural medicine practitioner said she was surprised and disappointed that Iluyomade was given a letter not to step into the church’s premises.
The World Health Organisation consultant said she was always going with Iluyomade to the headquarters of the RCCG in Ebute Meta for the three months that he served the punishment.
She said, “We were expecting that after the three months he would be restored to the City of David. but to our surprise, whatt we heard was that he was given a letter that he must not step into the City of David.”
Ayodele expressed concern about the action of the RCCG, saying, ‘Pastor Adeboye and Pastor Iluyomade were like father and son..They are so close..There is nothing Adeboye wanted that Iluyomade would not go out of his way to make available.”
While insisting that Iluyomade did not rebel against the church, she reiterated, ‘He was told not to enter City of David. Why they did that is only known to our daddy, the governing council and God. I cannot answer why. But we are curious.”
She said some elders in the church had to step in when it was clear that Iluyomade was stopped from entering the church.
According to Ayodele, the concerned elders wrote letters of appeal to the General Overseer of the Church, Pastor Enoch Adeboye, to plead with him not to take such drastic action against Iluyomade.
She said, “They wrote letters and signed their names on the letters to Pastor Adeboye. But there was no response from Baba Adeboye.”
Ayodele said the next step the Iluyomades took was to start going to Kings Court, another RCCG Parish that Iluyomade pioneered many years ago.
‘The pastor in the church welcomed them and accorded them the honour of the founding pastors, only to be told later that they should not be accommodated.
“Pastor Adeboye taught us that if one sheep is missing out of 100, Jesus would go after the lost sheep..I was now asking will he now allow Iluyomade to be lost to the world.”
Ayodele, who disclosed she has been in RCCG for about 32 years, said she had to be on the trail of Iluyomade to bring him back to the church.
She also denied insinuation that it was the former CEO of Access Bank, late Herbert Wigwe, who was the highest contributor to the building of the Trinity Towers of the City of David.
According to her, many people contributed to the building of the tower, and some gave as much as Wigwe gave. She said many were as committed to the church as Wigwe, citing examples of how people supported projects at the prompting of Iluyomade.
She said Iluyomade did a lot for the RCCG and Adeboye, wondering what could have led to the church’s action against Iluyomade.
She gave examples of free schools that Iluyomade built, how he fed the hungry every week, and how he impacted the larger society by using church funds.
Ayodele said many prominent Nigerians were contacted to beg Daddy GO and change his mind about the expulsion of Iluyomade, but to no avail.
“They went to beg him, and he said he (Iluyomade) was paying loan. But he has been paying loans without coming to ask for money from you. So, why don’t you leave him and let him finish paying the loan?
“He said it’s okay; he will let him come back. He did not. Other people went to beg him, rolling on the floor and asking for his forgiveness..He did not.” Ayodele said.
Asked if the Pentecostal Fellowship of Nigeria intervened in the matter, she said, ‘Who will talk to him if God has not talked to him. My daddy hears from God. It is what God says that he tells us, and we believe him. He will say my daddy says’ and we believe him.”
Ayodele said Pastor Iluyomade never planned to start a church, adding that the people they helped abandoned them in their moment of trials.
She said. “He does not even know how to start a church. He was an Anglican before he joined RCCG. His father was a reverend. He had left Anglican for almost 32 years. If he goes back to Anglican, where is he going to start from?
“I can tell you that the people they helped abandoned them in their moment of trials. They were not even praying for him in the City of David that he left. That was what made me go to him. When I got to him, he was weeping, telling me that he was told not to step into the church.”
Ayodele said she was moved to tears when Pastor Adeboye insinuated during his visit to the City of David on Sunday that those who left the Church were demons and that devils built trinity towers.
She said, “I started wondering if this my daddy is talking. What is going on?”
The health practitioner said she did not follow Iluyomade when he started his church because she believed the matter could still be resolved and that she was mediating.
Ayodele said if she had the grace of meeting Pastor Adeboye, she would be him frantically and appeal to him to forgive Iluyomade.
The National Chairman of the Labour Party (LP), Julius Abure, has disclosed that the late Ayo Adebanjo played a pivotal role in the 2023 victory recorded by the party’s 2023 presidential candidate, Peter Obi, in Lagos State.
He stated this on Monday while paying tribute to the late leader of the pan-Yoruba socio-political organisation, Afenifere.
Abure’s tribute was contained in a statement issued in Abuja by the National Publicity Secretary of LP, Obiora Ifoh, after he led a delegation of the Labour Party executives to the residence of the late elder statesman over the weekend.
Applauding Adebanjo for his effort, Abure insisted that the late politician deserved credit for his contribution to the electoral upset.
According to him, Adebanjo’s troubleshooting efforts not only engendered peace in the Labour Party but also propelled the party into achieving massive successes in the last general elections.
He said, “Recall that the Labour Party played a major role in the 2023 general elections. I can remember whenever a crisis came up, he (Adebanjo) would summon me to Lagos.
“We would discuss and reach amicable resolutions in those crises.
“Our strong performance in the last general elections can be credited to his several interventions. He navigated several of such cases, particularly in Lagos, and today, that state is one of the strongest bases of the party. I learnt a lot from Pa Adebanjo personally, that culture of resistance, defending what is right, defending democracy and the rule of law, I learnt it from him.
“I am happy that the struggle to enthrone democracy in Nigeria was achieved in his lifetime. Many of his contemporaries were not that lucky. He saw an unbroken democracy for close to 25 years, and he participated in it. We were able to identify and put together all our candidates from the presidential candidate down to the least position and the ruling oligarchy didn’t believe what they saw in the 2023 general elections.
“For the first time, we mobilised the youths of this country. For the first time, the youth of the country saw hope and they were living it. They envisioned themselves in it and we were able to achieve that change. Pa Adebanjo, as old as he was, led the struggle.”
Former Deputy Chairman of the Peoples Democratic Party (PDP), Olabode George, has berated the Minister of the Federal Capital Territory (PDP), Nyesom Wike, for revoking the Certificate of Occupancy of the party’s secretariat.
Naija News reports that recently, the FCT Minister, who is also a member of the PDP, took the bold step of revoking the land title of Wadata Plaza.
The government’s decision was due to the PDP’s failure to pay ground rent for the property. In addition, the title for the party’s unfinished national secretariat in the Central Area Business District of Abuja was also revoked.
Wike accused the party of failing to pay ₦7.6 million ground rent for its land title in the Central Area, despite being in power for many years and generating between ₦13 billion and ₦20 billion from the sale of forms.
Reacting in an interview with New telegraph, George said the decision of Wike to revoke the party’s land was a clear declaration of war.
He stated that Wike, who is like his political son, has crossed the redline with such act.
The Elder statesman also revealed how he initially joined the Wike-led G5 governors ahead of the 2023 presidential election but had to withdraw when the group was going against the PDP’s dictate.
He said: “Let me tell you something. When the crisis started in the PDP, they invited me as an elder to join the G5 governors and some other elders. I did but we fell out when we found that some of the things they are doing do not fall in line with the dictates of the party. And what Wike just did is completely unacceptable in any civilized situation.
“He has crossed the red line. Do you know why? During this same period of trying to declare a state of emergency in Rivers State, he revoked the Certificate of Occupancy of our party’s secretariat. I want him to listen to me very carefully because he’s like my political son.
“It’s like you come from your community, and from that community, your home, your home village was there. Suddenly, you now became the local government chairman of that community.
“And the first exercise you did officially is to go revoke the Certificate of Occupancy of your father’s house, the house that produced you and the house where you got all kinds of things. What is the amount of money we owe, N7.2 million?
“It would have been more honourable if he put his hand in his pocket, and said, yes, you owe this, but I’m going to pay it because I am a thoroughbred son of the soil. I am a child of that house. It is that house that gave him the ticket to be chairman of the local government, made him the chief of staff to the governor, made him a minister, and became governor for eight years. Is that the way to say thank you?”
Asked if Wike has disowned his party with his actions and through what he has done, George responded in the affirmative.
The PDP Chieftain stated that Wike has declared and open war and party chieftains would be seen as irresponsible leaders and elders if they don’t take action.
He said: “Absolutely! What else? That’s what I said. As a general, I’m saying he has crossed the red line. Once you cross the red line, what are you looking for? The party has to met. We have to meet; the leaders and members of the Board of Trustees. We own the party in trust for members of the party.
“We own the assets and the liabilities of the party for the good of our people. If a young man has done what he did to say they should revoke the secretariat of our party, he has crossed the red line.
“He has declared an open war. And it’s such a shame. We would be seen as being irresponsible as leaders and elders if we don’t take action. Unfortunately, like I said, when those people started the disciplinary committee headed by Chief Tom Ikimi, I looked at the membership. Ikimi, yes, he’s on Atiku’s side.
“The secretary of that same committee is on Atiku’s side and they said I should come and be a member. I said, no, I cannot. First of all, Ikimi met me in this party.
“So, I cannot serve in that committee. Secondly, the way the thing was structured was warped. Where do you start from? So, I’m pleading with our people, we should go back. Fortunately, by October or November this year, we are going to have a convention.”
In a startling twist to the political intrigues in Rivers State, Chief of Staff to suspended Governor Siminalayi Fubara, Mr. Edison Ehie, has alleged that he was offered N5 billion to coordinate the impeachment of his principal.
This is coming as Fubara, yesterday, vowed to continue to defend the interests of Rivers People, just as the Transition Monitoring Group, TMG, and Civil Society Organisations, CSOs, in the state revealed their plan to sue President Bola Tinubu’s appointed Sole Administrator of Rivers State for the alleged misuse of fund.
I was offered N5bn to impeach Fubara —Ehie
Speaking on Channels Television’s Sunday Politics, Ehie claimed he has evidence of the bribe offer stored on his phone.
He said: “I can also open my phone to show you, in the beginning of October 2023, when they approached me with a bribe of N5 billion. It is here in my phone,
“It was for impeachment. It’s here. I have it and I have printed it and distributed it, in case, in their evil imagination, they decide to attack me. I already have a son and a brother.”
Ehie said the offer was made while he was serving as the majority leader of the Rivers State House of Assembly.
He also denied claims that he orchestrated the October 30, 2023, bombing of the Rivers Assembly complex on Fubara’s orders.
The allegation was made by a former Head of Service in the state, George Nwaeke, who alleged that he witnessed a bag of money being handed over to Ehie at the Government House to execute the operation.
Dismissing the claims as false and politically motivated, Ehie said: “It is very important to clarify that I had no hand and was not part of the burning down of the Rivers State House of Assembly. Like everyone else, I woke up in the early hours of October 30, 2023 to hear of the burning down of the Rivers State House of Assembly.”
Ehie stated that he had instructed his lawyers to file a lawsuit against Nwaeke for criminal libel.
“I will not join issues completely with Mr. George Nwaeke because I have already instructed my lawyers to file an issue of criminal libel against him, and I hope he is very prepared to substantiate his claims and his allegations,” he said.
He further alleged that Nwaeke had sought financial assistance from him on the same day he resigned as head of service.
Fubara vows to defend Rivers’ interests
Meanwhile, suspended Governor Siminalayi Fubara has vowed to defend the interest of people of the state despite the ongoing crisis that degenerated into a state of emergency declared by President Bola Tinubu penultimate week.
He said: “Their goal is to create problems and deny people their means of livelihood. We will not allow that. We will continue to operate peacefully and respect constituted authority to ensure that our state remains a model for others in Nigeria,”
Fubara assured residents that the ongoing political crisis in the state will ultimately strengthen the people rather than weaken them.
He stated this when he received Muslim leaders from 20 Islamic-based groups, including the Supreme Council for Islamic Affairs, at his private residence in Port Harcourt during an Eid-el-Fitri visit.
Addressing the delegation, Fubara urged them and his supporters to trust in God’s process, saying: “This season is one of love, sharing and sacrifice. You have come to share in our pain and have made a great sacrifice through your prayers. As Christians, we believe that everything happens for a purpose, and I strongly believe that this situation is leading us toward a greater purpose.”
He acknowledged that the current political tension might leave many feeling depressed but emphasized that supernatural forces may be at play beyond human understanding.
“No matter what we see, we must remain steadfast. In all things, we give glory to Almighty God. I believe that, in the end, we will emerge stronger,” he added.
TMG, CSOs to challenge Rivers Sole Administrator in court
The Transition Monitoring Group, TMG, and several Civil Society Organisations, CSOs, have declared their intent to challenge the actions of Rivers State’s Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd), in court. They accused him of unlawfully spending state funds without an approved budget.
At a press briefing in Port Harcourt, TMG Coordinator, Nathaniel Akporuvweku condemned the state of emergency and Ibas’ governance as unconstitutional. “No provision in the 1999 Constitution, as amended, allows for the appointment of a sole administrator to govern any state in Nigeria,” Akporuvweku argued.
He listed grievances against Ibas, including: Suspension of all political appointees in the state, unauthorized spending of state funds without due process, appointment of government officials without legislative approval and secret investigations of Governor Fubara.
“The ongoing political instability is distressing to Rivers people. The Sole Administrator must adopt a neutral approach to avoid worsening tensions. If he continues this unconstitutional spending, we will have no choice but to seek legal redress,” Akporuvweku warned.
He reiterated calls for President Tinubu to lift the state of emergency and restore democratic governance in Rivers State, emphasizing that the rule of law must prevail.
Don’t kill democracy in Nigeria, Dele Momodu tells Tinubu
A chieftain of the Peoples Democratic Party, PDP, Dele Momodu, yesterday, faulted President Bola Tinubu’s suspension of Fubara, his deputy and the Rivers State House of Assembly, labelling the move as “anti-democratic.”
Momodu, who spoke on Channels TV’s The Morning Brief, said that the decision contradicts the democratic ideals Tinubu once advocated.
His words: “I think it is very unfortunate. I know President Tinubu very, very, very well. Though I’ve not been in the same party with him and all that, we were together in exile, and he fought gallantly for this democracy. So a lot of us, co-comrades at that time, are actually very embarrassed that we have a pro-democracy leader in government, and yet what we are witnessing is worse than dictatorship.
“And I have said it openly so many times, in many open letters, you can fail in economy, no problem; people will forgive you and say you’re not a professor of economics. You can fail in other areas, but don’t fail in democracy.
“I’m pleading with President Bola Tinubu, ‘Please don’t kill democracy in Nigeria.’
“Everybody who loves him will tell him this. I don’t; I’ve not asked him for anything, but we love him for his contributions to the motivation in the back, which is what is going down the drain.”
[Opinion Nigeria]
The People’s Redemption Party (PRP), Nigeria’s oldest surviving political party, has long been synonymous with radicalism and populism, tracing its roots to the late Mallam Aminu Kano and Alhaji Balarabe Musa.
Despite its historical significance, the PRP has struggled to maintain political relevance in contemporary Nigerian politics, often overshadowed by dominant parties like the All Progressives Congress (APC) and the People’s Democratic Party (PDP).
However, recent defections by some of its 2023 governorship candidates have reignited discussions about the party’s viability. The exit of these politicians, who formally joined the Social Democratic Party (SDP), has not only raised questions about PRP’s future but also sparked a broader conversation on Nigeria’s opposition landscape ahead of the 2027 elections.
A party on the margin?
While the APC, PDP, Labour Party (LP), and All Progressives Grand Alliance (APGA) frequently dominate political discourse, the PRP has remained largely in the background. Its absence from mainstream political conversations has led to debates over whether the party should continue to exist or be among the smaller political parties deregistered by the Independent National Electoral Commission (INEC). Some political actors have also pushed for the registration of new parties, arguing that Nigerians deserve more alternatives beyond the existing dominant parties.
On March 26, several PRP governorship candidates across the country announced their resignation from the party and their defection to the SDP. Their decision follows a similar move by former Kaduna State governor, Mallam Nasir El-Rufai, who recently left the APC for the SDP. El-Rufai’s defection has seemingly sparked momentum for the SDP, with more politicians gravitating towards the party.
Speaking on behalf of the defectors, Hayatuddeen Lawal Makarfi, chairman of the PRP Gubernatorial Candidates’ Forum, described their move as a strategic realignment rather than a mere defection.
“We appreciate the warm gesture of the most influential political leader of today, whose visionary and unwavering leadership qualities have been felt even by the blind in this country. He is facing persecution because he has refused to compromise standards due to his fear of God and love for Nigeria,” he said.
Makarfi, the party’s 2023 governorship candidate for Kaduna State, lamented the state of the nation, stating that Nigeria is “bleeding” under a system where citizens are trapped between “soaring poverty and collapsing institutions.” He criticised both the APC and PDP, accusing them of turning governance into a “cabal of shared incompetence.”
“The 2027 election must not be APC vs PDP; it should be Nigeria vs failure. We see the SDP as not just another party but the last hope of the common man,” he added.
While SDP National Chairman Shehu Musa Gabam welcomed the defectors, assuring them of equal opportunities within the party, the PRP leadership downplayed the defections, insisting that the party remains unshaken. The party’s national spokesman, Comrade Muhammed Ishaq, said PRP respects the right of individuals to associate freely and will not engage in confrontations over members leaving.
“We are a law-abiding political party, and the Nigerian Constitution guarantees free association. This is their right, and we have no problem with that,” Ishaq told Daily Trust.
PRP national chairman debunks defectors’ claims
However, PRP National Chairman Alhaji Falalu Bello dismissed claims that Makarfi led a substantial number of gubernatorial candidates in defecting to the SDP.
“Who elected him, and where was he elected? Makarfi town is close to Kaduna; anyone can visit to check if he ever had a campaign office there as a governorship candidate. Otherwise, anyone can wake up tomorrow and claim to be defecting from PRP or even President Tinubu’s camp,” Bello said.
He said only six individuals were visible at the SDP reception for defectors, questioning Makarfi’s claim of leading a mass exodus from the PRP.
“The PRP has a long history, having formed governments in Kano and Kaduna states. Any genuine PRP governorship candidate in Kaduna would have a significant following because of the party’s pedigree. So where was his campaign office?” Bello asked.
A former managing director of the Bank of the North, Bello was elected PRP national chairman in September 2018 to replace the late Alhaji Balarabe Musa. He survived attempts to remove him by some aggrieved party members in September 2020 before being re-elected in 2022 at the party’s national convention in Abuja.
A party in decline or a political ideal?
Founded in 1978 as a leftist alternative to the dominant political parties of the time, the PRP emerged as the reincarnation of the NEPU and became a beacon for socialist ideals under Mallam Aminu Kano. However, following the 1983 coup led by then-Major General Muhammadu Buhari, the PRP was banned.
In the Fourth Republic, the party was revived under Balarabe Musa, who had won the Kaduna State governorship in 1979 with the PRP but struggled to regain its former prominence. Despite its deep ideological roots, the PRP has remained a marginal player in Nigerian politics, failing to win major elections in recent years.
However, its national chairman argued that the PRP’s influence transcends electoral politics, emphasising that it represents an enduring political ideology.
“The PRP, as the descendant of the Northern Elements Progressive Union (NEPU), is not just a political party—it is an ideal rooted in the minds and beliefs of the people. A 90-year-old woman in Bauchi still holds her NEPU membership card. That tells you that PRP is bigger than individuals,” Bello said.
He also revealed that discussions for a merger between the PRP and the African Democratic Congress (ADC) took place in 2024, but the plan did not materialise.
“PRP has always been open to alliances. In the past, we formed a government in Kaduna through a coalition, so political mergers are not new to us,” he added.
Bello dismissed Makarfi’s claims, noting that the latter was originally an APC member who only joined the PRP a few months before the 2023 elections after being dismissed by El-Rufai.
Defectors defend move
However, when contacted, Makarfi refused to engage in a war of words with the PRP chairman, citing Bello’s age as a reason for restraint.
“Most of us who left the PRP are young people, and we would not want to join issues with a 71-year-old national chairman, who we hold in high esteem. Those who came to the SDP last Wednesday were representatives of defectors nationwide; it was not necessary for all of us to travel to Abuja,” he said.
When Daily Trust asked him for the full list of all the members of the PRP Gubernatorial Candidates’ Forum that defected to the SDP, Makarfi said in a chat: “We went to the National Secretariat (of SDP) with the following representatives: Rivers (Emiyare Etete), Enugu (Elder Chris Agu), Anambra (Anthony Umeh), Jigawa (Capt. Ahmed Kaugama), Kwara (Abdulkareem Mustapha) and Kaduna (himself).”
Quizzed further on the identities of the other members of the forum he and the five others represented, he said: “The others may include: Kebbi, Gombe, Nasarawa and Plateau. We are still doing our consultations and will soon round up.”
He maintained that the move was well thought out, adding that the 2027 election results would validate their decision.
“We appreciate the opportunity given to us by the PRP, but we have the right to associate with any party of our choice. The future will tell whether we made the right decision,” Makarfi added.
Experts weigh in
Dr Kabiru Sufi, a lecturer at the Kano State College of Arts, Science and Remedial Studies, said the PRP’s historical significance makes its recent crisis more alarming.
“The PRP has always been associated with progressives. The defection of its gubernatorial candidates is a serious blow, especially considering the party’s internal divisions even before this episode,” Sufi said.
He predicted further defections across the opposition space, stating that more political figures may switch allegiances as 2027 approaches.
Similarly, Professor Sadeeque Abba, a political scientist and former deputy vice chancellor at the University of Abuja, described party defections as a normal political evolution.
“Political parties are not static institutions; they expand and contract over time. The movement from PRP to SDP is part of a broader trend of realignments ahead of the 2027 elections,” Abba explained.
He noted that dissatisfaction with party structures and governance failures often drive such shifts, adding that PRP’s inability to secure a strong presence in the National Assembly has left it politically vulnerable.
“If PRP had even five senators in the National Assembly, it would have had a stronger voice. But coming eighth in the 2023 presidential race shows its current limitations,” Prof. Abba added.
[DailyTrust]
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- Lawyers praise Tope Adebayo LP on new office
Pastor Tunde Bakare of The Citadel Global Community Church, has urged Mr Tope Adebayo, the senior partner at Tope Adebayo LP, to allow truth, honesty and hard work be their watchword in all their undertakings.
The respected clergyman stressed that there was honour in staying on the path of truth, citing 1 Timothy 1 v 8 to back his admonition.
Pastor Bakare gave the admonition at the opening of the new office complex of when Tope Adebayo LP located on the third floor of The Phoenix, along Mobolaji-Bank Anthoy Way, Ikeja.
While casting his mind back to his days as a practising lawyer, Pastor Bakare said there were cases he refused to take no matter the money involved.
“There were cases I didn’t take and I didn’t need to take in those days,” he stated.
He prayed for partners and other members of staff that they will be on the same page in all matters to aid the law firm’s growth.
According to him, the next level of blessings is making sure one stays in tune with God.
“When God began to bless me, then I found the secret of ensuring that I stay in a position of not going down. And it’s in Isaiah, 22 v 8’’, he said.
Speaking on the new office, the principal partner of the law firm, Adebayo, said it was based on the realisation that one must continuously seek better ways of doing things.
“So, you must realise that whatever you don’t treasure cannot confer benefits on you and one way to demonstrate that you treasure a vision or idea is to put in resources to back that idea, especially when God has been gracious to you. “You need to use available resources to create an environment for the legal practitioners and other members of staff to practice their craft better and make it easier for clients to interact with us.
“Before now, we used to queue for the only conference room at our former office, especially when we have more than two meetings at the same time. It was always a struggle to plan meetings for the different practice groups in the firm. “So, we decided that to put more money in the practice to make it easier for us to serve our Clients.
“Thus, this office is essentially created to enhance service delivery to our clients,” he said.
Adebayo stated that he has always been driven by the idea of focusing on building his practice given the values he imbibed during his days at Olaniwun Ajayi LP.
“It has always been a part of me, from when myself and my colleagues Mr. Wolemi Esan (SAN) and Mr. Kunle Adegoke (SAN) started practice at what was then Olaniwun Ajayi & Co.
“There’s something that environment does to you, it has a way of conditioning your thinking and Professor Olaniwun Ajayi, then a Dr, did a lot to shape our view”, he recalled.
On his own, Esan, a colleague said: “This is a beautiful day, a beautiful day in the sense that Tope Adebayo is someone that we have grown together in the profession.
“ I have known him for over 20 years and looking at where he is coming from and where is today, one cannot but be extremely happy.
And the other day, I was telling him that it is very fitting that he has moved into a building that is called the Phoenix, because if you know the phoenix, it is the mystical bird that reinvents itself every time. Same for Tope (Adebayo), when you think you know him and have seen him and the glory of God in his life, he becomes something else that is even greater than what you thought was great.”
The immediate past chairman of NBA, Ikeja Branch, Seyi Olawumi, said Tope Adebayo was one of the pillars of the branch.
He said he was elated when he was invited to the office opening.
“I knew that I was coming to see something more beautiful, by his choice of office when he said I should come and celebrate with him today. That is because of the standard of even his former office.
“I am very happy and like I said, Tope Adebayo is one of our pillars in Ikeja Branch of the NBA and I pray that he will continue to grow and wax stronger.”
Olawunmi also prayed that other members of the firm will record such achievements and wax stronger.
Other clients and associates of the firm present at the event include the Chief Executive Officer (CEO), Lekoil Nigeria Limited; Mr. Samuel Kolajo, Acting Executive Vice Chairman, Owena Oil & Gas Ltd.
[TheNation]
The military governments of Mali, Burkina Faso and Niger have announced a new 0.5 percent levy on imported goods from Nigeria and other Economic Community of West African States, ECOWAS, member-nations.
They also sought to fund a new three-state union after leaving the larger regional economic bloc, according to an official statement signed by the trio.
According to the statement, the levy was agreed last Friday and had taken immediate effect.
The levy, it said, would affect all goods imported from outside the three countries but would not include humanitarian aid.
‘’It will finance the activities of the bloc,’’ the statement said without giving further details.
The move ends free trade across West Africa, which states have for decades fallen under the umbrella of the ECOWAS, and highlights the rift between the three states that border the Sahara Desert and influential democracies, such as Nigeria and Ghana, to the south.
The three countries, each ruled by military juntas that came to power through recent coups in 2023, had established the Alliance of Sahel States, ASS, as a security agreement, following their exit from the ECOWAS bloc.
Over time, this alliance evolved into an aspiring economic union, with plans to promote deeper military and financial integration, including introducing biometric passports.
Last year, the three nations left ECOWAS, citing claims that the bloc had not sufficiently supported them in fighting Islamist insurgencies and addressing insecurity in their countries.
In retaliation, ECOWAS had imposed economic, political and financial sanctions on the three in a bid to force them to return to constitutional order, to little effect.
The three countries have, however, formed a brickwall against efforts by ECOWAS, led by Nigeria’s President Bola Tinubu, to get them back into the bloc.
Only last week, the Ghanaian President, John Mahama, reported to President Tinubu in Abuja that efforts to win them back were not yeilding the desired results.
[Vanguard]
Filling stations in Lagos have increased the price of premium motor spirit (PMS), also known as petrol, to N930 per litre.
TheCable confirmed on Monday that First Royal petrol station along College Road, Ogba, Lagos, increased its price from N860 to N930 per litre.
AS Sallam Petroleum, opposite First Royal, and MRS Oil filling station, in Festac, also increased their petrol price from N860 to N930.
However, Mobil petrol station, at Abeokuta bus-stop, off College Road, Ogba, increased its pump price to N935, up from N865 per liter.
The hike in petrol price followed Dangote refinery’s decision to temporarily stop temporarily stop selling petroleum products in naira after a breakdown in negotiation for the naira-for-crude deal.
Dangote refinery and other refiners agreed with the federal government to sell petroleum products in naira in exchange for the sale of crude oil in the local currency last year.
The agreement was meant to reduce the impact of foreign exchange on the sale of crude oil and petroleum products, and reduce pressure on naira.
However, parties involved in the deal have not agreed to a new contract as the initial contract expires at the end of March 20, forcing Danote refinery to source for crude oil in the international market.
Nigeria officially commenced the sale of crude oil and refined petroleum products in naira to local refineries on October 1, 2024.
The increase in price comes more than a month after the refinery reduced its petrol ex-depot price to N825 on February 26, which led to a drop in PMS prices at filling stations.
[TheCable]
“Democracy Lives, Not Dying in Nigeria,“ Aremu Disagrees with OBJ, canvasses Tinubu's second Term Presidency
Admin
Despite the challenges of nation-building, Nigeria has been described as a “Democracy Destination undergoing democratic consolidation ” contrary to some recent high-profile discordant views about the prospects of the democratic process in Africa.
Recently both former President Olusegun Obasanjo and erstwhile governor of Anambra State, Mr. Peter Obi, had claimed that democracy was dying in Africa and Nigeria”.
However, the Director General Micheal Imoudu National Institute for Labour Studies (MINILS) Comrade Issa Aremu took exception to what he called the “new Democracy-pessimism fad” by those he said “without democracy would not have been able to exhibit their limited leadership ability in the past”.
Aremu spoke at separate interventions at the sideline of the 2025 Ramadan lecture of the Institute held in Ilorin and at Arewa House Kaduna during the Special Prayers to mark the 73rd birthday of President Bola Ahmed Tinubu organised by AREWA Think Tank Group on Saturday.
Aremu observed that it was time for Nigerians to deepen and consolidate the democratic process adding that “democratic optimism must not in any way give way to democratic despair in Africa”.
“ With 19 Registered Political Parties, 93,469,008, Total Voters Registered, 176,846 Polling Units in Nigeria, 7 concluded presidential elections since 1999, 5 elected Presidents, 2 elected twice, one graciously accepting the loss of election, hundreds of state, National Assembly elections and bye-elections, active media, vibrant organised trade unions and civil society, freedoms of assembly and expressions, Nigeria is a model of how Democracy lives, not dying” Aremu observed.
The Director General cautioned the media to “report but also profile the messengers of messages of despair and doom” for discerning citizens for informed judgement about them. Aremu said both former President Obasanjo and former governor Peter Obi suffer what he called “bring-down-what I- cannot-control-syndrome” adding that democracy is alive for only those who necessarily must not have their ways all the time but still keep faith in the ballot. “ “Afro-democracy” is another subterfuge for a call to authoritarianism by OBJ, Democracy is not divisible, it is according to the 1999 constitution, the simple majority that made OBJ President twice, Peter Obi governor and a failed Presidential candidate in 2023, any resort to red hearing that Democracy is dying because the duo are out and dry of elsewhere power is unhelpful and self-serving”.
“Following the death of President Hage Geingob On 4 February 2024, Namibia just successfully conducted an election to inaugurate the first female President Nangolo Mbumba who she once served as vice-president. Senegal last year elected the youngest 45-year-old Bassirou Diomaye Faye, while Amadou Ba, the candidate of the ruling United in Hope (BBY) coalition, peacefully conceded defeat. OBJ must be operating from outer space to say Democracy is dying in Africa.” Aremu said.
He said the challenges of development in Africa call for more democracy through quality control measures of politics of ideologies and programmes not doubt and scaremongering about democracy adding that the military juntas in Mali, Burkina Faso and Niger must give way to free and fair elections for legitimacy.
Comrade Aremu who was also the Director of the Labour Directorate of Tinubu/Shetima Presidential Campaign Council ( PCC) during the 2023 election described President Bola Ahmed Tinubu as an “audacious” reformer who legitimately “can and should run for a second term in 2027 to consolidate on his achievements in the labour sector”.
The Director General of the premier Labour Institute described the recently approved N758 billion bond to settle long-standing pension liabilities by President Bola Ahmed Tinubu as “a timely welcome act of compassion, statesmanship and good governance” in the country’s pension market adding that the measure was the most impactful of the Renewed Hope Agenda in labour market after the 2024 National minimum wage Act ”.