The Governor of Edo State, Monday Okpebholo has kick-started the campaign for the re-election of President Bola Ahmed Tinubu in 2027.

 

The governor disclosed this when he received another member of the Edo State House of Assembly (EDHA), who had defected from the opposition Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC) in the State.

 

The defector and member House Committee on Budget and Appropriation, Hon. Kaycee Osamwonyi represents Uhunmwonde State Constituency.

 

The lawmaker had earlier been received into the party by the Chairman of APC Edo State chapter, Jarrett Tenebe, who consequently presented him to the Governor at the Government House, Benin City.

 

Okpebholo commended Hon. Osamwonyi and his colleagues who decided to join the APC. He assured them that his administration would create a conducive atmosphere for all of them to operate and collaborate to develop the State.

 

Speaking via a statement by his Chief Press Secretary, Fred Itua, the governor noted that his administration has embarked on developmental strides to develop all sectors of the Edo economy and will make life better for Edo people.

 

“We congratulate you for returning home. Your coming is a plus for the party as we have five of you who have joined, and you have made our party stronger.

 

“A lot of people from other political parties are ready to join our party, and soon there will be a carnival. I seek your help to drive development, and together, we will develop the State and make life better for our people.

 

“Uhunmwonde Local Government is very special to me, and together we can develop the area and open it for growth and development.

 

“The next election, especially 2027 presidential election, we are ready in Edo State. We have kick-started our own campaigns for the President in 2027. We have to mobilize the youths in our State, and you are part of the youth. I promise you that you will enjoy our party as you have chosen to join us,” he said.

 

Tenebe, who presented Hon. Osamwonyi to the Governor, noted that the party is now in full control of the State Assembly as it now has the majority of the members in the house.

 

“Hon. Osamwonyi joined the party following the developmental strides your administration has achieved in the few months you have led the State,” he said.

 

Hon. Osamwonyi, on his part, said his decision to join the party was a result of the disunity in his former party, the PDP, from the national to unit level, as well as the achievements of Governor Okpebholo in a very short time in office.

 

“The division in my party, the PDP, made me join the APC. For me, it is homecoming as I was once in APC. Your developmental strides attracted me back home as I want the best for my people.

 

“The several projects captured in the budget for Uhunmwonde people is impressive. I had no choice but to join the party for the development of my people,” he said

Last modified on Wednesday, 09 April 2025 20:33

Labour Party (LP) 2023 presidential candidate, Peter Obi, has said the party would ensure that the right people emerge as its candidates during the 2027 general elections.

Peter Obi spoke on Wednesday during LP’s National Executive Council (NEC) meeting in Abuja.

According to the former Governor of Anambra State, the LP would correct past mistakes in 2027 and ensure fairness.


He said, “Let’s do the right thing, let’s go from ward to local government to state, to zone and nationally, everybody is free to contest.

“We will ensure fairness and we want to build a party that will be fair, just, and a party people can look at and say ‘this is how this party is.’

“We want to go into the next election knowing fully well that we are offering Nigeria’s the best of people for House of Assembly, House of Reps, Senate, governors, and every form of election.

“We want to correct the mistake we made in the past, we are going to be sure that whoever wants to contest must be a Labour Party member and not on transit.

“It’s going to be a party of ideology and not a party where you just elect people and they b come whatever goes on.

“We must have senators who agree with us, even if we fail, we fail but it’s better to fail doing right than be on the side of wrong. We are going to do that for Nigeria.”

Bashiru Lamidi Apapa on Wednesday announced that he has assumed the leadership of the Labour Party following the Supreme Court ruling that removed Julius Abure as the national chairman of the opposition party.

Apapa made this declaration during a press conference on Wednesday, citing the April 4, 2025, Supreme Court judgement that nullified Abure’s leadership as the reason for his decision.

“I, ALH BASHIRU LAMIDI APAPA, the most senior deputy national chairman, in accordance with our party constitution, Article 14 2(a)(b), hereby take over the running of the affairs of our great party with effect from today, Wednesday, the 9th day of April 2025, in an acting capacity, with Alh. Farouk Umar Ibrahim as National Secretary,” he stated.

He further clarified that, following the Supreme Court’s decision to dismiss the cross-appeal filed by the ousted former National Chairman, Julius Abure, all actions and decisions made by Abure since April 4, 2023, are now null and void.

“My leadership calls on all members of the Labour Party to note that the National Working Committee (NWC) of our party, as of 2022, will meet next week, Monday, 14th April 2025. During this meeting, we will announce our plans, including zoning the position of National Chairman to the North and National Secretary to the South,” Apapa said.

He also announced plans to revive the moribund Board of Trustees, making it functional once more.

“The National Working Committee members listed below are hereby put on notice about the NWC meeting coming up on Monday next week, where we will immediately set in motion the conduct of Ward Congresses, Local Government Congresses, State Congresses, and National Convention, where every member of our party shall have the right to participate, provided you are a financial member,” he added.

The National Working Committee members named by Apapa include:

Deputy National Chairman NLC, Mr. Ladi Iliya
Deputy National Chairman TUC, Dr. Ayo Olorunfemi
National Secretary, Alh. Umar Farouq Ibrahim
National Legal Adviser, Bar. Oyelekan Akingbade
National Publicity Secretary, Dr. Abayomi Arabambi
National Treasurer, Mrs. Oluchi Opara

A former President, Ijaw Youths Council (IYC) Worldwide, Udengs Eradiri, has advised the suspended governor of Rivers State, Siminalayi Fubara to ask his predecessor, Nyesom Wike for forgiveness.

He opined that the incompetence caused the crisis in the state and asked the governor to stop etnicising the impasse.

Speaking via a statement, Eradiri claimed that those who are advising Fubara to fight against Wike go cap in hand to beg the FCT Minister in private.

He said: “As for Governor Siminalayi Fubara, he is incompetent and that is what has brought all this negative energy. He should not involve ijaw in his political issues and affairs. Let him tell us how he has supported the ijaws or ijaw activities?

“How many ijaws of Rivers State did he empower that he is demanding Ijaw support now? How many of the IYC comrades in Eastern zone were LGA chairmen, commissioners and appointees in his government?

“Or are all the ijaw youths of Eastern Zone only good at supporting political fights but not good enough for appointment and empowerment? When Chief Wike visited Abalama, how much did Fubara mobilise his people? Wike is a fighter and i like his style.

“I advise Fubara to go and kneel before Wike and beg for forgiveness. Those, who are deceiving him have no balls. They go cap in hand kneeling and begging same Wike when they get it they come in the open to claim ijaw lions.

“Now, Fubara is the one outside they are there ranting. Mr. President used the state of emergency to save Fubara and the ijaw nation the embarrassment of impeachment. He should go thank and appreciate President Bola Tinubu.”

Eradiri recalled that when Wike singlehandedly made Fubara Rivers governor, no ijaw gathered or even went to thank him.

“Fubara did not buy form or even spoke a word during campaigns. Why should he now be disobeying and reneging on agreement? Men are those who keep their words and abide by agreements.”

Operations have been reportedly put to a halt at the 28,000-barrels-per-day oil production refinery in Ogidigben, Warri, Delta State, as Itsekiri natives shut down the facility on Wednesday.

In a video clip released today by TVC, hundreds of Ogidigben natives were seen protesting at the entrance of the facility.

Naija News understands that a large number of locals gathered at the oil production facility that was formerly managed by Shell Petroleum Development Company (SPDC).

The protest which happened at the facility, which has recently been taken over by Renaissance Africa Energy Holdings, involved women, youth, and men.

The Itsekiri natives protested against the recommendations made by the Independent National Electoral Commission (INEC) regarding the delineation in the Warri Federal Constituency.

The demonstrators stated that their protest would extend to other significant national assets and facilities within Itsekiri land if prompt action is not undertaken.

This protest occurred just a week after INEC suggested the delineation of wards and polling units in the Warri Federal Constituency, following a ruling by the Supreme Court.

A significant revelation has emerged from the former Governor of Plateau State and member of the Board of Trustees of the Peoples Democratic Party (PDP), Fidelis Tapgun.

He has alleged that the Minister of the Federal Capital Territory (FCT) and former Governor of Rivers State, Nyesom Wike, has been working to ensure the downfall of the PDP after losing the vice-presidential ticket on two separate occasions.

In an interview with The Sun at his Jos country home, Tapgun claimed that Wike was determined to destroy the party because he was denied the vice-presidential ticket in both the 2019 and 2023 elections.

He said, “Because of the failure to secure the vice presidential ticket, Wike is doing everything in his power to bring down the PDP.”

Tapgun further accused the FCT minister of using his influence and resources to manipulate key members of the PDP, including powerful figures within the party.

According to Tapgun, Wike’s actions are part of a broader strategy to destabilize and ultimately collapse the party.

The former governor also highlighted what he termed as unconstitutional actions within the party, notably the extended tenures of acting Chairman, Umar Damagum, and former National Secretary, Samuel Anyanwu.

Naija News reports that Tapgun contended that both individuals were well aware that their terms had expired but continued to hold on to their positions, playing a key role in the party’s internal chaos.

He pointed out that this internal strife is being exploited to weaken the PDP, as the actions of Damagum and Anyanwu were contributing to the destabilization of the party’s structure.

Tapgun, a former minister and Nigeria’s ambassador to Kenya, expressed grave concern over the PDP’s future, claiming that the party’s inability to unite and resolve internal conflicts would make it nearly impossible for the party to challenge the ruling administration in the 2027 elections.

He said, “I don’t see the PDP surviving or being able to participate in the 2027 election due to the insincerity within the party.”

He added that the party should shift its focus beyond the 2027 elections and begin preparing for 2031, noting that the party lacked the necessary cohesion to effectively contest against President Bola Tinubu’s government, whose reforms were beginning to show positive effects on the Nigerian economy.

A Call For Reflection And Reform

Tapgun also took issue with the party’s internal elections and the ongoing power struggle over key positions. “The tussle over the chairmanship and the secretaryship of the party is part of the ploy to ensure that PDP dies a natural death,” he argued, criticizing the actions of Damagum and Anyanwu.

According to Tapgun, the party’s constitution clearly mandates that the position of the chairman belongs to the North-Central region after Iyorchia Ayu’s departure.

Similarly, Anyanwu, who had resigned to contest the Imo State governorship election, no longer had the legal or moral grounds to remain as secretary.

In his conclusion, Tapgun expressed doubt about the party’s ability to reinvent itself in time to mount a serious challenge to the ruling government in the upcoming elections.

“People organizing now should just forget it because I don’t see the party coming together to confront the present administration in the election,” he said, adding that the actions of some members had taken advantage of the party’s popularity to destroy it. However, he expressed hope that the PDP might look to 2031 for a more structured and unified attempt at governance.

Alphabet's (GOOGL.O), opens new tab on Wednesday unveiled its seventh-generation artificial intelligence chip named Ironwood, which the company said is designed to speed the performance of AI applications.
The Ironwood processor is geared toward the type of data crunching needed when users query software such as OpenAI's ChatGPT. Known in the tech industry as "inference" computing, the chips perform rapid calculations to render answers in a chatbot or generate other types of responses.

The Technology Roundup newsletter brings the latest news and trends straight to your inbox. Sign up here.

 
The search giant's multi-billion dollar, roughly decade-long effort represents one of the few viable alternative chips to Nvidia's (NVDA.O), opens new tab powerful AI processors.
Google's tensor processing units (TPUs) can only be used by the company's own engineers or through its cloud service and have given its internal AI effort an edge over some rivals.
For at least one generation Google split its TPU family of chips into a version that's tuned for building large AI models from scratch. Its engineers have made a second line of chips that strips out some of the model building features in favor of a chip that shaves costs of running AI applications.
Advertisement · Scroll to continue
 
The Ironwood chip is a model designed for running AI applications, or inference, and is designed to work in groups of as many as 9,216 chips, said Amin Vahdat, a Google vice president.
The new chip, unveiled at a cloud conference, brings functions from earlier split designs together and increases the available memory, which makes it better suited for serving AI applications.
"It's just that the relative importance of inference is going up significantly," Vahdat said.
The Ironwood chips boast double the performance for the amount of energy needed compared with Google's Trillium chip it announced last year, Vahdat said. The company builds and deploys its Gemini AI models with its own chips.
The company did not disclose which chip manufacturer is producing the Google design.
(This story has been corrected to fix the name of the Google executive to Amin Vahdat, not Amind Vahdat, in paragraph 6)
 
[Reuters]
 
Silicon Valley startup Lightmatter revealed on Wednesday it had developed a new type of computer chip that could both speed up artificial intelligence work and use less electricity in the process.
Valued at $4.4 billion after raising $850 million in venture capital, Lightmatter is one of a number of companies seeking to use beams of light, rather than electronic signals, to move data around more quickly between computers. Those connection speeds are critical for artificial intelligence because the software is so complex that it must be spread over many computers.

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

 
But Lightmatter also believes that it can use beams of light to carry out the computation itself, which was the focus of a paper it published in the scientific journal Nature on Wednesday. Conventional computers use transistors, which are akin to tiny on-off electrical switches, and gain more computing power by making transistors smaller and cramming more onto a chip.
In recent years, the chip industry has struggled with shrinking those transistors. Lightmatter's chip skips those problems by steering carefully calibrated beams of light into one another and measuring the results with an integrated package of chips made at its manufacturing partner GlobalFoundries.
Advertisement · Scroll to continue
 
Previous photonic computers struggled to compute with precision, meaning that if the outcome of a computation was a very small number, the chip might report the answer as a zero. Lightmatter gets around that by breaking up very big and very small numbers into groups before sending them through the photonic circuits so that very small numbers do not get lost.
Nick Harris, Lightmatter's CEO, told Reuters on April 8 that the result is a chip that can work on some current AI problems with the same precision as conventional chips, though he said it will likely be a decade before the technology goes mainstream.
"What we're doing is looking at the future of where processors can go. We fundamentally care about computers, and this is one of the alternative paths. There's trillions of dollars of economic value that's behind the idea that computers will keep getting better," Harris said.
 
[Reuters]
 
  • Gold price jumps over 2.5% on Wednesday with US tariffs being switched on. 
  • China meanwhile retaliated while secretary Bessent issues a warning for China on devaluing its currency.
  • Gold bounces from the sub-$3,000 region to just below $3,070 at the time of writing. 

Gold price (XAU/USD) bounces higher and recovers to $3,045 at the time of writing on Wednesday after United States (US) President Donald Trump’s tariffs came into effect. At one point this week, markets were hoping for a last-minute solution as several news outlets informed on Monday that President Trump was considering a 90-day pause in tariffs for all countries except China. However, the White House stated that any suggestion that President Trump was considering a 90-day pause in tariffs was “fake news.”  

“Gold’s rebound reflects growing investor anxiety over tariff threats and the potential reshaping of global trade norms,” says Christopher Wong, a foreign currency strategist at Oversea-Chinese Banking Corp. Bullion remains a good hedge against a more disorderly global economy, Wong said, Bloomberg reports. The market also speculates that heightened volatility may prompt the Federal Reserve (Fed)  to speed up interest rate cuts to prevent a recession. Lower rates typically benefit Gold, which doesn’t pay interest. 

Halfway through the European trading session, headlines emerge that China is retaliating against the US imposed tariffs. Chinese Finance Minister Lan Fo'an said an additional 84% of tariffs will be imposed on all US goods. The tariffs will take place as of April 10th.

United States Secretary of the Treasury Scot Bessent meanwhile said China should rather come to the table instead of retaliating. Bessent also said the country will be the biggest loser with these counter-tariffs. Bessent also called out and warned China should not devalue its currency as an additional measure to circumvent the US tariffs, Bloomberg reports.

Daily digest market movers: FOMC Minutes will not move the needle

  • Shares of Muthoot Finance, an Indian financial corporation and the largest Gold loan non-bank financial company in the country, declined as much as 6.3% after the Indian central bank said it would undertake a comprehensive review of gold loan regulations, which could potentially increase competition in the sector.
  • The CME FedWatch tool shows the chance of an interest rate cut by the Federal Reserve (Fed) in May’s meeting surging to 53.5%, compared with only 10.6% a week ago. For June, the chances of lower borrowing costs are 100%, with 55.2% anticipating a 50 basis point (bp) rate cut. 
  • Chinese investors funneled a record amount of cash into Gold-backed Exchange Traded Funds (ETFs) last week, drawn by the asset's safety as combative trade war rhetoric from the world’s biggest economies shakes global markets. Inflows to four major onshore Gold ETFs, including Huaan Yifu Gold ETF, hit a record of 7.6 billion yuan ($1 billion) last week, according to Bloomberg’s calculations, with strong inflows continuing this week, Bloomberg reports. 
  • Later this Wednesday, around 18:00 GMT, the Federal Open Market Committee (FOMC) will release its latest Minutes from the rate decision meeting in March.

Gold Price Technical Analysis: Will it really get resolved?

With the US tariffs taking effect this Wednesday, the markets' reaction is one still with some surprise. It seems that markets were positioned for some last-minute solution or delay, which would soften the actual blow and impact of the tariffs. Nonetheless, duties are taking effect immediately, and that is enough for last-minute investors to head back into Gold. 

Looking up, resistances are a bit spread out, with the first cap of the R1 resistance at $3,041 being tested when writing, followed by $3,057, a pivotal level since March 20. Further up, the R2 resistance at $3,089 precedes the current all-time high of $3,167.

On the downside, the pivotal level of the March 14 high at $3,004 roughly coincides with the $3,000 round number. If this area does not hold as support, bears can target the S1 support at $2,964 and the $2,955 level, where clearly many buyers were interested in scooping up Gold on Monday. Further down, the S2 support at $2,945 is the last line of defense before the 55-day Simple Moving Average (SMA) at $2,935.

[fxstreet]

Nigerian singer and songwriter, Damini Ogulu, popularly known as Burnaboy, has said that Nigerian artists earn significantly less for streams from their local audience compared to those from U.S. and U.K. listeners, with payouts up to 90% lower.

The 33-year-old musician shared his thoughts via Instagram, revealing that Nigerian artists typically earn just $400 for 1 million local streams, compared to the $3,000 to $4,000 that artists from the UK and US receive for the same number of streams.

Burna Boy, known for hits like Ye and Anybody, explained the pay disparity between different regions, saying, “1 million Nigerian streams: $300-$400. 1 million UK streams: $3,000-$4,000. 1 million US streams: $3,000-$4,000. 1 million euro streams: $3,000-$4,000.

 

His comments highlight a significant income gap between African musicians and their international counterparts, driven by various factors including the market size, revenue-sharing models, and currency exchange rates.

One of the primary reasons for this disparity is the revenue-sharing model used by music streaming platforms such as Spotify, Apple Music, and TIDAL. These platforms operate on a system where artists earn a percentage of the revenue generated from ads, subscriptions, and other services.

In larger markets like the U.S. and the U.K., where subscription fees are higher, there is more ad revenue and a larger paying user base, which results in higher payouts for artists in these regions.

Some context 

The subscription models in these regions further amplify the earnings gap. In the US, Apple Music charges $10.99 per month for an individual subscription, $5.99 for students, and $16.99 for family plans. Similarly, YouTube Music Premium in the US costs $11.99 per month or $119.99 annually.

  • In contrast, Nigerian users pay significantly lower fees. Spotify Premium costs just N1,300 (about $0.82) per month in Nigeria, and YouTube Music Premium is part of a YouTube Premium subscription, priced at N1,300($0.82) for individuals and N2,000($1.27) for family plans.
  • The Nigerian market is relatively smaller, with fewer paying subscribers and less ad revenue, which directly impacts the amount local artists receive per stream in the country. Additionally, the value of local currencies plays a role in the disparity. The Nigerian Naira is significantly weaker than the US Dollar or British Pound.
  • Also, the exchange rate opened 2023 at N461.5/$1, closed the year at N907.11/$1, and ended 2024 at N1,535/$1. While the payment per stream for Nigerian artists remains comparatively low, the growth of Nigerian music on global platforms has been substantial.

According to Spotify’s 2024 Loud & Clear report, Nigerian artists earned more than N58 billion in royalties from the platform alone in 2024, a figure that more than doubled from the previous year and was five times greater than the amount earned in 2022. This marks a major milestone for Nigerian music, reflecting the growing influence of Afrobeats and other local genres on the international stage.

What to know 

However, despite these significant earnings, the financial gap between Nigerian artists and their international peers remains substantial. As Burna Boy pointed out, having the number one song on a Nigerian streaming platform is not necessarily something to celebrate, as the financial rewards from local streams pale in comparison to those earned in the UK, US, and European markets.

Instead, he encourages Nigerian artists to look beyond their local scene and explore opportunities in international markets, where higher payouts can provide better financial sustainability.

Despite these challenges, Nigerian artists continue to gain global recognition, and platforms like Spotify have helped amplify their music worldwide.

[Nairametrics]