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With Bitcoin (CRYPTO: BTC) currently priced at about $82,000, down from its high of more than $109,000 in January, investors are doubtlessly looking for some good news that might help them to believe that their holdings will be worth more in the future than they're worth right now.

As it turns out, there's one big factor that isn't part of the conversation about the coin at the moment, even though it's actually fairly well-known. Here's the one number you need to know to appreciate why Bitcoin's future as an investment looks even brighter than its impressive run to date.

There's a lot of room to grow here

It's obvious that the more people who buy Bitcoin in a given day, the more its price will go up as buyers compete for the limited supply.

Similarly, the more people who resolve to hold onto their coins rather than sell them, the fewer coins there will be to distribute from holders to buyers on any given day, creating a supply crunch that also generates higher prices. Therefore, the number of people who currently hold Bitcoin in comparison to the total population of people who might want to hold it is a key consideration for determining the direction of its price over the long term. And the dynamics look very favorable here.

As of late 2024, various estimates concluded that between 1% to 4% of the global population owns Bitcoin. Within this in mind, we can see why it's nearly inevitable for Bitcoin to go higher in the long term.

Most people do not yet hold any Bitcoin. At least some of those people have capital that they will seek to allocate at some point in their lives. Many of them who do not currently hold Bitcoin are likely to start holding it at some point in the future if its adoption continues in line with past rates. That implies a huge amount of demand for the coin, which, as you've probably heard, is perpetually in increasingly shorter supply due to the halving mechanic baked into the crypto's protocol.

Against what some may expect, people in developed countries are not the only ones who hold it; the populations of many emerging economies like the Philippines and Vietnam feature fairly high rates of Bitcoin ownership. This is an important nuance because it implies that countries that are experiencing rapid economic growth are also those with large populations and rising incomes. Those rising incomes are going to generate capital that will need to be invested somewhere, and as the social proof is already gaining ground, Bitcoin is going to be one of the places where those people invest.

Then, as the long-term upward movement of Bitcoin's price is reestablished, even more investors are likely to come along to buy. After a certain point, sentiment becomes embedded, and the longest-holding holders get rewarded the most over time.

Population growth isn't a necessity for the coin's price to keep rising

The beauty of the case for buying Bitcoin is that it doesn't really matter if your estimate for the proportion of global Bitcoin holders is 1%, 4%, or higher. The supply of coins is limited, and growth of that supply steadily slows as it gets harder and harder to mine new coins over time.

In other words, regardless of whether there are more buyers for it in the future or in the past, whoever is in the market will be bidding for a smaller number of new coins. The addition of new buyers just makes the process of the price increase occur faster, as it means there's more capital chasing the same ever-shrinking pile of assets being produced.

Just keep in mind that the idea of 100% of the human population owning Bitcoin is a pipe dream, even if it's probably a good idea for every investor to hold some. Topping out at 15% of the global population or so, which is similar to the proportion of U.S. residents that hold Bitcoin right now, would still leave a very long road for new money to flow into the chain, boosting prices for everyone.

[The Motley Fool ]

They bought in haste - will they repent at leisure?

A stampede of new investors hoovered up bitcoin at lofty prices as crypto fever ran high after Donald Trump swept to victory in the November U.S. presidential election.

Now, barely six weeks after Trump was inaugurated, bitcoin has sunk into a bear market, drained by a sell-off in global stocks. Just weeks after hitting a six-figure all-time high, the largest cryptocurrency is now trading at around $80,000, down nearly a quarter from its January peak.

A wave of investors that entered the market chasing bitcoin's rally past $100,000, especially those using borrowed money, are feeling the pinch from its decline.

At least 20 million new bitcoin addresses - about 1.5% of all bitcoin addresses in existence - have been created in the past three months, according to crypto data and analytics firm Glassnode.

The ratio between the prices at which new bitcoin is being bought and sold, known as the spent output profit ratio, has meanwhile dipped to 0.95, its lowest level in over a year and negative for the first time since October, according to estimates from crypto exchange Bitfinex.

"This suggests that recent buyers are locking in significant losses, reinforcing the exceptionally challenging conditions for newer investors," analysts at Bitfinex said.

The world's largest cryptocurrency hit a record high of $109,071 in January, but has since lost most of the gains racked up since the American election, as concerns about U.S. tariff policy, the health of the world's largest economy and a tech selloff sap risk appetite.

"I was surprised to see bitcoin at $80,000 and it looks like the bloodletting hasn't ended yet," said Kevin Dede, analyst at investment bank H.C. Wainwright.

Even U.S. President Donald Trump's executive order to create a bitcoin strategic reserve and an additional stockpile of other crypto tokens only gave the crypto market a temporary boost.

"This corrective selloff has caught many by surprise," said John Glover, chief investment officer of crypto lending platform Ledn, adding the asset could find support at the $73,500 level.

TRADERS FEEL THE PAIN

Traders with leveraged positions are feeling the pain, according to Bitfinex analysts who said that this group's realised overall losses is hovering above $800 million per day, with February 28 and March 4 seeing some of the biggest single-day losses.

Meanwhile, investment products tracking digital assets saw outflows for the fourth straight week, according to CoinShares data. Total assets under management in these products have dipped around $4.75 billion to $142 billion. That's the lowest since mid-November 2024 after the U.S. election.

U.S. spot bitcoin ETFs saw outflows of around $1.1 billion in outflows on February 25, the biggest daily outflow since their launch in January last year, according to J.P.Morgan.

While past selloffs in crypto markets are often followed by some amount of calm as the market finds its footing, bitcoin may be at the mercy of broader markets for the time being.

The implied or future bitcoin volatility priced into derivatives has spiked to 69% in the last 24 hours, while the second-largest token ether's implied volatility has increased from 65% to 90% since Monday, meaning investors expect more choppiness ahead, according to Amberdata.

"The last two weeks have 100% been driven by the equity market tantrum," said Jeff Dorman, chief investment officer at asset manager Arca in a note. "This likely plays out similar to what we saw in late 2018, which was nothing more than a short-term hiccup on the way to further highs."

[Reuters]

 

Telegram's crypto wallet, developed by a third-party company called The Open Platform (TOP), has introduced new features for people who don't just use Telegram as a messaging app. The updates include multi-asset trading and yield functionalities.

Based on the TON blockchain, TOP launched the wallet in 2023. The company reported that over 100 million users have signed up for an account with Wallet on Telegram. Additionally, it noted that most of these users were new to the crypto ecosystem.

The wallet product has primarily been focused on the Toncoin cryptocurrency, which can be used on the Telegram platform to tip creators or pay for mini-games and apps. It also supports Bitcoin and USDT (on the TON blockchain). Since the initial launch, the wallet has also gained support of other currencies like Notcoin.

<span class="wp-element-caption__text">Image Credits: TOP</span>
Image Credits: TOP

Following today's update, TOP says that users will be able to buy, sell, or hold crypto without any on-chain deposits. This makes it easier for newer users to get into crypto holding and trading.

The company is also introducing an earning component to the wallet for holding a certain amount of Toncoin. It said that while the average yield is 4%, it will vary based on validators' reward. Later this year, TOP plans to add yields for USDT holdings and launch loyalty programs that would benefit Toncoin holders.

Telegram Wallet has undergone a makeover as well, with a new navigation bar at the bottom and an easy way to switch between the Wallet, Trade, and Earn sections.

<span class="wp-element-caption__text">Image Credits: TOP</span>
Image Credits: TOP

"This update enhances Wallet’s functionality, to meet consumers’ expectations for an open and wide market. With current update Wallet now operates as a fully-fledged crypto platform within Telegram while remaining as simple and accessible as ever. We also plan to implement a loyalty program specifically for Toncoin holders, to further boost the adoption of TON Ecosystem," TOP's CEO Andrew Rogozov said in a statement.

The new wallet update will start rolling out to users in March and April. TOP said that some features might be restricted in some countries based on local regulations.

Last December, Telegram founder Pavel Durov said that the company became profitable. The platform has more than 950 million monthly active users. Cryptocurrencies have contributed to the company's bottom-line thanks to integrations with content and mini app payments.

The story is updated after the company's input on yield and self-custody.

This article originally appeared on TechCrunch 

On March 13, the U.S.-based digital payments company Ripple announced that it has received a license from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC).

The DIFC is a free-economic zone in the United Arab Emirates (UAE) that fosters an innovative financial and technological ecosystem. The regulatory approval enables the company to provide its cross-border crypto payment services to financial organizations across the country.

With this license, Ripple became the first blockchain payments provider licensed in the DIFC, said DIFC CEO Arif Amiri. It is also the first license for Ripple in the Middle East.

Ripple CEO Brad Garlinghouse said, “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

The final approval came months after Ripple secured an in-principle license from the DFSA in October 2024. The local policies mandated any company to establish an office in the region, among other conditions, to become eligible for a regulatory approval.

Since Ripple had already established its Middle East headquarters in DIFC in 2020, it didn’t take long for the company to receive the license. In fact, the company claims that around 20% of its global customer base exists in the Middle East.

Ripple has already secured over 60 regulatory licenses globally in countries such as Singapore and Ireland, in addition to several US states.

The XRP token didn’t have a dramatic reaction to the announcement of the DIFC license and was trading at $2.27 at press time.

[The Street]

Many years ago, when my teacher said nothing sells like sex, crime, and money, I didn’t fully understand what he meant. Yet, over the years, I’ve repeatedly seen that a judicious mix of these socio-economic ingredients is a spellbinder.

Apart from the tragic news about banditry, the suspense in Rivers State, and the heightened prostitution amongst politicians crossing carpet or finding new harems, nothing has hugged the headlines as relentlessly as the salacious tango between Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan.

After weeks of trying to see, hear, and say no evil, I’m compelled to overcome the temptation of abstaining by yielding. It’s not an easy road, believe me – not for those genuinely trying to make sense of it, not for the busybodies and certainly not for the parties involved.

Managing their libido

It’s heartbreaking that despite the perennial underperformance of the legislature, managing the libido of its menfolk has piled on the hazards we must endure.

But it’s not a Nigerian thing, if that is any comfort. A 2016 study by the Inter-Parliamentary Union (IPU) on sexism, harassment and violence against women parliamentarians indicates that 20 percent of women parliamentarians globally report sexual harassment during their terms. The hospitality and healthcare sectors follow the pecking order, with power relations influencing the trend in several industries, professions, and workspaces.

Allegations of sexual harassment or assault have indeed been weaponised in the past. From the Central Park Five in the US to Ivan Henry, and Perry Lott, exonerated only two years ago after serving 35 years for a rape conviction in Oklahoma, the literature is replete with cases of persons wrongfully convicted for sexual offences they did not commit. Lott won’t be the last.

What is behind seven…

Yet, Akpoti-Natasha’s allegation should be taken more seriously than just another regular nuisance from an under-performing legislative branch. The feedback from insiders has been puzzling. Akpabio and Akpoti-Natasha have been good friends, one source told me. In Akpabio’s Senate presidency, the source said, none of the other three female senators have enjoyed the privileges Akpoti-Uduaghan has, even though she is a first-timer.

Jealousy, I thought, especially when my source added that apart from her appointment as chairman of the juicy local content development committee, Akpoti-Natasha had been a part of the Senate president’s entourage on trips to several enchanting destinations before things fell apart. This source, I’ve known for years, is not given to flippancy. But I pressed for more.

Show me your friend…

The source added that Akpoti-Uduaghan’s husband, Emmanuel, a hard-working man, high chief, husband of one wife, and friend of the establishment but a non-legislator, had also executed several significant contracts for the National Assembly running into hundreds of millions of naira.

For anyone familiar with how things are done here, lavish travels and contracts for one’s buddies are only a tiny part of the fringe benefits. There is a common saying among Nigerian politicians that one does not give jobs to one’s enemies.

Yet, if it’s also true that one’s friends can sometimes tell a lot about who they are, then anyone who is Akpabio’s friend and gets special treatment cannot claim they’re strangers to his flippancy, a shortcoming for which he cannot help himself. Akpoti-Uduaghan should know him.

A lifestyle of rough jokes

As governor of Akwa Ibom State, he said before TV cameras at a zonal meeting in Port Harcourt that “hungry” state party chairmen of his former party, the People’s Democratic Party (PDP), should be given one million naira each for snacks at Mr. Biggs. Akpabio also famously said that whatever money cannot do, more money can do.

The bawdier variety range from telling young protesters last year that those who wanted to protest could do so “while the rest of us would be here eating.” Not to mention his off-colour quip about the Senate not being a night club or his pre-recess gaffe to “send prayers” (meaning money) to senators just before their holiday.

The man can’t help himself. He thinks the allegation against him is wokeism gone rogue and called it “a useless allegation of sexual harassment.” But the gravity goes beyond his insinuation that Akpoti-Uduaghan is fighting back for losing her “juicy” committee seat or his charge that she thinks of herself as finer than Snow White, a woman to kill for.

Under the rug

The point is that even though he has framed this dispute as a useless distraction, he should never have been the prosecutor and judge in his own case. Because he was involved – the second time in five years – the matter should have been referred to an independent panel or opened to the public.

Allegations of sexual harassment are often difficult to prove. Many incidents occur privately, leaving no direct witnesses or corroborative testimony. Claims usually rely on the complainant’s words, and documentation of circumstantial evidence is challenging.

Referring the matter to the Ethics and Privileges committee was supposed to create a veneer of impartiality. Still, Akpabio’s vindictiveness was apparent long before the committee returned the six-month suspension verdict on Akpoti-Uduaghan. The Senate president was pulling the strings.

It is not Akpoti-Uduaghan’s right to a fair, impartial hearing alone that was at stake, even though the absence of that should have been sufficient to discredit her punishment. Akpabio has also abridged the rights of the senator’s constituents in Kogi Central by this libidinous overreach.

He should have been more restrained.

A worrying record

Discipline of members shouldn’t be done lightly. Of eight senators suspended since 1999, three have been in the last two years under Akpabio’s presidency. In 236 years, the US Senate has censured nine members.

In South Africa, apart from the raft of parliamentarians who resigned after the so-called Travelgate scandal in the early 2000s, the most notable cases of censure since 1994 have been Julius Malema and Jacob Zuma, for different reasons.

Senate Leader Opeyemi Bamidele has said Akpoti-Uduaghan was not suspended for her allegation against the Senate president but for multiple breaches, from refusal to sit in her assigned seat, speaking without recognition, disruptive behaviour, and failure to appear before the Senate Ethics Committee, contrary to Senate Orders 2023 as amended.

With only four women out of 109 senators (both chambers of the National Assembly have eight of 490 members), this might sound like music to the ears of the male-dominated chamber. But in the hallways, just outside their gilded offices, the word is that after a previous sexual harassment allegation by Akpoti-Uduaghan against former presidential aide Reno Omokri, it’s time to teach her a lesson.

Spouses beware

Akpabio cannot come clean by asking his wife to tell us what a faithful husband he has been. Or telling us stories of how he spent the night at the Dangote Cement factory to make it to Akpoti-Uduaghan’s wedding. We have an idea what spouses would say in situations like this, and where he spent the night to attend his friend’s wedding is his business.

Enough of the salacious spellbinder. He should allow an independent investigation and publish the findings to bring closure to this sordid episode.

 

The ongoing controversy surrounding Senator Neda Bernards Imasuen is a glaring reflection of Nigeria’s democratic contradictions. A man disbarred by the New York State Supreme Court in 2010 for fraudulent activities now leads the Senate Committee on Ethics, Privileges, and Public Petitions. The irony is staggering—how does an individual deemed unfit to practice law in the U.S. assume responsibility for upholding ethical standards in Nigeria’s legislature? His role in dismissing Senator Natasha Akpoti-Uduaghan’s sexual harassment petition against Senate President Godswill Akpabio exposes deep-seated issues of power abuse, institutional corruption, and gender-based oppression.

But this is bigger than Imasuen or Akpabio—it speaks to the broader erosion of governance in a country that continues to recycle tainted individuals into positions of power. Nigeria’s democracy, already struggling against systemic corruption, is being steadily dismantled by those entrusted to protect it. Public trust is continually eroded, impunity is normalized, and disgraced figures are rewarded instead of held accountable. This is the slow poisoning of a nation.

The Ethical Contradiction: A Man Barred for Misconduct Overseeing Ethics

 

Despite Imasuen’s reckless declaration of Natasha’s petition as ‘dead on arrival,’ his blatant mistreatment of a female senator, and his disregard for a court order, I do not want to rush to judgment. He not only ignored judicial directives but proceeded to push a six-month suspension recommendation before the Senate—an act of defiance that speaks volumes about how power is wielded in Nigeria.

However, we should not crucify him just yet. He is a product of a system that has allowed corruption to fester at every level. The same Nigerians now condemning him are themselves trapped in institutions riddled with corruption, ethical decay, and abuse of power. That said, let us hear from him. Before passing full judgment, he might have insights Nigerians do not yet have, particularly concerning his New York disbarment and other unresolved aspects of his past. If there is any credibility left in him, he should step forward and explain himself.

Yes, he was disbarred. Yes, he concealed it. Yes, he mistreated Natasha. But let us give him a chance to speak. He might possess information that the Nigerian public lacks. He should return to Arise TV or another credible platform to offer his defense. Silence will only deepen suspicions. If he believes his actions are defensible, let him make his case publicly.

 

Yet no amount of justification can erase the glaring contradiction of his past. His misconduct is not speculation—it is documented. He abandoned a client, embezzled funds, refused to comply with disciplinary authorities, and fled justice in America. This is the man charged with overseeing ethical matters in Nigeria’s Senate. His disbarment was not a minor infraction—it was a judicial decision marking him unfit to practice law. And yet, in Nigeria, such a person is seen as worthy of enforcing accountability.

Democratic institutions thrive on transparency, accountability, and ethical integrity. The Nigerian media, as a watchdog, must balance due process with a refusal to let critical ethical concerns be swept aside. The dismissal of Natasha’s petition is not just about political maneuvering; it reflects deep psychological barriers to addressing gender-based violence within Nigeria’s power structures.

When a woman in power is silenced, when due process is manipulated to shield the powerful, and when institutions meant to provide justice instead suppress the vulnerable, democracy itself is under siege. Natasha’s suspension is not an isolated event—it is a warning of the continued weaponization of power against those who refuse to conform to corrupt political hierarchies.

 

The Political Class: A System That Enables Corruption

The Nigerian political class has perfected the art of concealing scandals under the cover of new appointments. Those who should be facing consequences for their past misdeeds are instead elevated to higher offices. Imasuen is not an anomaly—he is a reflection of a system that thrives on impunity. Politicians with criminal backgrounds, unresolved fraud cases, and ethical stains continue to occupy powerful positions. Figures like Akpabio, with alleged unresolved cases with law enforcement, remain untouchable, shielded by institutional control over the media, police, and judiciary. But I say to them: time will catch up with you.

Nigeria has become a refuge for individuals who cannot survive in functional democracies due to their past crimes. They return, rebrand themselves, and flourish in a system that rewards rather than punishes corruption. The difference between Imasuen and other political figures is that he was reportedly barred for life. That he now chairs the Ethics Committee in the Senate—an institution meant to uphold accountability—is not just hypocrisy; it is an insult to governance.

 

The Call for Dignity

Stepping Aside for the Nation’s SakeI take no joy in saying this—but both Imasuen and Akpabio should temporarily step aside. They might believe that anything goes in Nigeria, that this too shall pass, but I implore them: have some dignity. If they fail to act with honor, the way global legal systems are evolving, they may eventually find themselves disgraced beyond repair. The honorable step for them is to resign—now, before the walls close in.

A Test for Nigeria’s Democratic Future

 

Nigeria’s democracy must rise above legal technicalities that allow ethically compromised individuals to infiltrate its highest offices. The unchecked abuse of power is a disease—one that spreads, corrodes, and ultimately dismantles any hope for justice and governance. The media, civil society, and political stakeholders must push for structural reforms that prioritize accountability, gender equity, and psychological fairness in addressing misconduct allegations.

This moment is a defining test for Nigeria’s democratic future. The world is watching, history is recording, and the window for impunity is closing. The question remains—will Nigeria finally hold its leaders accountable, or will it continue to enable the very forces that undermine its progress?

Barely 48 hours after former Kaduna State Governor Nasir El-Rufai joined the Social Democratic Party (SDP), his supporters have begun pushing for a restructuring of the party’s National Working Committee (NWC), particularly calling for the removal of the party’s National Secretary, Olu Agunloye.

The pro-El-Rufai group argues that Agunloye’s ongoing trial by the Economic and Financial Crimes Commission (EFCC) could be used by the Federal Government to undermine the party.

 

Meanwhile, SDP’s National Legal Adviser, Aderemi Abimbola, clarified to The Guardian that, contrary to speculation, only El-Rufai has formally joined the party, though discussions are ongoing with other political figures.

 

He revealed that the party has been receiving defectors from various northern states since the start of the year, adding that a group of APC supporters from Gombe recently visited the SDP headquarters.

Just yesterday, supporters of the APC in Gombe were here. These were once key figures in the governor’s campaign. The situation escalated to the point that when the governor saw them on an aircraft, he was so frustrated that he wanted to slap one of them,” Abimbola recounted.

The legal adviser described El-Rufai’s move as a “major boost” for the SDP, noting that the former governor commands a strong political following, particularly in the North.

“Even before he officially joined, his supporters were already defecting to our party. His presence will strengthen the SDP significantly,” he said.

On demands for balancing the NWC membership, Abimbola dismissed the idea, stating:

He said: “There is no vacancy in our NWC, and no one can join SDP expecting an automatic ticket. Every candidate must contest in the primaries. Those who defect must understand they are joining as members first.”

Regarding speculation that former Sokoto State Governor Attahiru Bafarawa is considering joining the SDP, Abimbola said: “Until he publicly declares his membership, it remains a rumour.”

He also refuted claims that President Bola Tinubu controls the SDP, insisting, “If that were the case, I wouldn’t be here working under difficult conditions.”

At the party’s headquarters, pro-El-Rufai protesters carrying placards called for Agunloye’s removal, accusing him of mismanaging the party and arguing that he should clear his name over corruption allegations before continuing in office.

[NaijaNews]

…Imports from Thailand jump 60-fold in one year

…Over 50 small-scale millers shut down in 2024- RIMAN

The gains recorded in the Nigerian rice industry are fast fading as high production costs squeeze local millers, leaving room for foreign varieties to flood the markets across the nation.

Apart from the spiraling production costs, experts also attribute the influx of foreign rice to quality concerns of some local varieties as well as porous borders, especially in northern Nigeria.

Nigeria’s rice imports from Thailand surged 60-fold in one year, hitting 34,855 metric tons (MT) in 2024. This is the highest since 2017, according to data from the Thai Rice Exporters Association.

Data also show that Togo and Benin’s imports into Nigeria surged 175 percent and 105 percent to 144, 552 and 286,649 metric tons (MT) respectively in one year, with much of the rice smuggled into Nigeria through porous borders.

BusinessDay surveyed key rice markets across Lagos and found that more foreign parboiled varieties were on traders’ shelves than local brands.

Paddy rice isn’t enough

Peter Dama, national chairman of Rice Millers Association of Nigeria (RIMAN), said despite efforts by the government to promote domestic production, paddy output remains insufficient to meet the demand of millers.

“Rice millers cannot ramp up production and compete with cheaper imports with the high cost of paddy, energy costs and interest rates,” he said, noting that over 50 small-scale millers shut down operations last year.

He faulted the federal government’s duty-free import policy for rice exporters, noting that it might lead to the collapse of the local industry.

 

Nigeria needs 11 million MT of paddy to meet current domestic consumption but it produces about 4.8 million metric tons or 2.64 million metric tons of milled rice, according to the Rice Processors Association of Nigeria (RIPAN).

The association, in a 2023 snapshot report, said most millers had large unutilised capacity and hence huge overheads per unit of capacity utilised owing to macroeconomic challenges and scarcity of paddy that year.

Preference for foreign rice

Bashir Ismail, chief executive officer of Bashir Rice, said several millers, including Bashir Rice, shut down their operations in 2024 owing to paddy scarcity amid surging production costs.

“We have shut down our mill and we are now into the distribution of agro-inputs and commodities,” Ismail said. “Our rice cannot compete favourably with imported varieties and Nigerians still prefer to consume foreign rice than locally produced ones,” he noted.

According to him, the country’s rice production will decline with imported varieties filling the gap as the federal government cancelled the Anchor Borrowers Programme – a subsidy initiative for rice farmers.

“Our rice production has been declining and with the cancellation of the Anchor Borrowers Programme, it will drop further,” he noted.

Data from a new report by the United States Department of Agriculture on Nigeria’s rice production show that the country’s rice production declined by 6.7 percent in the 2024/2025 season to 5.23 million metric tons (MT) from 5.61 million MT in 2023/2024 season.

The data further indicate that the figure is the lowest the country has recorded since 2020 when the COVID-19 pandemic obstructed farming activities.

Chukwudi Ojinnaka, group managing director of Stine Rice, said most of the rice tagged as foreign in markets are local varieties rebranded as foreign owing to Nigerians’ high preference for foreign rice.

[BusinessDay]
Thursday, 13 March 2025 06:07

We’ll defend Gov Fubara – Ijaw groups

More groups are voicing out their anger over the alleged plans to use the Rivers State House of Assembly to remove Governor Siminalayi Fubara.

The latest group, the Ijaw National Congress (INC), yesterday, asked the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to allow Governor Fubara to concentrate on leading Rivers State to prosperity while at the same time advised President Bola Ahmed Tinubu to call the former governor to order.

Speaking on Wednesday with News Night on Arise Television, the President of INC, Professor Benjamin Okaba, said something urgent must be done by the federal government to avert disaster.

He spoke in the wake of a stalemate after Governor Fubara was denied access to the Rivers State House of Assembly complex to present the 2025 budget to the lawmakers who are loyal to Wike.

Daily Trust reports that Governor Fubara is of Ijaw ethnic group.

Professor Okaba said: “President Tinubu has the choice of choosing between Wike and Ijaw Nation. Let him be encouraging him (Wike) to mess up himself in public.

“Let him encourage him to be insulting people. But should the otherwise happen, they should not hold the leadership of Ijaw nation responsible. So far he wants as many structures as possible to fall and die with him, we shall help him.

“He is frustrated and becoming so desperate because the political economy of Rivers State is slipping off; he will not win. Wike will not win; government is not about individuals. One person cannot be more powerful than an institution. That is the statement we are making.

“We have not seen any error or crime committed by the governor. And as a true son of Ijaw nation, the INC shall apply every legitimate effort to support and defend our own,” he said.

There are fears in many quarters that the crisis in Rivers State has the potential to obstruct the peace in the oil rich state, the Niger Delta and by extension, Nigeria as a whole.

Also on Wednesday, an elder statesman and member of the Rivers State Elders and Leaders Forum, Anabs Sara-Igbehas, condemned the action of lawmakers of the Rivers Assembly for denying Fubara access to present the state budget to them.

Sara-Igbe, who is the pioneer spokesman for the Pan Niger Delta Forum, described the action of the lawmakers as provocative and an insult to Rivers people.

Speaking in Port Harcourt, Sara-Igbe, who is the National Chairman of South South Elders Forum, said denying the governor access to the Assembly complex was not an insult to Fubara as a person, but to the people of Rivers State.

He said, “The governor was elected by millions of Rivers people. As the chief executive officer of the state, he has unhindered access to all the facilities within the state. Blocking him from entering the complex is a direct insult and embarrassment to the people of Rivers state.

“It is now very clear that the governor is ready for peace. But these people are not ready for peace.

Sara-Igbe further said that Fubara has always wanted peace; hence on the advice of President Bola Tinubu, he withdrew the case he had against the lawmakers last year even when they refused to withdraw theirs.

On the comment by Wike, who during a media chat on Wednesday morning said Fubara can be impeached and “heaven will not fall”, the elder statesman reminded that pouring insults on the Ijaw people will not help the former governor and the current political situation in the state.

“He should remember that during the time of late President Umaru Musa Yar’Adua, the production rate of crude dropped drastically from 2.4million barrels per day to a paltry 700,000bpd until the elders of the Ijaw nation and the Niger Delta pleaded with the various militant groups including the Avengers, movement for the emancipation of the Niger Delta, among others to stay action.

“The nation’s economy today is at a sad point. We don’t want anything to happen to the crude oil production. The minister should be mindful of his utterances. While we plead for all parties in the crisis to follow the path of peace, we all should also mind what we say per time,” he said.

Wike had also dismissed the group, saying it is not a major ethnic entity in the Niger Delta region.

Daily Trust recalled that last week, leaders of the Ijaw Youth Council (IYC) also warned that they will resist any forceful attempt to remove Fubara from office.

The group said that should those threatening impeachment against Fubara carry out their threat, the youths of Ijaw nation will be left with no other options than to shut down all the flow stations in the Niger Delta.

President of IYC, Theophilus Alaye, in a statement, said those threatening impeachment against Fubara should be careful because any forceful attempt to remove him from office will be resisted.

He also warned that it was the fierce quest of the then National Party of Nigeria (NPN) to take over opposition controlled states that led to the military take-over in 1983.

Alaye urged the Tinubu government not to create situations that would destroy the current democratic experience.

Position of Rivers in Nigeria’s economy

Daily Trust reports that Rivers State is one of Nigeria’s top oil-producing states, playing a crucial role in the country’s petroleum industry. It is home to major oil fields and facilities operated by international and local oil companies, including Shell, TotalEnergies, Agip, and the Nigerian National Petroleum Company (NNPC).

Rivers State consistently ranks among the top oil-producing states in Nigeria. The state hosts the Port Harcourt Refinery, one of Nigeria’s major refineries.

The state also has key export terminals, including the Bonny Oil & Gas Terminal, which is one of Nigeria’s largest crude export hubs. It also hosts the Nigeria LNG (NLNG) plant in Bonny Island, which is crucial for the country’s gas exports.

Also, the oil industry in Rivers State provides jobs and drives economic activities.

“It will be suicidal for the federal government to allow Rivers State to go in flames politically,” said Abdullahi Aliyu, who works with one of the oil majors.

“Any crisis in Rivers will have enormous negative consequences on oil production, and by extension revenue generation. This will have adverse effect on the whole of Nigeria,” he said.

How Assembly shut gate on governor

Daily Trust reports that the political crisis in Rivers State escalated on Wednesday when Fubara was barred from entering the Rivers State House of Assembly complex, where he had gone to present the 2025 appropriation bill.

Recall that the Supreme Court recently reinstated the Martin Amaewhule-led leadership of the Assembly, dismissing Fubara’s appeal challenging the legitimacy of 27 lawmakers. Following the judgment, the Assembly, loyal to FCT Minister Nyesom Wike, issued a 48-hour ultimatum to the governor to submit the 2025 budget.

 

However, when Fubara arrived at the temporary assembly complex on Port Harcourt-Aba Road, he found the gates locked. Assembly sources claimed the governor did not officially inform lawmakers of his visit despite a leaked letter dated March 11 informing the lawmakers of the visit.

Speaking to journalists, Fubara accused Speaker Amaewhule of deliberately avoiding him, stating that calls to the lawmaker went unanswered.

“Before my arrival here, I made several attempts to speak to the speaker. I also sent a letter transmitted for this particular invitation. Unfortunately, at the gate, you can see that the place is completely sealed, and there is no sign that anything is going to happen today,” Fubara said.

The governor insisted his actions were in the public’s interest, adding, “The reason why we are doing this, I have always said, is in the interest of our people, which is the most important thing. I don’t think there is anything to worry about. I expect to hear from them after today.

“I still believe, maybe, they might be instructed later. If they are instructed, I’m still ready to come any day to get this particular issue sorted out,” the governor said.

 

Amaewhule reconvenes house, calls for EFCC probe of RSIEC boss

Soon after Fubara left the Assembly premises, Speaker  Amaewhule reconvened the House, where lawmakers resolved to call on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate Retired Justice Adolphus Enebeli, Chairman of the Rivers State Independent Electoral Commission (RSIEC), over the commission’s financial activities.

Speaking on the motion, Amaewhule cited Section 128 of the 1999 Constitution, which empowers the House to investigate any person, ministry, department, or agency within its legislative jurisdiction. The House, thereafter, voted in favour of the motion, adopting all its prayers.

We’ll respond soon, says PDP

The People’s Democratic Party (PDP) said yesterday that it was closely monitoring the political crisis in Rivers State as impeachment threats against Governor Siminalayi Fubara intensify.

The National Publicity Secretary of the party, Debo Ologunagba, told Daily Trust on Wednesday that the party would respond to developments at the appropriate time.

Speaking on the Rivers State House of Assembly’s decision to bar Fubara from entering the complex, Ologunagba said he needed to gather all the facts before commenting.

“I don’t have the whole information about what happened yet. When I have the facts, I will speak with you. As the situation develops, we will get the facts and respond as a party. We will not shy away from that,” he said.

Ologunagba emphasised the PDP’s support for Fubara, describing him as a governor who is “doing a good job.”

“Our party is solidly with the governor because he is doing a good job, and we are one united party,” he added.

 

Legal expert: Only compromise can resolve deadlock

A legal expert, Chief Okoi Obono-Obla, said the governor’s visit to the assembly when the lawmakers were yet to respond to his request to visit could be interpreted as a breach in protocol.

“I don’t think it was a good move for the governor to have visited the Assembly when the lawmakers had not responded to his request. Under our system, a governor does not just walk into the Assembly unless it is for specific constitutional duties like the budget presentation,” Obono-Obla said.

He urged Fubara to prioritise reconciliation and extend an olive branch to his political adversaries.

“The governor, as the chief executive, has a duty to extend an olive branch to his antagonists and work towards peace. In the course of this crisis, he has made some mistakes and even constitutional infractions. He should explore ways to mend fences and find a compromise with the legislature,” he added.

 

Assembly must balance legal advantage with political wisdom – SAN

Similarly, a Senior Advocate of Nigeria (SAN), Salman Jawondo, cautioned the pro-Wike lawmakers against overplaying their legal advantage, warning that their Supreme Court victory could become a political liability.

“The threat of impeachment against Governor Fubara is not an easy option. They need the endorsement or input of the state attorney general, and they also require cooperation from the judiciary,” Jawondo said.

He argued that Fubara’s strategy of positioning himself as a victim of political persecution is gaining public sympathy.

[DailyTrust]

 

A lawyer, Kenneth Amadi, has written to the Independent National Electoral Commission, INEC, to commence recall proceedings against the Speaker of the Rivers State House of Assembly, Martin Amaewhule.

The development is the latest twist in the protracted political crisis in Rivers State, which ensued after Fubara fell out with his predecessor, Nyesom Wike, currently minister of the Federal Capital Territory.

Amaewhule’s seat and that of 26 others pro-Wike members of the Assembly were declared vacant by lawmakers loyal to Fubara following their defection from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC.

 

As a result of the development, Fubara worked with the Victor Oko-Jumbo-led three-man faction of the Assembly.

Fubara presented the budget to the Oko-Jumbo group, and they also confirmed commissioner nominees and other appointments coming from the governor.

However, Amaewhule and the 26 others later renounced their defection and the Supreme Court, in a judgement on 28th February, 2025, ordered that they should resume sitting immediately.

The apex court also ordered the governor to represent the 2025 budget to the State Assembly, under Amaewhule’s leadership.

Meanwhile, a letter obtained by DAILY POST on Wednesday, 12th March, 2025, showed that proceedings have been initiated to recall Amaewhule from the Assembly.

The letter, dated 7th March, 2025, and addressed to the Resident Electoral Commissioner, INEC, Rivers State, was titled, ‘Pre-Action Notice: Request made pursuant to the Constitution of the Federal Republic of Nigeria, 1999, and Freedom of Information Act, 2011, for a certified true copy of the verified voter register for Obio/Akpor Federal/State Constituency, Rivers State as preliminary steps towards the recall of Martins Amaewhule, the legislator representing Obio/Akpor State Constituency at the Rivers State House of Assembly’.

A stamp on the acknowledgement copy of the letter showed that it was received by the INEC office on 11th March, 2025.

The lawyer, Amadi, explained in the letter that he is the lawyer to several indigenes of Obio/Akpor Local Government Area of Rivers State, Amaewhule’s constituency.

He further explained that the request is in accordance with the FOI Act, 2011, and sections 69 and 110 of the 1999 Constitution, as well as Section 116 of the Electoral Act, 2010 (as amended) which empowers INEC to conduct recall proceedings against a member of the National Assembly or State Assembly, or Area Council of the FCT, “upon the receipt of a valid petition alleging a loss of confidence in the member by more than 50% of voters registered to vote in that member’s constituency”.

Parts of the letter read, “I write in my capacity as a lawyer to several indigenes of Obio/Akpor Local Government Area of Rivers State who are desirous of initiating a recall of Martins Amaewhule for the following reasons:

“Defection from the Peoples Democratic Party to the All Progressives Congress in December 2023.

“Failure to provide effective representation for the majority of the public interests of constituents, instead focusing on his own personal interests and the interests of his political godfather.

“Consistent involvement in undemocratic, illegal and violent impeachment activities since the year 2013 when he moved the motion for impeachment of a duly and legally appointed Speaker of the Rivers State House of Assembly.

“Disobedience to the judgment of the Supreme Court of Nigeria delivered on 28th February 2025 which directed all parties to await the final determination of the legal status of Amaewhule and 26 other law-makers of the Rivers State House of Assembly who defected in December 2023.

“Illegal usurpation of the duties of His Excellency, Governor of Rivers State by amendment of certain laws of Rivers State to confer upon himself the powers to extend the tenure of Chairmen of the 23 Local Government Areas (LGAs) of Rivers State and appointment of Commissioners of the Rivers State House of Assembly Service Commission (just to mention a few).

“Failure to fulfill his campaign promises to build agriculture and aquaculture farms for youths of Obio/Akpor State constituency, just to mention a few.

“Failure to publish and comply with a legislative agenda of the Rivers State House of Assembly as is the legislative practice of the National Assembly.”

The letter warned that if the requested CTC of the voter register is not made available within seven days, the constituents will take legal action to enforce their legal rights.

Speaking further, Amadi said Amaewhule has serially violated court orders since he was restored as the speaker of the Assembly.

The lawyer added that the business of lawmaking had come to a standstill, as the Amaewhule-led Assembly is only interested in fighting the Rivers State Independent Electoral Commission, RSIEC.

“In the days immediately after the Supreme Court of Nigeria judgment of 28th February 2025, Amaewhule has issued several ultimatums against the Chairman of RSIEC and more recently a bench warrant for the arrest of the chairman and commissioners of the RSIEC.

“This is in spite of a valid injunction of a High Court of Rivers State that prevents Amaewhule and the Rivers State House of Assembly from doing anything against the said Chairman of the RSIEC pending the hearing of the ongoing lawsuit that the said chairman of the RSIEC filed against Amaewhule and his 26 lawmakers,” he said.

Amadi added that the “uncommon and exuberant zeal that Amaewhule and his 26 lawmakers are expending upon the RISEC alone since their resumption since after 28th February 2025 raises a lot of suspicion and worry”.

“This is because it appears that the entire business of lawmaking of the Rivers State House of Assembly has come to a standstill, there is no mention of any other activities such as Bills that undergo first or second reading, there is no mention of constituency projects or visits to constituencies, and certainly no mention of oversight functions.

“The only activity that we hear and read about as the function of the Rivers State House of Assembly is ultimatums and bench warrant for the arrest of the Chairman and Commissioners of the RISEC,” he further observed.

DAILY POST reports that the political crisis in Rivers State further escalated on Wednesday, 12th March, 2025, with Governor Sim Fubara prevented from gaining access to the Assembly quarters to present the 2025 budget to the lawmakers, as ordered by the Supreme Court.

Despite a letter forwarded by Fubara to the Speaker, Amaewhule, dated 11th March, 2025, which notified the lawmakers of the governor’s intention to present the budget on 12th March, 2025, the gates of the Assembly quarters were locked when Fubara and other government officials arrived for the function.

The governor left without presenting the budget, leading to another impasse in the already protracted political crisis.

Speaking after the incident, Fubara accused Amaewhule of deliberately avoiding him.

He said he called Amaewhule severally but the Speaker refused to answer.

[DailyPost]