The CEO of Vaneck a $115 billion asset manager said Bitcoin will continue its bullish momentum next year, targeting another uptick to between $150,000 and $170,000 

Bitcoin has performed outstandingly in 2024, recording an impressive 124.4% uptrend since this year. Notably, the digital asset’s hefty upsides trounce those of major traditional assets like gold and US stocks. 

Meanwhile, a notable market expert has inferred that Bitcoin will continue its impressive run next year. In a recent statement, Jan Van Eck, Vaneck’s chief executive officer, stated that Bitcoin will put in another remarkable performance in 2025. 

Bitcoin to $170,000 per Coin 

The CEO of the $115 billion asset manager said Bitcoin will continue its bullish momentum next year, targeting another uptick to between $150,000 and $170,000. Furthermore, Van Eck urged market participants to buy Bitcoin and gold as a hedge against fiscal uncertainties.

Meanwhile, his assertions nearly correlate with VanEck’s official Bitcoin forecast for 2025. Last week, the US Bitcoin spot ETF issuer predicted that Bitcoin would hit $180,000 while Ethereum would be worth $6,000.

Bitcoin Drops to $98,000 despite Positive Prediction  

Bitcoin the flagship crypto asset dropped to $95,000 yesterday following Data coming from the FOMC on Fed rate cuts. The flagship crypto asset hit its new all time high of $108,372 three days ago but dumped to $95,000 in the 72 hours.

• At the time of the report, Bitcoin has corrected to $98,300 surging by 3.8% in the last 24 hours.
• VanEck CEO’s prediction aligns with an earlier prediction of Bitcoin crossing the $100,000 mark before the end of the year.
• The prediction was made by analysts in November during the Bull run but the crypto asset failed to breach the psychological barrier that month.

The long-awaited event occurred in the first week of December with Bitcoin breaching the $100,000 mark to $103,000. The asset surged to $108,000 before slumping to $95,000 three days ago.

Bitcoin price Analysis  

Bitcoin is currently exchanging hands for $98,518 surging by 3.8% in the last 24 hours. The crypto asset has dipped by 8.9% from its all-time high with a maximum price of $99,496 and a minimum price of $92,495.

What to Know  

• Bitcoin Exchange Traded funds recorded massive outflows on Thursday losing $617 million in just 24 hours. Blackrock’s IBIT the largest Bitcoin ETF by market capitalization recorded no inflows for the day.
• Exchange Traded Funds creates an opportunity for institutional investors to invest in cryptocurrencies without actually owning them. Bitcoin and Ethereum ETFs are the only available Exchange Traded Funds at the moment.
• There are speculations of a Solana and XRP Exchange Traded Funds in the horizon as both crypto assets are the next in line according to the list of top crypto assets by market capitalization.

[Nairametrics]

The election petition tribunal sitting in Benin City has disclosed that Asue Ighodalo, the Peoples Democratic Party, PDP, the All Progressives Congress, APC, the Independent National Electoral Commission, INEC, and Governor Monday Okpebholo will be calling 290 witnesses during the hearing of their petition.

DAILY POST reports that the tribunal is adjudicating on the declaration of Monday Okpebholo, the candidate of APC winner of the last September 21, 2024 governorship election in Edo State by Asue Ighodalo, the PDP candidate.

Asue Ighodalo and his party, PDP are challenging the declaration of Monday Okpebholo and his party winner of the election by the Independent National Electoral Commission, INEC.

DAILY POST reports that the chairman of the three-man tribunal, Justice Wilfred Ikpochi disclosed this at the weekend during the presentation of the pre-hearing reports and scheduling to parties in the petition.

Ikpochi did not, however, give the breakdown of the number of witnesses that each of the petitioners and respondents would call during the trial.

He said the 290 witnesses were proposed by the parties in the harmonized proposal for the pre-hearing conference.

He said the parties will only call witnesses whose statements on oath have been frontloaded and subpoenaed witnesses where necessary.

The court added that the petitioners shall call their witnesses within 21 days or less while each of the respondents shall be allowed 10 days or less to call their witnesses.

“The parties may call expert witnesses as indicated in their pre-hearing answers.

“All pleading documents shall be rendered and admitted by the tribunal while objections thereto shall be filled separately during final addresses. Objections to such documents during trial shall be noted and rulings reserved appropriately, “he said.

He also added that all frivolous and unnecessary applications for adjournments shall not be granted by the tribunal as the election petitions are time-bound.

According to him, whenever, it becomes very expedient to fast-track the proceedings, the tribunal shall bridge the time for doing anything in accordance with the rules as prescribed by the Electoral Act 2022.

Justice Kpochi, further added that on no account should any written address filed by counsel be more than 40 pages.

He said the address should be of double spacing format with 14 font size.

He, however, advised all counsel to imbibe the spirit of good brief writing in compliance with the Electoral Act, 2022.

Others presented in the reports by the tribunal are that there shall be no consolidation of the petition with any other petition as there was no application in respect thereof and there shall be no amendment of amendment as none is required.

“There shall be no further particulars or admissions save the application by the petitioners for interrogatories directed to the INEC, Monday Okpebholo as first and second respondents requesting for particulars articulated in the copies of the proposed interrogatories that have been filed along with the application in motion No-EPT/ED/GOV/02/M10/2024 filed on December 6, 2024, that has been granted.

The tribunal chairman, who adjourned to January 13, 2025, for hearing, said the court shall be sitting from day to day from 10am except on Sundays and other public holidays gazetted by law.

He, however, stated that the sitting period is subject to reviews as the exigencies of the workload permit.

[DailyPost]

No fewer than 27 people were feared dead following a stampede in Okija, Ihiala Local Government Area of Anambra State. 

The tragic incident occurred during a Christmas rice distribution event organized by a local foundation to aid the less privileged.

The annual charity event, spearheaded by philanthropist and Chieftain of the All Progressives Grand Alliance (APGA), Chief Ernest Obiejesi, known as Obijackson, turned deadly due to the overwhelming crowd. 

An eyewitness, who spoke to The Nation, described how the good intentions behind the event were overshadowed by the chaos that ensued.

The source confirmed a viral video showing the tragic scene and expressed disbelief over the actions of the crowd. 

“Hunger has made some people ‘stupid’. Why were they fighting and rushing for rice that would have been enough for everyone, no matter how many people came?” the eyewitness said, adding that Obijackson’s Foundation has consistently provided excess rice every year, with people from neighboring states also benefiting. “The stampede was caused by impatience.”

Several injured victims were rushed to the local hospital, while the bodies of the deceased were taken to the morgue. 

It was gathered that the incident also affected the state government, as one aide to Governor Prof. Chukwuma Soludo reportedly lost two relatives in the stampede. 

The aide, a former member of the Peoples Democratic Party (PDP) from the local government, was deeply affected by the loss.

The state police public relations officer, Tochukwu Ikenga, could not be reached for comment, but a senior police officer confirmed the incident. 

“Yes, it’s true. The Commissioner of Police, Obono Itam, has already dispatched officers to the site,” the officer said, adding, “The stampede likely resulted from the crowd’s rush, but the command will begin an investigation immediately. It was a pure accident, and we deeply sympathize with the affected families.”

[TheNation]

 Kemi Badenoch, current leader of the UK’s Conservative Party, recently disavowed her Nigerian identity because of her resentment at being associated with northern Nigeria. “Being Yoruba is my true identity,” she said, “and I refuse to be lumped with northern people of Nigeria, who ‘were our ethnic enemies,’ all in the name of being called Nigerian.”

I can bet my bottom dollar that most northern Nigerians are uninterested in any claim to kinship with her, either.

Well, since Ms. Badenoch hates northern Nigeria that much, she might also consider rejecting even the term Yoruba, as it originates from—of all places—northern Nigeria! 

“Yoruba” is, after all, an exonym first bestowed upon the Oyo people by their northern neighbors, the Baatonu (Bariba) of Borgu, before it was shared with the Songhai (whose scholar by the name of Ahmad Baba has the distinction of being the first person to mention the name in print as “Yariba” in his 1613 essay titled “Al-kashf wa-l-bayān li-aṣnāfmajlūb al-Sūdān”).

Usman Dan Fodio’s son, Muhammad Bello, wrote Infaq al-mansur in 1813, which responded to Ahmad Baba’s 1613 essay. In it, he had cause to also mention “Yariba.” 

The name’s embrace as a collective identifier owes debts to these historical facts. In other words, Yoruba is not a Yoruba word. It traces etymological descent from northern Nigerians, Badenoch’s “ethnic enemies.”

Perhaps Badenoch would prefer to invent an ethnic moniker akin to Professor Wole Soyinka’s deftly coined Ijegba (a seamless blend of Ijebu and Egba identities). She might consider Ijendo, an elegant portmanteau uniting her maternal Ijebu roots with her paternal Ondo lineage. 

It would, at least, shield her from the burden of bearing an identity whose label comes from her “enemies.”

Yet even with this rhetorical sleight of hand, Badenoch cannot outrun the stubborn truth that the historical, cultural, and sociolinguistic ties between northern Nigerians and Yoruba people are irrefutable. These connections run deep and are impervious to political grandstanding or identity cherry-picking.

In a column I wrote on October 9, 2021, titled “Arewa and Oduduwa: More Alike Than Unlike,” I explored this shared legacy. I reproduce some of that original column below as a reminder.

Centuries before colonialism and the British-supervised formation of Nigeria, much of what we know today as northern and western Nigeria have had robust relational and cultural encounters, evidence of which still endures in the contemporary linguistic and cultural artifacts of the people.

The centuries-long Trans-Saharan Trade between the Arab world and so-called Sub-Saharan Africa, which passed through much of what is now northern and western Nigeria between the eight and the seventeenth centuries, brought traces of Islam and cultural interchanges in both places. 

Thereafter, both regions witnessed massive migrations of the Mande people from the Mali empire who brought more concentrated expressions of Islam—and monarchies.  That is why much of what used to be the Oyo empire was actually ethnically syncretic.

Historians have shown that people that are today known as northern Nigerians played central roles in precolonial Yoruba history. For example, the Bashorun (whom many people equate to the Prime Minister and de facto power behind the throne) was often of Borgu descent, and the Alapinni, another high-ranking official, traced his origins to the Nupe people.

Well-regarded bashoruns like Magaji, Worudua, Biri, Yamba, Jambu, and Gaa who helped extend Oyo’s frontiers were of Borgu origin.

More than that, several towns and villages in Oyo were founded by Borgu people. For instance, Ogbomoso, a major Oyo town, was founded by a Baatonu (Bariba) prince. The title of the town’s monarch, “Soun,” is a corruption of “Suno,” the Baatonu word for king. 

Yoruba sometimes swallows middle consonants over time, which explains why "olorun" sometimes becomes "olo'un," why even "Yoruba" (itself a foreign word derived from the Baatonu) becomes "Yo'oba" in everyday speech, etc. On this model, the "n" in "suno" was swallowed to produce "suon," which later became "soun" after the transposition of the "o" and "u" vowels in the word.

Kishi, another major town in Oyo State, was founded by a Borgu prince by the name of Kilishi Yeruma. Kilishi is the Hausa word for rug (which symbolizes the throne) and Yeruma is the corruption of the Kanuri “yerima,” which means prince. But “Kilishi Yeruma” is a fossilized, time-honored title in all of Borgu, which is a cultural melting pot, for the heir apparent to the throne.

In fact, I was shocked to read recently that even Ibadan, the administrative capital of Western Nigeria, was founded by a northern Nigerian of Borgu origins. Oluyole, the founder of modern Ibadan, was the scion of Bashorun Yau Yamba, who was of Borgu ancestry.

As a matter of fact, the town of Igboho whose son, Sunday Igboho, has become the symbol of “Yoruba nation” and who has thrown his weight behind Badenoch’s claim of being Yoruba who has no connection to northern Nigeria, is ethnically syncretic. 

Apart from the large number of Fulani people in and around the town who have lived there for centuries, some of whom have become culturally and linguistically Yoruba, there is a major neighborhood there called Boni. Boni is the generic Borgu birth-order name for the fourth son.

Historical accounts also reveal that during the Trans-Saharan Trade, many Hausa people worked as intermediaries between Arab traders and the Alaafin of Oyo. Most didn’t return to their places of birth, and their descendants are now Yoruba people.

Similarly, we read from the late Professor Abdullahi Smith’s account of the tiff between Afonja and the Alaafin of Oyo that a large chunk of Afonja’s army, called the Jama’a, was drawn from Hausa slaves who escaped from the Alaafin’s palace.

And the Fulani presence in Yoruba land preceded the coming of Mu’alim “Alimi” Salihu to Ilorin by several decades, perhaps centuries. As I pointed out in a past column titled “Ilorin is an Ethnogenesis: Response to Kawu’s Anti-Saraki Ilorin Purism,” some of Afonja’s followers, with whom he fought the Alaafin, according to Abdullahi Smith who quoted the Ta’alif, a pamphlet written in Arabic by an Ilorin Yoruba Muslim cleric about the events of the time shortly after they occurred, were Fulani pastoralists who were never Muslims.

The pastoralists had lost their cattle to tsetse fly bites and “had nothing to lose,” according to Smith, so they became Afonja’s mercenaries. 

One of the Fulani pastoralists whom Alimi couldn’t convert to Islam, was a man named Ibrahim Olufade who spoke perfect Yoruba and Fulfulde and acted as the interpreter for Afonja in his initial interactions with Alimi. 

In other words, Fulani people had been bearing Yoruba names in Yorubaland at least a century before Nigeria was formed. I won’t be surprised if descendants of Ibrahim Olufade are now Yoruba (nationalists)— if they are in western Nigeria.

My hunch has some basis in real-life examples. One of northern Nigeria’s most celebrated journalists, the late Hajia Bilikisu Yusuf, was descended from Yoruba people who migrated to Kano generations ago. She was one of the most passionate defenders of Arewa that I know.

When the late Mohammed Sule, author of the famous The Undesirable Element in the Pacesetter Series, told me of Hajia Bilikisu’s Yoruba background in Kaduna in the late 1990s, I was incredulous. But he said they were neighbors in Kano and swore that Hajia Bilikisu’s grandfather still spoke Yoruba.

The ancestors of the late Professor Ibrahim Ayagi of Kano were Yoruba. As he himself told the Daily Trust on September 2, 2018, “Unguwar Ayagi was initially inhabited by the Yoruba and Nupawa, who came from outside and settled here. That’s how the place became known as Ayagi. So most of the people in Ayagi are Yoruba, Nupe and, of course, Hausa.”

Given this depth and breadth of relational interconnectedness, it is no surprise that northern and western Nigeria share an extensive repertoire of cultural vocabularies that are derived from Arabic, Songhai (because the Malians who brought Islam to Hausa land, Borgu, and Yorubaland abandoned their language and spoke a dialect of Songhai called Dendi), and mutual borrowings. 

I will give a few examples. In both Yoruba land and Borgu, the term from an unmarried girl is some version of the word “wondia.” That’s a Songhai word for an unmarried girl.

 “Bere,” a title of respect prefixed to the names of older people in Borgu and parts of Yoruba land, is a Songhai word. The word “karambani,” which I was shocked to find out occurs in Yoruba, is a Songhai word that is now integral to the lexis of many languages in Borgu.

Asiri, the word for secret in Hausa, Yoruba, Kanuri, Baatonu, and many other languages in Muslim northern Nigeria, is derived from the Arabic “as-sirr” where it also means “secret.” 

Wahala, which used to be limited to Yoruba and languages in Muslim northern Nigeria, but which is now widely used all over Nigeria, is derived from the Arabic “wahla,” which means “fright,” “terror.”

Yoruba and most languages in Muslim northern Nigeria also use “talaka” (talika in Yoruba) to refer to the poor. The word also appears in Mandinka, Songhai languages, Teda, and in other West African polities where Islam is predominant.

 History is rarely as malleable as we would like, and identity, once examined, often reveals far more connection than division.

 If Badenoch truly fancies herself as Yoruba, she'd be wise not to rattle the ancestral tree; she might be startled by just how much Northern Nigeria comes tumbling out of its branches.

Former presidential candidate of the Labour Party, Peter Obi, has expressed sorrow and concern over the tragic stampedes in Anambra State and Abuja that claimed the lives of many individuals on Saturday.

In a statement on X.com on Saturday, Obi stated that the stampedes, which occurred during the distribution of food and palliatives to citizens, highlighted the socio-economic challenges in Nigeria.

Obi wrote, “I am deeply saddened and distressed by the tragic loss of lives in desperate searches for food. A few days ago, about 35 people, mostly children, lost their lives in a stampede at a Christmas Funfair in Ibadan, Oyo State.

“This morning, reports emerged of at least 10 people losing their lives in Abuja while scrambling for palliatives, with many others injured.

“Now, I just heard that about 19 more lives were lost in another stampede in Okija, Anambra State, as people struggled to receive food items.”

While appreciating the organisers of the events for their kind gestures in providing support to the needy, Obi stated that the incidents were reflective of systemic failures within the country.

“While I will not cast blame, but instead appreciate the organisers of these respective events for their kind gestures in providing palliatives and support to society, especially the poor, these tragedies reflect the systemic failures that plague our society.

“The desperate quest for survival in these harsh economic times has driven our people to extremes in their search for food, often at the cost of their lives,” he added.

Obi questioned the paradox of widespread hunger in a nation so abundantly blessed with resources.

He wrote, “How do we explain that in a nation blessed with abundant resources, our people are dying of hunger in such numbers? How is it possible that we cannot feed our citizens despite the vast, fertile lands our nation is endowed with? My heart bleeds.”

He also empathised with the states involved and the affected families, saying, “One can only imagine the pain their families are enduring at this moment. My heart goes out to them.

“I sincerely commiserate with all the affected families and the good people of Oyo, Anambra, and the FCT over these tragic incidents. May God grant them, and all of us, the strength to bear these painful losses.”

“May God Almighty grant the departed souls eternal rest, and may the injured recover swiftly.”

PUNCH Online reports that no fewer than 10 individuals, including children, died in a stampede that occurred during a food distribution event at Holy Trinity Catholic Church, Maitama, Abuja on Saturday.

Similarly, some yet-to-be-confirmed number of persons were feared dead following a stampede that occurred during the sharing of palliatives at the gate of the Obijackson Centre, in Okija, in the Ihiala Local Government Area of Anambra State, on Saturday.

This incidents follows the death of 35 children during a stampede at a funfair in Ibadan, Oyo State on Wednesday.

[Punch]

Igwe Laz Ekwueme, Eze Ijikara II of Oko is one of the foremost traditional rulers in Igbo land.  In this exclusive interview with Saturday Vanguard, Igwe Ekwueme spoke about the problems facing the traditional institution in Anambra State, the reason  he has not been able to celebrate his Ofala festival for the past 20 years, as well as the infamous gully erosion that is threatening his Palace and how he chose to study Music. 

Igwe, what was the past like?

I was born in Oko. My father was a church teacher. We were four boys and three girls. The girls died in infancy. My elder brother died at young age and we were left with three boys. One was Dr. Alex Ekwueme, I am in the middle and my younger brother is Obumneme Ekwueme who is a surgeon at the University of Nigeria Teaching Hospital (UNTH), Enugu.

Ekwueme, our grandfather, had five wives and my mother was the second wife. When the church came, they went to the traditional rulers, and asked them to send their children to schools. My grandfather felt that the idea of Christianity didn’t vary much from the traditional beliefs. So he sent his younger children to school. So, my father and the other younger children went to school and that was how Ekwueme became an educated family in this area.

My late uncle went to DMGS, Onitsha, my eldest brother went to DMGS, Alex went to Kings College and I went to Government College, Umuahia. Obuneme went to Igbobi College, Lagos. Alex later went to the USA, to study Architecture and many other degrees in seven different subjects. I went to England to study music and my younger brother went to University College, Ibadan and collected 90% of prizes in Medicine there. 

In Ekweme family we have 14 Medical Doctors, seven Lawyers, 11 Engineers, four Pharmacists, eight Architects. We have other professions in the family, including Education, Accountancy and even Religious priest. It’s a large family and God has blessed us in many ways. We were not endowed with money, but we were lucky to have acquired education. Alex went to America on scholarship, I went to England on scholarship, my younger brother after Ibadan went to England for further studies on scholarship. My first son is an Architect and his first son has 1st Class Honours in Engineering from a University in England. We are a religious family of Anglican Church, courtesy of my father.

What inspired you to study music at the time you did because music was not a popular course then?

I went to study music almost by chance. I was much more interested in Drama. As a young person and good looking, I had the ambition of being a film star. I couldn’t take lessons in Drama in Nigeria although there were competitions, like the Festival or Arts and I got prizes in many of them. But I got a Federal Scholarship to study music in England. While studying music, I did not leave Drama, Literature and other aspects of human creativity, including Fine Arts. I conducted choirs in England and America and sang in many churches abroad, including in  Jewish Temple churches.

As the first Professor of Music in Africa, what did you do to change African Music?

I made my contributions in whatever way I could. Music is either you write it, play it or practice music. Or you teach music. I have composed quite a few pieces of music, both local instrumental, choral and solo. I have set up choristers in various parts of the world and conducted choral singing in many places. I have published over 20 books in various branches of music and Drama and other aspects of education. That was why I was awarded the Nigerian National Order of Merit (NNOM).

What was your proudest moment as a young man?

It could be the fact that I studied music up to the level I did because most Nigerians did not get up to that level. To have a B. A Mus in England in those days was something very big. And I went to teach at University of Nigeria, Nsukka as a young Lecturer for two years and I got another fellowship to go to America for Ph.D. I conducted the choir at St. Barth’s Enugu at the age of 20 years.

As one of the foremost traditional rulers in Igbo land who everyone would be seeking your views on issues concerning culture and tradition, can you tell us the history of traditional institution in this part of the country?

In other communities in Igbo land, the ways of life revolve around the traditions in Anambra State. Anambra is a community of people who cluster together and how they came together is not quite clear. Every village or community has its own story or narration. Some say they came from Igala land, others say they came from Benin. But nobody is sure of anything. But there was a traditional medicine man called Ezechina who travelled and lived in Benin for many years and the Oba handed him many things. However, an Oba who didn’t like Ezechina mounted the throne and Igbo people had to run away and they came back to the East where they were originally from. There were other stories about origin of the Igbo. Many believed that Nri was the source of Igbo land because they performed rituals. Anywhere there was trouble, they were called to perform the ritual and often acquired land there. So they had a lot of influence spiritually and materially. So many Igbo communities had ancestries in Nri. Apart from Arochukwu, there is hardly any part of Igbo that doesn’t have a trace to Nri. Agu Ukwu, Enugwu Ukwu, Nawfia and Enugwu Agidi are sons of Nri. So, many people migrated from many places to settle where they are presently. 

In Oko, for instance, because of the growth of the town due to the educational establishments, the markets, the industrialization, many people migrated to the town and have, as it were, become indigenes of Oko because this is where they were born. Many people from Nsukka and Abakaliki have settled here and they enjoy all rights and privileges.

What have been your challenges as a traditional ruler?   

It’s somewhat a checkered history because there has been a tradition of hierarchy in Oko. We have six villages in Oko and there is also seniority within the villages. Ezioko is first and if something is being shared, Ezioko will take first. In Ezioko, there are certain quarters Umuomodo, Etiti, Okoto in that order. If you come to Umuomodo, Umuezeokwe must take first. Traditionally, Umuzokwe has played the leading role in kingship.

 My uncle whom I succeeded was Igwe Ekweme the III. Ezeoko produces the king, but our people are amending the constitution which may prevent Ezioko from producing the king. I am not worried about who comes after me. When my uncle who was the Igwe died, I gave a gap before I assumed the office. My elder brother, Dr. Alex Ekwueme, would have been the one but he asked me to take over because he was involved in politics. People were lobbing him but he said I should take it. It has not been easy and the challenges have been enormous. The Igwes no longer command the respect they used to enjoy. All the rights and privileges they used to enjoy are no longer there. Instead, they come to see what they can get from you.

One of the challenges I had faced came from the authorities of the Federal Polytechnic which was established by Dr. Alex Ekwueme which many people made a money spinner for themselves. Instead of using it to develop academics and the town, they see it as a gold mine and it had caused a lot of problems. 

My last Ofala was over 20 years ago because of disunity in the town, but we will have one in January, 2025. Even annual Iwaji could not hold for a long period. However, we are now in a period of restoration.

.How has your position as a nollywood actor, an academician, a musicologist and a traditional ruler, been influencing your person?

Part of the problem is that I am a person interested in too many things. In fact, it retarded my academic progress because if I had concentrated on academics, I would have moved faster. I was involved in music, drama, sports. I was a champion boxer, I was in martial arts. I did sciences in higher school and ended up studying music because I got a scholarship. I was even a lay reader in the church in 1956 and a choir master of the Old Niger Diocese which included Benin, Owerri, Enugu and I took St. Barths choir Enugu to competitions and won laurels. My interest in music was because I was taught music at Government College, Umuahia by a white man.

When you are in a film set, do those you act with give you respect as a traditional ruler or just treat you as an ordinary person? 

Well, we are there to play our parts irrespective of who you are. If you are asked to play the role of a slave, you have to do it even if you are a king. But outside the set, you get your respect, although many of them would think that because you are a king, you should give them something. The important thing is for one to do his part and that is what drama is all about. But because I happen to be a traditional ruler I played the role of Monarch in a lot of films. But I started doing that even before I became a traditional ruler. But generally I had played the role of a priest, traditional ruler, businessman. They gave me affluent positions because they want someone who can interpret well and come with dignity and without pretence. Yes, it does affect the part one plays, but not in all cases.

Do your colleagues in the Traditional Rulers Council complain about your acting films?

Yes, many of them condemn my acting on set and say it’s a misconduct on my part. But I pity them because it is lack of education on their part. I practice a profession like others. You cannot tell an Igwe who is a doctor not to practice medicine or a lawyer who is an Igwe not to go to court. Some of the Igwes said I should not be entertaining people. Anyway, I am now too old to take active part in acting. 

Does being a brother to one of Nigerian’s foremost politicians, Dr. Alex Ekwueme, affect your governing Oko as a traditional ruler?

Naturally some people felt that I was carrying on as an aristocrat. I come from a Royal family and there is nothing people can do about it. They felt I was like that because my brother was a Vice President, but that was not true. If for anything, I even suffered because of it. There was nothing I got that others did not get. I got NNOM on merit, and not because I was Dr. Alex Ekwueme’s brother. And I am a first class monarch. Chukwuemeka Ike later got NNOM. There might have been advantages I enjoyed for Alex being my brother, but there seemed to be more disadvantages. There were things I was entitled to but people thought I already had them because of my brother. People won’t offer you gifts because they think you are rich. People assume that I am rich, but I am not. I didn’t have money. Someone might propose you to be chairman of something, but some people world say, oh he doesn’t need it. For instance, why should I not have been Vice Chairman of Anambra State Traditional Rulers Council? Chukwuemeka Ike who became a traditional ruler seven years after I had been on the throne, became the Vice Chairman. Even when Ike passed on they gave it to somebody else. I didn’t have to request for it.

The State Traditional Rulers Council appears to be in limbo at the moment. What is happening?

The cause of the matter was that past governments selected members of the traditional rulers council. For instance we are about 200 traditional rulers in Anambra State, but government selected only 60 for the state council. The three senatorial zones have zonal forum and Local Government council and everyone belongs to them. But the central one was selected by the governor and he handpicked the members. For example, Ekwusigo local government has only four towns and three from there are members of the council. Nnewi North is one town LG, Onitsha is a two- town LG, Orumba North has 16 communities and by the time Ike died, I was the only member from Orumba North local government and the governor should have appointed the Deputy Chairman from Orumba North. Awka South had six patrons, and Orumba North had no patron. Igwe Aguleri passed on and his successor was made a patron on assumption of office. That sort of thing was something beyond the traditional rulers. Last year, the governor told us that he found out that the law provides that every traditional ruler should be a member of the state traditional ruler’s council and that the law should be amended. But that amendment never took place. It’s over a year and nothing has happened. Many people are displeased about it and the allowance we get is off. We were sitting two times a month. The chairman was getting N100,000, the grand patron gets N75,000, the secretary gets N50,000, the Vice chairmen get N50,000 while the rest get N30,000.

So many of the traditional rulers are unhappy because, for example, if you have to travel from Owerri Ezukala to Awka for a meeting, you need your transportation reimbursed at least, especially when many of the traditional rulers do not have other sources of income. Some of them who are successful businessmen don’t care. So many have been disgruntled and that is part of the problem. 

Culturally speaking, are there things you think Igbo people are not doing right?

Indeed there are things we are not doing right. We misplace our priorities and emphasizing on money all the time. We seem to have abandoned honesty, truth and justice, fair play. Oko has been somewhat lucky that there is no battle between the traditional ruler and the PG but many communities have that problem. I am not someone that goes about seeking power. They battled me in the past and set traps and even tried to kill me. But God has been on my side. I believe that with the Ofala we are planning, a lasting peace will return in Oko after 20 years. We couldn’t celebrate Ofala because of lack of peace. The forthcoming Ofala is to cement peace in the town.

The gully erosion had been a problem in Oko to the extent that your palace is also being threatened. What is the situation?  

The problem is still there, not because the government is unwilling to do something about it, but because government is unable to do anything. It is an enormous problem. The World Band had been approached and they sent a team through NEWMAP which did a lot of survey here. If you walk behind this palace you will see it. We are only living by prayers and keep hoping that something will be done, but nothing has been done. There is hope that the governor will do something about it and he had taken steps to do something about it. It is not just Oko as many other communities are affected.

Governor Soludo has banned sand mining in Oko and other communities because it causes gully erosion. Are your people still doing it?

Some people are still doing it clandestinely and some of them have been arrested. But those who are caught face the consequences.

If you are asked to name one thing you want government to do for your community, what will that be?

Erosion and roads are our main problems. There are parts of Orumba North that are inaccessible such as Ndi Okolo, Ndi Okpalaeke because of gully erosion. We will be very happy if the problem of erosion is tackled

The Niger Delta Power Holding Company (NDPHC) says there has been intense efforts on debt recovery from bilateral customers.

Jennifer Adighije, managing director (MD) of NDPHC, spoke on Friday in Abuja.

Adighije said the power sector is burdened by cash flow challenges, which ripple across the ecosystem, affecting power generation, transmission, and distribution companies.

However, the MD said the debt recovery has allowed the company to address its obligations to gas suppliers, who account for a significant amount of the cost of power generation.

“It’s important to know that the sector is characterised by cash issues across all the subsectors you know and across the entire ecosystem and it reverberates,” she said.

“So the DisCos are claiming to be owed heavily which is why the bulk electricity trader does not settle 100 percent of our invoices so the bulk trader settles about 30 to 35 percent on our invoices and you must also bear in mind that 65 to 70 percent of our cost of generation goes to gas supply so in turn we also owe our gas suppliers.

“So by improving our liquidity we’re able to address some of our debts, some of the exposure that we have to our gas supplies and we’re able to settle some of our gas to meet our gas obligations to a large extent.”

Adighije also said the long-standing issue of stranded energy due to excess generation capacity relative to demand, is being addressed. 

According to the NDPHC boss, the company has adopted a strategy to address surplus energy.

The government-owned firm, in alignment with the July 25 directive from the Nigerian Electricity Regulatory Commission (NERC), which encourages direct energy sales to eligible customers, said it has allocated its stranded power capacity to bilateral and eligible customers.

OFF-TAKERS EXPECTED TO SIGN POWER PURCHASE AGREEMENTS BY 2025

Adighije said off-takers who have submitted expressions of interest (EOIs) for the stranded energy of the project will finalise their power purchase agreements (PPAs) by 2025.

She also said some off-takers have expressed interest in acquiring up to 100 megawatts (MW) of capacity each.

“We have always had a generation capacity in excess of demand and the demand is coming from the downstream markets,” she said.

“So, we must understand that the market is driven by demand which has created a lot of stranded energy for us because we have energy generated in excess of demand.

“But with this new management our strategic would unlock that stranded energy by dedicating significant portions of that energy now to eligible customers and bilateral trading arrangements pursuant to the order July 25th order of the NERC directing us now to trade bilaterally with eligible customers so that should be able to address our stranded capacity.

“We already have a lot of off-takers that have sent expressions of interest like Zenith Point is supposed to off-take about 100 megawatts. We have auctioned about 100 megawatts, as well as several other potential PPAs that we are likely to sign in 2025.

“So that would address to a large extent our stranded capacity challenge talking about 2025.”

Adighije said efforts are being made through collaboration to unbundle the bottlenecks that are being faced in the sector, especially in the area of liquidity challenges “as the president has already promised to come up with some initiatives that will improve our outlook for 2025”.

[TheCable]

President Bola Tinubu cancelled all his official events in Lagos today, including his attendance at the 2024 Lagos Boat Regatta in honour of the stampede victims in Abuja and Okija, Anambra State.

The two tragedies claimed many lives and left many others injured.

President Tinubu was scheduled to watch the boat parade and other activities of the Boat Regatta from the waterfront of his Queen's Drive residence in Ikoyi.

Dignitaries, including top officials of the Lagos State government and white cap chiefs from the State, were already seated when the President cancelled his appearance following briefings on the tragedies.

Commiserating with the victims of the unfortunate incidents in Anambra and the Federal Capital Territory, President Tinubu urged states and relevant authorities to enforce strict crowd control measures immediately.

He noted that it was very disturbing that the events at the Holy Trinity Catholic Church in Maitama, Abuja, and a community Centre in Okija, Anambra State, bore a distressing resemblance to the recent incident in Ibadan, Oyo State.

He said local and state authorities should no longer tolerate operational lapses by organisations and corporate bodies involved in charitable and humanitarian activities.

While praying for the peaceful repose of innocent Nigerians who died in the stampede, President Tinubu wished a quick recovery to the injured.

He reiterated that these mishaps are avoidable if event planners adhere to necessary safeguards and protocols to ensure pre- and post-event safety.

''In a season of joy and celebration, we grieve with fellow citizens mourning the painful losses of their loved ones. Our prayers of divine comfort and healing are with them,'' President Tinubu said.

The President wished the Lagos State government, organisers of the Boat Regatta, themed ''Our Water, Our Heritage, Our Life,'' a successful and hitch-free festival.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)

In a recent declaration, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated that the economic initiatives of President Bola Ahmed Tinubu’s administration had stopped the nation’s economy from “bleeding.” He pointed specifically to the removal of fuel and foreign exchange subsidies, claiming these measures were saving 5% of Nigeria’s GDP annually. While this assertion paints a hopeful picture, the everyday reality for most Nigerians tells a different story: the economy is not just recovering, it feels as though it is hemorrhaging.

Speaking at the National Council on Finance and Economic Development (NACOFED) in Bauchi, Mr. Edun praised the removal of subsidies as a game-changer. He argued that these policies would redirect funds to critical sectors such as infrastructure, education, and healthcare, while creating an investor-friendly economic environment.

On paper, these reforms seem bold and promising. The government eliminated subsidies that allegedly benefited only a few elites and neighboring countries, with the hope of channeling the savings into developmental projects. However, for the average Nigerian, these promises remain unfulfilled. Prices continue to soar, unemployment persists, and basic living conditions have worsened. 

Contrary to Mr. Edun’s optimistic claims, the removal of subsidies has unleashed a cascade of economic challenges. The end of the fuel subsidy, for instance, triggered an astronomical increase in transportation costs. This, in turn, caused prices of goods and services to skyrocket. The removal of foreign exchange subsidies has led to a sharp depreciation of the naira, further increasing the cost of imports and exacerbating inflation.

For Nigerians already grappling with poverty, these reforms have felt more like economic punishment than relief. The harsh reality is that while the economy may have stopped bleeding in the narrow sense described by Mr. Edun, it now suffers from a deeper, systemic hemorrhage affecting millions of lives.

Mr. Edun highlighted the supposed benefits of increased inflows to the federation account from subsidy removal, assuring that the funds would benefit federal, state, and local governments. Yet, there is little evidence to suggest these gains are translating into tangible benefits for ordinary Nigerians. The promised improvements in healthcare, education, and infrastructure remain elusive. 

For instance, public hospitals remain under-resourced, with patients often forced to pay out-of-pocket for basic treatments. Schools face similar neglect, with overcrowded classrooms and unpaid teachers.

In a similar vein, roads, power supply, and water systems have seen minimal progress. The much-touted redirection of subsidy funds appears to have stalled at the policy level.

Still in the same vein, rising food prices and transport costs have pushed many Nigerians below the poverty line, negating whatever macroeconomic benefits the government might claim.

The government’s macroeconomic policies may seem sound in theory, but their execution has left much to be desired. Subsidy removal, while arguably necessary, was implemented without adequate palliatives or transitional support for the populace. The result has been widespread discontent, with many Nigerians feeling abandoned by their leaders.

Moreover, the government’s communication strategy has done little to inspire confidence. Sweeping statements about economic progress ring hollow when people struggle to afford a decent meal. Mr. Edun’s claim that the economy is no longer bleeding feels disconnected from the lived experiences of millions.

In fact, the minister’s assertion that President Tinubu has halted the economy’s bleeding, projecting an image of economic stabilization under his administration, is unarguably a stark contrasts with the World Bank’s recent assessment, which indicated that Tinubu’s policies are not yielding the desired results, particularly in addressing poverty and inflation. The contradiction highlights a growing disparity between the government’s narrative of progress and independent evaluations of Nigeria’s economic realities, raising questions about the true impact of the administration’s policies on the lives of ordinary Nigerians.

By virtue of being a Journalist on the Business Desk, permit me to suggest in this context that if the government truly wants to stop the hemorrhaging and not just declare it stopped, it must take bold and immediate action.

First step to be taken in this context is that the government must show Nigerians exactly how the savings from subsidy removal are being spent. Detailed, publicly available reports on investments in critical sectors would go a long way in rebuilding trust.

In a similar vein, it is germane to remind the government that the distribution of palliatives has been inconsistent and poorly managed. Therefore, a more systematic approach is needed to ensure that relief measures reach those who need them most.

Also, to combat inflation and reduce dependence on imports, the government should invest heavily in agriculture and manufacturing. This will not only stabilize prices but also create much-needed jobs.

Again, there is no denying the fact that mismanagement and corruption have historically undermined Nigeria’s development efforts. Therefore, strengthening accountability mechanisms will ensure that public funds are used effectively.

Added to the above suggested steps to be taken by the government in this context is that labor unions, civil society groups, and private sector players should be included in policy discussions to ensure reforms are socially inclusive and economically viable.

Without a doubt, Nigerians deserve more than rhetoric. For decades, Nigerians have endured economic policies that promise much but deliver little. The Tinubu administration has an opportunity to change this narrative, but time is running out. The people are tired of rhetoric and demand action that leads to measurable improvements in their lives.

While Mr. Edun speaks of stopping the economy’s bleeding, Nigerians see no signs of recovery. Instead, they witness a government seemingly out of touch with their struggles. If this administration is serious about building a stable and sustainable economy, it must address the hemorrhaging head-on and prioritize the welfare of its citizens over lofty declarations.

The road to recovery is long, but it begins with acknowledging the reality of the situation. Only then can the government take the decisive steps needed to turn rhetoric into results. Until then, Nigerians will continue to question whether their economy is truly stabilizing, or still hemorrhaging.