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 Bolivia's state energy firm YPFB will use cryptocurrency to pay for energy imports amid a painful shortage of dollars and fuel in the landlocked South American nation, a company spokesperson and a government official told Reuters on Wednesday.

The country is battling a dangerous slide in foreign currency reserves afters years of dwindling exports of natural gas, which has sparked off a fuel crisis in the country with regular long lines at gas stations and scattered protests.

A spokesperson for state-run energy firm YPFB told Reuters that a system had been put in place to use cryptocurrency to purchase fuel imports after a government approval to use digital assets to help meet demand.

"From now on, these (cryptocurrency) transactions will be carried out," the spokesperson said, adding that the new purchasing system was designed to help support national fuel subsidies in Bolivia amid a shortage of hard currency.

A government spokesperson said that YPFB had not yet made use of digital currency to purchase energy imports, but that it was planned to do so.

Bolivia, for decades a net energy exporter due its large reserves of gas, has become reliant on imports as domestic gas production has dwindled amid a lack of major new finds.

[Reuters]

Bitcoin jumped past $83,900 after new Consumer Price Index (CPI) data revealed inflation rising less than forecasted, easing fears of aggressive Federal Reserve rate hikes and fueling risk appetite in both crypto and traditional markets.

The February CPI report showed a 0.2% monthly increase, below the 0.3% forecast, while year-over-year inflation slowed to 2.8% versus expectations of 2.9%, according to the Bureau of Labor Statistics. Core CPI, which excludes volatile food and energy prices, rose 3.1% year-over-year, also softer than expectations.

Following the report, Bitcoin surged more than 3%, with Ethereum climbing to $1,938, while altcoins like Solana (SOL) and XRP posted 5% gains. Stocks also reacted positively — Dow Jones Industrial Average futures rose 223 points, while the S&P 500 and Nasdaq 100 advanced 0.8% and 0.9%, respectively.

Market sentiment had been shaky in recent weeks as inflation concerns clashed with trade policy uncertainty following President Donald Trump’s 25% tariffs on steel and aluminum imports. However, the lower-than-expected CPI print revived investor confidence, with traders now pricing in a higher probability of Federal Reserve rate cuts in the coming months.

Thursday’s Producer Price Index (PPI) data could further shape inflation expectations. If wholesale prices also show a cooling trend, markets may rally further in anticipation of monetary policy relief.

In the past 24 hours, a total of 116,409 traders were liquidated, with total liquidations amounting to $427.96 million, according to CoinGlass.

The largest single liquidation order occurred on HTX, where a BTC-USDT trade worth $60 million was wiped out.

After posting losses earlier this week, crypto stocks are finally rebounding in pre-market trading following softer-than-expected CPI inflation data. The largest corporate holder of Bitcoin, MicroStrategy (MSTR) climbed 2.46% to $267.00, while crypto exchanges Coinbase (COIN) gained 2.46% to $196.40 and Robinhood (HOOD) led the recovery, surging 6.30% to $38.65. Bitcoin mining company MARA Holdings (MARA) remained flat at $13.32. The bounce-back in crypto-linked stocks follows renewed investor optimism, with risk assets rallying across both crypto and traditional markets.

[TheStreet]

It's been a long, strange year for Bitcoin (CRYPTO: BTC) -- and it's only March. The year started off with a lot of fanfare, with the cryptocurrency hitting a new all-time high of $109,000 on Jan. 20. But it soon fell below $100,000. Then $90,000. And recently, it was below $80,000 briefly, before bouncing back just a bit.

But it's no time to panic. In fact, it might be time to buy the dip, and here's why.

The Strategic Bitcoin Reserve to the rescue?

The potential big catalyst for Bitcoin, of course, is the recent announcement of a Strategic Bitcoin Reserve. With an executive order from President Trump, the U.S. government has now moved to consolidate its holdings of Bitcoin. It will no longer be selling. That's a big move, given that the U.S. currently holds approximately 200,000 bitcoins.

But the Strategic Bitcoin Reserve is underwhelming in many respects. It does not directly commit the U.S. government to buying it, which was what the whole idea of the reserve was supposed to be. As originally planned, the U.S. government was supposed to buy 200,000 bitcoins per year for the next five years, giving it a very substantial hoard at the end of that time period.

So it's understandable that many crypto investors are disappointed about the Strategic Bitcoin Reserve. After briefly spiking higher on the news, the digital coin began to sell off.

Adding insult to injury, The Wall Street Journal editorial board called the reserve "fool's gold." That was particularly stinging, given that Bitcoin has typically been referred to as "digital gold."

From my perspective, the U.S. government is going to find a budget-neutral way (i.e., no taxpayer funds used) to buy new tokens, even if it means using some creative accounting moves. One methodology, according to Bloomberg, calls for the government to revalue its current gold holdings. Doing so could give it new leeway to buy Bitcoin. Others have suggested that any DOGE cost savings could be used to load up on Bitcoin.

The downside of being a mainstream asset

For much of its history, Bitcoin was largely uncorrelated with any other asset. That was part of its appeal: It could zig when other assets zagged. And it meant that Bitcoin could continue to go up, regardless of the overall economy. This made it a very special type of asset.

Gold coin with Bitcoin symbol.
Image source: Getty Images.

But something very important happened in January of last year. That was when the new spot Bitcoin exchange-traded funds (ETFs) were launched, immediately making buying it as easy as buying a tech stock.

The product launch was wildly successful, and over $100 billion has flowed into these spot Bitcoin ETFs. Some of the biggest buyers were hedge funds, Wall Street investment banks, and investment management firms.

But there is a downside from going mainstream. It also makes the crypto much more susceptible to the daily ebbs and flows of macroeconomic news. The same people deciding which stocks to buy are also deciding which cryptos to buy. If there's news about tariffs, for example, that's going to affect Bitcoin. If there's news about a potential recession, then that is going to do the same.

The one factor that I'm watching right now is how much money is flowing into (and out of) the spot Bitcoin ETFs. These figures are reported by CoinShares every week and are easy to track.

If there are significant outflows, it's a pretty good bet that the crypto's price is going to have a hard time moving upward. And, conversely, if there are significant inflows, it suggests that Bitcoin will rebound soon. Right now, there have been four straight weeks of outflows, so things need to turn around fast.

Where will Bitcoin be at the end of 2025?

Some investors continue to cling to overly optimistic price estimates, confident that catalysts such as the Strategic Bitcoin Reserve are going to send the digital coin to the moon. They are fully expecting it to hit $150,000, and maybe even $200,000 this year. After all, it delivered triple-digit returns in 2023 and 2024 against a backdrop of economic weakness, so why not in 2025 as well?

The only problem is that the likelihood of it soaring to new all-time highs continues to decline. Right now, if you look at what online prediction sites are telling us, there is only a 27% chance of Bitcoin hitting $150,000 this year, and only a 17% chance of hitting $200,000.

So, the big takeaway might be this: If you are counting on Bitcoin to deliver triple-digit returns in 2025, you might be disappointed. However, if you take a long-term view, that's when the picture brightens. I still fully expect Bitcoin to soar in value over the next decade, and that's why I am more than willing to buy the dip right now.

[The Motley Fool ]

The sex-for-favour tango between the Senate President, Mr. Godswill Akpabio, and another senator, Mrs. Natasha Akpoti-Uduaghan, is the latest scandal in town. Nigeria is a country of one scandal, one moment. So, expect the wind to blow over this scandal quickly. The heat generated may soon get too much for the members of the ruling class to bear and they - all of them, both the victim and the villain, since they both share the same class interest - may conclude that it is in their class interest to sheathe the sword, reach some accommodation and find an excuse to sweep the scandal under Nigeria’s bourgeoning carpet of iniquity.

Another thing that can happen is that another scandal will break before we say “Jack Robinson” and the media will move on to the new scandal and Nigerians will tag along. We are sprinters here and not long-distance runners. We quickly lose steam and our follow-up is miserable. Yet, the wisdom of our people is that the hunter who neglects to trace the game he shoots in the forest often fails to cart it home.

When members of the ruling class fight, it makes no sense to take sides because none of the fights, most times, concern the poor. It is usually intra-class squabbles over privileges and the sharing or allocation of resources amongst themselves that have little or no bearing on the welfare and well-being of the suffering masses. When things are okay among them, when they are all busy “eating”, we hardly hear grumblings. You would think they all belong to the same political party, the same ethnicity, the same religion, and the same sex! It is only when disagreements arise over sharing formulas that allegations begin to fly all over the place!

In the spat between Akpabio and Natasha, both fighters have their past, which has further compounded issues. In “Cockcrow at dawn”, popular artiste, Bongos Ikwue, described how futile it is to look for a virgin in a maternity ward. Searching for a saint in Nigeria's National Assembly is no less elusive. It is a place notorious for turning fire-eating radicals into despicable rascals.

To make sense out of the senseless in-fighting in the Senate, I will act upon four sources; the first being the statement made by the Senate Leader, Mr. Opeyemi Bamidele, on why the senate suspended Natasha for six months, in which he “clarified” that the senator was suspended for gross misconduct and not because of the sexual harassment allegation she made against Senate President, Godswill Akpabio.

Opeyemi stressed that Akpoti-Uduaghan was suspended solely for her persistent acts of misconduct, blatant disregard for the provisions of the Senate Standing Orders 2023 and gross indiscipline. He listed the “persistent acts of misconduct”, “blatant disregard for the provisions of the Senate Standing Orders 2023” and “gross misconduct” as refusal to sit in her assigned seat during plenary on 25th February, 2025; speaking without being recognised by the presiding officer; engaging in unruly and disruptive behavior, obstructing the orderly conduct of Senate proceedings; making abusive and disrespectful remarks against the leadership of the Senate; and defying and refusing to comply with the summons of the Senate Committee on Ethics and Privileges mandated to investigate cases of misconduct.

My second source is the intervention by a doyen of the media, Mr. Tony Iredia. Titled “Senate shouldn’t have suspended Natasha Uduaghan”, Iredia argued thus: “… The senate relied heavily on the Legislative Houses (Powers and Privileges) Act of 2018 which, among other things, regulates the conduct of members and other persons connected with the proceedings of the Legislative House. Of particular importance is Section 21(2) of the Act which provides that ‘where any member is guilty of contempt of a Legislative House, the House may, by resolution, reprimand such member or suspend him from the service of the House for such period as it may determine’…

“A body such as the senate which does not have the power to make a senator, cannot give itself the power to unmake any senator. There are only two authorities that our constitution empowers to remove a legislator from office. These are: an election tribunal and the people that elected the legislator to represent them in the legislature. If an authority has no legal powers to remove a person from office, such an authority cannot validly exercise the illegal power by making the removal a short-term matter. Removal by one day in the name of suspension is a removal, it is irrelevant that the length of time of the removal is long or short because, as the saying goes, no person, group or authority can give what it does not have.

“The senate or any group or organization is no doubt entitled to making its own rules for the smooth running of the body. It is, therefore, in order for the senate to make rules to penalize its members for any infraction, but such punishment must be within its powers. If the senate is satisfied that Senator Natasha Uduaghan breached any of its rules, it can remove her from a chairmanship position of a committee or any other privileges hitherto bestowed on her by the senate. It can, however, not extend the punishment beyond its own power. This point has been repeatedly made and one wonders why our Legislative Houses have continued with the illegality of purporting to have the power to suspend one of its own.

“If they really don’t know, the courts have since severally said so. First, Femi Okurounmu, (Ogun Central) was suspended in 1999. This was followed by Joseph Waku, a senator from Benue State who was suspended in 2000. Senator Arthur Nzeribe from Imo state was suspended in 2002. Senator Ali Ndume, a former Senate leader, was suspended in 2017. Next was Senator Ovie Omo-Agege from Delta state who was suspended in 2018… Senator Abdul Ningi from Bauchi state was suspended in 2024. Interestingly, the Judiciary quashed all the suspensions, declaring them as illegal and unconstitutional...

“The House of Representatives has also had its own string of illegal suspensions that have similarly been quashed by the Judiciary. One would have thought that the National Assembly should have by now realized that it has no powers to suspend its legislators. But that has not been so. Instead, there have been reports of how some State Houses of Assembly have also followed the same line as their federal colleagues… (One such) celebrated case involved Rifkatu Samson Dannas who was suspended in 2012 by the Bauchi State House of Assembly.

“The offence of Dannas, the then only female and Christian member of the House, was her objection to the proposed relocation of Tafawa Balewa Local Government headquarters from Tafawa Balewa to Bununu - a location heavily populated by Muslims… She went to court to challenge her suspension, which the court declared as illegal and unconstitutional… Aptly put, therefore, the state of the law in Nigeria today is that it is illegal for a legislative House to suspend any member…

“Again, the posture that the legislature cannot be stopped from doing its job appears misconstrued because legislative functions are, in the words of our constitution, subject to judicial review (according to) the relevant provisions of Section 4(8) of our constitution... For this reason, the courts have continued to insist that “access to court is a fundamental right in the Constitution, which cannot be taken away by force or intimidation from any organ… it is unimaginable, as one lawyer suggested the other day, that although Order 67(4) of its own rules limits the suspension of a member of the upper chamber to a maximum of 14 days, the senate went ahead to violate such rules by suspending Uduaghan not for 14 days but for 6 months!”

My third source said “the real reason” Natasha was suspended was her insistence to have the moribund Ajaokuta steel complex investigated. Ajaokuta and the refineries are projects that have gulped, and are still gulping, billions of dollars without any respite or solution in sight. Natasha is said to have a motion crying for investigations. When will the motion see the light of day?

My fourth and final source is a social media post which showed Akpabio as a senator committing the same offence that Natasha is being punished for, against Bukola Saraki as senate president, and he was not given the Natasha treatment! Social media, they say, never forgets! What goes around comes around! He who comes to equity must come with clean hands! And if you live in a glass house, don’t throw stones!

To conclude: Was it the importance of this dog-fight that made the Senate Leader, and not the senate spokesperson, to address the media on the matter while the Senate President himself acted as the accuser and judge in his own case? Why was the latter's incongruity lost on a senate brimming with lawyers?

I believe, with the above, you are able to form your own reasonable opinion on the Akpabio-Natasha face-off!

Veteran Journalist and Presenter, Reuben Abati said on Tuesday that leadership in Nigeria must evolve to address the complex challenges of the 21st century.

Speaking at Baze University’s Founders Day celebration in Abuja, Mr Abati noted that Nigeria’s governance challenges have changed with digital transformation and so must governance.

Mr Abati, the keynote speaker at the event, spoke on the topic: “Leadership in a Disruptive Era: Ethics, Accountability, and the Future of Governance in Nigeria”.

He noted that the digital transformation despite its pros has also introduced challenges such as misinformation, cyber-attacks and data breaches.

He explained that governance must also evolve with the transformations in the digital era.
“In a disruptive era, leadership transcends traditional authority and requires a proactive, visionary, and ethical approach,” he said.

“Navigating governance in a disruptive era demands leaders who are ethical, accountable, and forward-thinking.
“Given Nigeria’s history of political instability, economic volatility, and social unrest, adaptive leadership is essential for ensuring resilience in governance.”

He said leadership today requires leaders who can address political instability, economic fluctuations, security threats, and technological disruptions through ethical decision-making and strategic governance.
Mr Abati noted that a successful government must build public trust which he said can be done through accountability and ensuring sustainable national development.

“The future of governance depends on the ability of leaders to rise above personal interest and prioritise collective good,” he said.

Institutional reforms

Mr Abati explained that ethical lapses in governance like corruption, nepotism and abuse of power are undermining national development.

He said institutional reforms are essential to build strong institutions for sustainable governance.

He listed the reforms to include the strengthening of independence for anti-graft agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission.

“Weak institutions have historically hindered Nigeria’s development, allowing corruption and inefficiency to thrive,” he said.

He also said policy makers must embrace evidence-based decision-making and continuity of policies to ensure developmental programmes are not abandoned due to political transitions.

“Policy frameworks should be aligned with long-term national development goals, while legislative processes must incorporate public participation to ensure that governance reflects the needs of citizens,” he said.

Founder’s Day Significance

Earlier in her welcome address, the university’s Vice-Chancellor, Jamila Shu’ara, a professor, said the event was to celebrate the vision of the founder of the institution, Yusuf Baba-Ahmed.

Ms Shu’ara said “Founder’s Day is a time to reflect on our journey, which is firmly rooted in a commitment to academic excellence, innovation, and community service.”

She noted that the institution commenced operations in March 2011, with 17 students in three faculties —Business Studies, Computing and Information Technology and Law.

Today, she said the institution has nine faculties, 102 academic programmes approved by the National Universities Commission (NUC), over 6,000 students and 911 members of staff.

The faculties are Management and Social Sciences, Law, Engineering, Environmental Sciences, Computing and Information Technology, Allied and Health Sciences, Basic Medical Sciences, Basic Clinical Sciences, and Clinical Sciences.

Ms Shu’ara added that the university has produced 3,300 undergraduate students and 668 post graduate students.

“As we celebrate our robust growth, we are grateful to God, and we pay tribute to our Founder’s unwavering belief in the power of education to change lives and communities,” she said.

Speaking, the Founder and Chancellor of the university, Yusuf Baba-Ahmed, emphasised the institution’s founding principles.

He said the university, which he founded 14 years ago, is based on the vision that “education is the most powerful tool for national transformation.”

“Today, we celebrate this institution’s remarkable journey, a journey marked by relentless dedication to knowledge, cutting-edge research, and character-driven leadership,” he said.

He said the university has consistently demonstrated a commitment to shaping minds, nurturing talents, and producing graduates ready to impact society.

[premiumtimesng]

The former Senior Special Assistant on Media to former President Goodluck Jonathan, Reuben Abati, has advocated for a total shift from the mode of preparing Nigeria’s future leaders to modern trends that prioritize leadership education and capacity-building.

Abati noted that it is imperative to equip leaders with formal education programs, one that integrate leadership training, policy analysis, and crisis management skills as part of the key requirements in preparing Nigeria’s leaders for the future.

He gave the recommendations on Tuesday in Abuja as a guest speaker at Baze University’s 14th anniversary and first founder’s lecture.

His lecture was titled “Leadership in a Disruptive Era: Ethics, Accountability, and the Future of Governance in Nigeria.”

Like many developing nations, Abati said Nigeria was grappling with continuous disruptions, which affect its progress, the well-being of its people, and its overall level of growth and development.

“The clearest indication is that political instability, economic fluctuations, security challenges, technological advancements and evolving social dynamics have created an environment that demands adaptive and ethical leadership, which is for the most part lacking, creating much alienation between the people and those who lead them.

“In such a context, for corrective purposes, governance requires resilience, foresight, and integrity to address emerging crises while maintaining public trust”

He noted that in a disruptive era, leadership transcends traditional authority and requires a proactive, visionary, and ethical approach.

“Nigeria’s governance challenges necessitate leaders who can anticipate potential disruptions and devise adaptive strategies to mitigate their impact. Leadership in this context should be transformative, emphasizing innovation, inclusivity, and collaboration with key stakeholders.”

To navigate governance challenges, Abati said leaders must be equipped with modern educational skills.

“Institutions such as the National Institute for Policy and Strategic Studies (NIPSS) play a crucial role in fostering strategic leadership development, but their curricula must be continuously updated to reflect contemporary governance challenges.

“Institutional reforms are essential for sustainable governance. Weak institutions have historically hindered Nigeria’s development, allowing corruption and inefficiency to thrive,” he said.

Speaking of the importance of the lecture theme to the students in an interview with the media, Vice-Chancellor of the institution,  Jamila Shu’ara, said the university is a ground for preparing Nigeria’s future leaders.

“We have to teach our students to be leaders of tomorrow, and you can see the quality of the questions and observations that they asked. They have hope in us, they have hope in our country, and they have hope in tomorrow.

“We are convinced that the tutoring they go through in our university prepares them well enough to face the challenges of tomorrow,” she said.

 

Shu’ara was optimistic that, though Baze University is fourteen years old, it has emerged as one of the leading universities in Nigeria.

“We see Baze University being the best university in Nigeria. The significance of today’s Founders Day is to celebrate, first, the vision of the visionary and the vision of the dreamer, and also to celebrate the faculty and the staff that have supported this vision, to celebrate the products that are the graduates that we produce, and to celebrate our alumni.

“All this we put together today to remind ourselves that for us as an institution, we still hope and feel that the most potent tool to change the world is education.”

[newtelegraphng]

The central bank of any country is a uniquely influential institution. Due to its mandate of maintaining monetary and financial stability in line with the economic vision of the government, everything it does can impact everyone. That is why PhD. economists and experienced bankers are the top picks for heading the banks.

This is why appointments at the central banks are always of interest to institutions, groups, and individuals. In Nigeria of today, the Central Bank of Nigeria is an institution of utmost public interest due to the state of the economy and the ongoing economic and financial reforms of the President Bola Tinubu administration.

But sadly, in Nigeria, appointments into the CBN are not seen as part of the building block for the country’s economic rejuvenation. The CBN is seen only as a juicy institution where the elites scramble for a seat at the table and where politicians invoke Federal Character provisions of the Nigerian Constitution to put their cronies in positions to access the wealth of the nation.

Whereas, in other times, where economic engineering is taken seriously, only the most talented look forward to a career in the institution. A statement about recruitment into the Bank of England (similar to that of the US Federal Reserve) describes the bank as an “intellectually stimulating” environment that is “highly professional.”

It further states that “While organisations in the private sector are focused primarily on profits, the ultimate objectives for us are always the quality of our thinking, the rigour of our analysis and the overall deliverables in line with our vision of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.”

Emphasising the importance of competence and professionalism for the bank, it says, “The issues we deal with on a daily basis have implications for everyone in the country.” This statement is as true for the United Kingdom as it is true for Nigeria today.

This is why the Central Bank of Nigeria under Governor Yemi Cardoso has broken with past tradition. Cardoso, like his counterpart at the US Federal Reserve, Jerome H. Powell is confronted by an economic reform that has brought financial hardship to the majority of citizens due to rising inflation.

But Cardoso’s reforms at the CBN portray a governor who takes his job seriously and is determined to deliver for the good of the country.

Aside from the monetary policy reforms of the CBN, many will welcome the thrilling news that the CBN recently recruited 16 new directors through a highly competitive process and not through arbitrary promotion. These appointments, which was more of internal promotion exercise, took effect from March 3, and it affects critical departments of the apex bank such as Monetary Policy; Trade and Exchange; Banking Supervision; Payment Systems and Consumer Protection among others.

The CBN reportedly engaged the global consultancy firm PricewaterhouseCoopers (PwC) to conduct the selection process for the directors from among top officials of the bank  who applied, following an internal advertisement, to ensure only the most competent are elevated. It is highly commendable and in line with global best practices for central banks. It is certainly the type of promotion process needed by the CBN at this time. 

Reports indicate that the PwC conducted a two-phase appointment process designed to eliminate bias in the recruitment and ensure the process is transparent. Many would wish that all critical national institutions in the country can also conduct their recruitments in this manner to ensure the right persons, no matter their ethnicity or religion, are put in charge.

Usually, for central banks, the recruitment process will include competency-based interviews, ability testing, occupational or motivational questionnaires, written assessments, case studies, and/or presentations. Anyone who scales through all these is an asset to the institution and must not be denied the chance to help the country because of their religion or where they come from as long as they’re Nigerians.

No one will be surprised by reports that staff of the bank commended the selection process as objective, transparent, and merit based. It is a far cry from past tradition where directors are arbitrarily selected because of their connections with VIPs or they’re favored by the CBN governor.

This break with tradition is widely seen in economic and financial circles as a step towards strengthening governance and operational efficiency of the apex bank. It signals a significant internal restructuring aimed at enhancing the bank’s operational efficiency and regulatory oversight. An internal memo quoted by Premium Times said the appointments were aimed at “achieving the Bank’s vision and mission for long-term success.”

A look at some of the new appointees also shows that diversity was one of the selection criteria – a point that can never be over-emphasise in a diverse country as Nigeria. While economic policy should be driven by capacity rather than regional or ethnic consideration, inclusivity is essential in a multi-ethnic and multi-religious country like Nigeria,

Mallam Abdullahi Hamisu, the newly appointed director of Banking Services, is from the north of the country. Before his appointment, he served as coordinator, banking services under the Operations Directorate. He now occupies a position that is pivotal to ensuring smooth banking operations across the nation.

Sike Rita Ijeoma, one of the appointees from the South East, is the director of the Financial Policy and Regulation Department. She was formerly the director of the Banking Supervision of CBN. Her expertise and leadership earned her the new position where she is expected to significantly push the CBN’s mission of maintaining a stable and efficient financial system in Nigeria.

Akinwunmi Olubukola Akinniyi, from the southwest, is the director, Banking Supervision Department. He was an assistant director in the Payments System Management Department of the CBN before his new appointment. He is credited with leading the team responsible for formulation of payment system policies and facilitating stakeholder consensus on payments system development strategy in Nigeria. He also participated in major reforms in the Nigerian Payments System, including the implementation of the Nigeria Central Switch, Cash-less Policy, and the Payments System Vision 2020.

Oboh Victor Ugbem, a senior development economist, is the new director, Monetary Policy Department. Victor, who is from the South-south of the country, has over 20 years experience in the areas of monetary, financial, and agricultural policies as well as private sector development.

He was formerly an assistant director in the CBN, providing technical support to the design and implementation of the Bank’s policies.

In what appears a reflection of the prominent role women now play in the board rooms of commercial banks in the country, the CBN has promoted six women to the position of directors in charge of crucial departments. They are:  Yusuf Rakiya Opeyemi – Director, Payment System Supervision: Mrs. Jide-Samuel Omoyemen Avbasowamen – Director, Information Technology: Aisha Isa-Olatinwo – Director, Consumer Protection: Mrs. Sike Rita Ijeoma – Director, Financial Policy and Regulation: Mrs. Monsurat Vincent (Strategy Management and Innovation and Dr. Adenike Olubunmi Ojumu (Medical Services).

Other directors named in the appointment are Dr. Usman Moses Okpanachi (Statistics), Mr. Farouk Mujtaba Muhammad (Reserve Management), Dr. Adetona Sikiru Adedeji, (Currency Operation and Branch Management Department), Mr. Mohammed-Jamiu Olayemi Solaja,(Other Financial Institutions Supervision Department) and Mr. Musa Nakorji  (Trade and Exchange Department).

Analysts of the CBN reforms have commended the inclusivity of the appointments despite being merit based as proof of its objectivity and transparency. It kudos to the CBN Governor for navigating the vexing challenge of federal character while searching for the brightest minds within the system.

 It is only when we put people in position where their skills and qualifications are best suited that we can get positive results. This is what the US Federal Reserve, the Bank of England, and other central banks do to be at the top of their game.

It is hoped that the processes leading to the appointments of these 16 directors would become a tradition to ensure that only bright minds are put in charge of executing the mandates of the apex bank. For the sake of Nigeria and Nigerians.

Cardoso has raised the bar and blazed the trail. He would be judged by the success or failure of his reforms and innovations. On the economic horizon, the weather is getting brighter, and there are reasons to be optimistic.

Nigeria’s economy is recovering faster than anticipated. Inflation eased to 24.5% in January, while Foreign Direct Investment (FDI) inflows are rising, and the Gross Domestic Product (GDP) is expanding.

The BusinessDay reported over the weekend that the Central Bank of Nigeria (CBN)-led Monetary Policy Committee’s decision to maintain interest rates at its last meeting has fuelled a rally in Nigeria’s Eurobond market, reinforcing foreign investors’ confidence in the domestic economy.

The paper wrote that the investment report shows that Nigeria’s Eurobond market closed the month of February in positive territory, signaling sustained foreign investor confidence. Quoting data from the Debt Management Office (DMO), it said the average yield on Nigeria’s Eurobonds closed at 8.80 per cent, 41 basis points down from 9.21 per cent at the beginning of February, signalling “strong investor appetite.”

The CBN is proving doubters of its reforms wrong. Cardoso and his team of brilliant deputy governors are doing a good job of brainstorming for the public good. They are showing that the central bank is a laboratory of ideas and not a casino for sleazy men in suit. They deserve the support of all Nigerians to rescue the country from economic abyss that years of thoughtless leadership have plunged it.

But no doubt critics would continue to analyse every action of the CBN because of what the organisation represents. So, just as several economic analysts have done, this purpose of this write-up is to urge the team not to rest on its oars.                

Security is the foundation of economic growth and societal stability. Without it, commerce falters, trust erodes, and communities disintegrate. In Nigeria, where kidnapping has become an industry, the search for a sustainable security model is urgent.

According to SBM Intelligence, between July 2023 and June 2024, Nigeria recorded 1,130 kidnapping incidents, with 7,568 victims. Kidnappers demanded a staggering N10.99 billion in ransom but received N1.05 billion—a fraction of their demands, highlighting the growing desperation of criminal networks.

While the Northwest remains the epicentre of Nigeria’s kidnapping crisis, the Southeast recorded 240 kidnapping incidents, the lowest of any region in Nigeria, as reported by the NBS Crime Survey, 2024. Anambra state accounted for 29 of these incidents, with 46 victims, placing it among the states with lower overall cases in Nigeria.

However, despite its relative safety, Anambra has become a prime target for criminals due to the high success rate of ransom payments. In one striking case, abductors demanded N300 million but ultimately received N350 million. This paradox presents a harsh reality: criminals go where the money flows.

Nigeria’s security challenge is exacerbated by chronic underfunding of law enforcement. The country’s 2025 police budget translates to $3.43 per capita, rising from $2.60 in 2024. Nigeria’s police budget, compared to South Africa’s $100.12 per person, is 28 times more, while Egypt’s $16.60 per capita is five times more than Nigeria’s police spend. This comparison tells a disturbing story and reveals a deep funding problem. Nigeria’s police force is severely under-resourced compared to global standards. The inadequacy of conventional policing necessitates an urgent rethink.

Governor Charles Soludo of Anambra State, a former central bank governor and renowned economist, has introduced a bold and controversial response. The Homeland Security Law 2025 is a radical shift from conventional policing, embedding security within governance, morality, and civic duty. Unlike Nigeria’s traditional approach, which places the entire burden on the police and military, Soludo’s model extends responsibility to landlords, town unions, businesses, and religious institutions.

The law mandates tenant registration, requiring landlords to document and report the identities of those living on their properties. Town unions must submit monthly security reports or risk losing government recognition, effectively making communities accountable for tracking suspicious activities. Hotels and short-let apartments must register all guests and install surveillance systems. Religious institutions found complicit in criminal activities face closure, while properties used for crime will be seized, with their owners facing up to 25 years in prison. Even supernatural fraud—money rituals and charms for wealth—is now a criminal offence, carrying a six-year prison sentence and a hefty fine.

This approach represents a fundamental departure from Nigeria’s historically reactive security framework. It acknowledges that policing alone cannot solve a problem rooted in cultural, economic, and social dysfunction. Soludo’s security doctrine argues that crime thrives because of weak law enforcement and a more profound moral crisis. He has identified three corrosive forces driving crime: a culture that glorifies instant wealth (‘something for nothing’), a societal shift toward materialism at the expense of integrity, and the moral ambivalence of institutions that should serve as society’s ethical compass.

His argument is difficult to ignore. In a society where fraudsters are celebrated, religious institutions bless unexplained wealth, and communities embrace criminals as benefactors, no surveillance cameras or artificial intelligence-driven crime mapping can ensure security. No police force, no matter how well-equipped, can protect a people who refuse to hold themselves accountable. Security, Gov. Soludo insists, is as much a question of values as enforcement.

History provides valuable lessons. Once plagued by crime and corruption, Singapore became one of the safest countries in the world through strict law enforcement, economic opportunity, and a societal commitment to order. At independence, the city-state was overrun with gangs and illicit trade, much like parts of Nigeria today. The government’s response was swift and uncompromising: it introduced zero tolerance for economic and violent crimes, embedded discipline into governance, and institutionalised community-driven security efforts. The result was a nation where crime is neither tolerated nor excused.

The message is clear: crime is not an inevitability but a policy choice. Societies that tolerate minor infractions create an environment where larger crimes flourish. Fraud fuels impunity. Kidnapping finances more sophisticated criminal enterprises. The failure to enforce laws consistently weakens the legitimacy of the state. The principle is well known in criminology—the Broken Windows Theory argues that ignoring minor crimes signals permissiveness, encouraging greater lawlessness. Anambra must not repeat that mistake.

The most significant test for Soludo’s security vision will be public buy-in. A law is only as strong as the willingness of the people to uphold it. The success of this security model depends on a cultural shift—one where communities stop legitimising criminal wealth, where town unions actively engage in crime prevention, and where the government prosecutes offenders without fear or favour. The government must be transparent in reporting activities, respect human rights, and provide a strong governance and redress mechanism for implementing the law.

Nigeria cannot afford to rely solely on kinetic security measures. A non-kinetic approach—one that emphasises citizen participation, intelligence gathering, and preventive security measures—is critical. Soludo’s security vision prioritises prevention over reaction, making security a shared civic responsibility rather than the sole burden of an overstretched police force.

As a nation, we can continue on our current path, tolerating crime and living in fear, or we can embrace a new model of accountability, where security is a collective duty. Anambra has taken the first step; while we wait for the outcomes, other states and Nigeria may consider following the example.

•An excerpt of a speech presented to the Anambra League of Professionals by Osita Chidoka, former Minister of Aviation and the Chancellor Athena Centre for Policy and Leadership

The price war in Nigeria’s downstream oil sector escalated further on Tuesday as major oil marketers moved to offer petrol at rates lower than the ₦825 per litre ex-depot price set by Dangote Petroleum Refinery.

Naija News reports that this development follows revelations that the landing cost of imported Premium Motor Spirit (PMS) has dropped to ₦774.72 per litre, a decrease that may force pump prices down to around ₦800 per litre in the coming weeks.

 

Dealers revealed that the ₦774.72 per litre landing cost, which includes shipping, import duties, and exchange rate fluctuations, is ₦50.28 lower than the ₦825 per litre ex-gantry price at Dangote Petroleum Refinery.

 

This price advantage has sparked a shift among independent and major marketers, who are now ditching Dangote’s product for imported fuel, intensifying the price competition in the sector.

Speaking on the development, National Publicity Secretary of the Independent Marketers Association of Nigeria, Ukadike Chinedu, in a chat with Punch, projected that a further reduction in crude oil prices could push PMS pump prices down to ₦800 per litre.

NNPC, Dangote Refinery Slash Prices Amidst Competition

Last Monday, the Nigerian National Petroleum Corporation (NNPC) reduced its retail petrol price to ₦860 and ₦880 per litre, down from ₦945 and ₦965 per litre in Lagos and Abuja, respectively.

NNPC’s price cut followed a similar reduction by Dangote Refinery, which slashed its ex-depot petrol price from N890 to N825 per litre, marking its third price reduction in two months.

Despite these adjustments, private marketers have capitalized on the falling import costs to offer even lower prices, thereby creating a challenging market environment for the refinery.

Private Depots Undercut Refinery’s Price

Findings by The PUNCH indicate that private depots are now offering lower rates than marketers lifting directly from Dangote Refinery.

An analysis of depot pricing revealed that:

 

AA RANO Depot – ₦830 per litre

MENJ Depot – ₦830 per litre

MRS Tincan – ₦830 per litre

WOSBAB Depot – ₦832 per litre

AITEO Depot – ₦832 per litre

RAINOIL Depot – ₦831 per litre

In contrast, marketers who lifted two million litres from Dangote Refinery at ₦825 per litre are selling at ₦835 per litre, making just a ₦1 profit while still pricing ₦4 higher than private depots.

Oil and gas analyst, Olatide Jeremiah, predicts that Dangote Refinery may be forced to cut its ex-gantry price further to regain market share.

“Marketers are increasingly sourcing from private depots, which offer greater price stability,” he said.

Providing insight into the shifting market dynamics, Jeremiah explained: “Last week, PMS and diesel prices started dropping. By Thursday, prices fell below Dangote’s ex-depot rate.

“The refinery price is ₦825 per litre, but when you add ₦9 for NMDPRA fees, the total reaches ₦834 per litre.

“Private depots, however, secured cheaper products at rates lower than Dangote’s coastal price of ₦780 per litre.”

He added that the cost of transporting products from Dangote Refinery to trucks ranges between ₦40 to ₦45 per litre, making it an expensive option for marketers.

 

“At Dangote’s depot today, the place was almost deserted. Many marketers have switched to private depots where there is less price volatility,” Jeremiah noted.

Oil Marketers Decry Frequent Price Reductions

Meanwhile, members of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have criticized the frequent price changes, arguing that marketers continue to record losses.

Despite the full deregulation of the petroleum sector, PETROAN has called for a six-month regulatory timeframe for price adjustments to create market stability.

With Dangote Refinery under mounting pressure and private importers securing cheaper alternatives, industry analysts suggest that the Nigerian fuel market is on the verge of another major shake-up, with consumers likely to benefit from further price reductions in the coming weeks.

[NaijaNews]

 
 

The Nigerian Meteorological Agency (NiMet) has said 19 states in the North Central zone, Southeast, and coastal areas are at risk of impending heat stress.

The states that would be mostly affected are Kebbi, Niger, Kwara, Oyo, Kogi, Nasarawa, Benue, Enugu, Anambra, Abia, Ebonyi, Cross River, and FCT.

 

Other vulnerable regions are the southwest and northern states including Taraba, Adamawa, Plateau, Kaduna, Zamfara, and Sokoto.

The NiMet alert issued yesterday shows rising temperatures and high humidity over the next three to four days, which may cause thermal discomfort across several regions.

According to the agency, the potential health risks include fatigue and irritability, reduced focus and motor skills, and lower productivity.

NiMet, however, advised residents of the affected areas to

“Stay cool by using fans, air conditioning, or shaded spaces and dress light by wearing breathable clothing.

“Drink plenty of water, avoid peak sun hours (12 PM – 3 PM). Use sun protection like hats, sunglasses, and sunscreen.”

 [Leadership]