Who should we hold responsible for demonisation of democracy the iconic Fela Anikulapo-Kuti, once called ‘dem don crazy’, ‘demonstation of craze…’ in this country? It’s a time to speak truth not only to power that the majesty of democracy has been defiled. And so it is a time to ask whether democracy can be sustained to deliver the much-needed development to the most populous black nation on earth. Yes, it is a time to evaluate democracy we have been monitoring for 25 years because the main strength of its majesty, the rule of law, has become the rule of man, indeed the rule of only the ministers in the temple of justice. They are the ones who now determine who should occupy elective offices after elections. The Bar and Bench powers are the electorate, after all. And so we do not need to read law before awareness that where man alone rules without the law, there will be chaos and underdevelopment.

As a student, I read Chief Obafemi Awolowo’s book on, “The travails of democracy and the rule of law” but I did not understand the significance of that classic until now.
I have covered this dispensation of democracy as a senior journalist for almost 26 years, (since 1999). But I am beginning to conclude from its performance indices that this house (of democracy) has fallen not only because of the effects of those who ruled the country as “Federal Republic of the Nigerian Army” as general Chris Ali, former Army Chief captured in his book.

Democracy has failed us in Nigeria not only because of the effects of the unfavourable political economy of press freedom. Democracy appears to have lost its brand reputation not only because some of “soldiers of fortune” conspired and annulled our best election. Let’s do some introspection before the next 2027 plunge.

Behold, the man who should be held responsible for the collapse of democracy is called, “Mr. Complacency”! Yes Complacency, also known as “contentment”, “gratification”, “pleasure”, “civility”, “courtesy”. Really, the God of man, not any man of God, please, has revealed that yes; “Complacency” is the man, the stronghold that has ruined the majesty of democracy in this place. And here are the gifts of the strong man some World Bank’s development experts have just tagged “Civic Incompetence”: He is a sycophant. He does not like pen pushers who speak truth to power. He does not read. He is not discernible. He is perpetually afraid of any governing cabal that is ruthless and doesn’t tolerate the rule of law.
The prominent but insignificant man Complacency is perpetually filled with Epicurean spirit (loves pleasure and good life). He likes a little learning and so is ruled by intuition, not by learning or knowledge. Oh, he does not like the power that knowledge gives. He worships mediocrity in all his ways. He does not like anyone to peddle any excellence spirit in his domain. He doesn’t like to see law enforcement agents. The only adorable thing he likes is media trial of corrupt people where suspects are named and shamed before investigations.
And so the offspring of the limited man, Complacency are always reinforced in the system by the “economic man” who also has a cousin called the “administrative man”. Both men are not patriots, after all. They also do not care about gains that democracy can bring to the people. They work only for the gods of their bellies. And worse still, his expectations of the governing system are very low. According to a managerial economist, Ripunjay Tiwari, the “economic man” is purpose-driven. He is rational in that he can order his various preferences according to his hierarchy of values and then actually make his choice to maximise some desired value. To the “economic man”, there is complete awareness of various alternatives and the outcome of each alternative can be identified so that the alternative with the best outcome is selected.
It assumes that there is no limit on the collection of information and its processing. That is the way of the “economic man” who benefits from an atmospherics of the main man, Complacency.

In the same vein, the “administrative man” is a relation of the “economic man” in the kingdom of “Complacency”. According to Herbert Simon, a policy guru, the “administrative man” has only a limited, simplified view of problems confronting his society because he has only limited information. Besides, he does not have full knowledge of all the possible alternative solutions to the problems and their outcomes.

What is more, he does not have capacity to navigate the competitive environment and technical information therein.
Therefore, human and organisational limitations make it impossible for people to make perfectly rational decisions where the “economic man” and the “administrative man” dominate in a society ruled by Complacency. There are always ‘boundaries to rationality’ in such a milieu. Sadly, these men always seize power at the centre because democracy is fragile here.

That is why we have to sound the alarm that Mr. Complacency has to wake up from political stupor that the “economic man” and “the administrative man” would like us to remain in this age that the skilled young ones are daily disrupting with social technologies that help them to make progress.

I would like to challenge all the young ones below 40’s to be interested in this country that democracy and its drivers have relegated to one of the poorest on earth. Let no young one be deceived by the common public enemy called Complacency ruling everywhere you go in Nigeria. This democracy that has survived for only the “economic man” since 1999, cannot lead this country to greatness. Democracy is even unsafe at the moment.

This is a time to tell some home truth to the young ones from 30 and above too that they should print out the lyrics of the old national anthem and spring from their rhetoric in the social media to action, “lest we should be the last” as a Ghanaian writer, Kwesi Brew once warned us.

The old and the just rested national anthem should be their (call-to-action) weapon of social mobilisation so that the cursed democracy (since 1999) will be rescued. The young ones that successive generations, including mine have failed should brace up to take back their blessed country, which politicians have ruined with an atomic bomb they call democracy. There is some glimmer of hope in the architecture we can find in the rubble. And so, the young and vibrant ones should arise and obey Nigeria’s call. This is so because instead of fulfilling the pledge to Nigeria, to be faithful, loyal and honest, our leaders have become unfaithful, disloyal and dishonest in all the arms of government. Instead of “serving the country with all their strength”, they have been looting the country’s treasury with all their strength. Instead of defending her unity, they have been condoning “disunity” that the governing party’s leadership has been unleashing on the country with insufferable and unending “parochial appointments”.
There is neither honour, nor glory left for the citizens to cherish. Every day, young ones weep for the state of anomie in a country, where most of the leaders are virtually sleeping on duty. And as a foremost African writer, Ngugiwa Thiong’o notes, “Hope of a better tomorrow is the only comfort you can give to a weeping child”. In this case, there is no glimmer of hope of a better tomorrow beyond sloganeering. Almost twenty-six years of democracy has delivered only a man called Complacency to the nation.

The economy is a shambles. Electricity has always been around 4000 megawatts for the more than 200 + million people in 36 states and the nation’s capital. Generally, after 26 years of consistent democratisation, there are no good link roads from states to states.
Even the roads to the economic agencies including the Air and Sea Ports in the so-called economic capital of West Africa, Lagos are not remarkable. Democracy has only delivered private jets to the very prominent power elite who daily fly over bad roads that the people ply, suffering and smiling. As the roads have been left to God in heaven to fix, even the schools – from primary to university levels- are not institutions where innovations can be delivered to the citizens in the 21st century.
As for healthcare delivery, this column has been asking questions: why even the often sickly leaders, some of whom have died in office have not considered it expedient to fund even the University Teaching Hospital in Ibadan to a world class health centre where they can get medical services – as it used to be. Where is the ray of hope where ‘legislooters’, ‘execu-thieves’ and ‘judi-sharing’ as citizen journalists now call them, collaborate to protect their accused members in an enclave nurtured by complacency?
As we have seen through the ages as noted by a political thinker, James Laxar, democracy emerged in a particular historical and cultural context as a consequence of specific social, political and economic struggles. And yet, there has been no compelling evidence that there is a universal yearning for democracy in all cultures and social settings, and we can therefore dispense with the dubious proposition that democracy is an outgrowth of human nature.

And so the appetite for democracy arises not from political theory but from the tangible needs of millions of people. The young ones should note that above all, democracy is advanced by the success of political movements whose goal is to improve the lives of the majority of the population in a number of ways. This has not happened in our country.

Today, as Chinua Achebe noted in 1983, the trouble with Nigeria is still simply and squarely failure of leadership that has institutionalised corruption as a fundamental objective and directive principle of state policy. Doubtless, corruption that has incredibly given birth to mediocrity and hopelessness in the country. Part of the fallacies of democracy has just re-echoed in the centre of drama called Lagos. Yes Lagos where a former Speaker could break into the chambers he presided over for 10 years and declare himself Speaker with the help of our lawless police officers. Haba, democracy, where is your classic majesty?

And so to the young ones, don’t lose hope, organise. yes, organise. Don’t agonise anymore. This is the big data age. Get cracking in organising your data on how Nigeria’s power elite, politicians, civil servants and some morons called barons have demonised democracy as government of the corrupt few for their families and their in-laws. That is why the paralysed man called Complacency should be banished for democracy to be a pleasant conversation, a boon. And so, the young talents here should not allow the greedy kingmakers to cast a pearl called democratic leadership before a swine anymore, lest they continue to mess up our country. The weapon they always use is called Complacency. The cure for it is pursuit of civic competence: the power that knowledge and integrity can give to defeat fear of our “very bad people” who have within 25 years crashed democracy and are dancing on its grave.

Nigeria, Africa’s most populous nation with over 200 million citizens, is grappling with a complex web of interconnected challenges that threaten its stability, development, and the well-being of its people. These include multidimensional poverty, hunger, insecurity, economic instability, corruption, governance inefficiencies, poor education standards, and social issues such as early marriages. This report outlines practical short- and long-term measures that the federal government, 36 states, and 774 local government councils can implement to address these pressing issues, ensuring a better quality of life for all Nigerians.

Introduction

Nigeria’s challenges are deeply interwoven, with poverty, insecurity, and governance failures reinforcing one another. Multidimensional poverty, which encompasses deprivations in health, education, and living standards, affects millions of Nigerians. Insecurity, ranging from Boko Haram in the North East to kidnappings nationwide, disrupts lives and economic activities. Economic hardships, including high inflation, double digit interest rates and a rising cost of living, exacerbate these issues, while corruption and bloated governance structures drain resources. Poor education standards, a high number of out-of-school children, and early marriages, particularly in the northern states, hinder human capital development. Addressing these issues requires coordinated action across all levels of government—federal, state, and local—along with the involvement of civil society and international partners.

Section 1: Tackling Multidimensional Poverty and Hunger

Current State

Nigeria has one of the highest poverty rates globally, with over 80 million people said to be living below the poverty line. Multidimensional poverty affects even more, encompassing not just income but also access to healthcare, education, and basic living standards. Hunger is rampant, particularly in conflict zones, and food insecurity is worsened by disrupted agricultural activities.

Short-Term Measures

 • Expand Social Safety Nets: Scale up programs like the Conditional Cash Transfer (CCT) to reach more vulnerable households, especially in rural and conflict-affected areas.

 • Food Distribution Programs: Increase emergency food aid in regions facing acute hunger, in the North East, North West, North Central, South East, South West and South South, regions of the country aimed at curbing malnutrition. 

 • Subsidize Essential Commodities: Temporarily subsidize staple foods and essential goods to ease the burden of inflation on low-income families.

Long-Term Measures

 • Boost Agricultural Productivity: Invest in modern farming techniques, irrigation, and access to credit for smallholder farmers to increase food production and create jobs.

 • Improve Infrastructure: Develop rural roads, storage facilities, and electrification to reduce post-harvest losses and connect farmers to markets.

 • Enhance Healthcare and Education Access: Build more primary healthcare centers and schools, particularly in underserved areas, to address health and education deprivations.

Section 2: Addressing Insecurity

Current State

Insecurity is pervasive across Nigeria’s geopolitical zones. Boko Haram and its splinter groups continue to terrorize the North East, while cattle rustling and banditry plague the North West. The South East faces violence from unknown gunmen, and kidnappings for ransom are widespread nationwide.

Short-Term Measures

 • Strengthen Security Forces: Increase funding for intelligence gathering, equipment, and training for the military and police.

 • Community Policing: Empower local vigilante groups and community leaders to collaborate with security agencies in identifying threats.

 • Support for Victims: Provide immediate relief, including shelter and healthcare, to displaced persons and victims of violence.

Long-Term Measures

 • Address Root Causes: Implement poverty alleviation programs, youth employment initiatives, and equitable resource distribution to reduce grievances that fuel conflict.

 • Promote Dialogue and Reconciliation: Facilitate peace talks between conflicting groups, such as herders and farmers, and support community-based conflict resolution mechanisms.

 • Justice and Accountability: Establish special courts to fast-track prosecution of terrorists, bandits, and kidnappers, ensuring swift justice, such as the long and winding case of Nnamdi Kanu.

Section 3: Managing Economic Challenges

Current State

Nigeria’s economy is grappling with high inflation, double digit interest rates, a rising cost of living, and overreliance on oil. The long over due removal of fuel subsidies and currency devaluation have further strained household incomes.

Short-Term Measures

 • Monetary Policy Adjustments: The Central Bank should implement measures to stabilize the naira and control inflation, such as interest rate adjustments.

 • Price Controls on Essentials: Introduce temporary price caps on basic goods like food and fuel to prevent exploitative pricing.

 • Support Small Businesses: Provide grants, tax relief, or low-interest loans to small and medium enterprises (SMEs) to stimulate economic activity.

Long-Term Measures

 • Economic Diversification: Invest in non-oil sectors such as agriculture, artificial intelligence, technology, and manufacturing to create jobs and reduce dependence on oil revenues.

 • Improve Tax Collection: Reform the tax system to widen the tax net, and increase revenue without overburdening the low income earning citizens, and reduce wasteful government spending.

 • Renewable Energy Investments: Develop solar, wind and other renewable energy projects to reduce reliance on expensive and environmentally harmful fuel sources.

Section 4: Combating Corruption and Improving Governance

Current State

Corruption remains endemic at all levels of government, draining resources meant for development. The large size of government, with overlapping agencies, contributes to inefficiency and wastage.

Short-Term Measures

 • Enforce Anti-Corruption Laws: Strengthen agencies like the Economic and Financial Crimes Commission (EFCC) to prosecute corrupt officials without political interference.

 • Increase Transparency: Mandate public disclosure of government budgets, contracts, and procurement processes.

 • Reduce Government Size: Streamline federal and state agencies by merging duplicative functions and cutting unnecessary bureaucracy.

Long-Term Measures

 • Civil Service Reform: Introduce merit-based recruitment and performance evaluations to improve efficiency and reduce patronage. The Tinubu administration should quickly revisit the Oransaye’s Civil Service Reform Report, with a view of implementation of the relevant reforms. 

 • E-Governance: Digitize government services and financial transactions, using artificial intelligence technology to minimize opportunities for bribery and embezzlement.

 • Civic Education: Launch nationwide campaigns to educate citizens on their rights and how to report corruption. 

Section 5: Enhancing Education and Social Development

Current State

Nigeria has one of the world’s highest numbers of out-of-school children, estimated at over 10 million, with the North particularly affected. Early marriages, especially of underage girls, remain prevalent, and education quality is poor.

Short-Term Measures

 • School Enrollment Campaigns: Launch targeted initiatives, especially in the North, to encourage parents to send children, particularly girls, to school.

 • Free School Meals: Expand school feeding programs to incentivize attendance and reduce hunger among students.

 • Enforce Laws Against Early Marriages: Strengthen enforcement of the Child Rights Act and provide shelters and support for girls at risk.

Long-Term Measures

 • Invest in Education Infrastructure: Build and renovate schools, train teachers, and provide learning materials, especially in rural areas.

 • Vocational Training: Integrate skills acquisition programs into the curriculum to prepare students for the job market.

 • Promote Gender Equality: Implement policies that promote women’s education and empowerment, including scholarships for girls in STEM fields.

Conclusion

Nigeria’s challenges are daunting but not insurmountable. Addressing multidimensional poverty, insecurity, economic instability, corruption, and social issues requires a coordinated, multi-level approach involving the federal government, states, and local councils. Short-term interventions must provide immediate relief, while long-term strategies should focus on systemic reforms and sustainable development. Success hinges on political will, transparency, and collaboration among all stakeholders, including the private sector, civil society, and international partners. With decisive action, Nigeria can break the cycle of poverty and insecurity, paving the way for a prosperous and stable future.

This report provides a roadmap for Nigeria’s leaders and citizens to confront the nation’s most pressing challenges. By prioritizing human development, security, and good governance, Nigeria can unlock its vast potential and ensure a better quality of life for all.

Sonny Iroche is a 2022-2023 Senior Academic Fellow at the African Studies Centre of the University of Oxford, and Post Graduate in Artificial Intelligence at the Saïd Business School of the University of Oxford 

LinkedIn: http://linkedin.com/in/sonnyiroche

I caught a friend adding oil from a small bottle and water from another smaller bottle to her mouth-watering pot of ogbono soup. My first thought was: caught you, girl, so these are your secret ingredients. But she looked at me strangely and told me the soup was for her husband. She lifted the lid of another pot and lo and behold, it was another pot of ogbono. I was still processing my shock and confusion when her husband arrived. She dished the soup with the ‘special ingredients’ for her husband and the ‘plain’ soup for me. I told her I had a quick errand to run, trying to flee a developing crime scene, of course. My friend smiled and assured me there was nothing to fear. We all ate at the dining table and nobody died, contrary to my expectation. What just happened? My friend later explained.

“My marriage is not what it used to be. My husband is seeing another woman. This time it is serious. This new woman is unlike the other ones. He has been seeing her for close to a year. His secretary is my reliable source and she told me they have even taken a foreign trip together. What am I supposed to do, fold my arms and wait until he moves in with her or move her in with us? What you saw in the kitchen was part of my efforts to hold on to my man and retrieve him from the claws of another woman.”

Holy water, anointing oil in ogbono soup! Is she right or wrong? Perhaps the question should even be: is she doing enough?
A peaceful marriage can become toxic overnight and when it does, what is a woman supposed to do, quit or fight? The easiest solution is to take a walk, walk away if a marriage becomes life-threatening. Verbal abuse, physical abuse, sexual abuse are all toxic. They are also common, and over the years, different types of solutions and coping methods have been proffered. But there is a new one, a less-talked-about abuse and toxicity, spiritual abuse or diabolic toxicity. When juju, jazz shows up in marriage, what is a wife supposed to do?

There are side chicks or mistresses who deploy good food and irresistible sex to establish themselves in the lives of a man. They pamper him with both so much the man forgets the wife he ‘begged to marry’ at home. Those ones are still easy to deal with but when a husband and father of three meets the one that seizes his manhood, what is the wife supposed to do? I mean, if the man suddenly can no longer use his rod of authority to part his wife’s red sea but at his side chick’s place, he can move mountains, what is the way forward? Yeah, it has been known to happen. Did you just say it is erectile dysfunction? Should his erection malfunction in one place and not the other? Why should an erection rise to the occasion when it sees just the cleavage of one woman and refuse to wake up even when it is being pulled like a faulty Tiger I-pass-my-neighbour generator?  

Romoke, who has been married for 20 years, noticed she could no longer start her husband’s generator. She put it down to the anti-hypertension drugs her he was taking. Then she blamed it on the common culprit, erectile dysfunction. She tweaked his diet, made special herbal drinks for him but the third leg remained lame. She was about to resign herself to fate when she heard that her husband was not just having an affair but he had actually gone to pay the bride price of another woman! What? Without a functional manhood? She launched a comprehensive investigation. Don’t ask me for the details. What followed was an emergency extended family meeting where the new wife, Romoke’s husband and indeed everybody younger than Romoke knelt and prostrated to beg her to have mercy. Well, what Romoke found out sent her into a juju rage.

“I found out that the little witch my husband had gone and married was the one who seized my husband’s thing for her own exclusive use. That was the reason my husband could no longer make love to me and instead of the old fool to find a solution, he left me high and dry while he was getting all the sex he wanted from the second wife. Well, two can play the game. I also made sure he could not get an erection at all. If he would not have sex with me, then he would never have sex again. That was why they came to beg. I pretended that I did not know what they were accusing me of but later that night, he came to my bed, performed his duties vigorously and made up for lost time.”
I called that strategy by Romoke  balance of terror. Dangerous, mean, sad and bad but what would you have done especially if you have the wherewithal to show the other woman that you could meet her half way?

However, where a ‘jazzed up’ atmosphere becomes more than a woman can cope with, I will advise that she puts herself first and forget all that bunkum about ‘what will people say’. White science may not be able place or define black magic but it is a reality of our spiritual environment. If a woman feels like she is fortified enough to face marauders’ invasion of her marital territory, by all means, she should show the stuff she is made of. Where she feels that her life and that of her children are being endangered by dark stuff, she should run so that she can live to fight later. Some 30-year-old women have walked the dark edges of this earth and dined with ‘the owners of the world’ so intimately that even 55-year-old ‘owners of the house’ look like a mess of pottage when those ‘young side chicks’ come after their marriages. These are young ‘spirits’ who torment and threaten both at noon and in the dream. Forget their 22-inch Brazilian wigs and manicured nails, no ‘madam is too big for them to devour for breakfast or brunch. If those ones want your husband, lady, just retreat and let them. Open battles with them, unless a wife is kitted by a higher power, usually end up with Madam’s face on a gone-too-soon poster.

When Laide noticed that her husband had gone and brought a basket-load of cobwebs to the house with his head, she knew she had to ferry her children to safety. Her nightmares were not limited to nighttime. Domestic accidents became too regular to be called accidents. Laide’s husband became a stranger she could not recognize. The gentleman she married overnight became violent.
“It was not so much the beating that was frightening but this strange glazed look in his eyes, as if he was not in control of himself. This was a man who had never raised his voice, least of all his hands, against me in 10 years. He just suddenly became dangerous, not just violent. He would pin me down on the bed and hold my neck in a vice grip and then just as suddenly as he started, that glazed look would clear and he would apologise. Of course, I had the option of waiting around to figure it out and defend my home but I also knew he could kill me one day and plead insanity. One morning, I went to work and didn’t return. He brought home a new woman the following month. Three years later, his new ‘wife’ took off with everything he had to his name and relocated abroad. Now, he wants me back.”

If Laide had stayed to battle the enemy and defend her territory, there was a huge chance of her children becoming stepchildren of the ‘enemy’. Some marital battles are better fought later, not now. When the toxicity is laced with jazz, run. You may return later if the man you wanted to fight for had not ‘gone too soon’.

Many events have occurred in quick succession and I discovered I have some catching up to do. While I will still have the opportunity to pay deserved tributes to the most iconic leaders of these times, the brave heroes in the trenches in quest for a new order in our land in the persons of Chief Edwin Clark and Chief Ayo Adebanjo, the most pressing subject of the day is Ibrahim Babangida and his autobiography. I will come back on Adebanjo and Edwin Clark some other days. 

Pent-up grievances, suppressed anger have all been released following the public unveiling of Babangida’s autobiography. It is a wave of recriminations here; it is tornado seeking crushing mindless vengefulness there. It was predictable and he was aware that sooner or later he would have to face hot metals that were undisguisedly being beaten into shape in the furnace, fashioned into arrows to be trained against him at an opportune time. Many were prepared to say on oath that he would be called out to account for his transgressions. Dr. Lasisi Olagunju, editor of The Tribune, who is exceedingly, perhaps matchlessly widely read, who reads any and everything in print, was to remind us of the anxiety of Babangida after the June 12 election was annulled. 

As the implication of the annulment dawned on him he apprehensively asked Professor Omo Omoruyi, his friend and confidant: “I see disaster for myself and my family. Where do I go from here?” He went further: “I told you that I am a prisoner. What do I do?” Something serious had taken place while he was away in Katsina. His colleagues had cancelled the results of an election said to be the freest and most credible election in the annals of Nigeria. So, once a while in the last 31 years arsenals were fired aimed at him in his Hilltop mansion that is his home in Minna. The whistle for what may be called the Day of Judgment came last week Thursday. It was the launching of his book, A Journey in Service about which he himself says tellingly demonstrating the anguish of a tormented soul in a closet: “…this is not a book about finding blame, inventing excuses or whitewashing known facts.” The brandishing of unflattering testimonial for IBB has begun; it is unrelenting. The torrents of criticism are unceasing. 

The wounds he inflicted in many souls, the pains his Administration brought on many homes, dashed hopes and his blood-stained hands not many would eagerly shake are the things in his testimonials his compatriots would want pinned to his chest or for which they would press he should only be remembered. A media personality, Morayo Brown, was quoted by an online newspaper, The News Guru, as saying: “The last 48 hours have been quite interesting. Babangida has a lot of questions to answer and I cannot wait to read the book…Men of valour fought with their voices, pen and influence, yet Babangida reigned like a fearless hurricane , bulldozing all that’s in its path. Many were murdered, my father was thrown into jail several times by the military led by this man for speaking against him and finally had to go on self-exile. 

“As a child, growing up with MKO Abiola, his wife Kudirat and their children and seeing how both our families were ripped apart alongside many others in the wake of Babangida’s annulment is a trauma I can never get passed. I spent weekends in her home; I was very close to all her children. I was in her house when Mumuni, Hadi and Mariam were whisked away to the US following Kudirat’s death. The home that was filled with laughter and joy became a house of sorrow and pain. That picture never left my head.  My father’s stroke was immediately after he heard the news of Kudirat’s death. He never recovered.” 

Because the hurt suffered and the dashed hopes of what a great many believed June 12 had in store for the nation, what good he may have done for the country is overshadowed or erased in some cases. Is it conceivable by any stretch of imagination, therefore, that Babangida could go down as a great leader? When did he begin to derail, to go beyond his brief, his assignment about which he was not fully conscious and got entwined in what many regard as grievous sinning, and how? I am just thinking aloud. I am hoping I will find answers to the nagging questions when I have read the book in full and digested its content. I have for now merely run my eyes cursorily through what has been posted in the internet. 

It was a gathering of prime movers in our society at the book event that took place in Abuja which he built as the nation’s new federal capital. The gathering did all they could to lift his seemingly heavy spirit. His mien in the picture of him carried on television was that of a troubled and penitent soul. A charismatic fellow, Babangida came to the saddle on 27 August, 1985, flashing his sunshine smiles, a charming face and tooth gapped waving hands and raising hopes for the nation. Uneasiness had settled on the nation when he came. On that day he alighted, standing by a tank the weapon of war for which he was renowned as commander ready to shoot away Nigeria’s hydra-headed problems. He cut a sorry figure on Thursday, but had no choice other than to come out to speak to very troubling issues of his administration, bordering mostly on the ephemeralities of the struggle for power and influence.

Despite Bitcoin's current market slump, some industry leaders express optimism that the world's top cryptocurrency might rebound and eventually hit $2 million in a short timespan, driven by institutional adoption, regulatory shifts, and inflationary pressures.

"Bitcoin’s trajectory has consistently defied expectations, and while a $2 million price by 2030 is an aggressive target, it’s not outside the realm of possibility," Dr. Arman Meguerian, CEO of Bitcoin investment platform Timestamp, told TheStreet Crypto.

Proponents argue that increasing regulatory clarity in the U.S. and Bitcoin’s role as a global store of value make the price jump increasingly likely.

Jagdeep Sidhu, president of the Syscoin Foundation, envisions Bitcoin becoming the backbone of global finance: “It would absorb trillions in value as weaker assets disappear,” Sidhu tells TheStreet Crypto.

The Institutional Bet on Bitcoin

"Bitcoin’s potential path to $2 million by 2030 is fueled by positive regulatory changes, institutional adoption, and its track record as one of the best-performing assets of the past decade," CoinFlip CEO Ben Weiss tells TheStreet Crypto. "With spot ETFs [exchange-traded funds] unlocking new capital and governments shifting toward regulation over restriction, Bitcoin is on the way to becoming a mainstream investment."

Major financial institutions have steadily widened their exposure to Bitcoin in the past year. The approval of spot Bitcoin ETFs last year has also mobilized new capital into the market, with firms like BlackRock and Fidelity leading the way.

"As inflation erodes the dollar’s value over time, price levels that seem unfathomable today may one day be inevitable," says Justin Barlow, Head of Business Development and Investments at Sei Foundation.

If Bitcoin captures even a fraction of gold's market cap, seven-figure prices are a strong possibility in the future, some industry observers say.

"Bitcoin, as digital gold, could potentially reach gold’s market capitalization within the next decade,” Youwei Yang, Chief Economist at BIT Mining, tells TheStreet Crypto. “With gold valued at approximately $20 trillion and Bitcoin currently around $2 trillion, this suggests a possible 10x increase in Bitcoin’s value, bringing it to around $1 million per coin.”

“Bitcoin at its core is all about scarcity,” Chris Kline, co-founder of BitcoinIRA, tells TheStreet Crypto. “Only 21 million [Bitcoin] will ever exist, and 19.5 million are already accounted for. Given its extreme relative scarcity against fiat money and the challenges ahead for nation-states struggling with monetary expansion, a $2 million Bitcoin isn't outlandish.”

The U.S. Securities and Exchange Commission has been busy over the past few weeks, hinting at a brighter future for crypto companies.

PS: I'll be in San Francisco next week for the American Banker Payment Forum. Say hello.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

New era

The narrative

The crypto industry racked up a number of early wins in the first month (and week) of Donald Trump's second term as U.S. president. The U.S. Securities and Exchange Commission announced it would drop or close half a dozen open investigations and ongoing cases, and asked courts to pause two more.

Why it matters

The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air.

Breaking it down

Over the last week and change, the SEC filed to withdraw its case against crypto exchange Coinbase, pause its cases against Binance and Tron and informed ConsenSys, OpenSea, Robinhood, Uniswap and Gemini it would close its cases or investigations into those platforms.

These announcements come on the heels of SEC Commissioner Hester Peirce announcing she would head up a new crypto task force at the regulatory agency and publishing a number of open questions to the general public about how securities law might apply to different types of cryptocurrencies and defining how the SEC would oversee this industry. The SEC also withdrew staff accounting bulletin 121, an accounting standard much of the industry hated.

While there are a number of investigations or cases still outstanding, it's clear the SEC has taken a sharply diverging tack under Acting Chair Mark Uyeda from when former Chair Gary Gensler helmed the agency.

Commissioner Hester Peirce said the SEC was now working to develop more policy that would guide the Division of Enforcement's future actions, rather than have these enforcement actions "write regulatory policy."

"We're really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance [and] interpretations," she told CoinDesk in an interview. "And then enforcement has a role after that, of course, to enforce the rules that are on the books. But this has just been an area where we've kind of gone about it backwards, and we're trying to right the ship here."

Crypto bettors on Polymarket, the world’s largest prediction market platform, have wagered over $400,000 on the prediction that Ukrainian President Volodymyr Zelenskyy will leave office before July.

At the time of writing, Polymarket bettors forecast there was a 26% chance of Zelenskyy’s early departure.

On Friday, Zelenskyy visited the White House for talks with President Donald Trump and Vice President JD Vance about the ongoing war in Ukraine. However, the meeting ended without an agreement, as Trump accused Zelenskyy of being an uncooperative ally showing little gratitude to the United States.

“You see the hatred he’s got for Putin,” Trump said. “That’s very tough for me to make a deal with that kind of hate.”

Meanwhile, more than $21 million in crypto wagers have been spent on the question of whether Trump will end the war in Ukraine during his first three months in office.

According to crypto bettors on the Polymarket platform, the likelihood stands at a paltry 23%. Following Friday’s meetings at the Oval Office, one Polymarket user wrote: “[Zelenskyy] should've thanked the American people, how hard can it be to show some gratitude?”

Previously, the platform hosted similar bets on former President Joe Biden dropping out of the 2024 presidential contest. While the crypto prediction platform has faced criticism, it accurately predicted Biden’s unexpected exit.

“Prediction markets give people a financial motivation for conducting thorough research and making rational analysis before placing their bets, and they provide a much higher level of accuracy versus traditional polling because of this financial motivation,” said Brian Trunzo, the former Vice President and Global Head of Business Development at Polygon Labs.

Without the promise of additional U.S. military support, Ukraine is currently mulling levying a crypto tax of up to 10% to help prop up Ukraine’s economy amid the ongoing war with Russia.

[TheStreet]

President Donald Trump will preside over the White House’s first cryptocurrency summit next Friday, further establishing his embrace of the industry.

Trump will deliver remarks at the gathering that “will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets,” the White House said in a statement on Friday night.

The summit will be led by venture capitalist and White House crypto czar David Sacks, and will be administered by working group executive director Bo Hines, according to the statement.

Earlier: Ex-Yale Football Player Ascends to Key Crypto Job at White House

Shortly after taking office, the president signed an executive order to create the working group from key agencies that would advise the White House on digital asset policy and evaluate the creation of a stockpile.

The working group includes the Treasury and justice departments as well as the Securities & Exchange Commission and the Commodity Futures Trading Commission.

During the 2024 campaign, Trump, who had once derided crypto as a “scam,” promised to streamline regulations, choose friendly figures to oversee the sector, support a stablecoin framework and establish a Bitcoin stockpile. After his election, the industry donated millions of dollars to his inaugural committee.

Earlier: Trump Signs Executive Actions Related to Cryptocurrency, AI

While he has not fulfilled all of those pledges, his administration’s policies and the summit itself mark a sharp departure from the Biden administration’s tough regulatory approach after the failure of FTX digital-asset exchange and other scandals. Trump has even gotten into the cryptocurrency business himself, introducing a memecoin shortly before he returned to office and supporting a project involving his sons called World Liberty Financial.

“The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty,” the White House added in the statement.

[Bloomberg]

Moniepoint Inc has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to distribute five million AfriGO cards to Nigerians.

The partnership, which aims to further enhance the government’s digital payment agenda, is also set to accelerate the adoption of AfriGO Card, Nigeria’s National Domestic Card Scheme, nationwide.

According to a statement from the two organizations, the collaboration will also leverage Moniepoint’s reach and infrastructure to tap-and-pay solution, which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.

Transforming financial services delivery 

Speaking on the collaboration, the Managing Director and CEO of Afrigopay Mrs. Ebehijie Momoh, said the partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions.

• She added that with AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk.
• According to her, by reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.
• Also commenting on the partnership, the CEO of Moniepoint Inc., Tosin Eniolorunda, said the partnership would further drive financial inclusion across the country.

“The benefits of contactless payments are far reaching and will be great for our ecosystem.  

“There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions,” he said.

What you should know 

The AfriGO card initiative was launched in January 2023 by the Central Bank of Nigeria (CBN) and the NIBSS to boost financial inclusion in the country and reduce dependence on foreign cards.

• The immediate past Governor of the CBN, Godwin Emefiele, who presided over the launch said the card was designed to cater to local peculiarities that the existing card products have failed to cater to.
• According to him, with the AfriGo card, Nigeria joined countries like China, Russia, Turkey, and India which have their local cards. He noted that the operation of the local cards will not prevent the use of the existing international cards but will provide more options for Nigerians.
• Meanwhile, Afrigopay Financial Services Limited is also partnering with the National Identity Management Commission (NIMC) to deliver the country’s general multipurpose card, which infuses payment into national identity.

[Nairametrics]

Speaking with Saturday Punch on the condition of anonymity, the aspirant noted that Tinubu’s influence in the ongoing power tussle was unmistakable.

“Tinubu’s handwriting on the Lagos Assembly crisis is clear on the wall,” he said.

The politician compared the President’s role in the Lagos crisis to his swift intervention in Rivers State, where he stepped in to mediate between Governor Siminalayi Fubara and Nyesom Wike.

He said, “Mr President intervened in the crisis between Nyesom Wike and Governor Siminalayi Fubara of Rivers State, but he wants us to believe that he closed his eyes to what is happening in the Lagos State House of Assembly.

“We know Obasa has the President’s backing, and that is why he is acting the way he is.”

The aspirant further challenged Tinubu to publicly clarify his position on the Lagos Assembly crisis, rather than allowing speculation to fester.

“If Mr President wants us to believe he is neutral in this crisis, he should come out openly and give a direction on the matter,” he added.

[NaijaNews]