Admin

Admin

Following the passing of our patriarch, elder statesman and nationalist, Chief Samuel Ayodele Adebanjo (April 10, 1928 – February 14, 2025), the family hereby notifies you of the funeral activities:

  1. Day of Tributes/ Service of Songs: Date: Wednesday, April 30, 2025 Venue: Harbour Point, Victoria Island, Lagos Time: 1:00 pm - 6:00 pm
  2. Wake: Date: Friday, May 2, 2025 Venue: Pa Ayo Adebanjo’s Country Home, Isanya Ogbo, Ijebu Ode, Ogun State Time: 4:00 pm - 6:00 pm
  3. Church Service/Final Burial: Date: Saturday, May 3, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am - 1:00 pm
  4. Thanksgiving: Date: Sunday, May 4, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am - 12:30 pm                                                                                

We covet your prayers for the family and your professional support as we continue with the preparations to give him a most befitting burial. We also look forward to your esteemed presence at all the events.

Please accept the assurances of our highest regards.

Signed:

Ms Ayotunde Ayo-Adebanjo

Mrs Adeola Azeez

Mr Obafemi Ayo-Adebanjo

For the family

NB: For enquiries, please call Mr Akin Oshuntokun (+2348037021187), and Biodun Azeez (08055144956, 08055166673 WhatsApp only).

 

 

Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerate Nigeria's production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023. Speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth. Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.  Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa's energy landscape, through indigenous leadership and sustainable development. Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources. As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria's commitment to increasing production, while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event, "Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement." The Minister announced Nigeria's oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025. He also reaffirmed the administration's "drill or drop" policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives, "I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector." He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum's timing, noting "It's apt. It's early in the year and it's about how we grow production. That's why you see all of us participating." He shared how indigenous operators have successfully increased production, citing his company's achievement of 57,000 barrels per day from previously untapped fields.

Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector. "Our success at Heirs Energies demonstrates what's possible in Nigeria's onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership," he said. "By tripling our producing wells to over 100, we've shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities."

The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector's transformative role in driving Africa's economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa's leading indigenous-owned integrated energy company, committed to meeting Africa's unique energy needs while aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa. Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, whose objective is to ensure Africans benefit directly from their continent’s resources.

 

HEIRS ENERGIES LEADERSHIP FORUM 2025

L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies' Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Bybit was hit with one of the biggest hacks in crypto history, losing $1.4 billion overnight. But instead of collapsing, it’s fighting back at full speed. What has happened since? Let’s break it down.

 

Bybit regaining strength bit by bit

Bybit, after suffering one of the largest crypto exchange hacks in history, has pulled off what many feared could take months — if not longer.

The $1.4 billion breach on Feb. 21 saw hackers drain one of Bybit’s cold wallets, a storage method typically considered the safest due to its lack of internet exposure. 

Yet, the attackers exploited vulnerabilities in the exchange’s user interface and smart contract logic to reroute Ethereum EthereumETH-4.53%Ethereum into unidentified wallets.

Despite the scale of the attack, Bybit has moved swiftly, nearly restoring its 1:1 asset backing and closing the deficit left in its wake.

On-chain data shows that over 446,870 ETH — worth approximately $1.23 billion — has already been sourced through loans, direct purchases, and large deposits. 

More than $400 million in ETH was acquired via OTC trading, another $300 million from exchanges, and $285 million through loans, with the remainder from crypto funds.

Blockchain investigators later linked the attack to North Korea’s Lazarus Group — the same notorious collective behind some of the biggest crypto heists, including the $600 million Ronin Network breach in 2022 and the $234 million WazirX hack in 2024. 

Bybit’s rapid response has restored operational stability, with deposits and withdrawals functioning normally as of Feb. 23 — an early sign that user confidence remains intact 

How a hack turned into a liquidity crisis

In the wake of Bybit’s security breach, the exchange faced a crisis that tested the very foundation of its liquidity. 

Within three days, Bybit has seen more than $6.1 billion flow out, reducing its total tracked assets from nearly $17 billion to just under $10.8 billion as of Feb. 24, according to DeFiLlama, wiping out over a third of its holdings.

Bybit’s billion-dollar hack has changed everything — Ethereum rollback, CZ’s warning, and a liquidity miracle - 1
Bybit total assets chart | Source: DeFi LIama

Bybit CEO Ben Zhou quickly mobilized his team to process withdrawals and maintain operational stability. Speaking in an X Spaces session, he detailed how the exchange initially faced withdrawal requests within just two hours of the breach. 

During the session, ZHOU also revoked that despite losing around 70% of its Ethereum reserves in the attack, ETH withdrawals were not the biggest concern — most users were opting to move stablecoins, particularly Tether TetherUSDT-0.01%Tether, off the platform.

Compounding the issue was an unexpected restriction from Safe, a decentralized custody provider that powered Bybit’s cold wallet system. 

Safe temporarily disabled certain functionalities to prevent potential vulnerabilities from spreading, effectively locking up $3 billion in Bybit’s stablecoin reserves at a time when the exchange needed immediate liquidity. 

The move was meant as a precaution, with Safe stating on Feb. 24 that it was “working diligently to restore services and will begin a phased rollout within the next 24 hours.” 

The wallet provider also clarified that while its front end had not been compromised, it had paused specific features, including native Ledger integration, because the compromised signing method in Bybit’s attack involved a Ledger device.

To work around this, Bybit’s team developed a manual verification system, adapting code from Etherscan to confirm transaction signatures. This allowed them to gradually move the USDT reserves and continue processing withdrawals. 

Zhou hinted at the issue in an X post, stating, “We are moving 2.95B USDT from cold wallet to warm wallet; this is a planned maneuver, FYI. We are not hacked this time…” 

Beyond Bybit’s internal crisis management, external blockchain entities mobilized to contain the damage. On Feb. 23, Bybit revealed that $42.89 million in stolen assets had already been frozen. 

A coordinated effort involving Tether, THORChain THORChainRUNE9.95%THORChain, ChangeNOW, FixedFloat, Avalanche AvalancheAVAX-5.21%Avalanche, CoinEx, Bitget, and Circle USDCUSDC-0.01%USDC helped blacklist attacker wallets, track stolen funds, and block further movement. 

The Ethereum rollback debate and the ongoing developments

As Bybit worked to stabilize its liquidity, a far more controversial discussion was unfolding — could the Ethereum blockchain be rolled back to recover the stolen assets? The idea emerged on Feb. 23, fueled by discussions within the crypto community. 

BitMEX co-founder Arthur Hayes was among those who suggested that reversing Ethereum’s state could be a viable solution. 

In a post on X, Hayes stated, “My own view as a mega $ETH bag holder is $ETH stopped being money in 2016 after the DAO hack hard fork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016. Why not do it again?”

Hayes was referring to the 2016 DAO hack, a landmark moment in Ethereum’s history when the network was hard forked to recover $60 million in stolen funds. 

That decision led to the creation of Ethereum Classic Ethereum ClassicETC-4.06%Ethereum Classic, as a fraction of users rejected the rollback, arguing that blockchain immutability should never be compromised. 

Zhou later confirmed that the exchange had reached out to Ethereum co-founder Vitalik Buterin and the Ethereum Foundation to explore possible options. 

However, he was quick to acknowledge the difficulties involved, stating, “I’m not sure it’s a one-man decision based on the spirit of blockchain. It should be a work in process to see what the community wants.”

Even if there were broad community support, rolling back Ethereum today would be far more disruptive than in 2016. The network operates on a state-based model where balances and smart contract interactions are continuously updated. 

Unlike Bitcoin BitcoinBTC0%Bitcoin, where transactions exist in simple blocks, Ethereum’s system is deeply interwoven with DeFi lending pools, liquidity providers, NFT markets, and staking contracts. 

Reversing a state change would likely lead to massive smart contract failures, liquidations, and possibly a contentious hard fork.

While the debate over a rollback played out, Zhou ruled out any internal breaches, confirming that Bybit’s transaction signers had followed standard procedures. However, he pointed to Safe’s cold wallet infrastructure as the likely point of failure. 

He stated, “We know the cause is definitely around the Safe cold wallet. Whether it’s a problem with our laptops or on Safe’s side, we don’t know.” 

Meanwhile, authorities have stepped in. Zhou confirmed during the X session that Singaporean regulators had taken the case “very seriously” and were coordinating with Interpol to track the stolen funds. 

Blockchain analytics firms, including Chainalysis, are also engaged in monitoring wallet movements. 

However, if the attack was indeed orchestrated by North Korea’s Lazarus Group — as some analysts believe — recovering the funds would be exceptionally difficult. 

The group has a history of laundering stolen crypto through decentralized protocols, using mixing services and cross-chain swaps to obfuscate their tracks.

How Bybit’s cold wallet was breached

As details continue to emerge, a clearer picture is forming around how the Bybit hack unfolded. 

Unlike typical exchange breaches that exploit hot wallets or centralized databases, this attack targeted what was supposed to be the most secure part of Bybit’s infrastructure — its cold storage multisig wallet. 

According to blockchain security analyst David, the attack followed a four-stage process:

  • Deploying malicious smart contracts — The hackers set up two smart contracts: a trojan contract, which appeared normal but contained hidden malicious code, and a backdoor contract, designed to take full control of Bybit’s wallet at the right moment. These contracts were prepared in advance to bypass Bybit’s security without raising alarms.
  • Tricking Bybit’s security signers — Bybit’s cold wallet required multiple signers to approve transactions. The attackers sent a fake ERC-20 token transfer request that appeared legitimate on Bybit’s interface. Seeing nothing unusual, the signers approved the transaction, unknowingly granting the hackers access.
  • Hijacking Bybit’s wallet controls — Instead of merely transferring tokens, the trojan contract replaced the master copy of Bybit’s Safe multisig wallet with the hackers’ backdoor contract. This altered the wallet’s security rules, silently handing control to the attackers.
  • Draining the wallet — Now in full control, the hackers executed “sweepETH” and “sweepERC20” commands, which emptied all funds from the wallet. They swiftly withdrew ETH, Lido Stake ETH Lido Staked EtherSTETH-4.33%Lido Staked Ether, Mantle Staked Ether (mETH), and Mantle Restaked Ether (cmETH), moving them to external addresses.

The sophistication of this attack suggests that the perpetrators had an in-depth understanding of multisig wallets and exploited a flaw that few had previously considered a risk.

Industry leaders chime in

Beyond the technical details of the hack itself, the Bybit incident has reignited a broader debate on how exchanges should respond to security breaches. Binance’s former CEO, Changpeng Zhao (CZ), weighed in on the attack. 

CZ noted that Bybit, alongside Phemex and WazirX, had fallen victim to attacks targeting multi-signature cold storage solutions—wallets traditionally considered among the most secure ways to store crypto.

What makes the Bybit case particularly alarming, CZ pointed out, is that the attack involved front-end manipulation. Hackers managed to make Bybit’s interface display a legitimate transaction while secretly executing a different one. 

Transaction signers believed they were approving a standard transfer, while in reality, an entirely different transaction was being executed in the background. 

Adding another dimension to the security debate, CZ reflected on his own approach to handling exchange hacks. He acknowledged that some had criticized his suggestion to halt withdrawals following Bybit’s breach immediately. 

In his view, however, this is sometimes a necessary step — allowing an exchange to assess the full extent of the compromise before resuming operations. 

Citing Binance’s 2019 security breach, in which $40 million was stolen and withdrawals were paused for a week, CZ explained that once operations resumed, deposits actually exceeded withdrawals.

Despite his concerns, CZ commended Zhou for handling the crisis transparently and maintaining a steady presence. He contrasted this with past incidents involving FTX and WazirX CEOs, who were less forthcoming about what had actually happened, leading to a loss of trust among users.

Tron TRONTRX2.49%TRON founder Justin Sun echoed similar sentiments but shifted the focus from security specifics to the need for industry-wide collaboration. He praised Zhou’s crisis management, noting that he remained composed under intense pressure.

Yet, a critical question remains: If hackers can consistently manipulate how cold wallets process approvals, does this undermine the long-held assumption that cold storage is the safest way to secure funds? 

The crypto industry has long treated multisig wallets as the gold standard for security, but if these wallets can be systemically compromised, centralized exchanges may need to rethink how they protect user assets.

 
[Crypto News]
 

Deribit, the world's largest cryptocurrency derivatives exchange, aims to expand in Hong Kong, a sign of momentum as the market regulator looks to make the city a hub for virtual assets.

The Dubai-based company was drawn to Hong Kong because of its position as an international financial hub and its vibrant community of family offices and asset managers, which are increasingly interested in cryptocurrencies, said Jean-David Pequignot, the firm's chief commercial officer, who is based in the city.

"Hong Kong is this central financial hub in the world and a big one in Asia," he said. "If regulators can solve the derivatives piece, it is a place where we love to be."

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

On Wednesday, the Securities and Futures Commission (SFC) unveiled a new road map of initiatives for the virtual-asset ecosystem. The plan includes studying the introduction of virtual asset derivative products for professional investors, or those with portfolios of at least HK$8 million (US$1 million).

 

Crypto derivatives trading was the missing piece of what Hong Kong regulators currently allow, which was predominantly focused on licensing, Pequignot said.

"Derivatives can be speculative instruments for people who want to take leveraged bets into a market," he said. "They can be risky, but they are also very powerful instruments for hedging and risk management."

The risk-management element could help investors navigate fluctuations in the volatile crypto market, Pequignot said.

Deribit, licensed in Dubai, provides a trading platform for bitcoin and ether options. This derivative instrument gives traders the right to buy or sell an asset at a predetermined price at a specific time without immediate commitment to buy or sell the underlying asset.

"Asia is a big market for derivatives, with sophisticated investors who are highly speculative in nature," Pequignot said. "We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with."

Singapore, another major Asian financial hub, has yet to establish regulations for crypto derivative trading.

Hong Kong-based asset managers and family offices had a high appetite for crypto, said Pequignot. Some of his firms' biggest trading counterparties either had operations in Asia or dealt with Asian money directly, he added.

"We see an uptrend in adopting derivatives products in the crypto space," he said. The heightened interest has come from savvy individual investors, hedge funds and family offices.

Last year, Deribit recorded a 95 per cent year-on-year surge in trading volume to US$1.2 trillion, with a strong fourth quarter thanks to heightened optimism around the US presidential election and the US$100,000 bitcoin bull run that followed, the firm said last month.

With US President Donald Trump running a crypto-friendly administration, Deribit hoped to serve the US market once a suitable regulatory framework was in place, Pequignot said.

The firm, established in 2016, is in discussions with regulators in France and Brazil to acquire derivatives licences.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

[South China Morning Post]

 

On Feb. 21, 2025, Franklin Templeton, a major global asset management firm, filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Solana, the sixth-largest cryptocurrency by market capitalization. The proposed Franklin Solana ETF aims to track Solana’s price, with its assets held by a custodian. The ETF’s shares would be listed on the Cboe BZX Exchange, and Coinbase Custody Trust Company, LLC, would serve as the custodian.

This filing is part of a broader trend, with other firms such as Grayscale, Bitwise, VanEck, 21Shares, and Canary also applying to launch Solana-based ETFs. The SEC’s approval of these products is still uncertain. Bloomberg’s Senior ETF Analyst, Eric Balchunas, has estimated a 70% chance of approval for Solana ETFs in 2025 but highlighted that the SEC’s review process and public comment period will influence the outcome.

The Franklin Solana ETF proposal includes a plan for the fund to participate in staking, where it would earn Solana tokens as rewards. These rewards would be considered income for the fund. Staking has been a significant topic of discussion among crypto firms, especially with the SEC’s stance on the matter still unclear. Companies like the New York Stock Exchange and Cboe BZX have been seeking approval for staking in crypto ETFs, such as Grayscale’s Ethereum fund.

Recently, Solana’s price has experienced a decline, trading at about $168, down over 16% in the last week. This decrease is linked to a controversy involving the Libra token and a broader slowdown in meme coin projects. Despite this, demand for crypto-related investment products continues to rise, driven by the success of Bitcoin ETFs, which have seen over $40 billion in net inflows in the past year.

Franklin Templeton’s filing follows a similar move earlier in 2025 when the firm launched the Templeton Crypto Index ETF, which gives exposure to Bitcoin and Ethereum. If approved, the Solana ETF would expand Franklin Templeton’s portfolio of crypto-based products in the U.S., signaling the firm’s growing interest in the digital asset space. The broader trend of increasing crypto-focused financial products suggests a shift in the market toward greater diversity in the types of digital asset investments available.

As the regulatory environment for cryptocurrency continues to evolve, many experts are optimistic about the approval of Solana ETFs. With rising demand for digital asset products and the SEC's evolving stance, the approval of these ETFs is anticipated to enhance access to crypto investments further for institutional and retail investors alike.

[Yahoo Finance]
 

Ethena, a crypto project whose dollar-pegged coin has ballooned to become one of the biggest of its kind since its launch a year ago, has raised $100 million to help fund the introduction of a similar token aimed at traditional financial institutions.

 

The fundraising, which hasn’t been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments, according to a person with knowledge of the matter.

Ethena runs two cryptocurrencies: ENA, which is a so-called governance token that gives owners a say in the project; and USDe, which is marketed as a “synthetic dollar” and currently offers holders a 9% yield. USDe’s circulation has swelled to almost $6 billion as booming crypto prices allowed Ethena to offer returns that at one point reached 60%.

A foundation supporting the project sold ENA tokens to the investors at an average price of just under 40 US cents each, said the person, who asked not to be identified discussing private information. ENA’s price soared to around $1.30 in mid-December but has since crashed almost 70%, according to CoinGecko data.

Beyond big-name financial backers, the project has established connections in the US halls of power. World Liberty Financial, a crypto project promoted by US President Donald Trump and his sons, said in December that it had entered into a strategic partnership with Ethena Labs, the startup behind the project. Trump campaigned as a crypto advocate, and launched his own memecoin just before returning to the White House.

Ethena Labs declined to comment on the token sale. Dragonfly Capital Partners, Polychain Capital LP and Pantera Capital Management LP, three of the biggest crypto venture capital funds, also participated in the funding round, people with knowledge of the matter said.

A spokesperson for F-Prime declined to comment. Franklin Templeton didn’t respond to a request for comment. Dragonfly, Pantera and Polychain declined to comment.

Yield-Generating Mechanism

The USDe token is backed by a reserve of digital assets, including stablecoins like USDT and USDC, by far the biggest such cryptocurrencies. That’s a crucial difference from USDT and USDC, which are mainly backed by highly liquid and safe assets like US Treasury bills. Crypto data trackers CoinGecko and CoinMarketCap classify USDe as a stablecoin.

Layered on top of that is more complex financial engineering intended to generate yield for holders, something USDe’s biggest competitors don’t do.

Ethena uses a version of the basis trade, which exploits price discrepancies in spot and futures markets, to generate yield. When crypto markets are booming and funding rates — the interest paid by bullish traders to take on leverage for futures bets — are high, the mechanism Ethena relies on can translate into sky-high yields.

That strategy, however, could be tested in a bear market.

(For more on how USDe works, read: ‘Tokenized Hedge Fund’ Rakes in Crypto Billions With 37% Yield)

“Risks arise for Ethena when cryptocurrency markets experience sharp price corrections and the funding rate becomes negative as traders liquidate their long positions and others want to open short positions,” researchers at CryptoQuant said in an April report. “In this case, traders with open short positions (the case of Ethena) are required to pay to traders with open long positions.”

Such a development could put pressure on the reserve fund Ethena maintains to underpin the stablecoin, according to the CryptoQuant report.

Institutional Focus

In a January blog post, Ethena Labs founder Guy Young said the project would soon roll out iUSDe, a product tailored for regulated financial institutions.

That token will come with certain transfer restrictions to allow traditional financial firms to use it. Young said Ethena’s “singular focus” for the first quarter of the year is to work with finance distribution partners to enable their clients to access iUSDe. The new token will “enable traditional finance an efficient entry into the product without ever needing to touch crypto rails,” Young wrote.

Stablecoins are becoming a key bridge between the worlds of crypto — where they’ve been used for years — and traditional finance, where companies like Standard Chartered Plc are making forays into the asset class. Tether’s USDT is backed by more than $140 billion in dollar-denominated assets managed in part by Cantor Fitzgerald, whose founder Howard Lutnick is Trump’s commerce secretary.

In January, Trump signed an executive order to protect the greenback, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”

Ethena also plans to use the proceeds of the token sale to invest in launching its own blockchain, the person familiar with its operations said.

[Bloomberg]

Ruth never imagined she would need a Cesarean section.

Like many first-time mothers, she had envisioned a vaginal birth—the pain, the pushing, and ultimately, the joy of holding her newborn in her arms.

But when her labor stretched past 18 hours with little progress, doctors at the hospital in Abuja made it clear: she and her baby were in danger.   

“I wasn’t dilating, and my baby was showing signs of distress,” Ruth recalls. “I had no choice. In that moment, it wasn’t about my preference—it was about survival.”  

Now a mother of two, she looks back at that emergency C-section as a lifesaving decision, one that reshaped her understanding of childbirth.

For her second pregnancy, there was no hesitation—she opted for an elective C-section. “Although recovery was tough, my child’s safety was all that mattered,” she says.

Her story is just one of many shaping the evolving conversation around maternal healthcare in Nigeria.

In a country where maternal deaths remain alarmingly high, at 512 deaths per 100,000 live births, more women are actively making choices about their childbirth options.

But those choices are deeply personal, often shaped by cost, medical advice, and deeply rooted cultural perceptions.

The numbers behind the change  

Globally, C-sections are becoming more common. According to new research from the World Health Organization (WHO), more than 1 in 5 childbirths (21%) are now via C-section, and by 2030, that figure is expected to rise to nearly 29%.

  • Nigeria is no exception. As medical awareness grows and access to healthcare improves, more women are choosing C-sections—some out of medical necessity, others for peace of mind. However, financial barriers remain a significant challenge.
  • In private hospitals across Nigeria, a C-section can cost anywhere from N300,000 to N1,500,000, with complications pushing the bill beyond N2 million. Many women simply cannot afford the procedure, leading to dire consequences when emergency interventions are needed.
  • To tackle this, the Federal Government recently announced free C-sections for Nigerian women in public hospitals. Professor Muhammad Ali Pate, Coordinating Minister of Health and Social Welfare, stated:

“The new policy is designed to ensure that women who need C-sections, either due to complications or as part of planned deliveries, can access the procedure without financial obstacles.” 

The initiative aims to reduce maternal and neonatal mortality rates by ensuring more women have access to life-saving interventions without the burden of cost.

Breaking the Stigma: The shift in perception  

For Ifeoma, a 40-year-old schoolteacher in Lagos, the decision was clear from the beginning. She never wanted to experience the pain of labor.

“I had seen my sister go through a painful vaginal delivery that left her with complications for months,” she says. “Another of my sisters had a C-section and recovered faster. So, I decided—why go through unnecessary suffering when a planned procedure could be easier and safer?”  

Her two children were delivered via scheduled C-sections, and she has no regrets. “It was smooth both times and though recovery took time, I had peace of mind knowing my birth was controlled and predictable.”  

Yet, not all women feel the same.

Funmi, 32, is expecting her second child and remains firm in her decision to have a vaginal birth. “I know C-sections save lives, but unless it’s absolutely necessary, I’d rather not go through surgery,” she says.

“My recovery from vaginal birth was faster, and I don’t want to deal with the pain of surgery while caring for a newborn.”

Her biggest concern? The possibility of being required to have C-sections in future pregnancies. “Once you have one, many doctors push for another. I don’t want to limit my options,” she adds.

The future of childbirth in Nigeria  

Younger Nigerian women are approaching childbirth with a more informed perspective. At just 25, Jennifer has already decided she will opt for a C-section when the time comes.

“I know people think I’m crazy for making this decision so early, but I’ve done my research,” she says. “I like the idea of a planned, stress-free delivery. I don’t see why I should take on unnecessary pain when modern medicine offers a safer option.”  

Her decision is influenced by the experiences of friends and family members who struggled with difficult vaginal births. “If science gives us the option to avoid prolonged labor and complications, why not take it?”  

C-Sections: A life-saving option, not a luxury  

Medical experts stress that while vaginal birth remains safe for most women, C-sections are crucial in preventing maternal and infant deaths when complications arise.

Conditions like prolonged labor, fetal distress, placental complications, and hypertensive disorders like preeclampsia often make C-sections necessary. Without them, many women and babies would not survive.

“I have seen women terrified of C-sections because of myths surrounding the procedure,” says Dr. Uzoma Onu, a Consultant Obstetrician and Gynecologist in Keffi.

“But with proper guidance, they realize it can be the safest option. Epidurals effectively manage pain, and surgical monitoring has greatly improved.”

Similarly, Dr. Sikiru Ojo, a medical doctor based in Lagos, emphasized that misconceptions and financial constraints hinder many women from accessing timely surgical intervention, leading to preventable maternal and infant deaths.

“Many Nigerian women fear C-sections due to cultural beliefs, but it is a medically safe procedure when performed under the right conditions,” he stated.

He also addressed the financial burden associated with C-sections, noting that high out-of-pocket costs make the procedure inaccessible for many. He called for increased health insurance coverage and government interventions to subsidize emergency obstetric care. “Affordable healthcare policies must include comprehensive maternal care to reduce maternal mortality rates,” he urged.

Dr. Ojo further stressed the need for improved healthcare infrastructure and skilled personnel to enhance surgical outcomes.

He encouraged expectant mothers to prioritize their health and seek professional medical advice rather than relying on myths.

“A C-section can be the difference between life and death,” he said.

With government intervention, improved medical awareness, and evolving attitudes, the conversation around childbirth in Nigeria is changing one woman at a time.

[Nairametrics]

A Chieftain of the Peoples Democratic Party (PDP), Dele Momodu, has said General Ibrahim Badamosi Babangida (IBB) failed to bring to a conclusion the crisis of June 12.

Naija News reported that the former Military President, General Babangida, last Thursday, during the launch of his autobiography, ‘A Journey In Service’, revealed that it was the late General Sani Abacha that annulled the 12th June 1993 presidential election without his permission.

 

In an interview with News Central, on Monday, Momodu, who spoke on the call for IBB’s trial by critics, said the former Military President ought to apologize to Nigerians and not give excuses.

 

The former PDP presidential aspirant added that the annulled June 12 election was the best opportunity to put the country on track for progress.

His words: “I was hoping that we would be able to bring some form of closure to the June 12th crisis. All that we needed to do that day was to get a full unconditional apology for what happened. If I was one of those who wrote the speech with him or for him, then I would have ensured that we did not give any further excuses. Just come out, apologize to Nigerians, apologize to the families that were displaced, disrupted, destroyed, and I believe that would have closed it finally.

“But the moment I started hearing excuses about, we did it in national interest, we did it so that our democracy can survive. I don’t think what we have today is a proper democracy. It’s become a sham.

“We have the federal government wants to win every election. The state government wants to win every election. The local government is in disarray. So at the end of the day, what have we gained? People tell you, yes, I can declare myself, go to court. So what we have today is kangarooism, which started after June 12th. June 12th would have been our best opportunity to put Nigeria on the right track.

[NaijaNews]

In the weeks leading up to the 2007 Kano State gubernatorial election, Mallam Nasir El-Rufai, then Minister of the Federal Capital Territory (FCT) and a prominent member of President Olusegun Obasanjo’s cabinet, visited Kano to mediate between Governor Mallam Ibrahim Shekarau and Mallam Nuhu Ribadu, Chairman of the Economic and Financial Crimes Commission (EFCC).

The intervention came after a public feud between Shekarau’s administration and the EFCC over a report allegedly implicating the governor. At the time, any report from the anti-corruption agency that indicated wrongdoing could automatically disqualify a candidate from participating in elections. However, the constitutional authority to disqualify candidates rests with the Code of Conduct Tribunal (CCT), which is currently embroiled in controversy.

Mallam Sule Yau Sule, the governor’s spokesperson, had dismissed the EFCC report alleging Shekarau’s involvement in corruption. Despite Sule’s refusal to retract his statement or apologise to the anti-graft agency, he eventually resigned from his position and traveled for Umrah. The matter was resolved, and Shekarau was re-elected as governor on April 14, 2007, securing 671,184 votes on the platform of the All Nigeria Peoples Party (ANPP), defeating his closest rival, Ahmed Bichi of the Peoples Democratic Party (PDP), who garnered 629,868 votes.

As a writer, I have previously examined the roles of El-Rufai and Ribadu, two influential Northern political figures who rose to prominence under President Obasanjo’s administration. Both were celebrated as bold reformers. El-Rufai was credited with transforming Abuja through urban planning, modernisation, and monetisation policies, which earned him a close advisory role with Obasanjo. Conversely, Ribadu spearheaded aggressive anti-corruption campaigns, exposing high-profile figures such as Inspector General Tafa Balogun and Governor Diepreye Alamieyeseigha, reinforcing Nigeria’s global stance against corruption.

Beyond their achievements, both were key members of Obasanjo’s influential Economic Team and played pivotal roles in the emergence of Umaru Musa Yar’Adua as the PDP’s presidential candidate in 2007 after the aborted Third-Term Agenda of Obasanjo.

Contrary to expectations, Yar’Adua did not serve as a puppet of the Obasanjo administration. He reversed key policies, such as petroleum price hikes and taxation reforms, asserting his independence, and move that did not sit well with Elrufai and Ribadu.

In my December 2009 article, “Still on El-Rufai and Ribadu on President Umaru Yar’Adua,” I explored the irony of their initial support for Yar’Adua, only to become some of his fiercest critics after his election. Speculations arose that El-Rufai and Ribadu had anticipated securing influential roles—possibly as Minister of Energy and Inspector General of Police, respectively—but were sidelined. Their subsequent disillusionment with Yar’Adua might have stemmed from their inability to influence his administration.

For various reasons, both men eventually left the country and later actively campaigned for Yar’Adua’s resignation as his health deteriorated and political instability ensued. They returned to Nigeria after Yar’Adua’s death.

Strangely, many were unaware of their growing discord as they both vigorously campaigned for Bola Ahmed Tinubu’s candidacy in 2023. However, their relationship took a dramatic turn when President Tinubu appointed Ribadu National Security Adviser, while El-Rufai’s ministerial nomination was abruptly halted. Many questioned why Ribadu did not intervene to assist El-Rufai in securing the ministerial position.

Their friendship has worsened, marked by escalating public disputes. The conflict centres on El-Rufai’s claim that Ribadu lied about never accusing President Bola Tinubu of corruption during his EFCC tenure, citing 2006–2007 records. The rift deepened after Hajia Naja’atu Muhammad’s TikTok video accused Ribadu of hypocrisy, referencing his past criticisms of Tinubu. Ribadu’s lawyer, Dr. Ahmed Raji demanded a retraction and apology, calling the allegations baseless and damaging to Ribadu’s reputation.

Speculation suggests that their relationship began to sour around 2010 when Ribadu accepted the Action Congress of Nigeria’s (ACN) presidential ticket for the 2011 elections without prior consultation with El-Rufai. This move reportedly led to feelings of betrayal and  subsequent estrangement. Despite their differences, both were seen together at various events, including weddings and burials, creating the impression of continued closeness. However, insiders noted that their personal and professional relationship had already fractured for over a decade.

While Ribadu later defected to the PDP in his bid for the Adamawa governorship, he could not secure the ticket in 2015. In contrast, El-Rufai won his governorship election under the APC. There were also reports that El-Rufai attempted to help Ribadu secure a Senate seat in 2019, but Ribadu rejected the offer, opting instead to run for governor. Similarly, other reports claim that El-Rufai opposed Ribadu’s gubernatorial ambitions in Adamawa in the 2019 and 2023 elections despite being a major power broker in the ruling APC.

Nuhu Ribadu, now a powerful figure as National Security Adviser under President Bola Tinubu, was surprisingly sidelined during the previous Buhari administration, much like Nasir El-Rufai’s current experience of being politically marginalized under Tinubu’s government.

This reversal of fortunes has exacerbated their animosity, with El-Rufai allegedly aligning with opposition figures to challenge Ribadu.

Unfortunately, a bond built on mutual respect and shared vision has degenerated into a spectacle of accusations and confrontations. For those who have consciously avoided engaging in partisan politics, this embarrassing political rivalry reinforces our decision to stay away from a landscape where friendships dissolve, and once-principled figures become unprincipled public actors.

Rather than escalating their disagreements, both men should be reminded of their shared history and efforts in shaping Nigeria’s political and economic landscape. Their actions today will shape their legacies and influence future generations.

It is not too late for them to reflect on the camaraderie they once shared and their collective impact on public service reforms and the anti-corruption movement.

I urge El-Rufai and Ribadu to sheath their swords and embrace peace, even if the ongoing drama is a strategic maneuver ahead of the 2027 elections. Reflecting on the alignments and realignments of political forces that culminated in the 2015 ouster of President Goodluck Ebele Jonathan, it is clear that nothing in politics is ever predictable.

At this critical juncture, peace and political stability should precede personal rivalry. Both men have contributed immensely to Nigeria’s development, and unnecessary feuds should not tarnish their legacies. Let them rise above their differences and focus on the greater good of the nation.

The latest autobiography in town: Babangida: A Journey in Service “is an important book in many respects” according to the reviewer, Yemi Osinbajo, a professor and former Vice President. Accordingly, it is not just a story of the remarkable journey of former military President Ibrahim Badamasi Babangida from childhood to the highest levels of public service, it is an account of a “journey of our Nation Nigeria, the Nigerian story, complex, sometimes unpredictable, sometimes stranger than fiction, but always fascinating”.

Many of the key characters in the book who shaped the history of our country were there on Thursday, “demonstrating something truly unique about Nigeria: our ability to move beyond the past and come together”.

Seated among those who shaped what the late General Chris Ali once called “The Federal Republic of the Nigerian Army” in Ali’s 2011 book was General Yakubu Gowon, who became Nigeria’s Head of State at just 32 and led the country for nine years. His government was overthrown in 1975 by a coup involving then-Brigadier Olusegun Obasanjo, Brigadier Theophilus Danjuma, and the author himself, Babangida, who was then commander of the newly formed Armoured Corps.

The reviewer with a deep sense of history noted: “Also involved were then-Lieutenant Colonels Muhammadu Buhari, Sani Bello, and Sani Sami. Yet, there they were on February 20 at Transcorp Hilton, with former President Obasanjo and General Danjuma with his representative, (no thanks to ill-health) present not as adversaries but as witnesses to history, celebrating a fellow statesman.

“In a striking turn of fate, the author notes that it was President Obasanjo who, after the tragic assassination of General Murtala Mohammed, insisted that a young Lt. Col. Babangida be appointed to the Supreme Military Council, making him its youngest member at the time”, the reviewer revealed.

But not physically present but represented on the occasion was immediate past President Muhammadu Buhari another leader whose path intertwined with Babangida. It was Babangida who played a key role in the coup that brought General Buhari to power in 1983, and later, in another coup that removed him and brought Babangida himself to power. Specifically, President Buhari was represented at this occasion, celebrating the man who overthrew him and detained him for three and a half years his one time old adversary General Babangida.

There was some hushed excitement when the reviewer reminded the younger ones who don’t read history that, “there is gentleman here who was an elected senator in 1992 in the course of Babangida’s Transition Programme, when Babangida annulled the 1993 election, and General Abacha took over and dissolved the Senate. He tried to reconstitute the senate in resistance to the dissolution he was detained and charged to court, he escaped into exile. Today, he also is here to celebrate with his erstwhile tormentors but now as President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Tinubu GCFR…”

The 420-paged book also raises curiosities “because it unveils one of the most enigmatic leaders Nigeria has ever had. A man who some call Maradona, others the evil genius, baring his mind in his own words, in writing, for the first time since he left office 32 years ago”. Then the denouement on Thursday as revealed by the artful reviewer who notes that the author “concludes in the book and I quote him : “looking back now, the June 12 saga was undeniably the most challenging moment of my life and, in certain respects, one of the most painful… and he went on to admit “If I had to do it all over, I’d do it differently…”

Osinbajo, a professor of law of evidence rounds off his review thus: “by any standard, Babangida’s Journey of Service is an extraordinary book. It is a collection of stories from a life deeply intertwined with Nigeria’s contemporary history, —told with remarkable wit, insight, and a vivid sense of place. Babangida’s storytelling ability is undeniable; he draws the reader into each moment, making history feel immediate and alive. His prose flows effortlessly from one era to another, from one pivotal event to the next, in a way that is both engaging and easy to read. He is generous in his praise of others, acknowledging the contributions of many along the way. Yet, despite the richness of his narrative, this book will not silence the debates or end the controversies surrounding his years in power especially the final chapter of his leadership. The questions will persist, the criticisms will continue, but that has always been the nature of the Babangida Phenomenon. He remains, as ever, a force of history…”

In his remark, President Bola Tinubu on the book and unveiling of the fund raiser for a presidential library, said former military president Gen. Ibrahim Badamasi Babangida showed unusual courage and patriotism by admitting that late M.K.O. Abiola won the June 12 election in 1993.

The annulment was a watershed moment in Nigeria’s democratic history, precipitating a political crisis and hastened his exit from power. Many of the key actors of the phenomenal June 12, 1993 election crisis have died. They included M.K.O Abiola, the presumed winner of the election, General Sani Abacha, the Head of State who finally buried the mandate and assumed power; the then Attorney General Akpamgbo; Saleh, Chief Judge of Abuja who pronounced the election dead; etc, including most of the G-34 members who signed away June 12 The Guardian reported as a scoop on June 11, 2000.

President Tinubu said the former leader’s admission about Abiola’s victory would help to set the records properly. But as yours sincerely had noted in an “Arise News” comment on Thursday night: It is as Shakespeare would have put the outcome of an elections after 32 years: “…a tale told by an idiot full of sound and fury, signifying nothing…” . Nigeria’s leader said he would continue to do his best for the country by making tough decisions to reposition the economy. He called on Nigerians to refocus their time, energy, and resources on building the country that remains their home and be more mindful of changes in global migration laws that could impede their dreams of a better life.

“I am glad about what is happening in America and Europe, the contradiction you have seen now. What is it telling us? It is telling us to wake up and make Africa a better place, particularly this country, Nigeria….”

President Tinubu thanked Gen. Babangida for his foresight in ensuring the private sector’s growth in Nigeria. “Without you, people like me will not be in politics. I thank you for your progressive revolution. You said you wanted young, brilliant people in politics. We met you in Dodan Barracks. You inspired some of us. And when you look at the programme today, the names of bankers and many of us here today for this library project are all because they believe in the visionary Babangida. Thank you for what you are.”

Gen. Babangida who thanked the President and all guests for attending the unveiling of his autobiography, admitted that annulling the June 12 elections was the most challenging decision of his life. Given another chance, he would have handled the situation differently.

His words: “That accident of history is most regrettable. The nation is entitled to expect my expression of regret. As a leader of the military administration, I accept full responsibility for all decisions taken under my watch”. “June 12 happened under my watch; mistakes, oversights, and missteps happened in quick succession, but I say in my book, in all matters, we acted in the supreme national interest so that Nigeria could survive…”
The launch of General IBB’s book, offers valuable lessons and deliverables for the current administration. As I was saying on “Arise News Tv” on Thursday, the key takeaway is the importance of our leaders investing in human capital, particularly the youth and tapping of intellectuals and technocrats across all geo-political zones as IBB intentionally did in his time.

Using a football analogy, I had on Thursday emphasised that just as a Spanish football club, Real Madrid invest in top talent like Mbappe, Vinicius Jnr, Rodrigo, Bellingham, etc Nigeria’s leaders must prioritise investing in their best and brightest people. This means also that leaders in Nigeria should create and invest in opportunities for education, skills development, and entrepreneurship. There shouldn’t be recourse to the people Alvin Toffler calls the illiterate of the 21st century who can’t learn, unlearn and relearn.

What is more, at the event, Tinubu had the opportunity of hearing about the quality of IBB’s team from 1985 to 1993, a period marked by significant economic and political reforms in Nigeria. In other words, IBB tapped the brightest and the best brains from all over the country. Tinubu’s team has been regularly criticised as a celebration of mediocrity. He has an opportunity soon to rejig his team as he marks second year in office in May this year.

Tinubu’s presence at the book launch highlights his commitment to learning from Nigeria’s past leaders and building on their achievements. As the current President of Nigeria, he recognises the importance of understanding the country’s history and the role that leaders like IBB have played in shaping its development.

The Lessons: visionary leadership: IBB’s leadership style, as highlighted in the book, demonstrates the importance of having a clear vision for the country’s development; strategic planning: The book launch emphasises the need for strategic planning and implementation, which was a hallmark of IBB’s administration: he created agencies even in human capital development sectors, (education and health) where the late Babs Fafunwa and Olikoye Ransome Kuti, for instance, showcased the importance of skilled and committed leaders in the discipline of execution.

Besides, IBB’s leadership style highlights the importance of inclusive governance, which involves engaging with various stakeholders, including the youth, to ensure that their voices were heard. President Tinubu’s testimony also underscores that. He (Tinubu) should borrow from that brilliance.

In the main, the launch of IBB’s book offers valuable lessons and deliverables for President Tinubu’s administration. By investing in human capital, particularly prioritising education reform beyond creation of more instead of better universities, inclusive governance, the administration can set Nigeria on a path to sustainable development and growth. That is the Babangida we should find in a new Tinubu after the profound speeches last Thursday. After all, in a Sunday August 22, 1993, issue of The Guardian a Nigerian celebrated columnist, Gbolabo Ogunsanwo of blessed memory wrote a classic on ‘The Babangida in all of us’. I hope the best of Babangida President Tinubu spoke glowingly about on Thursday will also be in him, for the public good’s game at this time.