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Asset managers, ranging from wealth management companies to hedge funds and pension funds, boosted allocations to U.S. exchange-traded funds tied to the price of bitcoin in the fourth quarter of 2024, as the price of the world's largest cryptocurrency soared 47%, according to recent regulatory filings.

The State of Wisconsin Investment Board disclosed in its quarterly 13-F filings with the Securities and Exchange Commission that its bitcoin ETF holdings more than doubled in the final three months of last year, to 6 million shares of the iShares Bitcoin Trust ETF by December 31. The fund, which was the first fund of its kind to report investing in crypto following the debut of bitcoin ETFs, couldn't immediately be reached for comment.

Other large investment funds also boosted their holdings in the ETFs, which launched in January 2024.

Tudor Investment Corp, a systematic hedge fund manager, reported its holdings of the iShares ETF -- now the largest of the pack, with more than $55 billion in assets -- climbed to 8 million shares, from 4.4 million shares. The value of those holdings also soared, reflecting bitcoin's jump in value, hitting $426.9 million, up from $159.9 million at the end of September. Tudor didn't immediately respond to a request for comment.

An Abu Dhabi sovereign wealth fund, Mubadala Investment Co, reported its first foray into bitcoin ETFs in the fourth quarter, taking a 8.2 million share stake in the iShares ETF that was worth $436.9 million.

Hedge fund Hunting Hill Capital had no exposure to these ETFs as of the end of the third quarter, but by December 31 had re-emerged as a significant investor, with positions valued at about $131 million by the end of the year.

"We’ve been actively trading within the broader crypto ETF complex, and the timing of the third-quarter filing may not have aligned with when we bought and sold various ETFs," said Adam Guren, founder and chief investment officer of the firm.

The ranks of those adding to positions included financial advisory firms whose clients have been eager buyers of bitcoin ETFs. Cetera Advisors and NewEdge Advisers were among firms that boosted holdings in several of the ETFs, including products offered by Fidelity, ARK Investments and Invesco.

Other investors were more selective, the filings showed. Cresset Asset Management boosted its exposure to ETFs carrying lower fees, said Jack Ablin, the firm's chief investment officer.

"It's also possible right now to get attractive options pricing for collar strategies, allowing us to protect the downside while giving away less of the upside in exchange, on these bitcoin funds," Ablin said.

The 13F filings are one of the few ways to get insight into how institutional investors are positioned at the end of every quarter. The positions may not reflect current holdings.

[Reuters]

It's often difficult to make sense of regulatory actions and changes to the structure and size of regulatory units. In a quickly evolving sector like cryptocurrency, it's even more challenging than usual. Sometimes it's not certain whether a major new development is going to be a boost or lead to a bust -- and there can be persuasive arguments in both directions.

If you're planning substantial crypto investments, understanding regulatory shifts and their implications is crucial. So here's what the latest big change is and what you need to do about it to stay ahead of the game.

The wild west is about to get even wilder

According to a report by The New York Times published on Feb. 4, the Securities and Exchange Commission (SEC) will be reducing its 50-person cryptocurrency law-enforcement group in keeping with the preferred policies of the new presidential administration. It's unclear if any or all of the activities originally assigned to the group will be handled by the newly formed Crypto Task Force created as part of an initiative by the new administration.

For now, what's certain is that the SEC's exercise of oversight of the cryptocurrency sector is set to get even weaker than it was before. From mid-2013 to the end of 2024, the SEC only executed 207 cryptocurrency-related actions, including litigation and other administrative proceedings.

Still, this new development has some important implications for investors. The proponents of the scaled-down unit at the SEC include those who claim that the cryptocurrency sector will be able to grow faster with fewer regulatory impediments. While that might be true for matters like approving new types of financial derivatives a bit faster than before -- or approving them at all -- the argument starts to fall apart when considering the need to protect investors from outright illegal activity such that they're confident enough to commit their capital to cryptocurrencies at all.

On chains like Solana (CRYPTO: SOL) and Ethereum, where fraudulent activity and outright scams have plagued investors for years, experiencing even less enforcement is unlikely to change the status quo for the better.

On the other hand, it is critical to note that it is probably difficult for the situation in many sub-sectors on these chains to get much worse, especially for meme coins. The vast majority of meme coins are already straightforward attempts to extract money from investors within minutes of their capital being committed. And serious investors do not dabble in those spaces for reasons other than a lack of enforcement.

While legal protections would in theory reduce many of the risks of these assets, they are still fundamentally incredibly volatile, risky, and without a strong tie to any fundamental value.

So there isn't necessarily a new headwind here even if there's certainly no tailwind to look forward to. Expect the fringes of these ecosystems to be as extractive and dangerous as ever.

A larger and older chain like Bitcoin(CRYPTO: BTC) is already deeply integrated into the traditional financial system and thus is at least partially covered by the protections affecting that sector. But it is not clear that less enforcement by the SEC will change much of anything at all.

Investors can buy the coin directly in their retirement or brokerage accounts via exchange-traded funds (ETFs), which are still fairly tightly regulated. Despite their unreliability, cryptocurrency exchanges must still store and distribute user coins on demand; however, weaker regulations make them less appealing investment venues.

Finally, those who are technically inclined can buy it and hold it on the blockchain directly, and it isn't as though the SEC was doing much to crack down on scams involving fake blockchain interaction software or other vectors for theft.

Look at the big picture and how it is evolving over time

For most investors, the paring back of the SEC's crypto enforcement unit won't have any tangible impacts immediately, and it might not ever.

The major cryptocurrencies like Solana, Bitcoin, and Ethereum are established enough that, despite the presence of some problematic activities on their chains, they also have strong and multifaceted investment theses which do not require anything in the way of regulatory guardrails to continue playing out. Those theses will remain true, so the coins are still very much worth buying.

Just be aware that there are even fewer protections and even less hope of salvation if you lose your money investing in scam projects on their chain.

Should you invest $1,000 in Solana right now?

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[The Motley Fool]

Valentine’s Day celebrates partnerships—built on trust, balance, and mutual development.

The same principles apply to Forex trading, where understanding the dynamics between currency pairs unlocks beneficial opportunities.

This season of roses and chocolates, let’s dive into the “power couples” of the Forex market. Here’s what makes them tick and the lessons traders can learn from these dynamic duos.

 

1. EUR/USD: The Power Couple

In the Forex world, EUR/USD is the equivalent of a timeless power couple like David and Victoria Beckham. It dominates the global trading stage, accounting for nearly 24% of trading volume.

Why It Works:

The euro and the US dollar represent two of the world’s largest and most stable economies. This pair boasts high liquidity, narrow spreads, and predictable price movements, making it a top choice for all traders.

Love Lesson:

Strong foundations lead to long-lasting success. EUR/USD offers traders a dependable partnership, even in volatile markets.

2. GBP/JPY: The Rollercoaster Romance

Dubbed the “Dragon Pair,” GBP/JPY is a couple that thrives on drama and excitement. Its high volatility and wide price swings make it a favorite among thrill-seeking traders.

Why It Works:

The British pound is highly sensitive to economic news, while the Japanese yen is seen as a safe haven during uncertainty. Together, they create a dynamic pair that’s both unpredictable and rewarding.

Love Lesson:

Passion fuels excitement, but it also comes with dangers. Like this pair, taking calculated risks can lead to big rewards.

3. AUD/USD: The Reliable Partners

Known as the “Aussie,” the AUD/USD pair represents trust and stability. Its movements are closely tied to Australia’s commodity exports and global risk sentiment.

Why It Works:

This pair offers steady performance, especially during active trading hours, and correlates strongly with commodity markets like gold.

Love Lesson:

Reliability doesn’t mean boring—it means consistent growth. Traders value AUD/USD for its flexible opportunities.

4. USD/JPY: The Yin and Yang

The USD/JPY pair showcases how opposites attract. The US dollar’s economic strength meets the Japanese yen’s reputation as a safe haven during global uncertainty.

Why It Works

This pair thrives on balance. It’s highly liquid, offers narrow spreads, and is often used for both hedging and speculative strategies.

Love Lesson:

Harmony comes from understanding opposing forces. In trading or relationships, balance creates a winning partnership.

5. Exotic Pairs: The Adventurous Match

Traders looking for something different may find thrilling opportunities in exotic pairs like USD/ZAR—US dollar/South African rand.

Why It Works:

Although exotic pairs involve higher volatility and wider spreads, their potential for impressive profits appeals to adventurous traders.

Love Lesson:

Growth happens outside your comfort zone. Like trading exotic pairs—bold moves, backed by preparations, can pay off.

Lessons from Great Partnerships 

Strong relationships and successful trading share key principles:

  • Understand the Dynamics: Every currency pair has unique traits—know what drives them.
  • Adapt to Change: Markets, like relationships, evolve. Be flexible and adjust your strategies.
  • Manage Risks: No relationship or trade is without challenges. Proper risk management ensures long-term success.

Celebrate Perfect Pairs This Valentine’s Day 

This Valentine’s Day, embrace the harmony between love and trading. Whether you’re navigating the steady stability of EUR/USD or the thrilling highs and lows of GBP/JPY, each pair offers lessons in balance, understanding, and opportunity.

At Octa, we celebrate partnerships of all kinds—both in life and the Forex market. As you trade this season, remember that finding your perfect pair is about collaboration and growth.

Happy Valentine’s Day from Octa!

[Nairametrics]

Saturday, 15 February 2025 14:02

How I Survived In The US – Gov Sule

The Governor of Nasarawa State, Abdullahi Sule, has disclosed that his undergraduate days in the United States were not easy.

Naija News reports that Governor Sule said his skill paved the way for him when he graduated without having a certificate.

 

Sule said that his vision for skill-based knowledge for youths in the state was driven by his experience in the country, stressing that corporations achieve their goals with skilled workers, not certifications.

 

He stated this while he spoke at the inaugural Engineer Abdullahi Sule Colloquium in Lafia, with the theme “Technological-Driven Entrepreneurship as a Panacea for Unemployment and Catalyst for Economic Growth and Development”.

The governor explained that worked as a welder at night and schooled during the day to survive as an undergraduate in the United States.

“When I was graduating from Government Technical College Bukulu in 1980, I got a scholarship to study at Indiana University in the US. Then I worked as a welder at night and attended school in the day time just to make money through skills I acquired.

“Throughout the period of my stay in the university as I worked in the night, and after graduation, the first job I got, nobody asked me to present any certificate. All they needed was my skills and my ability to do the job,” he said.

Sule stated that his government planned to train would-be retirees who were still agile with technical skills and financial support to invest in the skills acquired, adding that youths would be trained with starter packs for self-employment.

[NaijaNews]

Saturday, 15 February 2025 13:59

Ousted Speaker Obasa sues Lagos Assembly

The former Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has filed a lawsuit against the Assembly and the new Speaker, Mojisola Meranda, before the Lagos State High Court in Ikeja, challenging the legality of his removal from office.

The suit, which is yet to be assigned to a judge, seeks a court declaration that his colleagues in the House acted unlawfully by removing him while the Assembly was on recess.

In the application dated 12 February 2025 and filed by his lawyer, Chief Afolabi Fashanu, SAN, the plaintiff claimed that he was removed from his position on 13 January 2025 by 36 lawmakers while he was out of the country.

The impeached lawmaker is seeking the following reliefs: an order of the court to fix a date for an accelerated hearing of the case and to shorten the time allowed for the defendants to respond with counter-affidavits or written addresses to seven days after the hearing.

Obasa also asked the court to limit the time for the plaintiff to file replies on points of law to three days.

His application is based on nine grounds, focusing on the interpretation of various sections of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and the Rules and Standing Orders of the Lagos State House of Assembly.

The plaintiff challenges the constitutionality of the Lagos State House of Assembly’s sitting and proceedings during recess without the Speaker convening the House or delegating authority to another person.

“Public interest necessitates that this case be heard and resolved quickly to avoid disruption of legislative activities in the state,” Obasa argued.

He maintained that the court must urgently determine the legality of the Assembly’s current leadership, as it violates applicable laws and rules.

He further asserted that the court holds inherent powers to grant expedited hearings and impose time limitations.

No date has been fixed for the hearing.

Obasa was impeached on 13 January while he was out of the country by more than two-thirds of the 40-member legislative house over alleged misconduct and other offences.

His deputy, Mojisola Meranda, was immediately elected as the new Speaker, making history as the first female to lead the legislative body in the South-West state.

Obasa returned to a welcome rally at his residence in GRA, Ikeja, on 25 January, maintaining that he was not afraid of being impeached but insisted that due process had not been followed.

The former Speaker alleged that his removal was orchestrated while he was away and accused the Lagos State Commissioner of Police of facilitating the process.

He claimed that security agents, led by the police commissioner, invaded the Assembly complex and his homes in Agege and Ikeja, locking his family indoors with over 200 officers present.

Obasa also dismissed allegations of misappropriation.

[DailyPost]

Singer L.A.X has shared how he begged his girlfriend to stay after discovering she cheated on him.

In a conversation with Chude Jideonwo, L.A.X recounted the incident where his girlfriend returned home intoxicated, and he found evidence of nfidelity on her phone. 

Instead of confronting her angrily, L.A.X said he surprisingly found himself begging her to stay in the relationship.

 
 

“I was dating this girl, she came in drunk and I held her to the bed. She even threw up. I checked her phone and I saw, ‘I enjoyed this night. I think we should do this again.’

“As I showed her the phone, she just looked at me and said, ‘He’s just my friend. We just spent the night.’ Trust me, it was me that was now begging. I said we can work it out and she said, okay, don’t worry,” L.A.X recounted

[TheNation]
Saturday, 15 February 2025 13:52

I love intelligent men — Funke Akindele

Popular actress, Funke Akindele, has opened up about her passionate approach to love. She revealed that she is a lover girl who loves seriously and goes the extra mile for her lover.

Speaking in an interview with Saturday Beats, Akindele said, “I am a lover girl and I love seriously. Because I am a bit of an extremist, I go the extra mile. I can wake up tomorrow and buy my spouse a car. The green light for me is someone who pampers me and checks on me genuinely. I love a real and positive guy. I also love intelligent men.”

Reflecting on her personal journey, Akindele admitted there was a time when she almost gave up on love. Offering advice to others who may feel similarly disheartened, the ‘Everbody Loves Jenifa’ actress said, “I used to be like that. Don’t give up on anything in life but look at the brighter side of things. If you have given up on love, just take a chill pill and don’t force it. Don’t look for it; it will find you.”

 

Akindele also disagreed with critics who claim the industry is losing its quality storytelling. “I will never agree to that. We are creatives and we tell our stories from different angles. What is in my head is not in your head. There is no bad story; it is about how you execute it. Don’t forget, that is my economic power— the fact that I can tell my story how I want it. I am not tired of Nollywood stories; just tell your stories well,” she said.

Speaking on the secret to her remarkable success in Nollywood, Akindele noted, “It is just consistency and the fact that you need to study your audience and tell relatable stories and never get tired of it. For you to be outstandingly successful, you need to put in the hard work and not just the smart work.”

[Punch]

Nigerian music legend, Innocent Idiaba known with his several aliases has a trajectory that bears an uncanny resemblance to that of the Nigerian nation, if not, then in the instability of his romantic inclinations.

The first thing that draws a comparison between Innocent Idiaba and Nigeria is that of an identity crisis.

For any journalist following the triumphs and trials of Innocent Idiaba, a major issue is how to identify him. Innocent Idiaba first evolved with the moniker, 2Face. That byname first adopted in his early days in Enugu was to differentiate his double identity as a businessman and as an artiste.

 
 

From 2Face the name grew into Tuface as the musician sought a stylistic shade to his stature in the industry.

By 2016, having established himself in the industry, he transformed into 2Baba. However, it is remarkable that Tuface is what many of his followers continue to identify him with.

Google searches show that Tuface by far ranks above every other identity that the music star bears. So, some can dare say that given the fact that he is more popularly searched for as Tuface, a name that he has discarded, the musical icon may well be living in the glory of the past.

Only a few in the ruling All Progressives Congress, APC would disagree that Nigeria is not living in the glory of the past. With economic and political indicators alarming many, there is no doubt that Nigeria just like TuFace is also living in the glory of the past.

In an interview on Arise News Tv earlier this week, African Development Bank president, Dr Akiwunmi Adesina spoke of how he was able to travel to the United States with less than N500 in his pocket in the eighties.

That old glory of Nigeria was also seen by some of us who made night trips across Nigeria on good motorable roads. There were those of us who also saw bustling factories in Kano, Ikeja, Ogba. Such glories of the past were also seen when university undergraduates were served a quarter chicken for a ticket of 25 kobo.

The back and forth on Tuface’s identity also bears a resemblance to Nigeria and the back and forth with a National Anthem. An anthem is a song that binds a group, a society, state or nation.

In that respect, many will agree that Nigeria was stronger together as a nation in the past than today with ethnic jingoists taking centre stage in the polity.

After Nigeria discarded the colonial anthem, ‘Nigeria we hail thee’ in October 1978, it is significant that ideological rebels and student bodies in the heat of protest often resorted to that anthem to express their displeasure. For them singing the new anthem, “Arise o Compatriots” was reflective of submission to the authority.

After President Bola Tinubu railroaded the National Assembly to return to that colonial anthem in 2024, we have now seen those who in the spirit of rebellion rejected Arise o Compatriots now reprising the same Arise O Compatriots to express their rebellion.

However, what may have drawn out the comparison on Tuface and Nigeria is the instability in his dalliances.

Tuface presently has seven children from three women. It is remarkable that by the time he married Annie in 2012, one of the baby mamas already had three children for him. Another had two. The lady with two, who was actually the First Republic, has since covered up that “dirty” chapter of her life by marrying a pastor. 

They now have a thriving Christian ministry operating out of Lagos. US-based Pero Adeniyi, who was the Second Republic with three children for Tuface and from an elitist home was a recurring nightmare for Annie, the Third Republic.

While Annie, may have been Tuface’s longest republic, it now appears that like Nigeria’s Third Republic masterminded by General Ibrahim Babangida, it was a web of intrigues and deceit.

Just as Babangida forced the Third Republic on Nigeria for his interests, Tuface and Annie appeared to have coerced themselves into a Republic out of emotion.

Now about to enter his Fourth Republic with lawmaker, Natasha Osawaru, there is increasing scepticism on the prospects of this Fourth Journey. It cannot be otherwise given the official and unofficial tales of philandering credited to Tuface, an otherwise very nice, respectful and good fellow.

There are very few who believe that this Fourth Republic with Honourable Natasha Osawaru will last.

Natasha, daughter of Desmond Osawaru and Philomena (Igbinedion) Osawaru is the grand-daughter of powerful Benin chief, Chief Gabriel Igbinedion.

Her parents’ wedding about 35 years ago was officiated by Dr Benson Idahosa and broadcast live on television. Dr Idahosa had at that wedding warned against marrying for wealth. It is thus significant that such will not be said for Natasha or Tuface.

Philomena’s mother, Madam Maria Igbinedion, and father, Sir Gabriel were already divorced by the time the wedding took place.

So, for those giving dire warnings to Natasha about Tuface’s unstable love life, she undoubtedly has a history of marital discord in her lineage to know the dangers ahead.

It is worthy to note that at the commencement of Nigeria’s Fourth Republic, many who fought for democracy detached themselves believing that it will not last. That is why Gani Fawehinmi, Femi Falana and many other zealots kept away.

However, the Fourth Republic has now lasted more than 24 years and surprised many. So for sceptics of the Tuface-Natasha affair, they could well be surprised that this his Fourth Republic may endure!

In preparation for the 2027 general elections, a faction of the Labour Party (LP) loyal to the interim Chairlady, Nanedi Usman has launched a comprehensive strategy to revive the party’s fortunes and position it as a major party to beat.

The strategy, tagged “Operation Recover and Redeem,” was aimed at addressing the party’s internal challenges and repositioning it as a viable force in Nigerian politics.

 
 

The interim Chairman of the party in Ogun State, Apagun Olaolu Samuel, disclosed this when he led a delegation of the party in the State on a courtesy visit to the Nigeria Labour Congress (NLC) National Political Commission, where they expressed concerns about the party’s current state.

Olaolu expressed his displeasure over the perceived silence of the NLC on matters affecting the party, as well as prolonged court cases stalling party operations.

He said, “as part of the “Recover and Redeem” strategy, the Labour Party has resolved to launch a nationwide congress, leading to a legitimate and all-inclusive national convention. This move aims to restore the party’s integrity, protect its human capital, and rebuild its image ahead of the 2027 general elections”.

“The party, also said it will implement legal and organizational measures to counteract manipulations and external influences that have undermined its values and progress”.

“We are committed to recovering our party from those who have hijacked it and restoring its integrity,”.

“We urge all our members to remain steadfast and committed to this process, as we work towards rebuilding the Labour Party into a formidable force for the 2027 elections.”

The development is seen as a significant step towards revitalizing the Labour Party, which has faced numerous challenges in recent years. With the “Recover & Redeem” strategy, the party aims to reassert its relevance and influence in Nigerian politics.

Responding, the NLC Political Commission, led by Acting Chairman, Professor Theophilus Ndubuaku, reassured the Labour Party leadership of their commitment to addressing all the concerns raised.

The commission also formally recognized the Labour Party’s Interim Executive Committee in the State, and commended their efforts in maintaining party cohesion during challenging times.

[Vanguard]

Olu Fasan’s opinion piece in the Vanguard of Thursday, February 13, 2025 entitled: ” EFCC’s Failure: Olukoyede’s Blame- Shifting is Mere Shadow- Boxing”, clearly brought to the fore precipitate desperation to deny, ignore, lampoon and disregard the obvious and undeniable achievements of the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede since he assumed office more than a year ago. Besides, the piece equally exposed Fasan as lacking total grasp of the position of Olukoyede on the character traits of many Nigerians in their disposition to the fight against corruption.

Recently, Olukoyede decried the hypocritical tendency of some Nigerians towards the vexed issue of corruption in the land. He rightfully observed that ” Everyone is crying that Nigerians are corrupt, that the system is corrupt, that corruption is killing us and destroying our system, but when we investigate high- profile cases and arraign people in court, the same poeple will carry placards and be supporting corrupt leaders. It doesn’t show that we are serious about this fight”.

Nothing can be more factual than this. There is no ” blame- shifting” or “shadow- boxing” in this but ungarnished reality about the attitudinal trajectory of many Nigerians regarding the issue of corruption. Fasan’s backgrounding of his visceral attacks of Olukoyede and the EFCC on such a disclosure clearly shows malice, prejudice or a naked dance to please some paymasters. We all know that corruption has leprous fingers contaminating the masses of our people. A recent show of shame in Okenne where a former governor standing trial for suspected money laundering charges drew tumultous cheers from the same people he allegedly defrauded, is enough cause for concern.

Across the country, the EFCC is sensitive to the unhelpful embrace and canonisation of many suspects of corruption cases. Rather than hold them at arm’s length, we regularly offer them front seats in social gatherings, religious meetings, tribal festivities and other public functions. Our social media is always awash with rationalisations, justifications and shameful defences of even convicts of corruption. Fasan’s tirade and gratuitous insults on the EFCC and its hard- working Chairman is another parade of corruption in bold statements. How do we make progress in such a society where anti- graft fighters are seen as enemies and their genuine efforts are treated as smelly trash cans?

 

Talking about the mud Fasan splashed on the EFCC and its operations. How on earth will anyone dismissively describe Olukoyede’s EFCC as a failure? In recent times, it is public knowledge that the Commission uncovered several underhanded dealings across the country, resulting in unprecedented recoveries, arrests, arraignments and ongoing trials of many suspects of economic and financial crimes. It is also clear as crystal that such operational dynamics are without comparison locally and globally.

Is it the Lokogoma, Abuja’s recovery of 753 duplexes and other apartments? Or the arrests and arraignments of 792 suspected cyber terrorists, investment and romance fraudsters? Or the several high- profile cases the Commission is prosecuting in our courts? To denigrate such open attainments, Fasan may either be living in Mars but if he is on planet earth and denied such global records of the EFCC, then, every fair- minded Nigerian should be able to discern mischief and calumny in his commentaries.

Now, let’s get to the brass tacks. Since assuming office in October, 2023, Olukoyede has turned the anti- corruption war into a redemptive engagement. The three-pronged agenda which has become his blueprint for fighting economic and financial crimes is all too known. So far, the EFCC under his watch is witnessing steady turnaround. In 2024 alone, the Commission achieved monetary recoveries in billions and unmatchable convictions and advances in all the cases it is handling. His policy thrust of tackling corruption through preventive frameworks has birthed
a full- fledged department, Fraud Risk Assessment and Control, FRAC, in the Commission. There is no time in the annals of the EFCC that such progress has been made.

 

Fasan’s diatribe that Ola Olukoyede ” is full of hot air on corruption in Nigeria” is not true. Evidently, Nigerians are feeling the impact of the policy drives he has initiated. The onslaught on Naira abuse and dollarisation of the economy is gaining traction. Till date, more than 50 Nigerians from all walks of life have been convicted on this matter. The whole issue is protecting the local economy from heamorrage and reversing age- long traditions pulling back growth and development. The courageous tackling of internet fraud and associated criminalities is re- building the foreign direct investment profile of Nigeria. Steadily, our nation is bouncing back and it is owing to the relentless efforts of the Commission Olukoyede is heading.

At this point, Fasan’s claims that ” the EFCC is too incompetent, corrupt and politicised to tackle endemic corruption in Nigeria” deserve closer examination. To all intents and purpose, these claims are without any sound basis or empirical strength. Only last year, four former governors were brought before the courts to answer charges of corruption preferred against them. Four former ministers followed the same route and are standing trial on their stewardship. All these are outside ongoing investigations which will soon be made public. So, where is incompetence in all these? Can a lameduck anti- graft agency achieve such a feat?

To the credit of Olukoyede, internal corruption is becoming a taboo in the EFCC. For the umpteenth time, the Commission has come out clearly on its ethics and integrity policies which have since sent 27 officers out of its workforce. A corrupt agency will not go that far. The EFCC’s boss has never claimed to be heading an angelic agency. Rather, he has been forthright in driving internal cleansing to make the Commission free of compromisers and sharp dealers. Fasan glossed over this important credit of the Commission in his hurry to cast aspersions on its works.

Nigeria is better with EFCC. Every well- meaning Nigerian knows this. The international community knows it. We know that corruption fights back. However, calling white black or driving chariots of warfare against the Commission owing to some vested interests would not serve any purpose. Olukoyede is drawing meaningful local and international accolades everyday owing to verifiable proofs of his achievements on all fronts. We can only advise Nigerians like Fasan to be more positive and see the stars on the sky rather than its dark clouds. Olukoyede will continue on his winning strides and Nigeria will surely get better.

 

Oyewale is head, media & publicity of the EFCC.