Author: Ogochukwu Ndubuisi

Bitcoin’s $1 Trillion Shakeout Is ‘Leverage’: deVere CEO Bitcoin has erased more than a trillion dollars’ worth of crypto market value in six weeks, forcing the market to confront how much borrowed money had been propping up positions across the sector. This is the analysis of Nigel Green, CEO of one of the world’s largest independent financial advisory organisations, as global stocks and risk-on assets extend losses. In this context, ‘leverage’ means some traders had been using borrowed funds to boost the size of their positions. When prices fell, those positions were automatically closed by exchanges, creating forced selling that…

Wike-Led Faction Takes Over PDP National Secretariat The Peoples Democratic Party (PDP) faction loyal to the Minister of Federal Capital Territory (FCT), Nyesom Wike, has taken over the party’s national secretariat, Wadata Plaza, Abuja. The take-over of the party’s secretariat was ahead of the parallel meeting reportedly scheduled for the same venue by the faction that held its national convention in Ibadan at the weekend. The Taminu Turaki-led National Working Committee (NWC) elected at Ibadan controversial national convention had scheduled its inaugural meeting with party stakeholders at 10 a.m. at the PDP national secretariat. Also the Abdulrahman-led faction of NWC…

ASUU Warns of Nationwide Varsity Shutdown as Negotiation Stalls The Academic Staff Union of Universities (ASUU) has warned that it will resume its nationwide strike if agreement was not reached with the Federal Government at the expiration of its one month ultimatum. ASUU, Kano Zonal Coordinator, Abdulkadir Muhammad, gave the warning on Tuesday in Kano during a news conference after the zone`s meeting. The lecturers in October suspended their warning strike with a month-long ultimatum to the Federal Government to meet its demands which centred around their welfare and providing conducive teaching and learning environment. Muhammad decried what he described…

China Disproves U.S. Ambassador to Japan’s Remarks Chinese foreign ministry spokesperson Mao Ning on Tuesday disproved remarks made by U.S. ambassador to Japan George Glass on the social media platform X, calling them a purely political stunt. Glass’s remarks related to China are inconsistent with the role and duties of a diplomat, Mao told a daily news briefing. The U.S.-Japan alliance is a product of the Cold War and should not be directed against any third party, nor should it arbitrarily interfere in the internal affairs of other countries or harm their core interests, she added.#China Disproves U.S. Ambassador to…

We’ve Grown Nigeria’s Digital Broadcast Subsector By 35%–NIGCOMSAT The Nigerian Communications Satellite (NIGCOMSAT) Ltd says the country’s digital broadcast subsector has expanded by 35 per cent to 75 per cent utilisation in two years. It said this represented a milestone in the country’s digital transformation drive. The Managing Director of NIGCOMSAT, Mrs Jane Egerton-Idehen, said this on Monday in Abuja at a retreat with the theme: ‘Aligning for the Future: Innovation, Collaboration, and Sustainable Growth.’ According to her the theme reflects NIGCOMSAT’s commitment to driving Nigeria’s digital transformation and positioning itself as a global satellite industry leader. She said one…

Ukraine’s Zelensky Signs Deal to Buy 100 French Fighter Jets Ukrainian President Volodymyr Zelensky on Monday signed an agreement to buy dozens of Rafale fighter jets from France. The memorandum of understanding, co-signed by French President Emmanuel Macron, covers the purchase of up to 100 aircraft, according to the Élysée Palace. The SAMP/T air defence system is also said to be included in the agreement. Macron wrote on X about a “great day.” Zelensky is currently in France on his ninth visit since the start of Russia’s full-scale invasion in February 2022. In late October, Zelensky signed a similar memorandum…

BBC Chairman: Trump Has no Basis for Defamation Case BBC chairman Samir Shah has reassured staff that U.S. President Donald Trump has no basis for a defamation case, over the editing of his speech for the Panorama programme. “We are determined to fight this.” Shah said. The president has said he will still sue the corporation in spite of an apology over the editing of a speech made ahead of the attack on the U.S. Capitol. The BBC said the edit of Trump’s speech on January 6, 2021 had given the “mistaken impression that President Trump had made a direct…

President Bola Tinubu has assured potential partners and foreign investors that the right time to invest in Nigeria’s aviation is now, as the industry

Nigeria’s Headline Inflation Rate Crashes to 16.05% in October Nigeria’s headline inflation rate crashed to 16.05% year on year in October, according to the consumer price index (CPI) report released by the statistics office. According to the National Bureau of Statistics (NBS), headline inflation eased sharply to 16.05% year on year in October, down from 18.02% year on year in September. Both food and core inflation moderated, down by 375 bps and 84 bps to 13.1% year on year and 18.7% year on year, respectively. However, on a month-on-month basis, consumer prices increased by 21 bps to 0.93% compared with…

COP30: Nigeria Set to Boost Green Economy, Tackle Climate Change Mrs Tenioye Majekodunmi, Director-General, National Council on Climate Change (NCCC), says Nigeria will intensify efforts to advance the green economy toward mitigating climate change. Majekodunmi said this on Monday during an interview with the News Agency of Nigeria on the sidelines of the 30th United Nations Climate Change Conference of the Parties in Belém, Brazil. She said focus on overall environmental sustainability including renewable energy, sustainable agriculture, and waste management would be maintained nationwide. According to her, Nigeria has taken this charge to heart. Our commitment is not just an…