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$500m Worth Of Bitcoin Traded In Nigeria In Last Five Years – Moghalu

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Former presidential candidate, Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last five years.

Moghalu who was once the Head of Directorate of the Central Bank of Nigeria, (a unit which he says is in charge of the financial systems), disclosed these figures while reacting to the recent CBN policy which directed all banks to close accounts that transact in cryptocurrency.

He faulted the move of the apex bank, saying that regardless of the risks involved in trading in cryptocurrencies, he would not recommend that it be banned outrightly.

“A lot of the activities in the world are going digital and I would not recommend banning it (cryptocurrencies) outright,” Mr Moghalu said in an interview on Channels Television’s Sunday Politics.

“$500 million worth of Bitcoin has been traded in Nigeria within the last five years and Nigeria is one of the top 10 countries in the use of cryptocurrencies in the world today”.

He further explained that it is becoming a real factor in the country’s investment ecosystem, as well as a livelihood for many Nigerians.

The Central Bank of Nigeria on Friday, ordered all banks to close accounts of anyone who transacts in cryptocurrency.

The order was contained in a circular to banks and other financial institutions, signed by the Director of Banking Supervision, Bello Hassan, and was expected to take effect immediately.

According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

However, Mr Moghalu faulted the directive and echoed the sentiments of many other Nigerians, noting that the move is seen as though the government is always taking actions aimed at taking away opportunities from Nigerians especially in a depressed economy.

He believes that any investment has risks and if he was in a position to make a decision, it would be to balance the risks as against the current realities of the country.

According to the former presidential candidate, regular currencies depreciate in value as against cryptocurrencies such as the BTC but many Policies from the bank in the past few years have not been favourable.

“The Nigerian Government should try to make the investment climate far more friendly and efficient than it is now.

“It is unfriendly, that’s why the foreign investment is declining,” he said.

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Labour Party Insist On Fair Play In Conduct Of Edo Governorship Election

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The leadership of the Labour Party on Tuesday labelled Edo State as the support base for the Obidient Movement in the country.

The party said those who have been following the progress of the party in the last two years know that Edo remains the capital of the Obidient Movement having contributed over 75 per cent of the total votes cast at the last presidential election.

This was disclosed in a statement issued by the National Publicity Secretary of the party, Obiora Ifoh, during the campaign road walk in major cities of Edo to create for its governorship candidate, Olumide Akpata.

He said, “Edo state is the capital of the Obidient Movement in Nigeria. It is our support base, and we have the best candidate for the election. It shows clearly during the last general election when the Labour Party won over 75 per cent of the total votes cast in the presidential election.


“The support is still there and we gave the people the candidate they demanded. We therefore insist on fair play in the conduct of the election.”

The Obidient Movement, which was birthed in the build-up of the 2023 general election, comprises young Nigerians who see the hope of a new Nigeria in the candidacy of LP Presidential Candidate, Peter Obi.

The impact of the movement was felt when it powered the Labour Party to a stunning performance at the February 25 presidential and national legislative elections.

To date, LP has one elected governor, 35 members of the House of Representatives and eight senators to its credit.

Reacting to Tuesday’s campaign walk in Edo, Ifoh noted that the massive turnout of people for its governorship candidate was a clear sign that transfer of power is imminent ahead of the September 21 governorship election

The spokesman also claimed the fitness walk in the company of Akpata has sent a strong warning to other political parties that the Labour Party is fully ready to win the election if the game is played by the rules.

He said, “The fitness test has just awakened the spirit of the Edolites. It is a march that is suggestive of the strength, character, resilience and capability of our candidate being the youngest amongst the top contenders in that election.

“The state has suffered so much in the hands of the old order. This is the time for power to change hands to a mobile generation, which the Labour Party and Obidient stand for, to trigger a positive change in the state.”

The party also warned against the use of agents of the state and other political detractors to undermine the party’s campaign while also advising other contestants to play by the rules.

“We are not unmindful of what transpired at the University of Benin a fortnight ago. We will resist any attempt by anti-democratic agents to play their dirty games,” he stated.


His warning comes on the heel of an indefinite suspension slammed on the University of Benin Student Union Government by the school management.

A statement released on Monday by the UNIBEN Registrar, Ademola Bobola, said the action was in connection with the attack launched on Akpata by some students suspected to be members of the union.

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Sylva’s Running Mate, MacIver, Sacks Media Aide Over Alleged Misconduct

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The Deputy Governorship candidate of the All Progressive Congress (APC) and the Bayelsa State Coordinator of the Tantita Security Nigeria Limited, Great Joshua MacIver has sacked his Special Assistant on Media and Publicity, Jonah Daumieye.

According to the statement, issued on behalf of Great Joshua MacIver (aka De IzonTukpa) by his Chief of Staff, Timi Igoli, after thorough assessment and consideration of his conduct both in private and public, it has become evident that Mr. Daumieye’s character is not in alignment with the ideals, character, and personal values that the name IzonTukpa stands for.

According to the statement, “By this notice, we wish to inform Bayelsans and the general public of the termination of Mr Jonah Daumieye’s appointment as Specialm Assistant on Media and Publicity to Great Joshua MacIver (aka De IzonTukpa).”

“This decision, which is effective immediately, has been made in the best interest of maintaining the integrity and credibility of our media and publicity efforts. We wish Mr. Daumieye the best in his future endeavour

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We’ll Do Everything To Resist APC’s Plot To Turn Nigeria Into One-Party State, Wabara Vows

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Former Senate President and Chairman of the Board of Trustees (BoT) of the main opposition Peoples Democratic Party, (PDP), Senator Adolphus Wabara, has vowed that any attempt by the ruling All Progressives Congress (APC), to turn Nigeria into a one-party state, would be vigorously resisted.This is coming as a former Minister of State for the Federal Capital Territory (FCT), Chief Chuka Odom, has resigned his membership from the Peoples Democratic Party (PDP).

Also, more members of the PDP have tendered their letters of resignation from the party, since last week’s resignation of former Deputy Speaker of the House of Representatives, Emeka Ihedioha from the party.

Senator Wabara who was responding to the reported mass resignation of some key PDP members in the South-east geo-political zone, accused the APC of using some elements in the PDP to disintegrate the party.Recall that the former Governor of Imo State, Ihedioha, on Tuesday, resigned his membership of the PDP, citing the lingering controversy over the position of the PDP National Secretary.

Barely 24 hours after the former governor’s exit, key members and officials of the party in Imo State also tendered their resignation letters.

Some of the National officers from Imo State who had allegedly resigned from the PDP included: BoT member, Chief Chris Okewulonu; four zonal officers – Mr Stanley Ekezie, ex-officio Zonal Officer; Chief Austin Okeke, Zonal Publicity Secretary; Chief Emeka Nwokeke, Zonal Organising Secretary and Zonal Woman Leader, Mrs Ruth Nkwocha.

Others were three state officers and a local government Chairman of the party in Imo, namely: Mr. Kissinger Ikokwu, State Legal Adviser; Mazi Emenike Nmeregini, State Publicity Secretary; Chief David Abanihi, State Assistant Treasurer and Hon Sambazz Iheaturueme, Obowo LGA Chairman.Former members of the House of Representatives, Hon. Obinna Onwubuariri; Mr Chibuzor Agulana, Prof. Obioma Iheduru, Mrs. Amarachi Owuamanam , were also said to be among those who had dumped the main opposition party.

Reacting to the development, Wabara said that the PDP BoT would swiftly wade in to halt further exit of other members.Wabara said that the BoT as the conscience of the party, would not allow self-seeking individuals to be used by the ruling party to destabilise the PDP.He said: “The BoT will wade in expeditiously to save the deliberate and planned extinction of this great party, the Peoples Democratic Party.“The BoT with the array of distinguished men and women of invaluable experience and integrity will surely salvage the party. The BoT did it once and shall do it again no matter whose ox is gored.

“The BoT will never allow the APC to use some characters in the PDP to turn this beautiful and sweet Nation (Nigeria) into a one-party state,” Wabara added.
Meanwhile, a former Minister of State for the FCT, Odom, who was a gubernatorial aspirant in Abia State in 2015 on the PDP platform, has also resigned from the party.

Before his resignation, Odom held various political positions, including Commissioner for Special Duties in Abia State (2003-2007), Federal Minister of State for Environment, Housing, and Urban Development (2007-2009), and Minister of State for FCT (2009-2010).

In a letter addressed to the PDP National Chairman, Odom stated that his resignation was prompted by two considerations.

According to him, the PDP is no longer capable of providing a credible and robust opposition to the ruling party, which he considers essential for the survival of democracy in Nigeria.He also indicated his desire to take a break from partisan politics to pursue other interests.

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