Hello and welcome! In today’s trending news stories;
1. SERAP has urged President Bola Tinubu to direct the Attorney General and anti-corruption agencies to investigate the alleged disappearance, diversion, or theft of over ₦26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021. The allegations stem from the 2021 audited report by the Auditor-General of the Federation, published on November 13, 2024. SERAP called to prosecute those responsible and recover missing funds to address Nigeria’s budget deficit and debt crisis. The audit report highlights several financial irregularities, including unauthorized contracts, unaccounted funds in bank deposits, and payments made for services not rendered. The report also details misappropriations in the Federal Ministry of Petroleum Resources, including unauthorized expenditures, missing tax remittances, and suspicious consultancy payments. SERAP warned that if no action is taken within seven days, it will pursue legal action to compel the government to act, emphasizing that Nigeria’s wealth should benefit its people
2. Former Vice President Atiku Abubakar has called on President Bola Tinubu’s administration to uphold “Nigeria First” ideals rather than promoting divisive sentiments. Reacting to comments made by Tinubu’s spokesperson, Sunday Dare, Atiku urged the government to focus on national unity and avoid reckless remarks about other countries or Nigerians’ patriotism. Dare had referenced Trump’s tariff policies and criticized Nigerian political leaders’ efforts to strengthen democracy.
Meanwhile, the Presidency challenged opposition leaders criticizing President Bola Tinubu to wait until the 2027 elections to test their popularity. Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, dismissed the opposition’s activities as premature, stating that the president is focused on addressing Nigeria’s energy issues. Dare specifically called out Atiku Abubakar, Peter Obi, Rabiu Kwankwaso, Nasir El-Rufai, and Rotimi Amaechi, urging them to wait for the next election instead of “heating up the polity.”
Atiku accused Tinubu’s administration of bribing opposition leaders with ₦50 million each to weaken their unity. El-Rufai, a former APC member, declared he no longer recognizes the party due to a lack of internal democracy, stating that no party meetings have been held in two years. Meanwhile, Amaechi suggested that removing Tinubu in 2027 would require “brutal force” since the president would not willingly relinquish power.
3. Dangote Petroleum Refinery’s decision to cut the ex-depot price of petrol from N950 to N890 per litre has caused financial strain for some marketers who recently purchased stock at the old price. The move, aimed at keeping locally refined petrol competitive against imported alternatives, aligns with declining global crude oil prices. While the price reduction benefits consumers by potentially lowering transportation and living costs, marketers face losses from selling old stock below cost. Industry leaders acknowledge the market-driven nature of deregulation, emphasizing the necessity of adapting to price fluctuations. Experts predict that the Nigerian National Petroleum Company (NNPC) and other suppliers may follow suit to stay competitive. The price drop is expected to boost economic activity and reduce inflation, though marketers remain wary of financial risks associated with volatile pricing.
4. Telecom operators in Nigeria are preparing to implement a 50% tariff hike approved by the Nigerian Communications Commission (NCC) on January 20, 2025. While the NCC set February as the start date, operators plan to fully introduce the new rates by March after completing regulatory approvals. At a weekend briefing in Lagos, the Association of Licensed Telecoms Operators of Nigeria (ALTON) Chairman, Gbenga Adebayo, emphasized that the hike is necessary for the sector’s sustainability, not for profit. He argued that telecoms should not be used as a subsidy for other sectors and that rates must reflect economic realities. Meanwhile, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have called for a mass protest on February 4, demanding a reduction of the hike to 5%. Operators believe the increase will support further investments in telecom infrastructure. 9mobile’s Director of Product Innovation, Kenechukwu Okonkwo, suggested that market forces should determine tariffs.
5. Following President Donald Trump’s announcement of new tariffs on imports from China, Mexico, and Canada, the crypto market experienced a sharp downturn on Feb. 1. Bitcoin dropped 5%, triggering a broader sell-off across altcoins. The U.S. imposed 25% tariffs on Canadian and Mexican imports and 10% on Chinese goods, escalating trade tensions. Bitcoin hit a low of $91,200 before recovering to around $94,000 but remains 13% below its all-time high of $109,000. Trading volume surged by over 200%, reflecting market panic, while the global crypto market cap declined nearly 12% to $3.15 trillion. Despite Bitcoin’s rally after Trump’s Jan. 20 inauguration, recent tariff policies have reversed market sentiment. Altcoins also suffered, with Ethereum dropping nearly 20%, XRP 22%, Solana 8%, and Binance Coin over 15%.
6. Arsenal’s 5-1 win over Manchester City was a statement victory. Arsenal’s defensive work was outstanding, pressing aggressively and recovering quickly when losing possession. Declan Rice, Martin Odegaard, and Thomas Partey were instrumental in midfield. Arteta’s tactical approach included mixing high pressing with defensive discipline, ensuring they managed their energy levels effectively. David Raya’s long passes also disrupted City’s pressing strategy, allowing Arsenal to control transitions. Despite City’s struggles, Arsenal’s performance was dominant, highlighting their potential to challenge Liverpool for the Premier League title. However, inconsistency in previous matches has cost them crucial points.
7. Nigerian singer Tems won the Best African Music Performance category at the 67th Grammy Awards with her song Love Me JeJe. She triumphed over nominees Yemi Alade, Asake & Wizkid, Chris Brown featuring Davido & Lojay, and Burna Boy. Tems received three nominations at this year’s Grammys, bringing her career total to eight, including nods for Best Global Music Album (Born in the Wild) and Best R&B Song (Burning). The awards ceremony occurred at the Crypto.com Arena in Los Angeles on Sunday, with over 90 prizes awarded throughout the night. Beyoncé made history by winning Album of the Year for Cowboy Carter, while Record of the Year and Song of the Year went to Kendrick Lamar for Not Like Us. Best New Artist was awarded to Chappell Roan.
