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Backlash, Knocks As Former Nigerian Military President, Babangida, Received Billions of Naira During Book Launch

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Former Nigerian military president, General Ibrahim Babangida (retd.), has once again found himself at the center of national discourse following the launch of his autobiography titled, ‘A Journey in Service.’

While the event raked in nearly N17 billion in donations from Nigeria’s business elite, it also reignited deep-seated resentment over his controversial past—particularly his role in annulling the historic June 12, 1993, presidential election.

The book launch, which took place in Abuja on Thursday, was attended by Nigeria’s wealthiest business figures, former military officers, and political leaders, all eager to contribute to the establishment of a presidential library in Babangida’s name. The staggering amounts donated underscored the strong ties between Nigeria’s business community and the country’s former leaders, even those with contentious legacies.

Nigeria’s Business Titans Open Their Wallets

Among the biggest contributors was Africa’s richest man, Aliko Dangote, who pledged N8 billion towards the presidential library, promising N2 billion annually for the next four years. Dangote, whose business empire spans cement, sugar, and oil refining, justified the donation by crediting Babangida with creating Nigeria’s private sector in its current form.

“He was the one who really created the private sector in Nigeria. I remember how he issued about 30 banking licenses on the same day,” Dangote remarked at the event.

Another industrial magnate, Abdulsamad Rabiu, Chairman of BUA Group, donated N5 billion, praising Babangida’s impact on Nigeria’s economic structure.

“We are gathered to celebrate more than a person, a building, or an archive. We are gathered to celebrate a sanctuary of memory, a testament to the vision, complexity, and enduring legacies of one of Nigeria’s transformative leaders, General Ibrahim Babangida,” Rabiu stated.

Other high-profile donations included:

  • Theophilus Danjuma (retd.) – N3 billion
  • Arthur Eze – N500 million
  • Senate President Godswill Akpabio – N50 million
  • Mustafa Chike-Obi – N100 million
  • Folorunsho Alakija and others – Unspecified amounts

The massive fundraising effort is among the largest seen for a private initiative in Nigeria, reinforcing how deeply embedded Babangida remains within the country’s business and political class.

June 12, 93: The Past That Keeps Coming Back

However, while Babangida was being celebrated in elite circles, a different conversation was raging across Nigeria. His book, which for the first time acknowledged that Chief Moshood Abiola clearly won the June 12 election, was met with outrage rather than absolution.

For decades, Babangida refused to explicitly admit Abiola’s victory. Now, in A Journey in Service, he concedes: “Upon closer examination of the original collated figures from the 110,000 polling booths nationwide, it was clear that Abiola satisfied the constitutional requirements, having obtained 8,128,720 votes against Tofa’s 5,848,247 votes and securing the mandatory one-third of votes cast in 28 states, including Abuja,” he said.

Babangida also detailed how General Sani Abacha and other military figures orchestrated the annulment behind his back and that he feared Abiola would be assassinated if allowed to take office.

“I was convinced that if he became President, he would be quickly eliminated by the same forces who pretended to be his friends. Having experienced a civil war, I was not prepared to see another,” he said.

IBB admitted that the June 23, 1993, annulment statement was issued without his authorization while he was away in Katsina and that Abacha had outmaneuvered him to take control of the country.

“It was painful to later discover that, apart from Abacha, some of my closest colleagues, including a Lieutenant General, were deeply involved in the plot to eliminate me,” he said.

Despite his attempts to frame himself as a reluctant participant, many Nigerians were unmoved.

Public Backlash: “IBB Does Not Deserve Celebration”

Following his revelations, Babangida has faced a fierce backlash, particularly from those who lived through the June 12 crisis. Many viewed his admission as too little, too late, with some arguing that he was attempting to rewrite history.

Wale Lawal, a social commentator, condemned the celebration of Babangida while justice remained elusive for victims of his regime.

“IBB—a well-known despot—is launching a book and getting billions in donations, meanwhile the Ogoni 9 (peaceful environmental activists executed 30 years ago by the regime of IBB’s defense minister, Abacha) have still not been exonerated. Nigeria is crazy,” he said.

Activist and human rights lawyer, Abdul Mahmud, recalled the deaths and political repression that followed Babangida’s decision.

He said: “People don’t understand the gravity of the crime that IBB treated lightly yesterday. Protesters were killed by the police at the bridgehead in Apongbon, Lagos, on 18 July 1993. Student leaders were rusticated—many lost their future careers. Activists were tortured and jailed.

“I was 24 when we – at CD- led the first protests against the annulment of 12 June, 1993 election that we all knew MKO won. IBB plunged our country into a needless crisis that lasted for 6 years. People died in defence of June 12. May their blood continue to haunt him!”

Others were even more scathing. Dele Farotimi, another prominent rights activist, accused Babangida of exploiting Nigeria’s lack of historical accountability.

“In a place inhabited by the conscious, IBB would not dare to show his face in public. But in the crime scene that doubles as our country, having been succeeded by even more villainous rulers, Badamasi is installed in the seat of the statesman. Tueh.”

A Celebration for Some, A Betrayal for Others

Babangida’s book launch and the billions raised paint a stark picture of Nigeria’s enduring power dynamics. To the business elite, he is a patron and benefactor who laid the foundation for their success. But to activists, he is the architect of one of Nigeria’s greatest betrayals—the man who annulled the freest and fairest election in the nation’s history.

Artificial Intelligence Stocks Pushing S&P New All-Time High Run

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The S&P 500’s most recent performance shows it hit a new all-time high earlier this week, but it’s worth noting the very latest updates. Reports from February 18, 2025, indicate the S&P 500 closed at a record high, driven by a late rally with standout performances from stocks like Intel and Supermicro.

However, some market chatter from yesterday, February 20, suggest it retreated from that peak, with mentions of a 0.9% drop and the Dow sliding over 600 points, tied to concerns like Walmart’s cautious profit forecast. The S&P 500 was indeed on a tear, hitting intraday and closing records recently, like 6,122.8 on January 24, 2025, and climbing further into mid-February. But yesterday’s pullback might’ve paused that streak.

The explosion of interest in artificial intelligence has been a massive tailwind. Companies like Nvidia, with its dominance in AI chips, have seen astronomical gains—its stock was up over 173% in the past year as of late January 2025. This isn’t just Nvidia; the broader “Magnificent Seven” tech cohort (think Apple, Microsoft, Alphabet, etc.) has fueled nearly two-thirds of the S&P’s gains in 2024, driven by AI optimism and strong earnings.

Despite high interest rates, U.S. companies have posted robust profits. For Q4 2024, S&P 500 earnings grew about 8% year-over-year, beating expectations, with tech leading but even cyclical sectors like industrials chipping in. Goldman Sachs noted on February 18 that 2025 earnings forecasts were revised up to $268 per share, reflecting confidence in sustained growth. This resilience has bolstered stock valuations.

The U.S. economy has defied recession fears. GDP growth held steady—around 2.8% annualized in late 2024—while inflation cooled to 2.6% by December, per CPI data. Unemployment ticked up slightly to 4.2%, but consumer spending remained solid, especially in services. This “soft landing” vibe has kept investors bullish, as seen in market reports from mid-February.

The Federal Reserve cut rates by 25 basis points in December 2024 to a 4.25%-4.5% range, signaling a pivot from its hawkish stance. While rates are still elevated, the anticipation of a less restrictive policy in 2025—maybe two more cuts—has eased pressure on equities. Analysts from January note how this shift sparked a rally, though some caution lingered after Fed Chair Powell’s less-dovish-than-expected comments.

The AI sector’s impact on the S&P 500’s recent all-time highs has been nothing short of transformative, acting as a turbocharger for the index’s gains. The “Magnificent Seven”Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, and especially Nvidia—have been the backbone of the S&P 500’s rally, with AI as their secret sauce. These companies accounted for roughly 60-65% of the index’s 28% gain in 2024, per market analyses from late January.

Nvidia’s role stands out: its stock soared over 173% in the past year as of January 22, 2025, pushing its market cap past $3 trillion. Why? Its chips power the AI revolution—think ChatGPT, autonomous driving, and enterprise AI tools. X posts from early February buzz with phrases like “Nvidia’s AI monopoly,” reflecting investor hype. Nvidia’s Q4 2024 earnings (reported in early 2025) smashed estimates, with revenue up 200% year-over-year, driven by AI data center demand. Microsoft and Alphabet also reported double-digit growth, tying profits to AI cloud services and ad tech enhancements.

it’s not just the giants. Companies like Super Micro Computer (Supermicro), up 7% on February 18, 2025, have ridden the AI wave by supplying servers for AI workloads. Intel’s late rally that day tied to its AI chip ambitions shows broader sector momentum. Even smaller players in the S&P 500—like Palantir, with its AI-driven data analytics—saw stock pops after earnings beats in early February. Tech’s share of the S&P 500 hit 32% by late 2024, per S&P Dow Jones Indices, and AI-focused firms amplify that influence. The SPDR S&P Semiconductor ETF (XSD) was up 40% in 2024, signaling how AI hardware demand lifts the tide.

Shiba Inu Fluctuating Between $0.00001560 and $0.00001530 – Is Aureal One the Top Crypto Presale in 2025?

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Are you considering an investment in Shiba Inu and wondering when the right time might be? Then you’re in the right place! SHIB’s price fluctuates between key support and resistance levels. Let’s dive into the price analysis without delay and uncover the answer.

Shiba Inu Price Analysis of the Last 24 Hours

The price had already risen to $0.00001530 when it broke to the downside from the upward trendline around 4:30 UTC. This level became a resistance level since the price was unable to break it. The RSI fell below the 30 mark at 7:00 UTC, and the Golden Crossover at 07:35 UTC produced a range in price. At 10:35 UTC, the range broke out and produced a new range. Golden Crossover at 16:15 drove the price up to its resistance level of $0.00001560 after the price fluctuated to the day’s low of $0.00001530. The price created a range below the resistance level once more.

Chart 1: Analysed by vallijat007, published on TradingView, Feb 21, 2025

The price found it difficult to break through the resistance level due to the MACD Death Cross at 18:45. The price has been fluctuating between its support and resistance levels since the early hours of February 21. Shiba Inus trades in an extreme range, indicated by the RSI’s oscillation between 70 and 30 levels. Before making any breakout trades below the resistance level of $0.00001560 and above the support level of $0.00001530, traders should use caution.

Shiba Inu in Trading Range – What Are the Best Crypto Presales

Shiba Inu’s price movement is in the trading range, and investors are always on edge due to its high range-bound trading. Shiba Inu’s breakthrough potential is still unclear as the price fluctuates between important levels. Investors are searching for high-growth prospects in the best crypto presales as Shiba Inu consolidates. Aureal One, Dexboss, and Bitcoin are some of the projects currently in their presales. Let’s take a look at them and find out which one stands out.

Aureal One (DLUME) – The Best Coin to Invest in 2025

Aureal One is redefining the crypto space with its cutting-edge innovation and utility. As one of the top crypto presales, it presents an unmatched opportunity for early investors. Designed for scalability and efficiency, Aureal One stands out as the best coin to invest in for those seeking high potential returns. With a strong focus on security and decentralized governance, Aureal One is set to dominate the market. Early adopters can benefit from exclusive rewards, making Areal One the best crypto to buy now in 2025.

Click here to know more about Aureal One

Aureal One Presale Details

  • Funds Raised: $3,248,258 out of $4,500,000
  • Current Price: $0.0013
  • Listing Price: $0.005
  • Potential 323.08% increase
  • Next Price Jump: 15.4%

DexBoss (DEBO): The Top Crypto Presale in DeFi

DexBoss’s cutting-edge trading capabilities and flawless user interface are transforming decentralized finance. It provides a strong environment that enables traders with fast transactions and minimal costs, making it the next big crypto. DexBoss is positioned as the next big crypto for anyone wishing to profit from the DeFi boom because of its creative tokenomics and community support. Its presale is rapidly growing, offering early investors a fantastic chance to make large profits. With the support of state-of-the-art blockchain technology, DexBoss is poised to revolutionize decentralized trade.

DexBoss Presale Details

  • Raised: $588,853 out of $750,000 (79%)
  • Current Offer Price: $0.011
  • Listing Price: $0.0505
  • Potential Gain: 5x

Connecting Ecosystems with EVM Compatibility: SolanaVM (SVM)

By directly integrating Ethereum’s Virtual Machine features onto the Solana blockchain, SolanaVM (SVM) gives developers more control. This greatly cuts down on development time and effort by allowing programs created on Ethereum to be transferred to Solana without requiring a whole rebuild. With SVM, writers can maintain the recognizable structure of Ethereum smart contracts while benefiting from Solana’s fast throughput and cheap transaction fees.

SolanaVM Presale Details

  • Raised: 4,933,459 USD out of 4,996,359 USD
  • Current Offer Price: $0.07727
  • Next Round: $0.07804

Bitcoin Minetrix (BTCMTX): Using Staking to Democratise Bitcoin Mining

By removing the need for pricey hardware configurations, Bitcoin Minetrix (BTCMTX) transforms Bitcoin mining. Users stake their BTCMTX tokens in order to gain cloud mining credits. By avoiding the technological difficulties and high energy requirements connected with conventional mining, the stake-to-mine enables players to get mining rewards in a straightforward and environmentally responsible way. Users are kept informed about their returns thanks to the platform’s transparent and automated procedures, which offer real-time insights about mining rewards.

Concluding Words

Shiba Inu is still trading in a narrow range, and traders are unsure of what they will do next. Investors are looking for high-growth chances at the top cryptocurrency presales as long as the volatility continues. For now, the top crypto presale to invest in is Aureal One (DLUME), which is revolutionizing blockchain gaming through smooth transactions and metaverse integration. This project provides some of the greatest investment prospects for 2025 because of its groundbreaking breakthroughs.

Jumia Reports Mixed Q4 2024 Results Amid Operational Gains And Revenue Decline

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Africa’s e-commerce giant Jumia, on Thursday released its fourth quarter (Q4) 2024 report, showcasing a mixed performance with operational improvements tempered by revenue decline.

Jumia reported a revenue of $167.5 million, down 10% year-over-year, compared with $186 million recorded in the previous year. The Gross Merchandise Value (GMV) dropped 12% to $206.1 million.

The company’s operating loss widened significantly to $17.3 million from $4.5 million in Q4 2023, with liquidity decreasing to $133.9 million.

Despite the negative trends, Jumia also recorded positive developments, which include the following

Operational Strength: Jumia saw 18% growth in Physical Goods Orders (excluding South Africa & Tunisia) and 8% growth in Quarterly Active Customers without increasing marketing costs.

Strategic Expansion: The company expanded in secondary cities and strengthened supply from international sellers, which accounted for 31% of items sold in Q4.

Black Friday Success: Strong sales performance underscored improving customer demand and product expansion.

International seller contribution rose to 31% of items sold, and Net Promoter Score improved, indicating stronger customer satisfaction.

Customer repurchase rates increased by 375 basis points.

Full-year 2024 operating loss improved by 10% YoY, decreasing to $66.0 million from $73.3 million in 2023.

Commenting on the report, Jumia’s CEO Francis Dufay expressed satisfaction, noting that he is proud of what the company accomplished in 2024.

He said,

“I am proud of what we have accomplished in 2024. We saw robust growth in secondary cities, expanded our supply from international sellers, and further improved marketing efficiency. In the fourth quarter, excluding South Africa and Tunisia, we achieved strong acceleration in our key usage metrics, with Physical Goods Orders and Quarterly Active Customers increasing by 18% and 8%year-over-year, respectively, without an increase in marketing costs. We closed the year on a high note with strong Black Friday sales, underscoring that our strategy is working”.

Dufay further expressed optimism about 2025 noting that the business is stronger and more efficient than it was just two years ago. He noted that Jumia is well-positioned to deliver sustainable growth and achieve profitability.

Notably, despite financial setbacks, Jumia made notable operational strides. The 18% order growth in core markets achieved without increased marketing spend, demonstrates improving unit economics and platform efficiency. Additionally, expansion into secondary cities now accounts for 56% of total orders, up from 49%, marking a strategic push for market penetration.

The rise in international sellers to 31% (a 9.5 percentage point increase YoY) signals a more diversified product selection while reducing inventory risk and working capital needs. This shift mirrors marketplace strategies successfully deployed in other emerging markets, potentially leading to stronger gross margins over time.

2025 Outlook

Jumia projects a 15-20% increase in physical goods orders, with GMV estimated between $795-830bmillion. The company also expects a loss before income tax of $65-70 million, reflecting a 28-33% reduction in losses.

To achieve these targets, Jumia is focusing on expanding cashless payments through JumiaPay and optimizing logistics. However, execution risks and currency volatility remain potential challenges. While operational efficiency is improving, sustained growth will depend on the company’s ability to manage costs and drive profitability in the coming quarters.

The company also plans to enhance its product assortment with competitive pricing and strengthen relationships with international sellers.

“The business is stronger and more efficient than it was just two years ago, and I believe we have a good opportunity ahead of us. We plan to double down on expansion outside the main urban centers, expand our product assortment with competitive pricing, and strengthen relationships with international sellers. To improve our path to profitability, we will continue to enforce cost discipline and enhance operational and marketing efficiency” Jumia wrote.