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Galaxy, Jump and Multicoin To Raise $1B to Offset The Largest Solana Treasury, as Metaplanet Buys Additional 103 BTC

By
Paul Ugbede Godwin
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0

Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly seeking to raise $1 billion to establish the largest Solana (SOL) treasury to date, with Cantor Fitzgerald as the lead banker.

The plan involves acquiring a publicly traded company to create a digital asset treasury firm focused on SOL, with the deal expected to close in early September 2025. The Solana Foundation has endorsed the initiative, which would more than double the size of the current largest SOL treasury held by Upexi (approximately 2 million SOL, worth about $400 million).

This move signals strong institutional interest in Solana, potentially reducing circulating supply and boosting market sentiment, following the corporate treasury model popularized by Bitcoin and Ethereum.

The $1 billion Solana treasury initiative by Galaxy Digital, Jump Crypto, and Multicoin Capital has significant implications for the Solana ecosystem and could boost its growth in several ways:

The involvement of major players like Galaxy, Jump, and Multicoin signals strong institutional backing for Solana, enhancing its credibility as a leading blockchain platform. This could attract more institutional investors and projects to the ecosystem.

By locking up a substantial amount of SOL in a treasury (potentially exceeding 2 million SOL), the circulating supply could decrease, creating upward pressure on SOL’s price due to scarcity, assuming demand remains steady or grows.

The high-profile nature of this treasury, backed by reputable firms and a major investment bank like Cantor Fitzgerald, could drive positive market sentiment, encouraging retail and institutional investors to engage with Solana.

Following the success of Bitcoin and Ethereum treasuries (e.g., MicroStrategy), this move could inspire other companies to adopt SOL as a treasury asset, further integrating Solana into corporate finance strategies.

A publicly traded Solana treasury firm may face regulatory challenges, especially in jurisdictions with strict digital asset regulations. However, the involvement of established financial players suggests a structured approach to compliance.

Boost to the Solana Ecosystem

The treasury could fund Solana-based projects, decentralized applications (dApps), and infrastructure development, fostering innovation and expanding use cases (e.g., DeFi, NFTs, gaming, and payments). This could accelerate ecosystem growth.

Solana’s high-throughput, low-cost blockchain is already a hub for DeFi and NFTs. A large treasury could provide grants or investments to developers, attracting more projects and increasing transaction volume.

A significant SOL reserve could be used to support network operations, validator incentives, or staking, enhancing Solana’s security and decentralization. This could make the network more attractive to developers and users.

Backing from firms like Galaxy and Cantor Fitzgerald could open doors to strategic partnerships, expanding Solana’s presence in traditional finance, cross-chain integrations, and global markets.

By reducing circulating supply and signaling long-term commitment, the treasury could stabilize SOL’s price during market volatility and drive long-term appreciation, benefiting stakeholders across the ecosystem.

If the treasury’s SOL holdings are liquidated suddenly, it could lead to price volatility. The success of the treasury depends on effective management and strategic allocation of funds to high-impact projects. Other blockchains (e.g., Ethereum, Binance Smart Chain) may counter with similar treasury initiatives, intensifying competition.

Overall, this $1 billion treasury could significantly elevate Solana’s profile, drive ecosystem growth, and solidify its position as a top-tier blockchain, provided the initiative is executed strategically.

Metaplanet Buys Additional 103 Bitcoin Amid Grayscale Filing for An AVAX ETF

Tokyo-based investment firm Metaplanet has continued its aggressive Bitcoin acquisition strategy, recently purchasing 103 BTC for approximately $11.7 million, bringing its total holdings to 18,991 BTC, valued at around $2.2 billion.

This move aligns with their strategy to diversify reserves and hedge against Japan’s economic challenges, mirroring tactics used by companies like MicroStrategy. Metaplanet’s stock has surged by about 1,150% year-to-date, reflecting market confidence in its Bitcoin-focused approach. The firm also plans to use its Bitcoin reserves as collateral for acquisitions, signaling a broader strategy to integrate crypto into traditional finance.

Grayscale Files for Avalanche ETF

Grayscale Investments has filed an S-1 registration with the SEC to launch the Grayscale Avalanche Trust as a publicly traded ETF on Nasdaq. This follows their earlier filing with NYSE Arca for a multi-asset Digital Large Cap Fund ETF, which includes AVAX alongside BTC, ETH, XRP, and SOL.

The filing reflects growing institutional interest in altcoins, with the SEC’s review process for the multi-asset ETF potentially concluding by Q3 2025. This move could enhance accessibility for investors seeking exposure to Avalanche’s scalable blockchain ecosystem.

Metaplanet’s purchase reinforces the trend of corporations adopting Bitcoin as a treasury reserve asset, following MicroStrategy’s lead. This could inspire other firms, particularly in Asia, to diversify their balance sheets with crypto to hedge against fiat depreciation and economic instability in Japan, where high debt and a weakening yen persist.

The acquisition signals strong institutional confidence in Bitcoin, potentially boosting market sentiment. However, the $11.7M purchase is relatively small compared to Bitcoin’s market cap (~$1.3T), so direct price impact may be limited. Still, consistent buying could contribute to upward price pressure over time.

Metaplanet’s 1,150% stock surge reflects investor enthusiasm for its Bitcoin strategy. This could attract speculative capital to similar firms but also raises concerns about overvaluation risks if Bitcoin prices decline or market sentiment shifts.

Using Bitcoin as collateral for acquisitions could pioneer new financial models, blending crypto with traditional M&A strategies. However, this increases exposure to Bitcoin’s volatility, posing risks if market conditions deteriorate.

As Metaplanet integrates Bitcoin into its financial strategy, it may face increased regulatory oversight in Japan, where crypto regulations are stringent. This could set precedents for how corporations globally navigate crypto adoption.

Implications of Grayscale Filing for AVAX ETF

Grayscale’s filing signals growing institutional interest in altcoins like Avalanche (AVAX), potentially legitimizing layer-1 blockchains beyond Ethereum. An approved ETF could attract retail and institutional investors, increasing AVAX’s liquidity and market visibility.

An AVAX ETF could drive demand for the token, potentially boosting its price, currently around $27-$30. Historical ETF approvals (e.g., Bitcoin, Ethereum) have led to price rallies, though speculative hype could also increase volatility.

The ETF, alongside Grayscale’s multi-asset fund, offers investors diversified exposure to crypto without direct custody, lowering barriers to entry. This could accelerate capital inflows into the crypto market, particularly for Avalanche’s DeFi and NFT ecosystems.

The SEC’s review process, potentially concluding by Q3 2025, will test its stance on altcoin ETFs. Approval could pave the way for more altcoin-based products, while rejection might dampen enthusiasm for non-Bitcoin/Ethereum assets.

Grayscale’s move intensifies competition among asset managers (e.g., BlackRock, Fidelity) to offer crypto ETFs. This could spur innovation in crypto investment products but also pressure smaller blockchains to differentiate themselves.

Metaplanet’s Bitcoin purchases highlight corporate adoption, while Grayscale’s ETF filing reflects institutional efforts to bridge crypto with mainstream markets. However, regulatory hurdles, market volatility, and macroeconomic factors (e.g., interest rates, global economic stability) will shape their long-term impact.

LayerZer to Acquire Stargate for Decentralized Exchanges (DEXs), as OCBC Launches $1bn Blockchain-Enabled U.S. Commercial Paper to Strengthen Dollar Funding

By
Paul Ugbede Godwin
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0

The proposal for LayerZero to acquire Stargate, valued at $110 million, involves swapping all STG tokens for ZRO tokens at a rate of 1 STG to 0.08634 ZRO, effectively dissolving the Stargate DAO and retiring the STG token.

This move, announced on August 10, 2025, aims to consolidate governance and operations under LayerZero’s ecosystem, redirecting Stargate’s $1.4 million annual revenue to ZRO buybacks. The proposal passed with over 97% community approval by August 24, 2025, despite criticism from some STG holders who argued the swap ratio undervalued their tokens and eliminated staking rewards.

Stargate’s veSTG holders, who lock tokens for governance and receive six months of revenue compensation under the acquisition terms. With Stargate’s declining token price (down 95% from its 2022 peak) and reduced Total Value Locked (from $4 billion to ~$500 million).

The dissolution of the Stargate DAO and the retirement of the STG token in favor of ZRO tokens centralizes governance under LayerZero. This reduces community control over Stargate’s operations, shifting decision-making to LayerZero’s framework.

This move could signal a trend where smaller DEXs or cross-chain protocols are absorbed by larger interoperability-focused platforms, potentially reducing the diversity of independent governance models in DeFi. It may lead to streamlined operations but risks alienating communities that value decentralized control.

Stargate’s $1.4 million annual revenue will now fund ZRO buybacks, redirecting economic benefits from STG holders to ZRO holders. The swap ratio (1 STG to 0.08634 ZRO) has been criticized as undervaluing STG, causing discontent among some holders who lose staking rewards.

Acquisitions that prioritize one token over another may create friction with existing token holders, potentially discouraging participation in DEXs with volatile or acquisition-prone tokens. This could push DEXs to adopt clearer tokenomics strategies to retain user trust.

Stargate’s declining metrics—token price down 95% from its 2022 peak and Total Value Locked (TVL) dropping from $4 billion to ~$500 million—highlight challenges in maintaining competitiveness. The acquisition may stabilize Stargate’s operations under LayerZero’s resources but risks further eroding user confidence if perceived as a bailout.

Declining metrics in acquired DEXs could deter users from smaller platforms, favoring larger, more stable ecosystems. This may accelerate consolidation in the DEX market, where only well-funded or interoperable platforms survive.

LayerZero’s acquisition strengthens its position as a leading cross-chain interoperability protocol by integrating Stargate’s bridging capabilities. This enhances LayerZero’s ability to facilitate seamless asset transfers across blockchains.

DEXs may increasingly align with or be acquired by interoperability protocols to remain competitive in a multi-chain world. This could lead to a more interconnected DeFi ecosystem but may reduce the autonomy of standalone DEXs.

Despite 97% community approval, vocal opposition from some STG holders highlights tensions in balancing community interests with strategic acquisitions. The six-month revenue compensation for veSTG holders aims to mitigate this but may not fully address long-term concerns.

Precedents Set by the Acquisition

The use of a token swap (STG to ZRO) sets a precedent for acquisitions where the acquiring entity’s token becomes the primary currency. This could become a common mechanism for DEX acquisitions, simplifying tokenomics but potentially marginalizing original token holders.

Dissolving the Stargate DAO to integrate governance under LayerZero sets a precedent for eliminating independent governance structures in favor of centralized control by the acquirer. This may encourage similar moves by larger protocols, reducing the prevalence of fully decentralized DAOs in DeFi.

Redirecting Stargate’s revenue to ZRO buybacks establishes a model where acquired DEXs’ cash flows support the acquiring protocol’s token value. This could incentivize acquisitions driven by revenue capture, reshaping how DEX profitability is leveraged in deals.

Providing six months of revenue compensation to veSTG holders sets a precedent for addressing locked token holders in acquisitions. Future DEX acquisitions may adopt similar compensatory measures to appease stakeholders with long-term commitments.

This acquisition reflects broader trends in DeFi, where interoperability protocols like LayerZero are consolidating smaller players to build comprehensive ecosystems. Historical examples, such as Uniswap’s acquisition of NFT marketplace Genie in 2022 or SushiSwap’s merger with Yearn.finance in 2020, show similar consolidation efforts, though they typically preserved independent governance or tokens.

OCBC Launches $1bn Blockchain-Enabled U.S. Commercial Paper Programme to Strengthen Dollar Funding

Singapore’s second-largest bank, Oversea-Chinese Banking Corp (OCBC), said on Monday it has established a $1 billion digital U.S. commercial paper programme, a move aimed at bolstering its dollar funding capabilities and signaling how Asian banks are increasingly experimenting with blockchain for capital markets.

U.S. commercial papers are a relatively inexpensive funding source that corporations use to meet immediate cash flow needs. Through this programme, OCBC plans to tap into the $1.4 trillion U.S. commercial paper market, offering itself an alternative channel to raise short-term liquidity in dollars.

The bank noted that the programme has been built on blockchain technology, and it will sit alongside OCBC’s $25 billion conventional U.S. commercial paper programme established in August 2011. J.P. Morgan’s Digital Debt Service application will act as the sole dealer for the digital issuance, reflecting how global investment banks are increasingly positioning themselves at the intersection of blockchain and debt markets. The funds raised will be deployed for general funding purposes, OCBC said.

Kenneth Lai, OCBC’s head of global markets, highlighted how Singapore has become one of Asia’s most active hubs for blockchain innovation in finance.

“Singapore’s blockchain ecosystem is advancing fast, and asset tokenization is gaining real momentum. Our focus is now firmly on commercialization,” Lai said.

He added that the digital issuance complements OCBC’s traditional programme, providing the bank with greater flexibility and efficiency in dollar fundraising.

The first tokenized issuance under the programme took place on August 20, marking OCBC’s entry into blockchain-based debt issuance at scale.

A Trend Among Global Banks

OCBC’s move follows a growing wave of blockchain experiments by major banks in both Asia and the West. Singapore’s largest bank, DBS, for instance, has already tested blockchain-based bond issuances on the government-backed Project Guardian platform, where tokenized assets are piloted in a regulated environment. DBS also launched its own digital exchange, allowing institutional clients to issue and trade tokenized bonds and equities.

In Hong Kong, HSBC has run blockchain-based bond issuance pilots, including tokenized green bonds for the Hong Kong Monetary Authority, demonstrating how the technology can streamline issuance and settlement. Citi, meanwhile, has developed blockchain-based tokenization platforms to modernize debt and equity markets, positioning digital assets as part of its global strategy to transform wholesale banking infrastructure.

The experiments are not confined to Asia. In Europe, banks like Société Générale have issued tokenised bonds on public blockchains such as Ethereum, while in the U.S., Goldman Sachs and JPMorgan have accelerated blockchain adoption with platforms like JPMorgan’s Onyx, which already facilitates billions of dollars in daily transactions.

Why It Matters

For OCBC, the decision to anchor its new programme on blockchain reflects not only the demand for cheaper and more efficient fundraising but also Singapore’s ambition to be a frontrunner in the digital assets race. By blending traditional structures with blockchain-backed innovation, OCBC joins a growing list of global banks that are attempting to prove that tokenization can move from experimental pilots into real-world financial infrastructure.

With the commercial paper market already vast and highly liquid, tokenization promises to reduce settlement times, increase transparency, and potentially broaden investor participation. The move also signals to regulators and market participants that tokenized debt instruments are maturing from pilot projects into fully-fledged funding options.

 

Nvidia Bets on “Robot Brains” with $3,499 Jetson Thor as Robotics Market Accelerates

By
Samuel Nwite
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0

Nvidia has officially put a price tag on its latest gamble in robotics: $3,499 for the new Jetson AGX Thor developer kit. Dubbed by the company as a “robot brain,” the module is now available for pre-order, with shipments slated for next month.

But beyond the sleek branding and early partnerships, the launch underscores Nvidia’s wider strategy to dominate the computing layer of next-generation robotics — positioning itself as the infrastructure backbone, not the maker of machines.

For companies that move from prototyping to commercial deployment, Nvidia will sell Thor T5000 modules at $2,999 apiece, with discounts kicking in for bulk orders above 1,000 units. That pricing reflects Nvidia’s calculated move to make the upfront cost attractive enough to lure startups and research labs while ensuring scalability for industrial production.

Jensen Huang, Nvidia’s CEO, has repeatedly flagged robotics as the company’s most promising growth engine outside artificial intelligence. In the past two years alone, AI demand has tripled Nvidia’s overall sales, cementing its position as the world’s most valuable chipmaker. Robotics, though still small — just 1% of Nvidia’s revenue — is now seen as the next logical frontier.

Deepu Talla, Nvidia’s vice president of robotics and edge AI, framed it bluntly: “We do not build robots, we do not build cars, but we enable the whole industry with our infrastructure computers and the associated software.”

In other words, Nvidia isn’t chasing Tesla’s humanoid robot dream or Boston Dynamics’ acrobatics. It’s selling the “brains” to anyone willing to build the bodies.

Technically, the Jetson Thor is a leap. Built on Nvidia’s Blackwell GPU architecture — the same backbone behind its data-center AI chips and gaming processors — the module is 7.5 times faster than its predecessor. With 128GB of memory, it’s capable of running generative AI, large language models, and advanced vision systems, all critical for humanoid robots and autonomous systems that must interpret and react to the world in real time.

That matters for customers like Amazon, Meta, Agility Robotics, and Boston Dynamics, all of whom Nvidia says are testing or deploying Jetson-based solutions. Nvidia has even invested directly in robotics startups such as Field AI, signaling that it wants a financial stake in the ecosystem its chips are powering.

The company’s restructuring also highlights the bet. By merging its automotive and robotics units into a single reporting line, Nvidia is effectively grouping all edge AI and real-world machine intelligence under one growth banner. That unit booked $567 million in revenue in May, up 72% year-on-year, proof that momentum is building even from a small base.

However, Nvidia faces a paradox. Robotics is a long-tail market — fragmented, capital-intensive, and prone to hype cycles. The sector has produced more spectacular demos than sustainable revenue streams, and while Nvidia’s Jetson chips are powering impressive prototypes, few have reached meaningful commercial scale. Investors will be watching whether Jetson Thor can push robotics beyond pilot programs and into mass deployment, the same way Nvidia’s H100 GPUs turned generative AI from research labs into a trillion-dollar business.

There’s also a geopolitical angle. Nvidia said the Jetson Thor can be used for self-driving cars, particularly from Chinese automakers. That matters because U.S. export restrictions have already squeezed Nvidia’s AI chip sales to China. Positioning robotics and automotive AI as less politically sensitive export categories may offer Nvidia an escape valve — even if Washington later revisits the rules.

The Thor launch ultimately distills Nvidia’s broader playbook: dominate the computational core of every emerging machine intelligence industry, whether it’s data centers, cars, or humanoid robots. The chips themselves may only account for 1% of revenue today, but as history with gaming GPUs and AI accelerators shows, Nvidia has a knack for turning small bets into category-defining monopolies.

The question is whether robotics will follow the same trajectory.

U.S. Commerce Department Strips Natcast of $7.4 Billion Chip Research Role, Calls It a “Semiconductor Slush Fund”

By
Samuel Nwite
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0

The Biden administration’s handling of America’s semiconductor strategy has been thrown into controversy after the Commerce Department declared that the nonprofit entity it set up to manage billions in chip research funding was never legally authorized to exist.

On Monday, officials said that the National Institute of Standards and Technology (NIST) will now take direct operational control of the National Semiconductor Technology Center (NSTC), sidelining the National Center for the Advancement of Semiconductor Technology (Natcast), which had been entrusted with the role.

At the heart of the storm is $7.4 billion in taxpayer money tied to the NSTC, a central piece of the $52.7 billion Chips and Science Act. Commerce officials said the arrangement with Natcast is invalid, describing it as a clear violation of restrictions that prohibit government agencies from creating private corporations.

According to the department, Natcast — created under Biden to manage and disburse the $7.4 billion — was an “effort to skirt clear legal restrictions prohibiting government agencies from establishing corporations.” Officials said the administration “stacked Natcast with former Biden officials” and shielded it from oversight, essentially turning it into a vehicle for distributing taxpayer dollars to political loyalists.

“From the very beginning Natcast served as a semiconductor slush fund that did nothing but line the pockets of Biden loyalists with American tax dollars,” Commerce Secretary Howard Lutnick said in a scathing statement.

The Commerce Department confirmed it will now reform and directly oversee NSTC operations as required under the $52.7 billion CHIPS and Science Act. That law was passed in 2022 to bolster U.S. semiconductor manufacturing and research in the face of fierce competition from China.

Natcast and the Commerce Department did not immediately disclose how much of the $7.4 billion has already been spent. Natcast, for its part, did not respond to fresh requests for comment. But just last week, the organization insisted it remained closely aligned with White House priorities, describing itself as “a linchpin to realizing a more prosperous, competitive, and secure leadership position for America,” according to Reuters.

The criticism of Natcast highlights an undercurrent of political and legal tension. Some Republican lawmakers have long accused the Biden administration of bypassing Congress in creating the non-profit, while critics say the model opened the door to favoritism and waste.

The Biden administration had announced ambitious plans for the NSTC, including a $7 billion research and development facility in Tempe, Arizona, expected to open in 2028, and another in Albany, New York, which opened in July. These facilities are meant to ensure the U.S. remains competitive in advanced semiconductor technologies.

The episode underscores how central semiconductors have become to Washington’s economic and geopolitical strategy. Chips power everything from smartphones to fighter jets, and as the U.S. looks to curb China’s technological rise, ensuring leadership in this space has become a bipartisan priority.

The tussle over Natcast also reflects a deeper debate about how America should structure its push for semiconductor dominance: whether through traditional public agencies with clear oversight, or through flexible public-private hybrids that critics warn can easily be co-opted.

What the N58.9bn Could Have Done for Osun

By
Mutiu Iyanda
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0
political structure of Osun government for administrative purposes

In recent weeks, the debate around local government administration in Osun State has intensified. At the center of the conversation is the revelation that over ?58.9 billion in federal allocations, meant for the 30 local government areas in the state, has been withheld between February and June 2025. The funds, confirmed through records from the office of the Accountant General of the Federation, remain inaccessible due to the prolonged closure of council secretariats.

The amount in question is not just a line in government accounts. It represents real opportunities that could transform communities, create jobs, and lift thousands of people out of poverty. In this piece, our analyst notes that the failure to put these resources to work raises difficult questions about governance, accountability, and the very purpose of local government in Nigeria.

The Role of Local Government in Grassroots Development

Local governments are designed to be the closest tier of government to the people. They are supposed to provide essential services such as primary education, healthcare, rural roads, water supply, sanitation, and community development. When councils are shut down or denied access to resources, these responsibilities remain unmet, and citizens at the grassroots suffer the consequences.

In Osun, the prolonged political and legal crisis has created a vacuum in service delivery. Council offices have remained closed, and by extension, the flow of development projects has been stalled. Yet, while the political arguments drag on, the people are denied the practical benefits of the N58.9 billion that should have been invested in their welfare.

What N58.9bn Could Have Achieved

To put the withheld allocations into perspective, consider the transformative potential of such an amount if it had been directed toward real needs.

In education, building and equipping a standard secondary school costs around N150 million. The withheld funds could have delivered nearly 400 schools across the state. Alternatively, existing schools could have been renovated, with provisions for digital learning tools and scholarships for students.

In healthcare, a functional primary healthcare center requires between N50 and N70 million. Osun could have built at least 800 such facilities, ensuring that even the most remote villages have access to doctors and nurses. Hospitals could also have been equipped with modern facilities to reduce maternal and infant deaths.

For roads, rural communities often struggle with isolation, especially during the rainy season. The cost of constructing one kilometer of rural road is around ?200 to ?300 million. The allocations could have provided 200 to 250 kilometers of new roads, connecting farmers to markets and children to schools.

In water and sanitation, a motorized borehole costs about N10 million. Osun could have drilled almost 6,000 boreholes, ensuring safe drinking water for nearly every community. This alone would have drastically reduced cases of waterborne diseases.

In job creation, N1 billion could establish an agro-processing or vocational training center. The withheld funds could have financed 50 to 60 such centers, offering skills and employment to thousands of young people. If disbursed as N500,000 loans or grants to small businesses, over 117,000 entrepreneurs could have been empowered to expand their ventures.

Housing also presents a compelling opportunity. At a cost of N5 million per low-cost housing unit, the allocations could have produced more than 11,000 new homes. This would have reduced slum conditions in urban areas and provided affordable housing for working families.

The Human Cost of Inaction

Beyond the numbers lies the real human cost of the withheld allocations. Each day of delay in resolving the political deadlock means that a mother must still walk miles to access healthcare, a farmer must still struggle to move crops from farm to market, and a child must still learn in a dilapidated classroom.

When grassroots development stalls, poverty deepens, and trust in governance erodes. Citizens begin to see government as distant, uncaring, and ineffective. Over time, this disconnection weakens democracy itself, since people lose faith in the promise that governance should improve their lives.

Rethinking Governance and Accountability

The case of Osun should prompt broader reflection on the state of local government in Nigeria. The constitutional ambiguity around local government autonomy has allowed state governments to exercise overwhelming control over council finances through the State Joint Local Government Account. This structure often undermines transparency and accountability, and Osun is only one of many states where grassroots governance has been crippled.

What is urgently needed is not only the resolution of the immediate leadership crisis but also a structural reform that guarantees financial and administrative independence for local councils. Civil society organisations like the Insight Initiative for Community and Social Development have already raised their voices, reminding all stakeholders that governance should be about service to the people, not partisan battles.

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