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CRYPTO: Trump to Host Top Industry Leaders

Published

4 hours ago

March 6, 2025

U.S. President Donald Trump will host top crypto industry leaders at the White House on Friday, marking a significant shift in the administration’s approach to digital assets.

The summit comes as the cryptocurrency sector enjoys renewed momentum following Trump’s election victory.

The event, led by Trump’s newly appointed “crypto czar,” Silicon Valley investor David Sacks, will bring together prominent figures in the space, including Gemini founders Cameron and Tyler Winklevoss. Reports suggest that Coinbase CEO Brian Armstrong and Michael Saylor, the head of Bitcoin investment firm MicroStrategy, will also be in attendance.

Trump’s engagement with the industry has been personal as well as political. In January, he launched his own “Trump” memecoin in partnership with the exchange platform World Liberty Financial, following a similar move by former First Lady Melania Trump.

These ventures have drawn accusations of conflicts of interest.

During his campaign, the crypto community overwhelmingly backed Trump, pouring millions into his effort to unseat Joe Biden, whose administration had taken a more skeptical stance on digital currencies and imposed tighter regulations. Now, industry players are looking for policies that will accelerate crypto adoption and provide long-sought legitimacy.

The summit comes at a crucial time for the sector, which continues to grapple with the fallout from the collapse of FTX, once one of the world’s largest crypto exchanges. Its founder, Sam Bankman-Fried, was convicted of fraud and is currently serving a 25-year prison sentence.

For advocates, cryptocurrencies represent a financial revolution, offering an alternative to centralized banking and serving as a hedge against inflation and political instability. Bitcoin, the world’s most traded digital asset, is increasingly compared to gold as a store of value.

However, critics warn that digital assets remain highly speculative and vulnerable to abuse. Law enforcement agencies have raised concerns over their potential use in money laundering, while the rise of “memecoins” – cryptocurrencies based on internet trends or celebrities rather than technical innovation – has fueled worries about market manipulation and pump-and-dump schemes.

Despite his past skepticism, Trump has now positioned himself as a champion of crypto innovation, declaring his intent to make the United States a global leader in digital finance. The upcoming summit is expected to set the tone for his administration’s policies on the industry moving forward.

The summit comes as the cryptocurrency sector enjoys renewed momentum following Trump’s election victory.

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Akpabio’s gate: Senator Natasha resubmits petition against Akpabio

Published

26 minutes ago

March 6, 2025

Naijablitznews

Senator Natasha Akpoti-Uduaghan has resubmitted her petition alleging sexual harassment against Senate President Godswill Akpabio, this time signed by her constituents.

During the plenary, Senator Natasha was asked whether the matter was already before any court of law, to which she insisted it was not.

Following protocol, she was directed to formally submit the petition, after which it was referred to the Senate Committee on Ethics, Privileges, and Code of Conduct for investigation.

The Ethics committee chaired by Senator Neda Imasuen has been given four weeks to conduct its probe and report back to the Senate.

This marks the second time the Kogi Central lawmaker has raised the allegations in the chamber following a previous petition that was dismissed on Wednesday, owing to procedural irregularities.

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Reps Set Up Special Committee to Investigate Use of Take-off Grants, Bailout Funds, Interventions

Published

56 minutes ago

March 6, 2025

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has resolved to set up a Special Committee to conduct an immediate investigation into the utilization of Take-off Grants, Bailout Funds, and interventions allocated to Ministries, Departments and Agencies (MDAs), Government Institutions, and GOEs from 2015 to present.

The committee is expected to assess compliance with existing regulations and guidelines regarding the management and reporting of these funds, including any instances of diversion or misappropriation.

In addition the committee is to make recommendations for the enhancement of regulatory frameworks, sanctions, monitoring systems, and accountability measures to ensure the effective and intended use of public funds in all relevant sectors.

These resolutions was sequel to the adoption of a motion of urgent public importance on the “URGENT NEED TO INVESTIGATE UTILIZATION OF TAKE-OFF GRANTS, BAILOUT FUNDS, AND INTERVENTIONS ALLOCATED TO MINISTRIES, DEPARTMENTS, AGENCIES (MDA’s) INSTITUTIONS, AND GOVERNMENT-OWNED ENTERPRISES (GOE’s) FROM 2015 TO PRESENT”, by the Minority Leader, Rep. Kingsley Chinda on Thursday at plenary.

Debating the motion, Rep. Chinda noted that the provisions of Section 88 (2) (b) of the Constitution of federal Republic of Nigeria that empowers the House to expose corruption, inefficiency or wastage in the management of public funds appropriated by National Assembly.

The Minority Leader emphasised that the prudent use of public funds is crucial for ensuring accountability, transparency, and public trust in Ministries, Departments, and Agencies (MDAs), as well as Government-Owned Enterprises (GOEs).

He acknowledged that over the years, the government has provided Take-off Grants and Intervention Funds to both new and existing agencies to support their operations, alongside Bailout Funds aimed at facilitating specific services and clearing outstanding liabilities.

However, he expressed concern over recurring allegations of fund diversion and mismanagement, warning that the failure to use these funds as intended undermines critical public services and projects.

Rep. Chinda further noted that the financial losses resulting from such mismanagement pose a serious drain on public resources—funds that could otherwise be directed toward essential services and national development, in line with Section 14(2)(b) of the Constitution.

The motion reads in part: “Also Concerned that the misuse of Take-off Grants, Bailout Funds, and other interventions has severely compromised national development goals, hindering progress towards critical social and economic objectives.

“Aware that the misappropriation of these funds has led to a demonstrable deterioration in the quality of public services delivery and compromise the security of the nation thereby undermining public trust in government effectiveness.

“Also, aware that the lack of stringent oversight and monitoring mechanisms may contribute to the inefficiency in the deployment of these resources, resulting in wasted funds that could otherwise be utilized to improve the good intended government policies and as well protect lives of citizens”.

Chinda therefore said there was the need for a thorough investigation by the National Assembly, as required by Sections 88 and 89 of the 1999 Constitution (as amended), to examine the scope, usage, and accountability of these financial allocations. This he said will ensure proper oversight, prevent misuse of public funds, and promote national development.

The House asopted the motio and resolves to set up a Special Committee to investigate the matter and report back to within four weeks for further legislative action.

News

Good news as FEC approves ₦10.3bn For HIV Drugs, Diabetes Kits, Others

Published

1 hour ago

March 6, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Federal Executive Council (FEC) has endorsed about N10.3 billion for the procurement of antiretroviral drugs for HIV treatment, diabetes diagnostic kits, and other essential health commodities.

Minister of Health and Social Welfare, Dr Ali Pate, who briefed State House correspondents on the approvals, noted that the move is aimed at enhancing the accessibility and affordability of health commodities, and health services, by Nigerians.

“A few weeks ago, we approved the first-line antiretroviral drugs, and now we are putting forth resources, almost N997 million worth of contract, to procure the third-line antiretroviral drugs for those who are HIV-infected.

“I believe you will understand the importance of this, given the changes in global health financing and the shift towards domestic financing to ensure Nigerians continue receiving the treatment they require,” he said.

According to Pate, the second category of the approved contracts includes the procurement of locally manufactured diagnostic kits for diabetes.

“Diabetes is a major issue in our country. It’s among the fastest-growing segments. We have lots of our population suffering from diabetes, and some are not even aware they have it,” he stated.

He further stated that a private company based in Lagos has been commissioned to manufacture diagnostic test kits.

“So, government is procuring the diagnostic kits, the on-point blood glucose monitoring system that is manufactured here in Nigeria. This is bringing to life the effort to unlock the healthcare value chain by encouraging local manufacturers,” Pate said.

Monitoring devices will also be distributed across primary healthcare centres, and health workers will be trained to assist patients in tracking their blood sugar levels.

Pate noted that the president had previously emphasised the need for a medical relief program to reduce the cost of medical commodities.

In line with this directive, he said N4.5 billion would be allocated for the procurement of antibiotics, antihypertensive, and antidiabetic medications—beyond the test kits—to help lower costs.

He also highlighted that the test kits were manufactured in Nigeria as part of efforts to support local production.

Additionally, the minister disclosed that N2.1 billion had been approved for the procurement of a mobile X-ray machine and the rehabilitation and equipping of a 64-slice CT scan at Abubakar Tafawa Balewa University Teaching Hospital in Bauchi.

He explained that the upgraded facility would enhance diagnostic and clinical care services, making the hospital a referral centre not only for Bauchi State but also for the broader region.