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OBJ Accuses President GEJ of Squandering $55Bn Oil Money

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Olusegun Obasanjo, former president and President Goodluck Jonathan
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Olusegun Obasanjo, former president has accused President Goodluck Jonathan of squandering $25billion crude oil savings left behind by his administration.

Obasanjo made the allegation while hosting the South-West women leaders at his residence in Abeokuta, describing the administration of President Jonathan as full of impunity.

The former president also said the failure of Jonathan’s administration to save for the rainy day led Nigeria into the current economic mess where a dollar exchanges N195.

Obasanjo claimed that the more than $25billion inherited by his successor, Musa Yar’Adua, was raised to $35 billion but the Jonathan administration squandered all, including also the $40billion in Nigeria’s foreign reserve account after paying the outstanding debt at the time.

According to him, former President Yar’adua also raised the reserves to $60billion, but under President Jonathan, the reserves plummeted.

These new claims followed series of public denunciation of Jonathan’s government by the former president.

Last year, Obasanjo repeatedly lambasted the current government, accusing the president of promoting and tolerating corruption, and failing to provide security for Nigerians.

But Obasanjo, yesterday, said he was not fighting the President, nor was Jonathan fighting him. He said he was more concerned about the interest of the country, and, therefore, cared less about criticisms.

“I have no grudges against Jonathan and I think Jonathan equally has no grudges against me. I’m not quarrelling with Jonathan. All I know is that whatever is good for Nigeria, that I’m ready to die for.

“I emphasize that whatever is good for Nigeria is what I’m ready to defend with my life. Whoever I emphasize, whoever says he would not do anything good to Nigeria, even if he says he’s ready to go ‘konko below’, I’m ready to square it up with such a person. I say again, whoever that person may be, I want you to get that correctly. If this country is going to change for the better, it would start from the top and if it’s going to be otherwise, it would start from the top, too,” the former president stressed.

The former president also lamented the poor condition of Nigeria’s economy, saying it shouldn’t have been this bad.

“Our economy should not have been this bad. When I was leaving office about eight years ago, I left a very huge reserve after we had paid all our debts. Almost $25billion was kept in what they called excess crude, including the excess from the budget we were saving as reserve for the rainy days. When we left in May, 2007, the reserve was said to have been raised to $35billion.

“But today, that reserve has been depleted! The reserve we left when we finished paying all our debts, our debts that was about $40billion, that is including debt forgiveness, the remaining debt was not more than $3billion. Our reserve after we had paid off this debt was about $45billion. As at the end of 2007, I heard that the reserve increased to almost $67billion before the end of that year. But our reserve now, I learnt is left with around only $30billion.

“That is why the Naira has been falling against the dollar. What would now happen? I learnt if you want to buy a dollar now, it’s about N192 or N195. What it means is this, what you have been buying at N150 to a dollar, now you need N192 or N195 to buy it. That is the real situation. Is there any remedy? There is, but it does not come overnight because it means we have to give up all the bad things we have been doing,” Obasanjo said.


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How JustMarkets Is Empowering African Traders with Global Market Access

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Africa’s trading community is rapidly growing, evolving, and showing increasing interest in financial markets. From Lagos to Nairobi, from Accra to Johannesburg, more and more people are exploring financial markets as a way to develop skills, earn income, and participate in the global economy. But the ability to trade isn’t enough; traders also need reliable technology, fair conditions, and tools that help them make informed decisions and trade effectively.

How JustMarkets Is Empowering African Traders with Global Market Access

JustMarkets

This is where trading platforms like JustMarkets make a significant contribution to the development and expansion of the trading community in the African region.

By combining global market access with a results-oriented trading environment, JustMarkets helps African traders compete head-to-head with those in the world’s largest financial centers, providing access to tight spreads, a wide range of analytical materials, and a variety of account types.

Breaking Barriers to Global Markets

For years, traders in emerging markets have faced limitations: slow platforms, a limited range of instruments, low liquidity, wide spreads, and infrastructure that hinders professional trading and effective analysis. Today, JustMarkets addresses this significant gap by providing African traders with access to a wide range of global financial instruments through a single, optimized online platform.

Now traders have the opportunity to test short-term strategies, long-term portfolio diversification, and learn how markets work. Traders can now explore opportunities in forex, commodities, indices, and stock markets without geographic barriers or technical difficulties.

A Trading Platform Built for Performance

Technology plays a critical role in modern trading. Market conditions can change in seconds, and execution speed often makes the difference between opportunity and missed entry. The JustMarkets leading trading platform is designed to support fast, confident decisions in real time.

  • Ultra-fast execution. Engineered for low-latency order processing, the app helps ensure trades are executed quickly and efficiently when markets move.

  • Full risk management. Stop-loss, take-profit, and position sizing can be managed directly from the chart, helping traders stay disciplined and protect capital.

  • Advanced charting. Interactive charts, multiple timeframes, drawing tools, and built-in indicators provide the analytical depth needed for informed trading decisions.

  • Real-time alerts. Instant notifications about price movements, order events, and key market developments help traders stay connected even when they’re away from the screen.

  • Secure authentication. Biometric login, encrypted data transmission, and advanced internal security protocols ensure that accounts and personal data remain protected.

This combination of speed, usability, and security makes professional-grade trading accessible from anywhere, even on the go with JustMarkets mobile trading app.

Trade a Wide Range of Global Markets

Access to diverse instruments allows traders to adapt to different market conditions and explore multiple strategies. JustMarkets provides African traders with the ability to participate in major asset classes worldwide.

  • Forex. Trade major, minor, and exotic currency pairs with competitive pricing and deep liquidity.

  • Gold & Metals. Access precious metals such as XAUUSD and XAGUSD, popular instruments for active traders and those seeking exposure to global macro trends with competitive spreads.

  • Indices. Engage with leading global stock indices including the S&P 500, NASDAQ, Dow Jones, DAX, and FTSE – markets that reflect the performance of major economies.

  • Stocks. Trade shares of global companies and high-volume market leaders, opening opportunities to follow international corporate trends.

  • Energy. Speculate on key energy commodities such as WTI and Brent crude oil, instruments often influenced by geopolitical and macroeconomic developments.

This broad market selection helps traders diversify and respond flexibly to changing global conditions.

Supporting Trader Development

Expanding technical, educational, and analytical capabilities extends beyond technology. JustMarkets also places a special emphasis on helping traders build knowledge and confidence. Access to educational materials, market analysis, and structured risk management tools fosters a more disciplined and informed approach to trading, including setting trading goals.

For many African traders, this means moving from random speculation and emotional trades to a more professional mindset, and most importantly, understanding that long-term success depends on strategy, risk management, continuous learning, and a cool head.

Connecting Africa to the Global Financial Ecosystem

Financial markets are becoming increasingly interconnected, with traders from all regions now participating in the same global capital flow. Offering advanced tools such as flexible leverage, fast order execution, and broad access to markets and trading assets, the JustMarkets online trading platform helps African traders become active participants in this ecosystem with full access to analytical and educational materials, as well as cutting-edge technological solutions for managing trades, accounts, and open positions. JustMarkets’ commitment to empowering traders, increasing financial literacy, and enabling people to engage with global markets on a level playing field. As the African trading community grows, online trading platforms like JustMarkets, which combine performance, accessibility, and security, will play a key role in this process. But pay attention that risk management still is a key to success as CFD trading involves risks.


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Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

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Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has issued an interim Mareva injunction freezing copyright levy funds due to the Musical Copyright Society of Nigeria (MCSN).

Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

The order prevents the Central Bank of Nigeria (CBN) and at least 20 commercial banks from disbursing these funds until further court proceedings.

The injunction stems from Suit No. FHC/L/CS/207/2026, following an ex parte application filed on February 5, 2026, by the Record Label Proprietors’ Initiative on behalf of 11 major record labels and music companies.

Plaintiffs include industry heavyweights such as Mavin Records, Davido Music Worldwide, Chocolate City Music, Universal Music Group, Sony Music Africa, and Warner Music South Africa.

The plaintiffs, through their attorney, sought to restrain the CBN from releasing any copyright levy funds related to sound recordings earmarked for MCSN.

They also asked the court to bar MCSN and its agents from accessing, transferring, or using the funds, whether received directly from the CBN or routed through commercial banks.


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NITDA, HORSA Empower Lawmakers’ Spouses with Digital Skill

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The National Information Technology Development Agency (NITDA), in partnership with the House of Representatives Spouses Association (HORSA), organized a specialized two‑day digital literacy and capacity‑building workshop for the spouses of members of the House of Representatives.

The initiative, themed “Empowering Women for a Digital Future: Leadership, Wellbeing, and Opportunity,” is designed to equip spouses of lawmakers with the tools needed to navigate the modern digital economy and the unique demands of public life.

Moving beyond basic computer literacy, the workshop offers a comprehensive suite of skills, including financial and digital literacy—focused on using digital tools for business growth and personal finance management; cybersecurity and digital wellbeing—promoting online safety, data protection, and mental health resilience; and economic empowerment—unlocking opportunities in remote work, Business Process Outsourcing (BPO), and digital entrepreneurship.

Declaring the workshop open on behalf of the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, said the workshop underscores the crucial role spouses play in supporting public office holders. He described spouses as trusted advisers whose understanding of legislative responsibilities helps lawmakers perform more effectively.

He noted that the demanding nature of legislative work often places strain on family life, adding that empowering spouses with digital and leadership skills would strengthen their capacity to provide informed support and constructive feedback to their partners in public service. He urged participants to take full advantage of the training, stressing that continuous learning is essential in an increasingly digital world.

Kalu further observed that many spouses already lead humanitarian and development initiatives in their communities, and that the skills gained from the programme would enhance communication, strategic planning, and resource mobilisation, thereby deepening their contribution to community development and national growth.

In his welcome address, the NITDA Director‑General, Kashifu Inuwa, said the initiative aligns with the Federal Government’s drive to build a sustainable digital economy by ensuring that no group is excluded from digital opportunities due to skills gaps. He noted that the Renewed Hope Agenda of Bola Ahmed Tinubu places digitalisation and innovation at the heart of economic diversification and inclusive growth.

He added that NITDA is implementing a national digital literacy framework aimed at achieving 95 per cent digital literacy by 2030, driven through three key focus areas: integrating digital skills into formal education, upskilling public servants, and expanding community‑level digital inclusion.

Inuwa described women as critical drivers of Nigeria’s digital transformation, noting that empowering spouses of lawmakers with digital skills would strengthen leadership at home and positively influence legislative processes at the National Assembly. He explained that NITDA is working with the Ministry of Education and global technology partners to train teachers nationwide, while over 54,000 public servants are currently enrolled in the Agency’s digital literacy programmes.

He also stated that through community champions deployed across the 36 states and the Federal Capital Territory, millions of Nigerians are being reached annually with basic digital skills training, stressing that national leaders must not be left behind in Nigeria’s digital transition. According to him, digitally literate spouses can play a vital role in encouraging technology‑driven governance, including ongoing efforts to digitise legislative processes.

In her goodwill message, the Leader of HORSA and wife of the Speaker, House of Representatives, Hajiya Fatima Tajudeen Abbas, described the workshop as a historic milestone and the first comprehensive capacity‑building programme organised by the 10th Assembly for spouses of lawmakers. She noted that public life in a digital age now extends beyond physical spaces into online platforms, making digital and financial literacy, cyber protection, and digital wellbeing essential skills for spouses of national leaders.

Hajiya Abbas emphasised that the sessions on mental health, emotional resilience, entrepreneurship, and leadership were timely, as spouses of public office holders often shoulder invisible emotional responsibilities. According to her, empowering women economically strengthens families and communities, adding that the knowledge gained from the workshop would not only support lawmakers behind the scenes but also enable women to contribute more meaningfully to national development in the digital economy.

The event also featured goodwill messages and contributions from senior government officials, including the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Honourable Minister of Women Affairs and Social Development, Hon. Imaan Sulaiman Ibrahim; the Chairperson of the Nigeria Governors’ Spouses’ Forum, Prof. (Mrs.) Olufolake Abdulrazaq; the Chairman of the House Committee on ICT, Hon. Stanley Olajide; the Chairperson of the House Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara; and the Managing Director of the South-South Development Commission, Usoro Offiong Akpabio.


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