Every year around this time, as stores fill up with red and pink gifts, I wonder what truly makes a relationship last, and how I can set myself up to be the best partner in a relationship. Mistakes are normal when you’re dating someone, but some can be more damaging to your relationship than others.

Couples therapist Rachel Glik has more than 30 years of experience, and she’s “seen partners repeat many of the same mistakes, often unknowingly,” she says.

Here are six common ones she suggests avoiding:

1 Winging it. Actively work on the skills that can make you a great partner, like being a good listener and dealing with conflict effectively.

2 Expecting your partner to be responsible for your happiness and well-being. Forming a positive relationship with yourself is an important step toward having a fulfilling connection with someone else.

3 Seeing conflict as a red flag. Periods of disconnection and reconnection are normal in long-lasting relationships.

4 Attempting to change your partner. Show them empathy when they do things that bother you, and avoid focusing too much on those things by appreciating more of what your partner does right.

5 Losing sight of what’s important. Plan date nights to strengthen your bond, and set aside time for honest conversations about your relationship.

6 Thinking too small. Sometimes zooming out beyond just your relationship can benefit you and your partner. Giving back to your community as a unit, and individually, can bring you closer together.

If you make any of these mistakes, don’t get discouraged, Glik says: “Simple changes, at any time, can go a long way to turn things around.”

CNBC

Nigeria’s former military president, Ibrahim Babangida (IBB), has expressed regret over the annulment of the 12 June 1993 presidential election, widely regarded as one of the freest and fairest in Nigeria’s history. In his newly released autobiography, “A Journey in Service”, Babangida blamed the late General Sani Abacha and other military officers for the annulment, which occurred 32 years ago. The book, presented to the public on Thursday in Abuja, also served as the platform for the launch of the IBB Presidential Library project, which garnered N17.5 billion in donations from Nigerian business elites.

Babangida, who officially announced the annulment in a national broadcast on 24 June 1993, acknowledged in his 420-page memoir that the election was “credible, free, and fair” and was won by Moshood Abiola, the candidate of the Social Democratic Party (SDP). Abiola defeated Bashir Tofa of the National Republican Convention (NRC) with 8,128,720 votes, securing a majority and the required geographical spread across 28 states, including Abuja. Despite initially doubting Abiola’s victory, Babangida now admits that the results clearly showed Abiola’s win.

However, Babangida revealed that the annulment was orchestrated by military officers led by Sani Abacha, his chief of defence staff, who later became head of state. He claimed the annulment was carried out “without his permission” but took full responsibility for the decision, stating, “I regret June 12. I accept full responsibility for the decisions taken, and June 12 happened under my watch. Mistakes and missteps happened in quick succession.”

The memoir details the events leading to the annulment, including a court injunction obtained by the Association to Better Nigeria (ABN) on 10 June, two days before the election. Babangida denied supporting ABN’s activities, despite its leader, Arthur Nzeribe, being close to him. He described the legal and political chaos that ensued, including conflicting court orders and intense debates within the National Defence and Security Council (NDSC). Despite his initial decision to proceed with the election, the results were abruptly suspended on 16 June, and the election was ultimately annulled on 23 June, a decision Babangida claims was made without his approval.

The annulment led to widespread political turmoil, culminating in Babangida’s resignation in August 1993 and the installation of an interim government led by Ernest Shonekan, which was later toppled by Abacha in November 1993.

At the book launch, Nigerian business leaders pledged significant donations to the IBB Presidential Library project. Billionaire industrialist Abdul Samad Rabiu donated N5 billion, while Aliko Dangote, Africa’s richest man, contributed N2 billion and pledged an additional N2 billion annually for the next three years, totaling N8 billion. Former defence minister TY Danjuma pledged N3 billion, and businessman Arthur Eze donated N500 million. The library, described as a national institution, aims to preserve Nigeria’s political, military, and leadership history, particularly during Babangida’s eight-year rule.

The event was attended by prominent figures, including President Bola Tinubu, former President Olusegun Obasanjo, who chaired the event, and former Ghanaian President Nana Akufo-Addo, who delivered the keynote address. Other attendees included former Nigerian leaders Yakubu Gowon, Abdulsalami Abubakar, and Goodluck Jonathan, as well as former vice presidents Atiku Abubakar and Yemi Osinbajo, who provided a detailed review of the book.

Babangida’s memoir offers rare insights into his tenure, including the controversial annulment of the June 12 election.

The Central Bank of Nigeria (CBN) has held its benchmark lending rate steady at 27.50 percent, marking the first pause in rate adjustments in almost three years.

CBN Governor Olayemi Cardoso announced the decision following a two-day Monetary Policy Committee (MPC) meeting in Abuja. This represents a significant shift in strategy, as the CBN had consistently increased rates since March 2022, when the benchmark stood at 11.5 percent.

The MPC unanimously agreed to maintain current rates, citing positive macroeconomic developments including stability in the foreign exchange market, appreciation of the naira, and gradual moderation in fuel prices. These factors are expected to favorably impact pricing trends in the near to medium term.

In addition to maintaining the benchmark rate, the committee retained the asymmetric corridor around the Monetary Policy Rate (MPR) at +500 to -100 basis points. The Cash Reserve Ratio (CRR) remains at 50 percent for commercial banks and 16 percent for merchant banks, while the liquidity ratio stays at 30 percent.

This decision follows the National Bureau of Statistics' recent announcement that Nigeria's annual inflation rate was 24.48 percent in January, based on a rebased Consumer Price Index with 2024 as the new base year.

Despite implementing six interest rate hikes in 2024 totaling 875 basis points, inflation has remained high due to exchange rate fluctuations, subsidy removal, and supply chain disruptions. The committee acknowledged ongoing inflationary pressures, particularly from food prices.

Cardoso noted that as the federal government improves security in food-producing regions and implements measures to increase food supply, food prices are expected to moderate. The committee also highlighted the positive impact of external sector improvements on exchange rate stability and urged the bank to continue efforts to boost market liquidity.​​​​​​​​​​​​​​​​

Katsina State’s morality police, the Hisbah Board, has officially declared nightclubs illegal, ensuring that anyone daring to enjoy themselves after sunset is in for a rude awakening. Citing “Islamic principles” and a desperate need to police personal choices, Hisbah’s Commander-General, Aminu Usman (Abu Ammar), made the grand announcement on Wednesday.

In what can only be described as a crusade against enjoyment, Hisbah ordered nightclub owners to shut down their businesses immediately, warning that anyone caught defying the decree would face severe consequences. According to them, this is all in the name of “curbing immoral practices,” “protecting societal values,” and—of course—solving the state’s security issues. Because, apparently, criminals will now turn themselves in since there’s no music playing at night.

To ensure absolute obedience, Hisbah has enlisted the help of security agencies, turning them into enforcers of fun prohibition. The board even went as far as alerting the state’s Commissioner for Internal Security to make sure no dance floor remains untouched.

This latest moral campaign follows Hisbah’s previous bans on prostitution and gambling in 2024. Not satisfied with just that, the ever-watchful squad also declared war on “funny hairstyles,” promising to take “necessary actions” against anyone whose hair offends their delicate sensibilities.

Israeli military says body released by Hamas is not of a hostage

The Israeli military said on Friday that one of the bodies released by Hamas did not belong to any of the hostages held in Gaza, accusing Hamas of violating an already shaking ceasefire.

Two of the bodies were identified as infant Kfir Bibas and his four-year-old brother Ariel, while a third body that was supposed to be their mother, Shiri, was found not to match with any hostage and remained unidentified, the military said.

"This is a violation of utmost severity by the Hamas terrorist organization, which is obliged under the agreement to return four deceased hostages," the military said, in a statement, demanding the return of Shiri and all hostages.

The family of hostage Oded Lifshitz, said in a statement that his body had been formally identified.

There was no immediate reaction from Hamas.

Israeli Prime Minister Benjamin Netanyahu earlier vowed revenge on Hamas after the group released the remains of what it said were four hostages, including that of Kfir and Ariel, the youngest of those abducted during the October 7, 2023, attack.

Palestinian militants handed over four black coffins in a carefully orchestrated public display as a crowd of Palestinians and dozens of armed Hamas militants watched, creating a spectacle which was condemned by U.N. Secretary-General Antonio Guterres.

The purported remains of the boys, their mother and Lifshitz, were handed over under the Gaza ceasefire agreement reached last month with the backing of the United States and the mediation of Qatar and Egypt.

Israelis lined the road in the rain near the Gaza border to pay their respects as the convoy carrying the coffins drove by.

"We stand here together, with a broken heart. The sky is also crying with us and we pray to see better days," said one woman, who gave her name only as Efrat.

In Tel Aviv, people gathered, some weeping, in a public square opposite Israel's defence headquarters that has come to be known as Hostages Square.

"Agony. Pain. There are no words. Our hearts — the hearts of an entire nation — lie in tatters," said President Isaac Herzog.

In a recorded address released after the remains of the hostages were handed over, Netanyahu vowed to eliminate Hamas, saying "the four coffins" obliged Israel to ensure "more than ever" that there was no repeat of the October 7 attack.

"Our loved ones' blood is shouting at us from the soil and is obliging us to settle the score with the despicable murderers, and we will," he said.

Over the course of the 16-month-old conflict, Israeli officials have repeatedly asserted that Hamas would be destroyed and the roughly 250 hostages abducted during the October 2023 Hamas-led attack on Israel would be returned home.

During Thursday's handover, one militant stood beside a poster showing coffins wrapped in Israeli flags. It read "The Return of the War = The Return of your Prisoners in Coffins".

U.N. chief Guterres condemned "the parading of bodies and displaying of the coffins of the deceased hostages in the manner seen this morning, which is abhorrent and appalling," his spokesperson, Stephane Dujarric, said.

He said international law required remains to be handed over in a way that ensures "respect for the dignity of the deceased and their families."

'SYMBOL'

Kfir Bibas was nine months old when the Bibas family, including their father Yarden, was abducted at Kibbutz Nir Oz, one of a string of communities near Gaza that were overrun by Hamas-led attackers from Gaza.

Hamas said in November 2023 that the boys and their mother had been killed in an Israeli airstrike, but their deaths were not confirmed by Israeli authorities.

"Shiri and the kids became a symbol," said Yiftach Cohen, of the Nir Oz kibbutz, which lost around a quarter of its residents, either killed or kidnapped, during the assault.

Yarden Bibas was returned alive in an exchangefor prisoners this month.

Lifshitz was 83 when he was abducted from Nir Oz, the kibbutz he helped found. His wife, Yocheved, 85 at the time, was seized with him and released two weeks later, along with another woman.

He was a former journalist and in an op-ed in left-leaning Haaretz in January 2019, he listed what he said were Netanyahu's policy failures.

LIVING HOSTAGES

The handover marked the first return of dead bodies during the current agreement.

The military said that the Bibas children had been murdered in captivity in November 2023 by "terrorists". The prime minister's office earlier said that Lifshitz was murdered in captivity by Islamic Jihad, another militant group in Gaza.

Chen Kugel, the head of the Israel National Center of Forensic Medicine, later said in a televised statement that Lifshitz had been murdered more than a year ago.

The Hamas-led attack into Israel killed some 1,200 people, according to Israeli tallies, with 251 kidnapped. Israel's subsequent military campaign has killed some 48,000 people, Palestinian health authorities say, and left densely populated Gaza in ruins.

Thursday's handover of bodies will be followed by the return of six living hostages on Saturday, in exchange for hundreds more Palestinians, expected to be women and minors detained by Israeli forces in Gaza during the war.

Negotiations for a second phase, expected to cover the return of around 60 remaining hostages, less than half of whom are believed to be alive, and a full withdrawal of Israeli troops from the Gaza Strip to allow an end to the war, are expected to begin in the coming days.

Reuters

WESTERN PERSPECTIVE

China backs Trump's Ukraine peace bid at G20 as US allies rally behind Zelenskiy

China came out in support of U.S. President Donald Trump's bid to strike a deal with Russia to end the war in Ukraine, at a G20 meeting in South Africa on Thursday, while U.S. allies rallied around Ukrainian President Volodymyr Zelenskiy.

Less than a month into his presidency, Trump has upended U.S. policy on the war, scrapping a campaign to isolate Moscow with a phone call to Russian President Vladimir Putin and talks between senior U.S. and Russian officials that have sidelined Ukraine.

Trump on Wednesday then denounced Zelenskiy as a "dictator," prompting statements of support for the Ukrainian president from G20 members such as Australia, Germany and the United Kingdom.

"China supports all efforts conducive to peace (in Ukraine), including the recent consensus reached between the United States and Russia," Wang Yi told other G20 foreign ministers gathered in Johannesburg, according to a statement from his ministry.

"China is willing to continue playing a constructive role in the political resolution of the crisis," he added.

Wang did not reiterate the point he made at the Munich Security Conference last Friday that all stakeholders in the Russia-Ukraine conflict should participate in any peace talks.

"China is generally happy to see the easing of relations between the United States and Russia and the shift of the Ukrainian crisis to a political solution, but will pay close attention to the direction of negotiations and the direction of easing of U.S.-Russian relations," said Cui Hongjian, head of European Union studies at Beijing Foreign Studies University.

"If China participates in mediation, it can reduce the risk of the United States using the easing of relations with Russia to harm China's interests."

He added that Wang Yi's previous remark that all stakeholders should be included in talks covers not only Ukraine and Europe, but also China and Global South countries.

Global South countries represent developing, emerging or lower-income nations, mostly in the southern hemisphere.

However, other analysts were sceptical of China's substantive involvement beyond rhetorical statements at this stage, given Beijing's aversion to taking geopolitical risks.

"China is happy not to be called on the spot to deliver because they don't know what Trump will demand," said Alexander Gabuev, director of the Carnegie Russia Eurasia Center.

"Trump wanted China's involvement initially but now he's spoken to Putin. He is under the impression that he doesn't need China to get a deal with Putin and Putin will give him a perfect and better deal going forward."

Wang said China-Russia relations are "moving towards a higher level and broader dimension" during a meeting with Russian Foreign Minister Sergey Lavrov on the sidelines of the G20. Both men will meet in Moscow soon for their next talks, Lavrov said earlier on Thursday.

Other analysts believe that China wants to keep a foot in the door of negotiations because it wants to take part in Ukraine's reconstruction.

"China might turn its attention to discussing a Chinese role in eventual reconstruction and peacekeeping - something that would give Beijing a significantly more vested interest in European security architecture," said Ruby Osman, a China expert at the Tony Blair Institute for Global Change.

The Trump administration said on Tuesday it had agreed to hold more talkswith Russia on ending the nearly three-year long conflict after a 4-1/2-hour long meeting in Saudi Arabia.

Russia said the talks had been useful, but hardened its demands, notably insisting it would not tolerate the NATO alliance granting membership to Ukraine.

RUSSIAN PERSPECTIVE

Russia strikes Ukrainian military energy sites – MOD

Russian forces conducted long-range strikes targeting Ukraine’s military-linked gas infrastructure overnight, the Defense Ministry in Moscow confirmed on Thursday. Earlier, Kiev claimed the targets were civilian.

The ministry stated that the operation involved missiles launched from air, naval, and ground platforms, along with drones. The strikes targeted “elements of gas and energy infrastructure crucial for the Ukrainian military industrial complex,” all of which were successfully hit, according to the official statement.

Ukrainian Energy Minister German Galushchenko confirmed the damage to the facilities, alleging that the Russian objective was to “halt the extraction of gas essential for civilian use.” The Russian military maintains that it does not target civilian facilities.

The Ukrainian military reported that Russia launched at least 14 cruise and ballistic missiles, alongside over 160 drones. The statement refrained from detailing how many missiles were intercepted, a departure from Kiev’s typical communications strategy. Previously, the Ukrainian air defense force showcased claimed interceptions through graphics depicting Russian weapons; however, Thursday’s report focused solely on drones, stating that 80 had been neutralized.

Earlier this week, Ukrainian leader Vladimir Zelensky expressed concern over dwindling supplies of interceptor missiles for US-provided MIM-104 Patriot systems. He had previously lauded them as superior to other air defense technologies supplied by Western arms donors.

Ukraine has reportedly received six full batteries, including three from the US and three from Germany, as well as individual launchers from the Netherlands. During a press conference on Wednesday, Zelensky requested 20 more Patriot systems to bolster his country’s defenses.

Reuters/RT

Many Nigerians experience visa refusal daily. They don’t need the National Security Adviser, Nuhu Ribadu, to invoke hell against any country to make the point.

Unfortunately, Ribadu’s fury after the Canadian High Commission refused visas to Chief of Defence Staff Christopher Musa and other officials for the winter Invictus Games in Vancouver Whistler was directed at an unlikely target. Canada can be criticised for many things, but Ottawa’s faults do not include consular meanness.

In the last five years, Canada has been the third-biggest destination for Nigerian immigrants, especially students, after the US and the UK. Multiple sources, including reports by Immigration, Refugees, and Citizenship Canada (IRCC), suggest that Canada, New Zealand, and the United Arab Emirates have relatively friendly visa policies for Africans.

Schengen refusals

If Ribadu needs any idea of what a visa hell looks like, he should look at Europe, specifically the Schengen area. According to a BusinessDay report, Nigeria ranked among the top five countries globally for Schengen visa refusals between 2022 and 2023.

Nigerian applicants submitted 86,815 requests three years ago, with 39,189 rejected—a 45.1 percent refusal rate. By 2023, the number of applications had increased to 105,926, but 42,920 were denied, reflecting a slightly lower rejection rate of 40.8 percent. At the rate at which President Donald Trump is going, sooner than later, the US might upstage Schengen as the world’s meanest visa gateway.

There will hardly be anyone to speak up for the casualties. When ordinary citizens are denied visas, they must deserve it, right? But Musa is not an ordinary citizen. He is the jewel of Nigeria’s military top brass and should receive full consular courtesies on a good day without a fuss.

What happened?

So, what happened? Why did the Canadian High Commission refuse to issue visas to Musa and the delegation of military officers for the Invictus Games? Let’s dial back.

Many years ago, citizens didn’t need visas to visit other Commonwealth countries, at least for the first 60 days.

Even by 1962, when many of these countries imposed visa requirements due to immigration pressures, a few, including Canada, maintained visa-free policies longer than most. It still maintains a visa-free policy for a few Commonwealth countries, while Britain has a much longer list of visa exemptions for some Commonwealth countries, including Malawi and Botswana.

Africa talks the talk

Today, even intra-African travel is a big struggle for Nigerian passport holders, despite all the talk by AU about visas on arrival. Thanks to the shameful conduct of a few desperadoes who have elevated the risk factor of the green passport and successive irresponsible governments that have plunged the country into the current mess, travelling with a Nigerian passport is not easy.

If the country’s status has moved from visa-on-arrival up to the early 1970s in many Commonwealth (and even non-Commonwealth countries) to a status of cautious admission and even outright hostility toward ranking government officials, Ribadu does not need to invoke hell. It’s a metaphor that painfully reminds us of our odyssey. Why was a four-star general in the Nigerian army denied a visa in a manner that has turned into a street brawl?

Cracks within

A few days after Ribadu asked the Canadian High Commission to “go to hell”—an expression that might have shocked even the hosts of hell’s consular services—it came to light that the refusal may have had more to do with the tardiness of a desk officer at the army’s protocol department than with the Canadian High Commission in Abuja.

The Nation newspaper quoted competent sources as saying that the Army failed to attach the note verbale from the Ministry of Foreign Affairs that should have accompanied the visa applications.

If that is correct – and the military authorities have not denied the report – how was that Canada’s fault? The question still needs to be asked: How did 14 of the 21 soldiers enrolled get visas when the officials and delegation leader could not be processed?

Calm down…

Ribadu is not just another government official. He would be justified in feeling slighted about a perceived diplomatic slight on Nigeria’s contingent, even if it was a contingent attending the Munich beer festival. But his office demands a sober and dignified response, not the sort of thing Idi-Amin might have said on the eve of evicting thousands of Asians from Uganda.

The report of official tardiness was sobering enough, but the purpose was no less puzzling. Of course, Prince Harry's brilliant idea of the Invictus is to give wounded servicemen and veterans a chance to connect and bond with others as they remind us of their sacrifices for our safety and security and rediscover meaning in a shared humanity. But since its start in 2014, Invictus has been a summer game.

Their winter games

If the organisers decided to extend it to the winter to include adaptive sports, such as alpine skiing, Nordic skiing, skeleton and wheelchair curling, among others – hardly core Nigerian sports – that is fair enough. Yet, how any of these sports seriously concern Nigeria when only 15 African countries have participated in the Winter Olympics in 58 years between 1960 and 2022, and of this number, only seven have done so more than once, is another matter.

Winter is not our thing. The urgency of the task at home – a stubborn rise in the wave of insurgency in the Northeast and North West, despite reported gains in some areas – requires the full attention of the military’s top command. Musa should have delegated attendance.

How not to be angry

Managing the refusal was no less scandalous. If a bunch of secondary school students on a Sudoku exhibition tour to Kathmandu was refused visas and decided to moan about it on TikTok, I can understand that.

But it defies common sense that Nigeria’s top security adviser would dramatise a matter well within his reach to investigate and take remedial steps, if necessary. Ribadu neither did himself nor Musa any favours by his intemperate remarks. He gave ordinary folks something to jeer about and made the country look ridiculous.

Can’t stay down

Idiots may have brought the country to its knees, down from a place where Africa, the Commonwealth, and the rest of the world looked up to us and our passport ranked among the most respected. But nothing says we must stay there.

The job at hand is to dig us out of that hole, a significant point Ribadu made but sadly lost in his fit of anger. Modern consular diplomacy includes, among other things, a timely, trusted, and secure data-sharing system that gives parties to a transaction reasonable comfort. Where that fails, nasty surprises are inevitable.

Not much can get done by tantrums or by a false sense of entitlement.

** Ishiekwene is the Editor-In-Chief of LEADERSHIP and the author of the book Writing for Media and MonetisingIt.

Jodie Cook

Most people spend their life making concessions. They play small to avoid rocking the boat. They stay within the limits others set. But ultra successful people operate differently. They create their own rules and live by them without apology. And you can join them.

Your path to success means demanding more. Breaking free from patterns that hold you back. Surrounding yourself with excellence. Here's how ultra successful people protect their standards and time, with ideas for your next moves.

Smart standards for huge success

They don't negotiate

Beyoncé Knowles states her terms. Larry Ellison sets his price. Ultra successful people take "negotiate" out of their vocabulary. They understand their value and expect others to meet it. Nothing less. They don't chase opportunities or beg for business. They build empires that attract the right people.

Build your worth so high that others want to work with you. Create offerings people can't refuse. Make yourself the obvious choice through excellence and reputation. Start turning down work that doesn't meet your standards. Fix your prices and stick to them.

Copy this mindset today. Share your intentions with confidence. Say no to low-value projects. Build your brand until you become the prize. Watch what happens when you stop haggling and start owning your worth.

They don't waste time

Time equals money, results and progress. Ultra successful people guard their schedule like gold. They don't queue for coffee, wait around for late friends, or waste hours in traffic. Their time matters more than that. They make moves that protect every minute of their day.

Buy back your hours with premium upgrades. Pay for fast delivery, first-class travel, and efficient service. Get help running errands. Book time slots that work for you, and don’t return to tardy suppliers. Plan ahead to eliminate waiting. When you compare the cost of the time saved to your hourly rate, this always makes sense. Think what you could achieve with those saved hours.

Start today by listing your regular time drains. Calculate the cost of waiting versus paying for speed. Upgrade your daily habits to save precious minutes. Book the best times, pay for priority, skip the lines. Your future self will thank you.

They don't lower their standards

Ultra successful people demand excellence in every area. Average hotels, basic food, or mediocre service won't cut it. They invest in premium experiences that fuel their success. Their standards apply to their surroundings, their circle, and their self-care without exception.

Level up your daily experience. Choose quality over quantity. Hire experts to handle tasks. Book better accommodation. Upgrade your wardrobe. Find friends who push you higher. Cut ties with energy vampires who drag you down. Make excellence your new normal and become the new you.

Review your current standards and find places to upgrade. List five areas ready for improvement. Maybe it's your morning coffee, your gym, or your work setup. Make one change this week. Keep going until premium becomes your baseline.

Your standards set your success: make three upgrades today

Ultra successful people protect their worth, value their time, and demand excellence. They know success comes from raising standards, not lowering them. You have everything you need to reach this level. Start treating yourself like the success you want to become.

Forbes

Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion in damages for alleged economic losses and an additional $2 billion in back taxes, according to court documents released on Wednesday.

The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11.

Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency crisis. In 2024, the government detained two Binance executives, citing concerns that cryptocurrency platforms were being used for speculative trading of the naira.

Binance, which is not registered in Nigeria, has yet to comment on the lawsuit. However, the company previously stated that it was cooperating with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historical tax obligations.

The FIRS contends that Binance maintains a “significant economic presence” in Nigeria, making it liable for corporate income tax. The agency is seeking a court ruling to enforce tax payments for 2022 and 2023, along with a 10% annual penalty on any outstanding amounts. Additionally, it is requesting a 26.75% interest charge on unpaid taxes, based on the Central Bank of Nigeria’s prevailing lending rate.

Binance is already facing four counts of tax evasion in Nigeria following a government crackdown on the cryptocurrency sector last year. The charges include failure to pay value-added tax and company income tax, non-filing of tax returns, and allegedly aiding customers in evading taxes.

In March last year, Binance announced it was halting all naira-based transactions and trading activities.

The company is also battling separate money laundering charges filed by Nigeria’s anti-corruption agency, which Binance has denied.

The Nigerian Exchange (NGX) bounced back impressively on Wednesday, with investors gaining N505 billion as the All-Share Index rose 0.87% to close at 108,609.51 points.

This positive performance effectively reversed Tuesday's losses and pushed the market capitalization up to N67.8 trillion.

BUA Foods emerged as the day's top performer, surging 9.91% to N410.50 per share. Other notable gainers included RT Briscoe (+6.91% to N2.63), Eterna (+6.25% to N42.50), and Sunu Assurances Nigeria (+6.13% to N6.92).

However, some counters faced selling pressure, with University Press and International Energy Insurance both declining 9.8% to close at N4.60 and N2.21 respectively. Union Dicon Salt fell 9.52% to N6.65, while McNichols dropped 8.57% to N1.60.

Trading activity moderated compared to the previous session, with 343.7 million shares worth N8.63 billion changing hands across 12,970 deals – representing decreases of 16% in volume, 23% in value, and 8% in transaction count.

Access Holdings led market activity with 65.1 million shares traded, followed by Fidelity Bank (50.7 million), Zenith Bank (22.1 million), and Sterling Bank (13.2 million).

Sector performance showed mixed results, with Consumer Goods leading gains (+4.16%), followed by the Main Board Index (+1.47%) and Insurance (+0.29%). The Oil and Gas Index remained under pressure, having lost 3.82% over the past week and 4.58% year-to-date.

Wednesday's rebound comes after Tuesday's session saw investors lose N166 billion following Nigeria's January 2025 headline inflation reading of 24.48% after rebasing.