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Libra:Facebook Plans Global Financial System Based on Cryptocurrency

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Facebook and a consortium of 27 partners on Tuesday unveiled Libra, a new cryptocurrency. Their goal? To create a new global money and the foundation for a fresh universe of financial services.

The founding partners of the Libra Association, which will oversee the design and release of the currency.CreditCreditLibra Association

That’s a grandiose vision, but what exactly will happen and what will you be able to do with Libra? Here are the basics.

Libra is a cryptocurrency that is intended to be sent instantly, and with almost no fees, anywhere in the world.

It is built on some of the same principles as Bitcoin. But the aim is for Libra, unlike Bitcoin, to have a stable value, backed up by a basket of international currencies, such as the dollar, euro and yen.

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A team at Facebook created the Libra project, and the company has added the partners, including many other big technology companies, to help oversee a Swiss nonprofit that will be responsible for the final design of Libra and for putting the system in place.

Facebook and its partners want to make the first Libra coins available to the public in 2020, but several roadblocks could stop or delay its release.

The Swiss association governing Libra will first have to agree on the final design of the cryptocurrency. Then the association will have to find banks willing to hold the money that will back up the currency. Financial regulators, many of whom have been hesitant about cryptocurrencies, will need to sign off on the design.A proposed look for a Calibra mobile app.CreditCalibra

A proposed look for a Calibra mobile app.
A proposed look for a Calibra mobile app.CreditCalibra

Libra is set up so that any company, not just Facebook, will be able to accept the coin and build wallets that will let people hold and spend it. That’s similar to the way that a diverse array of companies have created wallets and exchanges for Bitcoin.

Facebook said it intended to offer Libra to almost all of the 2.7 billion customers who are now on its Facebook Messenger and WhatsApp services. It also hopes to allow Libra to be used for payments for things like ads on its social network.

Facebook has set up a subsidiary, Calibra, which will be responsible for making Libra available to its users. Calibra intends to build other services on top of Libra, including, eventually, financial services like lending and investing.

Facebook hopes its partners, such as Uber and Spotify, will also take Libra as payment for car rides and online subscriptions, as they do with PayPal and Venmo today.

Every time someone buys Libra, that money will be deposited into a bank account where it will sit untouched, so that every dollar’s or euro’s worth of Libra will be backed by a dollar or euro in the bank, according to the Libra design documents. This is important because the bank holdings of Libra will generate interest that can be used to pay back the cryptocurrency’s initial investors. This structure will mean that an infinite number of Libra can be generated, in contrast to Bitcoin, which is meant to be capped at 21 million. Creating new Libra will not require anything like Bitcoin’s mining process, which has consumed enormous amounts of electricity and made Bitcoin the target of environmental critics.

Read Also: Bezos Dethrones Bill Gates On Forbes World’s Rich List – Facebook’s Zuckerberg Holds 5th…

Facebook and other companies that have created Libra wallets can encourage new customers by giving them a small number of Libra to get started. You will also be able to buy Libra by transferring money from a bank account or debit card. The cost of an individual Libra will be determined by the value of the basket of global currencies that backs up Libra, which will fluctuate slightly over time based on the value of the underlying currencies.

If Libra works as intended, once customers own Libra, they will be able to send them to any other business or person with a Libra wallet, anywhere in the world.

If you want to turn Libra back into dollars or other traditional currencies, Facebook’s wallet, Calibra, will make the conversion at the going rate — based on the current value of the underlying currencies — and transfer the money to another bank or online financial account like PayPal.

Customers of Facebook will be able to set up a Libra wallet by verifying their identities online with a government document.

Other companies working with Libra will be able to create their own wallets and verify their own customers. Only companies approved by Libra’s Swiss association will be able to move money in and out of the system.

Facebook hopes to initially make this process open to people almost anywhere in the world. This will probably be limited in many of the places where the social network is restricted, such as China and Iran.

-New York Times


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Seyi Vibez Drops Fuji Moto Album Featuring Trippie Redd, French Montana, NLE Choppa & Olamide

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Seyi Vibez Drops 14-Track Fuji Moto Album With Global Collaborations
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Nigerian Afrobeats sensation Seyi Vibez has released his highly anticipated album Fuji Moto, a 14-track project that fuses Fuji rhythms with trap, street-hop, and melodic Afro-fusion. The album arrived on November 14, 2025, under EMPIRE, marking one of Seyi Vibez’s most ambitious creations yet.

Fuji Moto features standout international and local collaborations, including Trippie Redd, French Montana, NLE Choppa, and Nigerian rap icon Olamide. The project also includes several deep, introspective solo tracks where Seyi Vibez reflects on pain, resilience, spirituality, and his rise from the trenches to global acclaim.

Within hours of release, the album debuted at No. 2 on the Apple Music Nigeria Top Albums chart and quickly became Seyi Vibez’s most-streamed project ever on Spotify, reinforcing his status as one of the most influential voices in modern Afrobeats and street music.

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With its blend of traditional Fuji influences and contemporary sonic experimentation, Fuji Moto cements Seyi Vibez’s reputation for pushing boundaries and representing the sound of the streets on a global stage.

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Abuja

Wike Presides Over FCT Exco, Launches New Waste Management System for Cleaner Abuja

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Wike Presides Over FCT Exco Meeting As New Waste Management Regime Kicks Off Next Week Monday
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The Federal Capital Territory Administration (FCTA) will commence a comprehensive new waste management regime across Abuja from Monday, November 17, 2025, as part of efforts to improve sanitation and restore environmental order in the nation’s capital.

The announcement followed the FCT Executive Committee Meeting held on Thursday and presided over by the Minister of the FCT, Nyesom Wike.

Briefing journalists after the meeting, the Coordinator of the Abuja Municipal Management Council (AMMC), Chief Felix Amechi Obuah, revealed that the Executive Committee had ratified and approved a memo appointing new contractors to handle waste collection and management across different districts of the FCT.

According to him, the approval also covers the procurement of basic waste treatment plants, alongside the maintenance and operation of supervisory utility vehicles to support the new regime.
Chief Obuah, who acknowledged widespread complaints about waste disposal in the capital, expressed optimism that residents would begin to experience a significantly cleaner and better-managed Abuja once the new system takes effect.

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Also speaking, the head of the Satellite Towns Development Department (STDD), Hon. Abdulkadir Zulkiflu, disclosed that the Committee approved payment for the emergency evacuation of waste from open dump sites, waterways, and stream channels in the Dogon Gada community of the Abuja Municipal Area Council (AMAC).

He explained that a total of ₦111,913,176 was released for the execution of the cleanup contract.

In addition, the FCT Transportation Secretary, Hon. Chinedum Elechi, announced approvals for printing services for the Directorate of Road Transport Services. He added that funds have also been approved for the operation and maintenance of 34 existing traffic lights, as well as the installation of three new traffic light systems within the Federal Capital City.

Earlier in the meeting, the Chief of Staff to the FCT Minister, Hon. Chidi Amadi, reiterated Wike’s determination to maintain high environmental standards in Abuja.

“The Minister is very concerned about the waste management contract,” he said. “He is serious about it because it directly affects the cleanliness and overall image of the city.”

With the new waste management framework set to take effect next Monday, the FCTA says it is fully committed to delivering a cleaner, orderly, and world-class Abuja.

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Abuja

Senator Ned Nwoko Releases Voter’s Card to Deny Marrying Regina Daniels at 17

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Senator Ned Nwoko breaks silence on his reported marital crisis with Nollywood actress Regina Daniels, denying domestic violence allegations and alleging that drug abuse caused their dispute.
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Senator Ned Nwoko, 67, has released what he claims to be Nollywood actress Regina Daniels’ voter’s card to debunk widespread claims that he married her when she was 17 years old.

The document, reportedly issued by INEC, lists Regina’s date of birth as 1998, suggesting she was 21 when the couple tied the knot in 2019 not 17, as previously alleged.

Nwoko shared the card on social media in response to Regina’s recent revelation that she was underage at the time of their marriage, alongside new allegations of abuse and drug exposure during their relationship.

In his rebuttal, Nwoko dismissed the accusations as false and malicious, suggesting that Regina’s statements were influenced by “substance-related issues.”

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The controversy has intensified following claims of family confrontations and arrests, though no formal legal action has been filed by either side.

Regina, who has presented her international passport showing a 2001 birth year, maintains that she was 17 at the time of their union. The conflicting records have fueled online debates over document authenticity and the couple’s 46-year age gap.

Social media users remain divided, with some defending Nwoko’s evidence, while others question the motive and legality of the marriage. Many commentators have also called for privacy and due process amid the escalating feud.

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Abuja

Your anger misplaced, face those who scammed you — Wike’s aide tackles ex-Naval chief

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Your anger misplaced, face those who scammed you — Wike’s aide tackles ex-Naval chief
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Lere Olayinka, Senior Special Assistant on Public Communication and Social Media to the Minister of the Federal Capital Territory (FCT), has reacted to the controversy involving former Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo (retd.), over a disputed plot of land in Abuja.

In a post on his X handle on Wednesday, Olayinka alleged that the retired naval chief was deceived into buying land that had been officially designated for park and recreational purposes, not residential use.

According to Olayinka, rather than directing anger at the Federal Capital Territory Administration (FCTA) for enforcing land-use regulations, the former naval chief should focus on the individuals who sold him the illegal property.

“Vice Admiral Gambo was scammed. He needs to use his military might against the person who sold land meant for park and recreation to him to build duplexes — not FCTA officials carrying out their lawful duties,” Olayinka stated.

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He revealed that the land in question was originally allocated to Santos Estate Limited in 2007 for park and recreation purposes.

Olayinka further explained that in 2022, the company applied to the then FCT Minister for approval to convert the land to residential use, but the request was declined. Despite this, the company allegedly went ahead to partition and sell the land to unsuspecting buyers, including the former naval chief.

“Santos Estate Limited had already sold the land to unsuspecting people, including the former Chief of Naval Staff, who is now building duplexes on it,” Olayinka noted.

“Like I said earlier, shouldn’t the former Chief of Naval Staff be more concerned with the person who scammed him, rather than using military might to hold on to a property on which he was duped?” he queried.

Reacting to comments made by Lt. Gen. Tukur Buratai (retd.), former Chief of Army Staff, Olayinka added:

“I read the statement made by the former Chief of Army Staff, Lt. General Tukur Buratai. As Director General of Rotimi Amaechi Campaign, Buratai has done his job.”

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Abuja

Badaru Defends Soldiers, Says No Officer on Lawful Duty Will Be Punished Over Wike Incident

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Badaru Defends Soldiers, Says No Officer on Lawful Duty Will Be Punished Over Wike Incident
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Minister of Defence, Mohammad Badaru Abubakar, has assured that no officer or soldier performing lawful duty will face punishment over the recent altercation between military personnel and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, in Abuja.

Speaking during the ministerial briefing to flag off activities for the 2026 Armed Forces Remembrance Day at the National Defence College, Abuja, Badaru reaffirmed the government’s support for security personnel executing their duties responsibly.

“We will always protect officers and our armed forces personnel on lawful duty. Any officer on lawful duty will be protected if he is doing his job lawfully and if he does it well,” he said.

The assurance comes amid tensions following a confrontation between Wike and a military officer who led soldiers to secure a disputed plot of land in Abuja’s Gaduwa district.

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After the incident, a coalition of retired military veterans threatened to occupy the FCT ministry if any disciplinary action was taken against the officer, insisting he acted under a lawful directive.

On National Security Achievements

The Defence Minister also highlighted key achievements under the administration of President Bola Tinubu, noting that the armed forces have recorded major successes in counter-terrorism and internal security operations nationwide.

According to Badaru, within Tinubu’s tenure, troops have neutralised over 13,000 terrorists and criminals, arrested more than 17,000, and rescued nearly 10,000 hostages. He added that over 100,000 Boko Haram and ISWAP combatants and their families have surrendered.

“These coordinated operations have dismantled major terrorist enclaves, neutralised notorious bandit commanders, and restored peace to hundreds of communities, enabling displaced persons to return home,” he said.

Badaru also disclosed that in the South-South region, troops destroyed over 1,900 illegal refining sites, safeguarding vital oil and gas infrastructure.

He emphasized that the military’s growing operational capacity is supported by strategic modernization efforts, including the procurement of Armoured Fighting Vehicles (AFVs), Unmanned Aerial Vehicles (UAVs), and naval vessels.

“The signing of the Defence Industries Corporation of Nigeria (DICON) Act in 2023 marks a milestone in indigenous defence production, positioning Nigeria as an emerging hub for defence technology in the region,” the minister stated.

He further called for collective participation in the fight against insecurity, stressing a “whole-of-society approach” that involves government, civil society, traditional institutions, academia, and the private sector.

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