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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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BREAKING: Omoyele Sowore Arrested at Federal High Court, Abuja After Meeting Nnamdi Kanu

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Omoyele Sowore Arrested at Federal High Court Abuja After Meeting Nnamdi Kanu
Omoyele Sowore Arrested at Federal High Court Abuja After Meeting Nnamdi Kanu
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Human rights activist and politician Omoyele Sowore was reportedly arrested on Thursday at the Federal High Court in Abuja shortly after meeting the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.

Eyewitnesses said Sowore was whisked away by security operatives on the orders of the Commissioner of Police, moments after leaving the courtroom where he had exchanged greetings with Kanu.

The activist, known for his outspoken stance on governance and civil rights, had earlier shared a post on X (formerly Twitter) confirming his meeting with Kanu, describing him as “powerful and unrelenting.”

Reacting to the arrest, prominent human rights lawyer Inibehe Effiong condemned the incident on X, calling it “preposterous” and a violation of judicial integrity.

Effiong wrote:

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“The arrest of Omoyele Sowore at the Federal High Court in Abuja moments ago is preposterous.
The police and the Tinubu regime are making a mockery of our judicial system.
He should be freed immediately.
Stop the shenanigans.”

As of press time, the reason for Sowore’s arrest remains unclear, and authorities have not issued an official statement regarding the incident.

A video circulating online shows the moment the activist was surrounded by police officers before being taken away from the court premises.

This development comes just hours after Nnamdi Kanu told the court he would be representing himself following the withdrawal of his legal team, led by Chief Kanu Agabi (SAN).


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Two Killed, Two Injured as Plane Bursts Into Flames After Takeoff Crash in Venezuela

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A Piper Cheyenne plane exploded after takeoff in Venezuela, killing two and injuring two others. Officials suspect mechanical failure.
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A tragic plane crash in Venezuela has claimed two lives and left two others injured after a Piper Cheyenne I aircraft erupted into flames shortly after takeoff on Wednesday, October 22, 2025.

The incident occurred at Paramillo Airport in Táchira State, with the aircraft crashing within the vicinity of San Cristóbal National Park moments after takeoff.

A shocking video circulating online shows the aircraft struggling to gain altitude before tilting sharply, striking one of its wings on the ground, and exploding into a massive fireball.

Witnesses nearby can be heard screaming in horror as the plane hit the ground and burst into flames.

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According to Mail Online, local authorities identified the deceased as Toni Bortone and Juan Maldonado, while two other passengers survived but sustained serious injuries.

Preliminary reports suggest the pilot may have lost control after one of the aircraft’s tires exploded during takeoff.

Emergency services, including firefighters, Táchira Civil Protection, and the Bolivarian National Police (PNB), responded swiftly to the crash site around noon, battling the blaze and rescuing survivors from the wreckage.

Officials confirmed that the aircraft was being used for government logistics operations, although further details about its mission remain under investigation.

The ill-fated plane, identified as a Piper Cheyenne I (PA-31T1), is a twin-engine turboprop model manufactured by Piper Aircraft in the late 1970s. The aircraft type is widely used in both civilian and governmental operations due to its reliability and performance.

Aviation authorities have launched an investigation to determine the exact cause of the crash, focusing on potential mechanical failure or maintenance issues.

This latest tragedy follows another aviation accident in Venezuela last month. In September 2025, a Learjet 55 crashed near Simón Bolívar International Airport outside Caracas during takeoff amid adverse weather conditions, leaving two passengers injured.

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Nnamdi Kanu Tells Court He’ll Defend Himself as Lead Counsel Kanu Agabi, Others Withdraw

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NNAMDI KANU
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The detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, on Thursday informed the Federal High Court that he would be representing himself in his ongoing trial after his legal team, led by Chief Kanu Agabi (SAN), withdrew from the case.

Agabi, a former Attorney-General of the Federation, told the court that the entire defence team was stepping down, explaining that the defendant had decided to personally take over the conduct of his case.

“All counsel in the defence have agreed to withdraw as the defendant has chosen to represent himself,” Agabi announced before the presiding judge.

Confirming the development in open court, Kanu stated that he had opted to handle his own defence “for now,” though he might reconsider that decision at a later stage. When asked by the judge whether he wanted the court to assign him another lawyer, Kanu declined, insisting he would proceed on his own terms.

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In his brief oral argument, the IPOB leader maintained that the court lacked jurisdiction to try him, reiterating his long-standing position on the matter.

Meanwhile, confirming Kanu’s presence in court, human rights activist Omoyele Sowore shared an update on his X (formerly Twitter) account, saying he met with the separatist leader in person.

Sowore wrote:

“Finally, Mazi Nnamdi Kanu and I met at the Federal High Court today. The man is powerful and unrelenting. We greeted and hugged and the bond is strong!”

Thursday’s proceedings mark another dramatic twist in the long-running legal battle between the Nigerian government and Nnamdi Kanu, who has been in custody facing charges related to treasonable felony and separatist activities.

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CAF Awards 2025: Victor Osimhen, Stanley Nwabali Nominated as Lookman Misses Out

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Osimhen Leads Nigeria’s Charge for CAF Player of the Year
Osimhen Leads Nigeria’s Charge for CAF Player of the Year
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Super Eagles stars Victor Osimhen and Stanley Nwabali have been nominated for top honours at the 2025 CAF Awards, even as Nigeria’s national team failed to make the shortlist for the National Team of the Year category.

CAF unveiled the nominations on Wednesday, confirming Osimhen’s place among the final ten-man shortlist for the Men’s Player of the Year award. The Galatasaray striker will face stiff competition from some of Africa’s biggest names, including Mohamed Salah (Egypt), Achraf Hakimi and Oussama Lamlioui (Morocco), Serhou Guirassy (Guinea), Fiston Mayele (Congo), Frank Anguissa (Cameroon), Denis Bouanga (Gabon), and Senegalese duo Illimane Ndiaye and Pape Sarr.

Osimhen Leads Nigeria’s Charge for CAF Player of the Year

Osimhen, who previously won the award in 2023, enjoyed another spectacular campaign in Turkey, scoring 26 league goals to fire Galatasaray to the Super Lig title. His performances also earned him a record-breaking €75 million transfer from Napoli, setting a new benchmark as the most expensive signing in Turkish football history.

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In the goalkeeping category, Stanley Nwabali was recognised for his remarkable consistency at both club and international levels, earning a spot among the nominees for Men’s Goalkeeper of the Year. The Chippa United shot-stopper will contest the award with Yassine Bounou (Morocco), Ronwen Williams (South Africa), and Andre Onana (Cameroon).

Nigeria’s strong representation continues with Flying Eagles captain Daniel Bameyi, who made the shortlist for the Young Player of the Year award after an impressive season leading the national U-20 side.

On the women’s front, Super Falcons stars Rasheedat Ajibade and Esther Okoronkwo have both been nominated for the CAF Women’s Player of the Year award, highlighting Nigeria’s continued presence among Africa’s football elite.

However, the Super Eagles were notably snubbed in the National Team of the Year category despite their encouraging performances during the 2025 World Cup qualifiers a decision that has drawn mixed reactions from fans and analysts.

The 2025 CAF Awards ceremony is expected to take place later this year, celebrating the continent’s best footballers, coaches, and teams for their achievements over the past season.

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Girl Child Education: Teenager Joy Ogah Acts as Nigeria’s Vice President for a Day

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It was an inspiring moment at the State House in Abuja on Monday as 16-year-old Joy Ogah symbolically took over the seat of Vice President Kashim Shettima, serving as Nigeria’s Vice President for a day in a ceremony organized to promote girls’ education and leadership.

The event was part of activities marking the International Day of the Girl Child, organized by Plan International, a global development organization advocating for girls’ rights and empowerment.

‘Educate the Girl Child, Empower the Nation’

Taking her seat at the Vice President’s desk, Joy Ogah called on Nigerian authorities to invest in safe, inclusive schools and to enforce laws protecting girls.

She highlighted the alarming statistic that 10.5 million Nigerian children are out of school, most of them girls, and urged the government to provide free sanitary products and better sanitation facilities in schools to support girls’ education.

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“When girls are educated, they become leaders, innovators, and change-makers. We must make our schools safe and accessible for every girl,” she said.

Shettima Praises Initiative

Vice President Kashim Shettima, who warmly invited Joy to take his seat, commended the symbolic gesture and reaffirmed President Bola Tinubu’s commitment to empowering the girl child through education.

He emphasized that the Tinubu administration is gender-inclusive, highlighting First Lady Senator Oluremi Tinubu as a model of female leadership and national service.

“Our administration believes in empowering women and girls. Educating the girl child is investing in the nation’s future,” Shettima said.

The brief but impactful event drew applause from education advocates, policymakers, and development partners, symbolizing hope for a more inclusive and equitable Nigeria.

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