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BIG STORY

Dollar Weakens, Stocks Fluctuate Amid Trump-Powell Clash

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Gold prices reached a new high on Tuesday, while the US dollar weakened and stock markets experienced mixed results. This followed US President Donald Trump’s latest criticism of Federal Reserve Chairman Jerome Powell, which heightened concerns about the central bank’s independence.

Adding to the existing market uncertainty caused by US tariffs, investors are now worried that President Trump might attempt to remove the head of the Federal Reserve.

Trump criticized Powell last week for suggesting that the tariffs could lead to higher inflation. He implied that Powell’s removal couldn’t happen soon enough and expressed his dissatisfaction, stating he would remove him if he wanted to.

While this initial criticism raised concerns, Trump’s subsequent call on Monday for the Fed to cut interest rates, labeling Powell a “major loser” and “Mr Too Late,” caused significant market anxiety.

In posts on his Truth Social platform, Trump argued that inflation was “virtually” nonexistent, citing lower energy and food costs and pointing to the European Central Bank’s rate cuts.

These comments have fueled speculation that Trump is planning to remove Powell, with his economic advisor Kevin Hassett indicating on Friday that the president was considering his options.

In response, Wall Street investors sold off US assets, resulting in all three major indexes closing about 2.5 percent lower on Monday.

“While the market barely reacted to Trump’s initial comments on Thursday, Monday’s renewed attack triggered a significant ‘sell America’ trend,” noted Tapas Strickland of National Australia Bank.

“Regardless of whether President Trump has the legal authority or intention to act against the Fed, his actions highlight a decline in US market stability and increased policy risks for investors.”

Investors seeking safe-haven assets drove gold prices to a new record above $3,500. Although the dollar stabilized after Monday’s sell-off, it remained under pressure against other major currencies.

Stock markets experienced fluctuations between gains and losses on the first full trading day after the Easter holiday.

Markets in Tokyo, Sydney, Seoul, Wellington, Taipei, Manila, and Bangkok saw declines, while Hong Kong, Shanghai, Singapore, Mumbai, and Jakarta recorded gains.

London’s market showed little change, and Paris and Frankfurt saw slight decreases.

However, analysts cautioned that any attempt by Trump to fire the Fed chairman could trigger another significant market downturn and erode confidence in the US economy.

Pepperstone strategist Michael Brown warned, “If Powell were to be fired, the immediate reaction would be a massive surge in financial market volatility and an unprecedented flight from US assets.”

He added, “Equities would fall sharply, Treasury bonds would be sold across the board, and the dollar would plummet.”

Brown further stated, “Any indication that the long-standing independence of the Fed is under threat would lead global investors to sell off all US-based assets and raises the genuinely alarming possibility of disrupting the entire global financial system.”

Below is a summary of key market figures:

* Tokyo – Nikkei 225: Down 0.2 percent at 34,220.60 (close)

* Hong Kong – Hang Seng Index: Up 0.6 percent at 21,527.95

* Shanghai – Composite: Up 0.3 percent at 3,299.76 (close)

* London – FTSE 100: Flat at 8,275.99

* Euro/dollar: Down at $1.1500 from $1.1510 on Monday

* Pound/dollar: Up at $1.3389 from $1.3377

* Dollar/yen: Down at 140.38 yen from 140.89 yen

* Euro/pound: Down at 85.88 pence from 86.03 pence

* West Texas Intermediate: Up 1.1 percent at $63.78 per barrel

* Brent North Sea Crude: Up 1.0 percent at $66.95 per barrel

* New York – Dow: Down 2.5 percent at 38,170.41 (close)

 

Credit: AFP

BIG STORY

Police Arrest Six For ‘Hacking Telecoms Firm To Divert N7.7bn Airtime’, Recover 400 Laptops, 1000 Mobile Phones

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Operatives of the Nigeria Police Force (NPF) have arrested six suspects for allegedly hacking into a telecommunication company in Nigeria to divert airtime and mobile data worth N7.7 billion.

A statement on Wednesday by Benjamin Hundeyin, the force spokesperson, said the suspects allegedly gained unlawful access to the telecommunications company’s core systems.

The suspects are Ahmad Bala, Karibu Mohammed Shehu, Umar Habib, Obinna Ananaba, Ibrahim Shehu, and Masa’ud Sa’ad.

Hundeyin said operatives recovered two mini plazas, retail outlets containing over 400 laptops, 1,000 mobile phones, and a Toyota vehicle.

The force spokesperson said a “substantial” amount of money was traced to the suspects’ bank accounts.

“The syndicate was responsible for the illegal diversion of a telecommunications company’s airtime and data resources, resulting in an estimated financial loss of over ₦7.7 billion,” the statement reads.

“The breakthrough followed a petition by a Nigerian telecommunications company, which reported suspicious and unauthorized activities within its billing and payments infrastructure.

“Investigations revealed that internal staff login credentials had been compromised, granting threat actors unlawful access to core systems.

“Following weeks of planning, coordinated enforcement operations were executed in October 2025 in Kano and Katsina States, with a follow-up arrest in the Federal Capital Territory.

“The suspects would be charged to court on the completion of the investigation.

“Meanwhile, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has commended the officers involved in the investigation for their professionalism.”

 

 

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NLC Directs Unions To Continue FCTA Strike Despite Court Order

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The Nigeria Labour Congress (NLC) has directed its affiliate unions in the Federal Capital Territory (FCT) to continue the ongoing strike by workers of the FCT Administration, despite a court order directing that the industrial action be suspended.

The directive was contained in a circular dated January 27, 2026, and signed by Benson Upah, the acting general secretary of the NLC.

In the circular addressed to presidents and general secretaries of all Abuja-based unions, the NLC said it was “reaffirming and reinforcing” its earlier instructions for workers to sustain the strike action until their demands are fully met.

“We hereby reaffirm and reinforce the directive to all affiliate unions in the FCT to not only proceed with the ongoing action but to intensify and sustain it until all workers’ demands are fully addressed,” the circular reads.

The NLC noted that issues such as unpaid wage awards and promotion arrears, non-remittance of pension and National Housing Fund deductions, as well as alleged intimidation of workers, are yet to be resolved.

“These violations are grave, unacceptable, and incompatible with the principles of fairness, justice, and decent work,” the NLC said.

“Affiliate unions are therefore directed to fully maintain participation in the industrial action; reinforce mobilisation of members for all congress-approved activities; and mobilise members to continuously participate in daily prayer and solidarity sessions from 8:00 am to 5:00 pm at designated venues across the FCT.”

The NLC warned against any withdrawal from the strike at this stage, saying such action would embolden further violations against workers.

“This struggle demands unity, discipline, and unwavering commitment. All affiliates are expected to comply strictly with this directive in the collective interest of the Nigerian working class. An injury to one is an injury to all,” the circular reads.

On Tuesday, a national industrial court in Abuja ordered workers on the payroll of the FCTA to suspend the strike.

Delivering a ruling, Emmanuel Subilim, presiding judge, held that although the matter before the court amounted to a trade dispute, the defendants’ right to embark on industrial action was not absolute.

He held that once a dispute has been referred to the national industrial court, any ongoing strike must cease pending the determination of the case.

 

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Return To Work Immediately Or Face Legal Action, Wike Tells FCTA Workers As Court Orders Strike Suspension

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The Minister of the Federal Capital Territory, Nyesom Wike, on Tuesday warned striking staff of the Federal Capital Territory Administration to return to work immediately or face legal action, following a National Industrial Court ruling ordering an end to the strike that has disrupted public services in Abuja for over a week.

Briefing journalists shortly after the court’s decision, Wike insisted that the rule of law must prevail and accused political actors of exploiting the industrial action for motives unrelated to workers’ welfare.

“The administration was already in the process of mediation when some politicians hijacked the strike,” he said, adding that several of the workers’ demands were “frivolous” and either unreasonable or already addressed.

Wike said the FCTA approached the court after determining that the strike had been “hijacked by politicians,” despite ongoing dialogue and attention to a substantial number of workers’ concerns.

He highlighted the administration’s efforts to support staff welfare, including salary payments and reforms within the civil service.

The minister disclosed that more than N12bn had just been approved for the payment of January salaries to FCTA workers, describing the move as evidence of the government’s commitment to its workforce.

Pointing to improved revenue performance under his leadership, Wike noted that the FCT had generated over N30bn in internally generated revenue, a significant increase compared with previous years.

He urged workers to recognise reforms implemented by the administration, including the establishment of the Civil Service Commission and infrastructure investments across the territory.

“Workers are largely responsible for the lack of development in states, including the FCT,” he said.

Wike dismissed circulating reports suggesting he had been forced out of his office during protests linked to the strike.

“I was never chased out of the office,” he said, explaining that he had merely stepped out to see President Bola Tinubu off at the airport.

Adopting a firm stance, the minister warned against further disruptions of government operations.

“Anyone who dares to lock the gates again will be made a scapegoat, because the law must be obeyed.”

He alleged that some senior civil service officials had played a role in sustaining the strike, claiming that certain directors were instigating the action, but said this would not prevent the administration from pursuing the right course.

Wike emphasised that engagement between workers and the government did not require direct access to him personally.

“Seeing me in person is not a right,” he said, noting that workers’ representatives had been in discussions with management throughout the dispute.

He concluded by warning that staff who failed to comply with the court order and resume duties immediately would face legal action, signalling a tougher enforcement phase as the FCTA seeks to restore full public services.

Workers of the FCTA, operating under the Joint Union Action Committee, had embarked on an indefinite strike on January 19 over unresolved welfare concerns.

The National Industrial Court issued an interlocutory injunction stopping the strike after an application by Wike.

Justice E.D. Subilim granted the order on January 21 and adjourned the suit to March 23, 2026, for hearing of the substantive case.

Delivering his ruling on Tuesday, Justice Subilim said the defendants’ right to strike was not absolute.

“The defendant’s right to an industrial action is not absolute, but as circumscribed by law,” he said. He prohibited workers from participating in the strike once a dispute had been referred to the court and ordered that any ongoing strike must cease pending determination.

“An order of interlocutory injunction is hereby granted, restraining the defendants and respondents, their agents, representatives… together with all other members of the Joint Unions Action Committee … from further embarking on any industrial action, strike, picketing, lockout, or any other form of obstruction against the claimant, parastatals, and political appointees,” the judge added.

Counsel for the claimants, James Onoja (SAN), hailed the court’s decision, urging the unions to obey the order and return to work while allowing room for mediation.

“We commend the court for making an order for the stopping of the strike… I think this is commendable because it will allow the parties to discuss. Our plea to the Union is to allow industrial harmony. They should go back to work and allow for mediation,” Onoja said.

Counsel for the respondents, Maxwell Opara, described the workers as law-abiding citizens and said he would advise the unions to respect the court order.

“The workers are law-abiding citizens. We are going to advise them to respect the court. The one good thing is that the court has also mandated that we commence mediation, not as a matter of advice, in line with the law… we must comply with it,” Opara said.

JUAC President, Rifkatu Iortyer, confirmed that workers would comply, call off the strike and immediately return to work while continuing to “push for other things.”

“We are law-abiding citizens, and because they have said we should return to work, we are returning to work, pending our next appearance,” she said.

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