Twitter Investors Sue Elon Musk For ‘Stock Manipulation’ During Takeover Bid
World’s richest man, Elon Musk has been sued by Twitter Inc. investors, claiming he manipulated the company’s stock price downward when he mounted a $44 billion takeover bid for the social media platform. The investors said billionaire Musk saved himself $156 million by failing to disclose that he had purchased more than five per cent […]
20-Year Lifespan Solar Energy Makes Entry Into Nigeria
Infrastructural challenges facing rural communities in Nigeria should ease, as solar energy system with a 20-year lifespan arrives in the country. According to the Managing Director, E-Cube, Ilan Lugassy, the solar energy is to provide an alternative solution to an expensive billion naira electricity grid projects which might not be feasible in the next two […]
Wall Street Suffers More Losses As Investors Worry Inflation Catching Up With Consumers
It was another volatile day on Wall Street as investors worry that high inflation may finally be catching up with consumers. The Dow Jones Industrial Average lost 236 points, one day after plunging more than 1,100 points, while the S&P 500 inched closer to bear market territory — market shorthand for a 20% fall from a recent […]
Elon Musk Puts Twitter Deal On Hold Over Fake Account Details
Elon Musk has said his $44bn (£35bn) deal to buy Twitter is on hold after he queried the number of fake or spam accounts on the social media platform. He said he was waiting for information “supporting [the] calculation that spam/fake accounts do indeed represent less than 5% of users”. Mr Musk has been vocal […]
Aviation Fuel Cheaper In Nigeria Than Other West African Countries, Marketers Say
In a fresh revelation, marketers of petroleum products under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have alleged that the federal government through the Nigerian National Petroleum Company (NNPC) Limited has been subsidising the price of Aviation Turbine Kerosene (ATK) commonly known as aviation fuel, in the past weeks, against the international […]
IMF: 20 Sub-Saharan African Countries In Debt Distress, High Risk Of Debt Distress
The International Monetary Fund (IMF) has warned that debt vulnerabilities remains elevated in Sub-Saharan Africa, with no fewer than 20 countries in the region either at high risk of debt distress or already in debt distress. The Head of the Regional Studies Division in the African Department of IMF, Papa N’Diaye who disclosed this in […]
Musk Sells $4bn In Tesla Shares, Presumably For Twitter Deal
Elon Musk has sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter. Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from $872.02 to $999.13. The […]
S&P Downgrade Indicates Russia Headed For Historic Default
The credit ratings agency Standard & Poor’s has downgraded its assessment of Russia’s ability to repay foreign debt, signaling rising prospects that Moscow will soon default on external loans for the first time in more than a century. S&P Global Ratings issued the downgrade to “selective default” late Friday after Russia arranged to make foreign […]
Oil Major Shell To Write Off Up To $5bn In Assets After Exiting Russia
Shell has announced that it will write off between $4 and $5 billion in the value of its assets after pulling out of Russia following the country’s unprecedented invasion of Ukraine. Thursday’s announcement offers a first glimpse at the potential financial impact to Western oil majors of exiting Russia. “For the first quarter 2022 results, […]
CBN Fines Three Banks N800 Million For Cryptocurrency Transactions
Three Deposit Money Banks in Nigeria have been fined N800 million by the Central Bank of Nigeria for breaking laws prohibiting clients from trading in cryptocurrencies. The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc, according to a Bloomberg report issued on Wednesday. The penalties, according to the […]
