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Musk raises $7.1bn to finance Twitter purchase

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Elon Musk has raised $7.1 billion for his Twitter acquisition from investors that include Oracle founder Larry Ellison and Saudi Prince Alwaleed bin Talal, according to a securities filing Thursday.

Musk, chief executive of Tesla and SpaceX, listed 18 investors who agreed to cash investments including Ellison ($1 billion), Sequoia Capital ($800 million) and Vy Capital ($700 million).

The Saudi prince, the head of the Kingdom Holding Company conglomerate, agreed to contribute about 35 million Twitter shares worth $1.9 billion so as to retain a stake in the company post-acquisition, the filing said.
Alwaleed had previously balked at Musk’s $54.20 per share offer as too low, but praised Musk on Twitter on Thursday, saying “I look forward to roll our ~$1.9bn in the ‘new’ @Twitter and join you on this exciting journey.”

The investments will reduce a $12.5 billion margin loan organized through Morgan Stanley and other banks to $6.25 billion, the filing said.
The new financing means less of Musk’s Tesla shares will be used as collateral under the margin loan.

Musk “may receive additional financing commitments to fund additional portions of the total Merger Consideration,” the filing said, adding that the Tesla chief is in talks with former Twitter Chief Executive Jack Dorsey and others who may contribute shares to maintain an equity stake.
The Twitter takeover is expected to close later in 2022.

CNBC reported that upon completion of the deal, Musk is expected to serve as temporary CEO of Twitter for a few months, the network said, citing unnamed sources.

AFP

NCC flagship public institution impacting lives positively says Alake of Egbaland

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…As Adewolu leads delegation to Ogun on consumer sensitisation
The Alake of Egbaland, Oba Adedotun Aremu Gbadebo, Okukenu IV, has applauded the regulatory strides of the Nigerian Communications Commission (NCC) in ensuring accelerated growth of telecommunications sector, thus making the sector a flagship enabler of Nigeria’s prosperity.

The Paramount Ruler gave the commendation when the Executive Commissioner, Stakeholder Management (ECSM) of NCC, Adeleke Adewolu, led a delegation of NCC staff to the state where the maiden edition of the Village Square Dialogue (VSD) was organised by NCC in Abeokuta.

The VSD, a version of the Telecom Consumer Conversation (a strategic, multistakeholder consumer outreach programme of NCC), took place at the 92-year-old Centenary Hall, adjacent the Alake’s Palace. The VSD is specially conceived by the NCC to interact with telecom consumers at the grassroots for the purpose of sensitising telecom consumers through information sharing, education and advocacy on telecommunications-related issues. Importantly, the forum provides opportunity for telecom consumers in the rural areas to make contributions to the governance process of the telecom ecosystem, and to equally engage their service providers to resolve complaints.

Oba Gbadebo, who was the Royal Father of the Day at the event, and was represented by Oluwo of Ake, Egbaland, Chief Samuel Tanimowo, said “One of the public institutions, whose activities are felt by the generality of Nigerians in many positive ways is NCC and the leadership of the Commission must be commended for its doggedness in ensuring that Nigerians enjoy the benefits of digital revolutions.”

The monarch, who was unequivocal in describing NCC as a flagship public institution positively impacting lives of all Nigerians, also particularly commended Adewolu, an indigene of the state, for his positive representation of the people of Owu Kingdom, Ogun State, where he hails from. “We also thank you and your entire Board and Management for bringing the first edition of the Village Square Dialogue to us in Ogun State. This is a testament to how important you take our state, which has contributed tremendously to the socio-economic and political history of Nigeria,” the first-class monarch said.

The leading monarch’s assertion was underscored by the Iyaloja of Egbaland, Chief Oluwakemi Oloyede, who thanked the NCC for the sensitization programme, which she said, had benefited not only the market women and men who attended the event but also the entire telecom consumers present, who cut across social strata.

“We have listened to all you have told us as telecom consumers, we would always recall the information when you have left us and we would also ensure that we take all measures possible to join hands in protecting telecom facilities in our vicinities for improved quality of service delivery. From all indications, doing this is for our own benefits as consumers,” Iyaloja Oloyede stated with conviction of a good listener and leader.

Earlier in his welcome address, Adewolu, who once served as a Commissioner for Special Duties and Inter-Governmental Affairs in the State, called on the community leaders and people of Ogun State to take ownership of telecommunications infrastructure in their localities and protect them from vandalism or theft.

The ECSM said Ogun State is central to telecoms growth in Nigeria in that it hosts one of the largest concentration of users of telecoms services in Nigeria, with an active subscriber base of over eight million users as at the Fourth Quarter of 2021, according to the data from the National Bureau of Statistics (NBS).

“This huge subscriber base is supported by a dynamic ecosystem of service providers, dealers, marketers and innovators. We are, therefore, here to host the maiden edition of the NCC-instituted Village Square Dialogue and to salute the legendary entrepreneurial spirit of the people of Ogun State. On behalf of the Commission, I also thank you for the warm reception accorded us and the warmth traditionally accorded telecom service providers to bolster infrastructure development”, Adewolu said.

Addressing the audience further, Adewolu said telecoms services have long been recognised as the easiest and cheapest means of meeting critical socio-economic needs such as education, financial inclusion, economic empowerment and deepening social interactions. Accordingly, Adewolu said the infrastructure through which these services are provided are called the “infrastructure of infrastructures” because they enable the digitization and seamless connectivity of all other socio-economic sectors.

“Without telecoms infrastructure, we cannot communicate with friends and family over long distances at the touch of a button, and we cannot conduct banking, insurance, governmental services, education, entertainment and many other activities with ease without telecommunications. This means that telecoms infrastructure are critical to modern existence, and we must all do what we can to ensure that we tackle anything that affects their seamless operation”, Adewolu emphasised.

“Issues like hostile communities, the theft of diesel, batteries and power-generating sets, digging up fiber lines, sealing/locking-up of Base Transceiver Station (BTS) sites and such other illegal activities must be tackled decisively by all of us. I therefore urge you all to please see telecoms infrastructure as your own, and to protect them as communal property. Anybody that tampers with telecoms infrastructure is tampering with your future and the future of your children – they should be resisted and reported,” the ECSM stated.

Also at the event, NCC’s Director of Consumer Affairs (DCA), Efosa Idehen, made a presentation elucidating on how NCC protects the interests, rights and privileges of telecom consumers. The DCA emphasized consumer obligations, especially in the area of telecoms infrastructure protection in order to ensure improved quality of service (QoS) and better quality of experience (QoE).

Similarly, a Principal Manager in the Technical Standards and Network Integrity (TSNI) Department of NCC, Kunle Olorundare, spoke on contributions of telecoms to the economy, mobile network development, the benefits of telecoms, network outages and their causes, and he enjoined consumers to protect telecoms infrastructure.

“By protecting the infrastructure, you are protecting every service offered on the network. You are protecting your money (Mobile Banking), your Jobs (Recharge Card and Phone business), your children’s future (Learning on the internet) and even your community (Social communication),” Olorundare said to restate the centrality of telecommunications to individuals and businesses.

The event was oversubscribed as the venue was filled to the brim with traditional rulers and other community leaders, market women and men, other telecom consumers from all walks of life, and representatives of telecoms consumers and service providers. Also, more than 90 per cent of the forum’s communication was conducted in Yoruba language which is spoken and understood by majority of the people in the environment, and also in Pidgin English. This choice of languages used at the forum enhanced comprehension and participation at event, and also bolstered the appreciation of the important role NCC plays in promoting the consolidation of the growth of the telecom industry.

NCC Boss, Danbatta, receives Award on impactful leadership

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The trove of garlands for the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, swelled again as he received “Leadership Excellence and Economic Impact Award”.

This time, the honour came from the African Leadership Organisation (ALO), publishers of The African Leadership Magazine.

The conferment of the award occurred recently at the ALO’s annual Africa Legislative, Legal and Good Governance Conference which took place at the Sheraton Hotel in Abuja, where ALO rallied stakeholders to its conference focused on “Policy, Justice and Global Cooperation for Building Back Better”. The ALO organised the event in collaboration with the National Bar Association (NBA) of the United States of America.

Africa Leadership Organisation was unequivocal that Danbatta was deserving of the award because of his outstanding achievements as the Chief Telecom Regulator in Nigeria, especially over the past five years, during which the country’s telecom sector has shown spectacular landmarks. These concrete, measurable signposts, according to ALO include the successful auction of the 3.5 gigahertz (GHz) spectrum band marked for the deployment of the Fifth Generation (5G) networks, and the uncommon regulatory strides of his in continually creating a level-playing field for investors especially to reflate telecom-induced growth of the economy in the post-pandemic era.

Presenting the award to Danbatta, the Chairman, ALO, Dr. Ken Giami, emphasised that in keeping with the ALO’s tradition of celebrating African excellence and achievement, it has continued to showcase the bright sides of the continent’s success stories by giving recognition to deserving individuals. Giami was emphatic that one of the individuals, whose efforts have been instrumental to the growth of the Nigerian economy is Prof. Danbatta.

“Danbatta’s visionary contribution to the society is making our communities better place for all and his contribution continues to shape Africa’s socio-economic growth and development. Danbatta has exemplified resilience, determination, and commitment in business and policy landscapes despite the diverse challenges on the continent. This is why we are recognising him today as an icon of leadership,” Giami said leaving no one in doubt on the significance of the Award.

Reiterating the objective of ALO, Giami asserted that, at the heart of ALO’s founding philosophy is the passion for the progress of the continent, all Africans and people of African descent. He stated that the Organisation’s philosophy explains its tireless showcasing of opportunities in Africa and African excellence to the global community.

Receiving the award on behalf of Danbatta, a Deputy Director at the Legal and Regulatory Services Department of NCC, Chizwa Whyte, appreciated ALO for the award and stated that the NCC considers it another encouraging milestone to do more in regulating the nation’s telecommunications sector. Whyte equally commended ALO for the recognition of the excellent leadership offered by the NCC Boss in taking the telecoms industry in Nigeria to a higher level of significance and relevance.

“This recognition is a clarion call to us to do more for the industry by ensuring good policies and regulatory initiatives are emplaced to ensure the Federal Government’s policy direction on digital economy is achieved,” Whyte said.

The African Leadership Organisation has committed the last 14 years to promoting good governance and impactful leadership on the Continent, and promoting African opportunities and African dignity globally.  The objective of ALO is being achieved through the promotion of Afrocentric and reputation-boosting contents, the facilitation of African trade and market entry solutions across communities and business networking platforms, as well as through public sector training and consulting.

Telcos 40% tariff hike: Nigerians to pay more on voice calls, data, text messages

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…NCC mum over proposed increment

Indications have emerged that Nigerians may have to pay more as Telecommunication companies have begun proposition for a 40 per cent increment on calls, text messages and data.

This is coming as the apex regulator of telecommunications industry, Nigerian Communications Commission(NCC) has remained mum on the proposed increment and the attendance effects.

According to the Mobile Network Operators, this is coming on the heels of current economic challenges which made the companies to pay extra cost in running business in the country.

Some of the factors mentioned as responsible were the war that is currently happening in Ukraine, hike in excise duty, and energy crisis.
Their proposal will make the price floor of calls to increase from N6.4 to N8.95 while the price cap of SMS will increase from N4 to N5.61.

The proposal for the increment was revealed in a letter titled, ‘Impact of the Economic and Security Issues on the Telecommunications Sector.”
The letter was written by the telecommunications companies under the aegis of the Association of Licensed Telecommunication Operators of Nigeria to the NCC.

In the letter, the telecom companies said there had been a 40 per cent increase in the cost of doing business in the nation.

According to them, the telecommunication industry has been financially impacted following the nation’s economic recession in 2020 and the effect of the ongoing Ukraine/Russia crisis.
They said this had resulted in an increase in energy costs, increasing their operating expenses by 35 per cent.

They added that the introduction of the recent excise duty of five per cent on telecom services had further increased the burden of multiple taxes and levies on the industry.

The letter read in part, “As the Commission may be aware, the power sector under the supervision of its Nigerian Electricity Regulatory Commission of the power sector in November 2020 undertook a review of electricity tariffs to cater for the economic headwinds reported above.

“In view of the foregoing, ALTON considers it expedient for the telecommunications sector to undergo periodic cost adjustments through the commission’s intervention in order to minimise the impact of the challenging economic issues faced by our members. Details are hereunder.

“Upward review of the price determination for voice and data and SMS. Given the state of the economy and the circa 40 per cent increase in the cost of doing business, we wish to request for an interim administrative review of the mobile (voice) termination rate for voice, administrative data floor price, and cost of SMS as reflected in extant instruments.

“With respect to voice an SMS cost, ALTON respectfully requests the commission to consider a mark-up approach to address the upward price adjustment desirable for the industry. We have enclosed herein and marked as ‘Annexure 1’our proposal in that regard.

“For data services, we wish to request that the commission implement the recommendations in the August 2020 KPMG report on the determination of cost-based pricing for wholesale and retail broadband service in Nigeria. Excerpts from the report, are attached and marked ‘Annexure 2’ to provide a further illustration.
“In implementing the said recommendations, however, we recommend that the 40 per cent increase in the cost of doing business be factored in to arrive at a cost price per GB in view of the current economic situation .”

The umbrella body for telecom companies added that to further help telcos during this economic crisis, the Commission should explore and provide other means of penalising operators rather than punitive monetary sanctions, extend the payment timeline of relevant regulatory levies and fees, prevail on the Federal Government to sign the executive order declaring telecoms infrastructure as a critical national infrastructure to mitigate cost spent replacing damaged and stolen infrastructures, among other things.

The body requested an upward adjustment of the MTR by 40 per cent, “For large operators, new interim MTR of N5.46 from N3.90 reflecting 40 per cent increase in the cost of business.
“For small operators, new interim MTR of N6.58 from N4.70 reflecting 40 per cent increase in the cost of business.”

Effort made to get reaction from the Director Public Affairs, NCC Dr. Adinde ikechuckwu proved abortive. There was no respond to calls and text messages.

Real Madrid book place in UCL final after defeating Manchester City 6-5 on aggregate

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LoopReal Madrid through to Champions League Final after coming from behind to beat Manchester City 6-5 on aggregate.

The Spanish side, Real Madrid will be playing Liverpool in the UCL final at Paris, France.

Man City couldn’t sustain their Two goals lead into the Second half, second leg as Madrid pulled a historic comeback to secure a win.

Reacting to the result, Liverpool’s Mo Salah said, “We havee a score to settle”, on his verified Instagram page.

Details later!

 

NCC issues final letters of Licence Awards to 5G Spectrum Winners

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The Nigerian Communications Commission (NCC) has confirmed issuance of the final letters of award of the Fifth Generation (5G) Spectrum Licences to MTN and Mafab Communications, winners of the 3.5GHz spectrum auction conducted by the Commission on Monday, December 13, 2021.

Management of the Commission led by its Executive Vice Chairman (EVC) Prof. Umar Garba Danbatta confirmed this to the Board of Commissioners at the Board’s Special Meeting, which took place on Wednesday, April 20 and Thursday, April 21, 2022, where the Board considered updates from Management on the status of the spectrum auction.

With the issuance of the final letters of awards of 5G spectrum and in line with the Auction’s Information Memorandum (IM), the two licensees are now expected to accelerate deployment of 5G network that will usher Nigeria into a more robust Fourth Industrial Revolution (4IR) and a more digitised Nigerian economy.

In line with the terms and conditions of the 5G license, the licensees are expected to commence roll out 5G services effective from August 24, 2022.

The 5G network, when deployed, will bring a lot of benefits and opportunities that will engender accelerated growth and smart living in the country. The  technology is also expected to bring substantial network improvements, including higher connection speed, mobility and capacity, as well as low-latency capabilities.

Following a transparent, diligent, fair and credible auction of 3.5GHz on December 13, 2021, the National Frequency Managenent Council (NFMC), chaired by the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, had on February 22, 2022, officially handed over the spectrum allocation for 5G deployment as well as Federal Government-approved National Policy on 5G to the Commission.

Subsequently, the Commission, on February 24, 2022, confirmed the full payment of $273.6 million each by the two spectrum winners, in addition to spectrum assignment fee paid by MTN, for the 5G spectrum licence.

The Commission is optimistic that effective implementation of the National Policy on 5G will accelerate the actualisation of the national targets in the Nigerian National Broadband Plan (NNBP) 2020-2025, the National Digital Economy Policy and Strategy (NDEPS) 2020-2030, as well as other sectoral policies designed to enhance Nigeria’s digital transformation.

While the licensees are expected to meet the timetable regarding their 5G network rollout obligations, the NCC requires collective efforts and support of the private-sector and government toward transforming every aspect of the nation’s economy through 5G, which will herald greater transformation than what the nation witnessed with the 1G, 2G, 3G and 4G.

UCL final: Liverpool’s Mo Salah favours Real Madrid win against Manchester City

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Liverpool’s striker, Mohamed Salah has revealed his mind and hopes that Real Madrid comeback from behind to beat Manchester City on Wednesday night.

Earlier on Tuesday Liverpool looked like they might be on the receiving end of one of the greatest turnarounds in a Champions League second leg of all time.Villarreal, with the determination and given no chance to the two goals deficit at the first leg, flew out of the traps to lead 2-0 at half time in Spain and give Jurgen Klopp’s side a real scare and run for the money.

In the end though the English Premier League title contender, came from behind to score 3 goals, won the match and went through to the final, keeping their quadruple chances intact.

They now await the winner of Real vs City, after the two sides played out an incredible seven goal epic last week, and Salah nailed his colours to the mast after Liverpool’s win.

“I want to play Madrid, I have to be honest,” the Egyptian forward told BT Sport.

“Manchester City’s a real tough team, we’ve played against them a few times this season.

“If you ask me personally, I would prefer Madrid. We lost in the final before against them, I want to play them and hopefully we’ll win.”

The two sides famously met in the final in 2018 and Jurgen Klopp’s side looked the strongest early in the game, but things changed in a controversial incident.

Sergio Ramos brought Salah down when the pair tangled arms, with the former Roma forward having to go off with an injured shoulder.

Klopp’s team went on to lose the game 3-1, after a mixture of mistakes from Simon Mignolet and an absolute worldie from Gareth Bale.

Clearly Salah is targeting the chance to get one over on Los Blancos, although Ramos has since moved on to PSG, whilst not having to play fierce rivals City is also no doubt a factor, even if Liverpool did blow them away in the recent FA Cup semi final.

Whilst the quadruple remains a target for the team this season, Salah revealed that scoring 30 goals so far this campaign isn’t actually close to what he set out to score before it began.

“Always at the start of the season, I set targets. I know what I want as an individual and collectively. That way I know how my season is going,” he told BT.

Rio Ferdinand then asked if his 30 goals and 15 assists were above or below what he’d set out to do.

“Oh below,” the 29-year-old said to laughter from the pundits, before adding, “Yeah. I have big expectations for myself. Honestly, I’ve never said this but before the season started, I go for 40 goals this season and 15 assists.

“I need to focus on the goals now! Trent [Alexander-Arnold] is going to be angry that I have the highest assist in the Premier League, but I’m going to go for everything.”

Imagine scoring 30 goals, helping your team to the edge of history that will only ever be able to be matched but not beaten and then saying only ‘now’ are you focusing on goals, that’s elite mentality!

Whether it’s City or Real in Paris on May 28th, they best be careful if Salah only has 39 goals…

Liverpool beat Villarreal home and away 5-2 to reach UEFA Champions league final

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Liverpool through to UEFA Champions League final after beating Spanish side, Villarreal 5-2 on aggregate on Tuesday.

Liverpool, came from behind during the second half to defeat Villarreal in their second leg encounter in Spain.

Goals from Fabinho, Luis Diaz, and Sadio Mane saved the Reds from European humiliation against a side who cancelled out their 2-0 first leg deficit with ease.

Details more.

World Press Freedom Day: Journalists defenders of democracy, development says NHRC

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The press is a critical agent for the protection of democracy and development and must be supported to enable them to effectively discharge their constitutional duties as the watchdog of the society, the National Human Rights Commission (NHRC) has said.

It observed that Nigerian journalists fought very hard to achieve the nation’s democratic status and deserve a better deal, unlike the current situation where many of them struggle with poor conditions of service among other challenges, including censorship, harassment, intimidation, and in some cases, assassinations.

NHRC Executive Secretary, Tony Ojukwu, made the remarks on the eve of the celebration of the 2022 World Press Freedom Day which is commemorated annually on May 3.
He asked the society to see journalists as “the oxygen of democracy and agents of change and development,” adding that their constitutional duty which is enshrined in Section 22 of the 1999 Constitution as amended – “to hold the government accountable to the people” distinguishes them as those who perform an essential duty to the nation.

Human Rights Defenders

The Chief Human Rights Officer stated that it is incontestable that the advent of the internet with the attendant boost in digital communication has benefited humanity in various ways, “but at the same time, it has threatened our right to privacy, since virtually nothing is hidden from the internet radar.
Ojukwu, a Senior Advocate of Nigeria (SAN), said, “It is on this note that I commend UNESCO for championing the proposed World Press Freedom Day Global Conference scheduled to hold between May 2 and 5 in Punta Del Este, Uruguay.

“The conference would be a forum for key players in the internet-related companies, legal experts, journalists, etc to discuss the challenges of digital communications, the impact on press freedom, and the way forward.”

According to the learned silk, the commemoration of the World Press Freedom Day is not an opportunity to witch-hunt any person or institution but is a period to reminisce the fundamental principles of press freedom, gauge the state of press freedom globally, defend the media from attacks on their independence, and to pay tribute to journalists who are either human rights defenders in custody or captivity or have lost their lives in the line of duty.

He, therefore, urged the law enforcement agencies, including the police to, as a matter of necessity, intensify their investigations to unravel the circumstances surrounding the death of some Nigerian journalists, including that of late Vanguard newspaper, Tordue Salem, whose body was reportedly found in Abuja in 2021.

The observance of World Press Freedom Day, which started in 1993 and is celebrated on May 3 annually, is designed to remind governments of the need to respect their commitment to press freedom and to remind journalists of the need to adhere to their professional ethics, defend democracy, justice, equity, and fairness and be committed as human rights defenders

Eid-el-fitr: How to say happy Sallah wishes in 2022

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Muslim faithfuls in Nigeria, Africa and around the world are beginning their prayers and celebrations for Eid ul Fitr 2022. Also written as Eid al-Fitr, it means ‘festival of breaking the fast’ and takes place when Ramadan ends, signalling that the daily fasting is over and the next month (Shawwal) begins.

Earlier Sultan of Sokoto, Sa’ad Abubakar announced that EID prayer will be held across Nigeria on Monday, May 2.

Similarly Saudi Arabia announced that Eid ul Fitr festivities will start on Monday, along with a number of other countries. For others, though, Eid already started on Sunday, May 1, or won’t be until Tuesday, May 3. The festivities normally last for three days.

Dates of Eid and other Islamic months and events can vary by a day or so depending on moon-sighting announcements from different locations. Some communities follow the Saudi news, others look for confirmation in Morocco, the UK, or other countries. So how do you wish your neighbours or friends, colleague at work, a Happy Eid and what can be said as a reply?

How to wish Muslims Happy Sallah/EID Day:
Eid is a word for a festival or celebration, while mubarak means blessed. So to say Eid Mubarak means Happy Eid, or have a blessed holiday.

Eid Mubarak may be said at the end of a fuller greeting. For instance:
Aamiin Ya Rabb Samawati.

Alhamdulillah for the completion of this year’s Ramadan. May Allaah SWT Grant us our heart desires, makes us amongst His Best in this dunya and alkhira, Forgive our sins, Accept our ibada and Spare us life and good health to witness many more.

Eid Mubarak!

Another instance:

Happy Sallah Day Celebration. May Allah accept from us all our good deed during the Ramadan.

It is as simple as the above samples, free free to show love to a Muslim near you.