The founder of the South Korean tech company, Kakao, was arrested on Tuesday for alleged manipulation of share prices.
The country’s media reports that a district court in Seoul issued the arrest warrant for Kim Beom Su.
The decision was justified by the risk that the 58-year-old entrepreneur could flee or destroy possible evidence.
Kim and his company’s management are suspected of artificially inflating the share prices of the Korean music label SM Entertainment during a bidding war to prevent its takeover by a competitor in February last year.
Kim’s company Kakao became the main shareholder in SM Entertainment in March 2023.
Kim’s arrest is initially limited to 20 days, during which the public prosecutor’s office is expected to conduct further investigations and file formal charges.
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South Korean billionaire arrested for alleged share price manipulation
Reps order reversal of electricity tariff hike for Band A customers
The House of Representatives on Tuesday ordered the immediate reversal of the tariff increase for Band A customers in the country.
This followed the adoption of a report of the House Committee on Power presented by its chairman, Victor Nwokolo, at the plenary in Abuja.
In his presentation, Nwokolo told his colleagues that Nigerians cannot afford the new tariff.
The National Electricity Regulatory Commission (NERC) in April announced a tariff hike for Band A customers.
READ ALSO: Ikeja Electric slashes electricity tariff for Band A customers to N206/kWh
Customers in that category enjoy at least 20 hours of electricity per day and are to pay N225 per kilowatt under the new regime.
At the plenary, the matter was referred to the Committee of the Whole for recommendations.
The parliament is expected to conduct further investigation into the tariff hike in the coming days.
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Davies, Bailey, Shaw make 2023/24 CONCACAF Player of the Year list
The Confederation of North, Central America and Caribbean Association Football has announced the nominees for the 2023/24 Player of the Year award.
It nominated six players each in the male and female categories.
This was revealed in a Tuesday statement titled, “CONCACAF announces 2023/24 Player of the Year Awards nominees.”
“At the conclusion of the voting period, on August 2, 2024, the player in each category with the most votes out of the 100 available will be named 2023/24 CONCACAF Men’s Player of the Year and 2023/24 CONCACAF Women’s Player of the Year,” the statement read.
CONCACAF, which is one of FIFA’s six continental confederations, services 41 member associations, from Canada in the north to Guyana, Suriname and French Guiana in the south.
Last year’s winners in both categories also made the new year nominees – Canada’s Alphonso Davies (Bayern Munich) and Jamaica’s Khadija Shaw (Manchester City).
Here are the full list of nominees in both categories:
Female:
1. Charlyn Corral (Mexico)
Forward
Pachuca (Liga MX Femenil)
2. Melchie Dumornay (Haiti)
Midfielder
Olympique Lyonnais (D1 Féminine)
3. Adriana Leon (Canada)
Forward
Aston Villa (WSL)
4. Jacqueline Ovalle (Mexico)
Midfielder
Tigres (Liga MX Femenil)
5. Khadjia Shaw (Jamaica)
Forward
Manchester City (WSL)
6. Sophia Smith (US)
Forward
Portland Thorns (NWSL)
Male Categories:
1. Leon Bailey (Jamaica)
Midfielder
Aston Villa (Premier League)
2. Adalberto Carrasquilla (Panama)
Midfielder
Houston Dynamo (MLS)
3. Jonathan David (Canada)
Forward
LOSC Lille (Ligue 1)
4. Alphonso Davies (Canada)
Defender
Bayern Munich (Bundesliga)
5. Santiago Giménez (Mexico)
Forward
Feyenoord (Eredivisie)
6. Christian Pulisic (US)
Midfielder
AC Milan (Serie A)
According to a statement from its website, the body promised to ensure transparency in the final selection of a winner.
“Following a shortlisting process that involved men’s and women’s football experts from the region, Concacaf will continue to follow its “football first” philosophy with a voting process that ensures players, coaches, media and fans determine the winners.
“To be eligible to be shortlisted for these exciting new Concacaf awards, all players have met one of the following criteria:
“Have played for a Concacaf Member Association’s senior Men’s or Women’s national team (in aforementioned eligible competitions and matches).
“Regardless of nationality, have played for a club (current or most recent season) in a Concacaf and FIFA sanctioned top division Men’s or Women’s professional league in the Concacaf region,” it read.
According Online reports that the confederation organises championships at the under-13, under-15, under-17, under-20 and Olympic Championship levels for girls and boys, women and men.
CONCACAF also supports FIFA in coordinating qualifying for Men’s and Women’s World Cups and Olympic Games, and the Beach Soccer and Futsal World Cups.
Real Madrid become first football club to surpass €1bn in revenue
Real Madrid have become the first football club to surpass €1 billion in revenue.
This historic financial achievement was announced by the Real Madrid Board of Directors following their meeting on July 23, where they reviewed the annual accounts for the 2023-2024 financial year.
A Tuesday statement obtained from the club’s website by According Online revealed this.
The statement was titled, “Real Madrid Becomes The First Football Club To Exceed One Billion Euros in Revenue.”
On the pitch, Real Madrid’s football first team enjoyed a stellar season, securing the Champions League for the sixth time in the last decade, along with winning LaLiga and the Spanish Super Cup.
The basketball team also shone, clinching the League, Copa del Rey, and Spanish Super Cup, while making it to the EuroLeague final.
According to the statement, these triumphs significantly boosted the club’s revenue, despite the associated higher costs from squad bonuses.
“For the 2023/24 financial year, Real Madrid reported an operating income of €1.073 billion, marking a 27 per cent increase from the previous year.
“This is a groundbreaking achievement for any football club, even though the Santiago Bernabéu Stadium is not yet fully operational.
“Revenue growth was driven by increased marketing and stadium operations, despite a dip in broadcasting rights from LaLiga,” it read.
Commercially, the club expanded its merchandising and sponsorships, highlighted by a new sleeve sponsorship deal with HP.
“Stadium revenues also surged due to new VIP experiences and hosting major events, setting the stage for further growth once renovations are complete in 2024/25.
“Real Madrid’s operating profit before depreciation (EBITDA) reached €156 million, reflecting a 71 per cent year-on-year increase. This efficiency underscores the club’s adept management and operational resilience, achieving an average annual EBITDA of €175 million from 2019/20 to 2023/24 despite pandemic challenges.
“The club concluded the 2023/24 financial year with a 32 per cent increase in after-tax profits, amounting to €16 million. This accomplishment is notable given the widespread financial struggles faced by many major European clubs in recent years,” it read further.
Financially, Real Madrid remain robust with a debt-to-equity ratio of 0.0, excluding the stadium renovation project. The club’s cash balance stands at €82 million, supplemented by undrawn credit facilities of €395 million, ensuring ample liquidity for future commitments.
Investment during the 2023/24 year included €239 million in player acquisitions and €16 million for a new car park. Despite these expenditures, the club has drastically reduced its net debt from €241 million in 2020 to just €8 million, demonstrating effective financial management.
The Santiago Bernabéu Stadium renovation, an ongoing project, saw a €270 million investment this year, bringing total expenditures to €1.163 billion. The project is set to complete in 2024/25, promising significant future revenue increases from the newly developed business areas.
Club’s future target
Looking ahead, Real Madrid aims to sustain its commercial growth and continue its legacy of on-field success, highlighted by the high-profile signing of Kylian Mbappé for the upcoming season. The club’s strategy focuses on sustainable growth, balancing revenue diversification with cost management to maintain profitability and financial stability.
Real Madrid’s unprecedented financial achievement not only sets a new benchmark in the football world but also underscores the club’s strategic vision and operational excellence. As the Santiago Bernabéu Stadium renovation nears completion, the club is poised for continued commercial and sporting success.
Agbakoba warns NNPC against taking over Dangote refinery
A Senior Advocate of Nigeria, Olisa Agbakoba, has warned the Nigerian National Petroleum Company Limited not to take over the Dangote Refinery.
Agbakoba was reacting to a comment by the businessman that the NNPC should buy the refinery if that would put an end to calling him a monopolist.
Dangote made the comment amid the controversies surrounding his 650,000 barrels per day refinery.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority Chief Executive, Farouk Ahmed, had said Dangote and other local refineries have been producing inferior fuels.
Ahmed said, “We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery. That is not good for the nation in terms of energy security. That is not good for the market, because of monopoly.”
Baffled by Ahmed’s comment, Dangote said he would be ready to hand over the refinery to the government.
“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s okay. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote said.
However, in a short statement on Monday, Agbakoba disagreed asking, “Why take over what a private individual built? Why can’t the Federal Government fix its refineries all these years?”
Agbakoba stated that there is no reason to allow an efficient businessman to ‘hold the country to ransom’ as being speculated when there is a simple alternative.
According to the legal luminary, Nigeria needs to fix the refineries and make Nigeria work by providing electricity, potable water, good healthcare, quality education, good roads and food.
“The simple alternative for us all is this – Let Nigeria work. Let there be light. Let there be food. Let there be water. Let there be jobs. Let there be money, schools, healthcare, roads and others,” he stressed.
This, he said, is the way to end the so-called Dangote monopoly “and not as suggested by taking over another man’s sweat.”
He added, “Let the Federal Government fix its own refineries. If all our refineries are working, there won’t be anything called a Dangote Refinery monopoly.”
Agbakoba declared that he is in support of Dangote and all other local refineries, saying they would boost the nation’s refining capacity and end fuel importation.
Recall that Agbakoba had recently asked President Bola Tinubu to overhaul the country’s energy sector and the regulatory framework.
Enhance living standard, Anglican bishop urges FG
The Anglican Bishop of the Diocese of Lagos West, Dr James Odedeji, has appealed to the Federal Government to improve the populace’s quality of life.
Odedeji, according to a statement made available to According Online, on Tuesday, said this during a press conference organised to announce the Apostles of Peace Society International 2024 Annual Lecture and Peace Award ceremony.
The lecture will be held on Thursday, July 25, 2024, in Lagos.
“As advocates for peace, we remind the government of its promise to improve citizens’ quality of life. It’s crucial to recognise the interconnectedness of human existence: when the poor go hungry, it affects everyone, akin to beating a child and expecting silence.
“Society breeds crime when its people are unhappy and neglected, prompting them to take matters into their own hands. We advocate for a balanced approach where both the government and citizens can collaboratively chart a way forward,” he said.
Odedeji called for peace amidst the planned protests against the growing cost of living and hardship in Nigeria.
AOPI National President, Mr Paul Ajisafe, explained that “The lecture aims to promote dialogue, foster understanding, and build bridges across divides.
“The Apostles of Peace International is a tapestry woven with threads of compassion, service, and unwavering faith. This humanitarian, evangelical, and philanthropic society was initiated and founded by Mr Siyanbola Oladapo and inaugurated on January 17, 1998.”
He added that the peace award ceremony would include the investiture of former Osun State Governor, Bisi Akande; Group CEO of Blue Star, Sir Obi Okafor; and CEO of Aero Contractors, Mr Ado Sanusi.
“The distinguished speaker for the lecture is the 13th Vice-Chancellor, University of Lagos, Prof. Folashade Ogunsola, who will offer insights and perspectives on the theme ‘Peace in Nigeria.’
“They are the architects of policies that steer nations, promoting diplomacy and understanding. They educate and nurture, innovate, and propel progress. Generous to those in need, they bear the weighty responsibility of instilling hope and managing state affairs with wisdom and care.
“Tireless advocates for peace, their contributions form the bedrock of our society, their efforts and unwavering commitment a testament to enduring peace and the steadfast belief in a brighter future,” said Ajisafe.
Don’t threaten organisers of planned nationwide protest, Falana warns FG
A Senior Advocate of Nigeria, Femi Falana has urged the Federal Government to listen to the demands of the organisers ahead of the August 1, 2024, nationwide planned protest in the country.
Falana, a human rights activist, also cautioned the FG not to threaten the protesters as such could exacerbate the situation.
While featuring on Channels Television’s Politics Today programme on Tuesday, Falana said, “How do you identify those who are issuing statements; those who are planning the protest, and then engage with them productively?
“But threats do not work. In fact, on some occasions, the desperation of the government also has a way of popularising such protests.”
He also noted that state governors should hold talks with residents and make them aware of their plans to ameliorate the hardship ravaging the country.
The legal practitioner stated, “So, this time around the government should try to identify the leaders of the movement and then engage them, and then the questions be raised. There are demands that are being made, and the government should address these demands.
“Between now and August 1 is still a long way and I understand the government is going to address the nation. It is also important for governors to come out and let the people know what they are doing to address hardship in the country which nobody is denying.”
Over the past week, calls for a nationwide hunger protest have been gaining traction across social media.
Addressing the matter on Tuesday, President Bola Tinubu, through the Minister of Information and National Orientation, Mohammed Idris, appealed to Nigerians who plan to stage nationwide hunger protests to shelve the plan as he called on citizens to give his administration enough time to respond to their requests.
“On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and he has asked them to await the government’s response to all their pleas,” Idris said after a closed-door meeting with the president.
However, there’ve been calls from other quarters urging the FG to allow concerned Nigerians to proceed with the planned protest.
“Chasing shadows and contriving purported persons behind the planned protests is an exercise in futility when it is obvious that Nigerians, including supporters of Tinubu and the ruling APC, are caught up in the hunger, anger, and hopelessness brought about by the incompetence and cluelessness of this government,” former Vice President and key opposition figure, Atiku Abubakar said on Tuesday in a tweet via his X handle, #atiku.
Also, Amnesty International on Tuesday advocated citizens’ right to engage in the hunger protest, saying, “Threatening peaceful protesters is unlawful. It is a clear attack on freedom of assembly — which is guaranteed by international law and Nigeria’s 1999 Constitution:
“Nigerians must not be denied the constitutionally and internationally guaranteed right to peaceful protest; through veiled threats of violence and false insinuations.”
Anti-government protest: Threats won’t work – Femi Falana tells FG
Activist lawyer Femi Falana said no threat from the government or any quarters can stop the looming nationwide protests scheduled to begin on August 1.
TVN reports that some organisations and even the presidency had issued statements condemning the planned nationwide protests aimed at drawing the attention of the Federal Government to the prevailing hardship in the country.
Speaking on Channels TV on Tuesday, Falana urged the FG to identify the organisers of the protest and engage them in productive dialogue.
He said: “They have a way of contacting themselves and I think the government can draw some lessons from that 2020 (#EndSars) experience. Identify those who are planning the protest and then engage with them productively.
“Threat will not work. In fact, the action of the government has a way of popularising such protests.
“Nobody listens to such warnings. This time around, the government should identify the leaders of the movement and have some dialogue with them. There are demands that are being raised, the government should address those demands.”
Anti-government protest: Threats won’t work – Femi Falana tells FG
Lagos Red Line to begin operation in September
The Lagos State government said on Wednesday the state’s Rail Mass Transit (LRMT) Red Line would begin operations in September.
The Managing Director of Lagos State Metropolitan Area Transport Authority (LAMATA), Mrs. Abimbola Akinajo, disclosed this at a news conference organised by the Ministry of Transportation and its agencies on Tuesday in Lagos.
She said the Red Line rail was 99 percent ready and would begin operations in the last quarter of the year.
Akinajo, who was represented at the briefing by the agency’s Director for Rail, Mr. Olasukanmi Okusaga, said the technical test run for the Red Line system had commenced ahead of September.
READ ALSO: Lagos govt procures additional rolling stocks for railway Blue and Red Lines
She said: “The train will be having four trips per day from Oyingbo to Agbado at 8:30 a.m. and 12:30 p.m. and this will run for four weeks.”
Also, the Managing Director of Lagos Bus Services Limited (LBSL), Mr. Idowu Oguntona, said the company had provided transportation to two million Lagos residents from May till date.
Oguntona added that the LBSL had a fully accredited high-capacity training school for drivers.
“We have also established a Sustainable Policy to decarbonise our fleet and this will help us to be environmentally responsible,” he said.
The Motor Vehicle Administration Agency (MVAA) General Manager, Mr. Rasheed Muri-Okunola, noted that the authority had automated its system to ensure seamless service delivery.
“We are working to ensure seamless delivery of service, working to get one’s plate number has been reduced to 36 hours from 48 hours.
“The MVAA is working with the Lagos State Number Plate Production Authority to actualise this and we have a one-stop centre at Ikorodu, Lekki, Agbado, and others,” he said.
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Tinubu signs North West Development Commission Bill into law
President Bola Tinubu has given presidential assent to the North West Development Commission Bill.
Speaking on the bill, the sponsor and the Deputy Senate President, Jibrin Barau, commended the passage of the bill,
He noted that with the presidential assent, the Federal Government intervention agency will address the deleterious state of infrastructural facilities in the region.
Speaking with journalists on Tuesday in Abuja, Barau noted that it would mitigate the poor state of infrastructure in the region destroyed by the terror gang, Boko Haram.
He added, “The President has signed the North West Development Commission Bill into law. It has come to light that the commission is going to assist in developing the North West.
“You are all aware of the development of that zone that is at the forefront of food production in this country but it has been ravaged of recently by activities of Boko Haram that have destroyed health, education, and infrastructures. With this Commission, we can rebuild this region.
“Mr. President has shown that he loves the people of this region and whatever is done for North West, he has done for the entire country because we are all interconnected.”
According to the Deputy Senate President, the presidential assent has shown the President’s foresight and goodwill to develop the country.
“I appeal to Nigerians to cooperate with him he has been showing to us what he did in Lagos. We appreciate what he has done.
“What he has done is a demonstration that he is a leader to be trusted, we have to be patient with him, we know that Rome wasn’t built in a day. Let us continue to pray for him. This is just his one year, let us support him and shirk away those who want to distract him,” Barau said.