Business
Twitter in advanced takeover talks with Elon Musk
Twitter is nearing a deal to sell the micro-blogging company to Elon Musk, two people with knowledge of the situation said, a move that would unite the world’s richest man with the influential social networking service.
Twitter’s board continued negotiation with Musk into the early hours of Monday over his unsolicited bid to buy the company, after he began lining up $46.5 billion in financing for the offer last week.
The York Times stated this in a report quoting some insiders, who spoke on the condition of anonymity because they were not authorised to disclose confidential information.
The two sides were discussing details including a timeline to close any potential deal and any fees that would be paid if an agreement were signed and then fell apart, they said.
The discussions followed a Twitter board meeting on Sunday morning to discuss Musk’s offer, the people said.
Obtaining commitments for the financing was a turning point for how the board viewed Musk’s bid of $54.20 a share, enabling the company’s 11 board members to seriously consider his offer, the people said.
An agreement is not yet final but what had initially seemed to be a highly improbable deal appeared to be nearing an endgame.
The situation involving Twitter and Musk remains fluid and fast-moving, the people with knowledge of the situation said.
Musk, who has more than 83 million followers on Twitter and began amassing shares in the company earlier this year, declared his intent to buy the company on April 14 and take it private.
But his proposal was quickly dismissed by Wall Street because it was unclear if he could come up with the money to do the deal.
Twitter also adopted a “poison pill,” a defensive maneuver that would prevent Musk from accumulating more of the company’s stock.
Musk updated his proposal last week, putting pressure on Twitter to more seriously consider his bid.
In a securities filing that was made public on Thursday, he detailed how he had put together financing from the investment bank Morgan Stanley and a group of other lenders, which were offering $13 billion in debt financing, plus another $12.5 billion in loans against his stock in Tesla, the electric carmaker that he runs. He was expected to add about $21 billion in equity financing.
A Twitter spokesman declined to comment. In previous public statements, the company had said its board was “continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the company and all Twitter stockholders.”
Musk did not respond to a request for comment either. The Wall Street Journal earlier reported Twitter’s increased receptivity to Musk’s bid.
Wall Street was likely to view the openness of Twitter’s board to Musk’s bid as “the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” Dan Ives, an analyst at Wedbush Securities, wrote in a note on Sunday.
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
Railway
Lagos Govt to redesign Oshodi motor park for rail integration
Lagos Govt to redesign Oshodi motor park for rail integration
The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.
This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.
The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.
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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.
“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.
“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.
Lagos Govt to redesign Oshodi motor park for rail integration
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