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BIG STORY

Elon Musk Makes U-Turn, Finally Agrees To Buy Twitter At Original $44bn Price

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Elon Musk, the billionaire founder of Tesla Incorporated, has offered to purchase Twitter for the initial offer price of $44 billion.

In a filing on the Securities and Exchange Commission (SEC), Musk made the offer in a letter to Twitter.

The development comes ahead of a court trial between Musk and Twitter in Delaware’s court of chancery on October 17, in which the social media company was set to hold Musk to his $44 billion takeover bid.

“On behalf of X Holdings I, Inc., X Holdings II, Inc., and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to the closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court,” the letter reads.

“The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.”

Twitter also acknowledged receiving Musk’s letter.

“We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share,” the company said.

In April, the billionaire had clinched a deal to acquire Twitter for $54.20 per share, amounting to $44 billion.

But after several internal turmoils on the buyout, Musk decided to soft-pedal on his acquisition bid, accusing Twitter of misleading investors about its number of daily active users.

He said the deal “could not move forward” until Twitter proved its claim that less than 5 percent of users are bots or spam accounts.

Trading in Twitter shares was halted as the stock rose following the spread of news of Musk’s latest proposal, according to a report by Bloomberg.

It added that the shares rose as much as 18 percent before trading was paused.

Commenting on the fresh proposal in a Twitter post on Tuesday, Dan Ives, Wedbush managing director said: “Writing was on the wall he could not win in Delaware and this saves both sides a long and ugly court battle ahead”.

“Musk will now own the Twitter platform as an end to this saga and soap opera that began in April.”

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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