The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts.
In a memo to the IBEDC members of staff, the Chief Operating Officer (COO), Engr John Ayodele disclosed the new development.
Ayodele, said in Thursday in the memo, that the company fell under receivership by a September 8, 2021 Federal High Court judgment.
The judgment, he said, granted preservative orders in favour of AMCON.
He explained the government corporation had appointed a lawyer to serve in the receivership action.
He revealed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.
Ayodele, however, allayed fears over the development and assured staff of job security.
The memo read, “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-
“AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.
“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.
“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.
“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.
“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara states.
Elon Musk Terminates $44bn Deal To Buy Twitter
The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.
This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.
In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.
Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.
Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.
On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.
However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”
Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.
Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.
Forex trading sessions in Nigeria time explained
Forex trading sessions in Nigeria time
For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.
However, certain hours of the day may be better for traders than others.
When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.
In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.
The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.
Understanding Forex trading sessions
Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.
The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.
These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.
Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.
The Asia session
The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.
The European session
At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.
The North American session
By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session.
The best time to trade in Nigeria
For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT.
During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times.
Bread producers threaten strike over hike in production cost
The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.
Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.
They also accused the Federal Government of turning a blind eye to the development.
This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.
The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.
The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.
The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.
The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.
“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.
“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.
“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”
They, however, informed their members to wait for further directives on the matter.
The, however, noted that its “members should await further directives.”
The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.
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