Zuckerberg loses $6 billion in hours as Facebook nosedive, Drops to No. 5 on world’s richest list
Facebook has removed a Donald Trump ad over ‘Nazi hate symbol’ Facebook bans Myanmar military from its platforms Mark Zuckerberg
Stock plunge knocks his net worth down to $121.6 billion
Mark Zuckerberg’s personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook Inc.’s flagship products offline.
A selloff sent the social-media giant’s stock plummeting 4.9% on Monday, adding to a drop of about 15% since mid-September.
Zuckerberg is now the world’s sixth richest person after his fortune declined to $121.6 billion in total.
Facebook stock came under pressure from two fronts: an unusually long outage of its namesake platform, Instagram and WhatsApp, a mistake likely costing the company tens of millions of dollars in revenue. (In the latest quarter, it brought in around $330 million a day in sales.)
Facebook last suffered a blackout like this in 2019, when the network shut down for 14 hours. A decade earlier, in 2008, it went dark for a day.
Monday’s outage affected internal systems at Facebook, too, making it impossible for employees to access emails, the internal messaging system known as Workplace, even reportedly some doors at company headquarters.
Britain plans to make Mark Zuckerberg answer for hate crimes
The other matter weighing on Facebook is Tuesday’s Congressional hearing, where a former product manager, Frances Haugen, will testify about her decision to become a whistleblower and leak internal data to the Wall Street Journal.
In a 60 Minutes interview last night, she criticzed Facebook for putting “profits over people” and failing to maintain safeguards against misinformation after the 2020 presidential election.
But Facebook stock has proven surprisingly durable over the past few years of scandals, including last year’s ad boycott and the January 6th riots.
Shares remain near record highs, closing Monday at $326, a more than 150% increase in five years.
The three apps – which are all owned by Facebook, and run on shared infrastructure – stopped working shortly before 5pm. Other related products, such as Facebook Messenger and Workplace, have also stopped working.
The cause of the outage was unclear at the time of filing this report.
WhatsApp loses millions of users after terms update
At time of this report, it is unclear what has caused the issue although the company has suffered outages before.
Few minutes ago, Whatsapp posted on its Twitter handle: “We’re aware that some people are experiencing issues with Whatsapp at the moment. We’re working to get things back to normal and will send an update here as soon as possible. Thanks for your patience!”
In June and April this year, the social media giant’s platforms unexpectedly went down due to a “network configuration issue”.
Man Who Was Sentenced To Death Commits Suicide In Kuje Prison
A 43-year old businessman on death row has committed suicide inside Kuje prison in Abuja.
Obinna Echianu was sentenced to death for killing Edwin Ali an uber driver, it was gathered.
Echianu was said to have committed the crime alongside Everly Nnorom, a 27-year-old student. However, Nnorom was discharged and acquitted of the crime while Echianu on the other hand was sentenced to life imprisonment.
The prosecutor, Donatus Abah told the court that both men conspired and planned to rob and kill on Dec. 25 2016 which is punishable by death under the law.
The assailants were armed with a revolver pistol and 33 live ammunition and forcefully took the deceased’s Nissan Almera car and a mobile phone at Gosa pedestrian bridge, Airport Road, Abuja. After the robbery, Echianu shot and murdered the driver before fleeing the scene.
A source quoted by Sahara Reporters said Echianu was so unhappy about his sentence that he decided to take his life.
The source said: “He went into the bathroom in his cell and hanged himself. His lifeless body was discovered dangling from a rope around his neck. It is not clear what triggered this last act.
“However, it raises questions about the condition of the prison system in Nigeria. Why could a person on death row have easy access to a means of hanging himself? Also, what is the state of healthcare in the prisons, especially for inmates with mental health issues?
“It is is now too late for anyone to know what would have been the outcome of his appeal. Death of the accused ends every criminal trial.”
The Nerve of a Super Fraud : Aiteo Slams $2.5bn Suit against Shell over Sale of OML 29
*Alleges Fraud, Deceit, Misrepresentation
Seeks compensation As DPR Awards Kugbo West Marginal Field In OML 29 To 7 Waves Petroleum
Fortune and fraud are often in business, uneven cardinal elements; one speaks to value and the other, a vice. Fraught in its pursuit of these discordant factors, the Shell Petroleum Development Company (SPDC), has once again, waded into the eye of the storm. Ultimately, it committed the impious fraud of industry in its sale of the OML 29 to Aiteo Eastern Exploration and Production Company Limited in 2014.
The SPDC perpetrated the contradiction of a business culture that cultivates sincerity and is at the same time manifests a fraud. Ask Aiteo.
The latter has dragged Shell to court over what it alleged as “fraud, deceit, and misrepresentation” in the sale.
In a suit, FHC/ABJ/C8/738/2021, dated July 27, 2021, and filed before a Federal High Court in Abuja, by its lawyer, Kemi Pinheiro (SAN), Aiteo is claiming that the defendant breached a fundamental term of the agreement for assignment dated October 17, 2014, as set out in schedule 1 part 3 – wells, in relation to the Kugbo West and Okiori oil well s listed in schedule 1 of the agreement for assignment.
It accuses SPDC of failing to fully disclose the true nature of the oil wells to it, at the time of the sale, despite receiving the full payment for the transaction.
Shell Petroleum’s conduct was no doubt an invitation for a lawsuit. Describing the oil giant’s action as a “fraudulent misrepresentation,” Aiteo is seeking, among others, the payment of over $2 billion from Shell in general and other collateral damages as a result of the alleged lies and deceit at the time of the sale.
Trouble reared its ugly head immediately Aiteo discovered that the SPDC, from whom it bought the OML 29 in 2014, had transferred the Kugbo West and Okiori Marginal Fields to the Department of Petroleum Resources (DPR) without disclosing this during the negotiations that led to the purchase of the asset.
The flames of discord flared and burned brightly between the parties in the wake of a letter dated September 16, 2021, and titled, ‘2020 Marginal Field Bid Round Award Of Kugbo West Marginal Field Located In OML 29 to 7 Waves Petroleum Limited’, from 7 Waves Petroleum Limited, informing Aiteo that a section of the controversial OML 29 now belongs to 7 Waves, courtesy of the 2020 Oil Bid Round conducted by the Department of Petroleum Resources (DPR).
The letter signed by Daniel Alabi, Managing Director, 7 Waves Petroleum Limited, stated in part:
“7 Waves Petroleum Limited actively participated in the 2020 Marginal field bid round conducted by the Department of Petroleum Resources [DPR] and emerged as the awardee with 100 percent equity interest in Kugbo West Marginal Field in OML 29 upon payment of the statutory signature bonus. The field would be jointly operated with our partner ‘Multiplan Nigeria Ltd’.
“Our firm would be glad to discuss and engage with Aiteo Eastern Exploration and Production Company Limited being the leaseholder for OML 29 with the underlying objective of executing the required Farmout Agreement thus (to) enable our firm commence field development activities essential to meet the timeline set by the DPR.
“We would be glad to set up an introductory meeting to discuss the next steps, kindly notify our firm of a suitable date and time. Thank you for the assistance, we look forward to a mutually beneficial and long-lasting working relationship.”
Aiteo had earlier received the rude shock when DPR notified it of the new development in a letter dated August 3, 2021 and signed by Edu Inyang for Director/CEO, DPR.
The SPDC was the legal and beneficial holder of a 30 percent undivided participating interest in OML 29, which is part of the undivided percentage interest held by the defendant in conjunction with TEPING, NAOC, NNPC amongst others.
Prior to the assignment of the lease to Aiteo, Shell as the operator of OML 29 published Information Memorandum in October 2013 wherein it invited bids from interested entities for the acquisition of their joint undivided 45 percent participating interest in OML 29.
Aiteo claimed it did not only join others to bid for OML 29 but emerged successfully. “As consideration for the agreement, the plaintiff made the following respective payments of; $220,000,000.00 as deposit pending the negotiation, completion, and execution of the transaction documents and relevant agreements and the balance of 2,130,000,000.00 upon the execution of the transaction and acquisition documents and the agreement,” it stated.
The plaintiff further averred that based on the agreement for assignment dated October 17, 2014, the defendant in conjunction with TEPING and NOAC as Assignors transferred to it their entire participating interest in OML 29 together with the rights, interest, obligations thereto and in the process purportedly also transferred their participating interest in the wells, “when they knew or ought to have known that they had surrendered and given the wells to the NNPC/ the federal government about five years earlier for valuable consideration”.
While Aiteo claimed its bid for the acquisition of OML 29 was based upon a complete reliance on the representations in the electronic data room information, IM, and the Agreement, particularly as they concern the wells contained within OML 29, it noted that issues came up in 2020 when it wanted to commence work on the assigned wells.
Aiteo claimed that “In the circumstances, therefore, the plaintiff avers that the representations made by the defendant as aforesaid were made falsely, deceitfully and fraudulently with the intention of depriving the plaintiff the full benefit of the assets and the undivided 45 percent participating interest in the wells.”
Consequent upon the SPDC’s deceit, Aiteo claimed its expectations as it relates to the wells can no longer be achieved and that its financial position has been severely and adversely impacted upon, as it is unable to fully repay its alleged indebtedness to its financiers due to the wrongful actions of the SPDC.
While claiming that it paid the sum of $46.2 million for the wells, the plaintiff argued if the money had been invested in other business ventures at the rate of 9.9 percent interest rate per annum from 2014 till the commencement of the suit it would have yielded an additional sum of $52 million. Plaintiff, therefore, claimed that it is entitled to a refund of $99 million.
Aiteo is also praying the Federal High Court to order Shell Petroleum to refund to it, the sum of $46.2 million as payment attributable to Kugbo West and Okiori oil wells being money had and received for a consideration which has totally failed.
Aiteo is also asking for another sum of $52 million being the interest that ought to have accrued on the sum paid on the two wells. While it is claiming the sum of $500,000 general damages, it is also seeking the payment of $2.1 billion as the amount it would have derived from the sales of 32,000,000 barrels of crude oil and other petroleum products from the Kugbo West and 41,000,000 barrels of crude oil and other petroleum products from Okiori wells.
It would be recalled that the SPDC suffered a huge legal blow earlier in the year, as a court in The Netherlands, compelled it to compensate two Nigerian farmers for damages over 2004/2005 oil leaks.
Its alleged bullying tactics and exploitation of legal technicalities in the production and evacuation of crude oil to allegedly short-change not only the Federal Government but also local operators in the oil and gas business were clearly nipped in the law court.
The SPDC was also mired in a missing crude oil scandal by the local regulator, the Department of Petroleum Resources (DPR) through an illicit metering system, which it allegedly deployed to steal crude and cheat local operators.
Peter Obi has been named in a global money laundering scandal
The former governor set up secret companies abroad and refused to declare them as part of his assets.
A former Governor of Anambra State, Peter Obi, has been named in a global tax evasion scandal and investigative reporting carried out by more than 600 journalists in 117 countries.
The investigation is called Pandora Papers.
The BBC writes that the “Pandora Papers is a leak of almost 12 million documents that reveals hidden wealth, tax avoidance and, in some cases, money laundering by some of the world’s rich and powerful.”
The Pandora Papers details how rich and powerful individuals from across the world– including more than 330 politicians from 90 countries–launder money by setting up businesses in tax havens like the Cayman Islands, the British Virgin Islands, as well as in countries like Switzerland and Singapore.
These places are called ‘tax havens’ because it is easy to set up companies there, there have laws that make it difficult to identify owners of companies and there is low or no corporation tax within their jurisdictions.
According to Premium Times, a Nigerian publication that was part of the global investigation under the International Consortium of Investigative Journalists (ICIJ) umbrella in Washington DC, Obi discreetly set up a company called Gabriella Investments Limited, in the British Virgin Island.
He named the company Gabriella Investments Limited, after his daughter Gabriella Nwamaka.
Obi, the online newspaper reports, first approached Acces International, a secrecy enabler in Monaco, France, to help him incorporate an offshore entity in one of the world’s most notorious tax havens.
Acces International then contracted a local registered agent – Aleman Cordero Galindo & Lee Trust (BVI) Limited (Alcogal) — to set up Gabriella Investments Limited for Obi.
Gabriella Investment Limited was born on November 17, 2010.
On the same day the company was incorporated, the nominee directors met and issued 50,000 shares of Gabriella Investment in favour of Hill International Holding Corporation, a shell International Business Company operating under the laws of Belize, another tax haven.
The director of the company is Mr. Van Vuuren, who is also one of the directors of Gabriella Investment.
Change of name and breaking Nigeria’s laws
Gabriella Investment is now known as PMGG Investments Limited in what is a combination of the first letters of the first names of Obi’s nuclear family: P for Peter (ex-governor), M for Margaret (the ex-governor’s wife), G for Gabriella (the ex-governor’s daughter) and G for Gregory (the ex-governor’s son).
Obi has also created a trust known as The Gabriella Settlement, an entity also registered in the BVI.
The Gabriella Settlement is the sole shareholder of PMGG Investments.
Obi also incorporated another company called Next International (UK) Limited on May 16, 1996, in London.
Investigations show that Obi continued to act as director of Next International (UK) Limited for 14 months after becoming Governor of Anambra State, thereby breaking Nigeria’s laws.
In Nigeria, a person is statutorily obligated to withdraw from engaging in or directing a private business, upon becoming a public officer, as stipulated in Section Six (6) of the Code of Conduct Bureau and Tribunal Act.
Obi resigned from Next International on May 16, 2008, 14 months after he assumed duties as Anambra Governor.
Obi also contravened Section 11 of the 1999 constitution (as amended) which stipulates that public officers are required to declare “immediately after taking office and thereafter all” their properties, assets, and liabilities and those of his (or her) unmarried children under the age of eighteen years.
Investigations have revealed that Obi did not declare the companies he tucked away in offshore secrecy havens to the Code of Conduct Bureau.
Asked about his offshore assets and shell companies, Obi told Premium Times that: “I am sure you too will not like to pay inheritance tax if you can avoid it.”
Obi, 60, was PDP’s vice presidential candidate in the 2019 general elections.
He often preaches frugality, parsimony, anti-corruption, lean governments and probity every other day on prime time television.
He also once told the world that he wears only one wrist watch, even though images of him at different events showed him wearing different brands of pricey wristwatches.
BREAKING: Gunmen kidnap Ondo varsity lecturer, demand N10m ransom
Gunmen have reportedly kidnapped a lecturer at Adekunle Ajasin University, Akungba, Akoko, AAUA, Ondo state.
The academic, Mayowa David Adinlewa was abducted during the weekend along Akure-Ikere-Ekiti road.
The abductors have contacted the lecturer’s brother, Toyin, demanding for N10 million ransom.
It was gathered that the victim was on his way to visit his his family at Ikere in Ekiti when he was waylaid by the gunmen.
The assailants have reportedly spoken to Adinlewa’s wife, warning her against alerting the police if she wanted to see her husband alive.
It was also gathered that the victim spoke with his wife during her conversation with the kidnappers.
He begged his wife to ensure that he is freed as he had trekked for hours without food and water, stating that his health was deteriorating rapidly.
When she requested for a location, the kidnappers forcefully retrieved the phone from the victim’s wife and switched it off.
The abduction was confirmed by a lecturer of the university who promised that the victim will soon be released.
When asked if other lecturers were planning to raise the ransom, he said that “all I can tell you is that he would soon be released. We are on top of the situation.”
Contacted, the state police command spokesperson Funmi Odunlami said, “initially, we thought it was a case of an abandoned vehicle. It was later that the family contacted the police that their son had been kidnapped.
“The incident happened between the boundary of Ondo and Ekiti States.
“Our anti-kidnapping unit has swung into action towards rescuing the victim. They are already combing the bush and the axis where it happened.
Odunlami said: “I’m not aware if contact has been made with the family. I don’t know anything about the demand for ransom.
Many Killed As Gunmen Attack, Burn DSS, Police HQ In Anambra
Unknown gunmen on Sunday attacked and burnt down the police and the Department of State Services offices in Nnewi, Anambra State.
According to witnesses, the attacked occured on Sunday afternoon around 1:00 p.m.
It was gathered that when hoodlums stormed the offices, they overpowered personnel and set fire to the facilities.
“The attackers said they don’t want to see any Nigerian flag standing in the area,” a witness told Peoples Gazette.
The number of those killed or injured cannot be ascertained as at the time of filing in this report.
In related news, an aide to Governor Babajide Sanwo-Olu of Lagos State, Joe Igbokwe, has accused the Indigenous People of Biafra, IPOB, of burning down his house in Nnewi, Anambra State.
In a post on his Facebook page on Sunday, Joe Igbokwe accused IPOB members of being behind the incident.
According to the All Progressives Congress, APC, chieftain, he was not hurt
“IPOB invaded my house in Nnewi about now. Iam sure they raised down the my house giving the jerrycans of petrol I saw being offloaded from their Sienna car via CCTV. To God be the glory . Iam still alive. My Study is my greatest regret,” Igbokwe wrote
Joe Igbokwe, a chieftain of the All Progressives Congress in Lagos State has claimed that his house in Nnewi in Anambra State, has been razed by Indigenous People of Biafra (IPOB) insurgents.
Igbokwe claimed the incident occurred on Sunday afternoon, and he said IPOB members are behind it.
“IPOB invaded my house in Nnewi about now. Iam sure they raised down the my house giving the jerrycans of petrol I saw being offloaded from their Sienna car via CCTV. To God be the glory . Iam still alive. My Study is my greatest regret,” Igbokwe wrote on his known Facebook page.
Just In: Abducted Zamfara Speaker’s father dies in captivity
Alhaji Abubakar, the father of the Speaker, Zamfara State House of Assembly, Hon. Nasiru Magarya who was recently abducted by bandits, has died while in captivity.
Recall that the victim who was the District Head of Magarya village, was alongside other residents of the area, including family members, abducted in early August by armed men suspected to be bandits terrorizing parts of the State.
However, 16 victims, including a three-month old baby Khadija Muazu, and her mother Hauwa Muazu, were rescued by the State police command on Saturday.
The State Commissioner of Police, CP Ayuba Elkanah who confirmed the rescue, said the victims were abandoned by their abductors who are fleeing the forest following offensives been unleashed against them by security operatives.
The commissioner stated that the speaker’s father was still missing as he could not be found amongst the rescued victims.
Subsequently, the elder brother of the deceased, Malam Dahiru Magarya who was among the released kidnapped victims told newsmen in the State that the Speaker’s father had died of heart attack while in the abductors’ den.
“One of the bandits’ kingpins popularly known as Kachalla informed me that my brother died due to heart failure while in captivity.
“We were separated when they kidnapped us, they took my brother to another camp but it was Kachalla, one of the commanders of the bandits that told me about the death of my brother which was a result of a heart attack hours before our rescue,” he said.
The State’s Police Public Relations Officer, SP Muhammed Shehu could not be reached as of the time of filing this report. His phone line was not reachable at the moment.
