Business

ATMs are not to load beyond N200 notes – CBN

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The new policy introduced by the Central Bank of Nigeria revealed that banks would only load N200 notes and lower denominations into their Automated Teller Machines.

This is also as it said withdrawals from point of sale terminal shall be limited to N20,000 on a daily basis while the weekly withdrawal from banks (over the counter) shall only be N100,000 and N500,000 weekly for individuals and corporate organisations respectively.

This is according to a memo issued to banks on Tuesday and signed by the CBN Director of Banking Supervision, Haruna .B. Mustafa.The CBN said this was in complement to the newly redesigned naira notes and to boost a cashless policy economy.

The memo read;

“Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

4. Only denominations of N200 and below shall be loaded into the ATMs.

5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”

The CBN said in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

It also said banks were required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:

a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.).

b. Bank Verification Number of the payee.

c. Notarised customer declaration of the purpose of the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

“Please further note the following:

i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.

ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances.

iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”

The CBN notes that the directives take effect nationwide from January 9, 2023.

Business

EFCC launches manhunt for Kano APC senatorial candidate who was arraigned for alleged $1.3m fraud

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A manhunt has been launched by the Economic and Financial Crimes Commission for Abdulsalam Zaura, the All Progressives Congress (APC) candidate for Kano central senatorial district, who was arraigned over alleged fraud. Zaura was first arraigned in 2018, on five-count charge bordering on fraud before a federal high court in Kano.

He is accused of defrauding a Kuwaiti national by obtaining the sum of $1,320,000 under the pretext that he is in the business of building properties in Dubai, Kuwait, and other Arab countries.

Though a federal high court ruled that the politician is not guilty and further discharged him on all counts, the EFCC approached a court of appeal which ordered a fresh trial.

In a previous sitting, the trial judge had ordered the EFCC to produce Zaura who has missed several court sittings.

Addressing journalists at a federal high court in Kano on Monday, December 5, Ahmad Rogha, counsel to EFCC, said they would ensure Zaura is in court at the next sitting.

Rogha said;

“We are looking for Zaura and he will be arrested as soon as we find him.

“Ordinarily, he was supposed to be in our custody and the court has affirmed that. But I can assure you, he would be arrested and brought to court on the next adjourned date — 30th January, 2023.”

Ibrahim Waru, counsel to the defendant, however, insisted that the EFCC does not possess any legal authority to arrest his client.

He added that it was not necessary for his client to be in court on Monday since the court did not sit.

Business

Nigeria Says It Lost N113m over Abuja-Kaduna Railway Closure

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As the federal government reopens the Abuja-Kaduna railway for full operation on Monday, the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, has said the government lost about N113 million to inactivity in the route for over eight months.

Okhiria disclosed this Saturday in an interview with the News Agency of Nigeria (NAN) in Abuja. He also said many Nigerians also incurred some losses indirectly due to the halt of operations on the route.

He said,

“The last time we checked that was between the months of February to August. We have lost about N113 million.

“Using what we were earning between January and March; so, we had to use it as a working document.

“Although, when the trains were working, there were a lot of other businesses that were going on.

“There were people selling on the train; there were people selling around the stations, and there were people that had opened shops and people were patronising them because the trains were running.

“So, those were indirect benefits and cost that have been lost to the Nigerian economy.

“More so, somebody, who would have travelled from Kaduna to Abuja via train for some form of transaction and couldn’t make it because the trains were not running would have also lost something.

“The economic benefits are also lost; so, we should not only look at the Naira and kobo that railway would have been able to make from it, but include all other losses by Nigerians.”

Okhiria assured Nigerians of the collaboration of the armed forces in the country to ensure safety of passengers and trains when the Abuja-Kaduna train service would resume tomorrow December 5.

He said aside the security personnel involvement, the government had deployed technology among other things to ensure the incident of March 28, does not reoccur in the country.

“I appreciate the contributions of the Chief of Defence Staff, the Chief of Army Staff, the Air Force, and Inspector-General of Police.

“The way they have taken up this challenge, we are confident that such a thing will never happen on our rail system again based on the attention they are paying to the track now.

“We are human beings and we have done our own and they’ve contributed their own. We will ensure that we will not slack.

“The government has put forth some measures and this is the best we can do for now while we continue to improve on security and safety of the train.

“The best thing is for us to open our eyes and report anything we suspect. We cannot disclose all what we have put in place as I said earlier.

“And security is the duty of everybody , you don’t need to carry guns or arms to be a security man, if you report any suspicious thing, perhaps you can save lives,” Okhiria said.

The NRC boss reiterated that every passenger willing to board the train must be profiled with the use of the NIN so as to obtain the passenger’s information on NIMC platform.

He said,

“The information will be displayed, you can see it yourself. If your picture is not displayed when you put your ticket to get to the platform you cannot gain access.On patronage, the NRC boss expressed optimism that there would be influx of customers as passengers were eager for the trains to commence operation on the route.

“From what I have seen and from the people calling my phone, even before we tried to commence the train, people are still very enthusiastic about using the train.

“So, many people have been calling to ask, when are you starting?

“But we are going to start gradually, by deploying two trains up and two trains down and we will ensure that we don’t run night for now.

“We expect that in no time, people will sit back and watch and the normal services will commence on the route,” Okhiria said.

Business, World News

Musk announces gold, grey, blue badges for Twitter

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Twitter’s billionaire owner Elon Musk announced Friday that the platform would be launching differently colored badges to distinguish between accounts.

“Sorry for the delay, we’re tentatively launching Verified on Friday next week,” he tweeted.

“Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates.”

In another tweet, Musk said all verified individual accounts would have the same blue check, but some would eventually be able to display a “secondary tiny logo showing they belong to an organisation.

The Tesla and SpaceX boss’ proposal for users to be able to pay to be “verified” and obtain a blue badge on their profiles has caused confusion since he acquired the social media giant last month.

Musk proposed a subscription fee of $8 a month to allow users to obtain the blue check – which was previously free but reserved for organisations and public figures in an attempt to avoid impersonation and misinformation.

The first rollout of Musk’s subscription plan in early November quickly went south, with many accounts paying for the blue check and then impersonating world leaders, celebrities or companies.

Responding to the backlash, Musk initially postponed the launch date to November 29, before delaying it once more. It now appears the feature will launch on December 2.

Musk has said he wants to charge users for subscriptions to the social media platform to diversify its income stream.

Twitter currently depends on advertising for 90 per cent of its revenue.Several major brands have withdrawn from advertising on the platform since Musk bought it, fearing that his promised relaxation of content moderation could open their companies up to being associated with objectionable content.

According to the NGO Media Matters, half of Twitter’s top 100 advertisers have announced that they are suspending or “have apparently suspended” their spending on the social network.

Business, Football

David Beckham plans on buying Manchester United football club

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David Beckham is reportedly open to holding talks with potential buyers of Manchester United after The Glazers announced they are ready to sell the football club.

According to Financial Times, the United legend is open to holding talks with interested parties bidding for the club. The report states:

“The former England captain’s history with United and affinity with its fans could prove vital to any bidders if the Glazers go ahead with a deal, the people said.”

“The current owners said they would “consider all strategic alternatives, so an outright sale is not guaranteed.”

“One banker close to the process said United could be sold for close to £7bn. “A bidding war could send it higher, they added.”

“However, some footballing finance experts have said that even a £4bn-£5bn price tag was too high for a club that was unprofitable last year.”

“At these valuations, prospective owners need to have deep pockets, with investors perhaps based in the US or the Middle East eyeing the football club, analysts said.”

“While Beckham alone might not have the wealth to buy Man United, his global reach and affinity with the fans could prove to be a huge boost to any buying parties.”

The Glazers, who bought Man United for £790million back in 2005, put the Old Trafford club on the market on Tuesday.

The family is looking for as much as £8billion to sell the club. In another development, British billionaire and lifelong Man United fan Sir Jim Ratcliffe is ready to launch a bid to take over the Red Devils after his attempt to buy the club in the summer proved fruitless.

He also tried and failed to buy Chelsea last season. Ratcliffe owns petrochemical giant Ineos and is one of the richest men in the world.

Business

Buhari’s Aide Compares Redesigned Naira To Old ₦50 ₦20, ₦10 Notes

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Bashir Ahmad, the aide to the President, Major General Muhammadu Buhari (retd.) on Digital Communications, has highlighted the similarities between the newly-redesigned Naira notes and the old notes in ₦50, ₦20 and ₦10 denominations.

He shared photos of both sets of notes on his Twitter handle and said, “Good to see our 10, 20, 50 old notes back.”

The new Naira notes in the ₦200, ₦500 and ₦1000 denominations were unveiled on Wednesday by Buhari.

Business, Lifestyle

Buhari Unveils Redesigned Naira Notes

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The President, Major General Muhammadu Buhari (retd.) on Wednesday, unveiled the new redesigned Naira notes at the State House in Abuja.

Buhari alongside the Central Bank Governor, Godwin Emefiele, Minister of State Finance Budget and National Planning, Clement Agba, Managing Director of Nigerian Security, Printing and Minting, Ahmed Halilu, Chairman Independent Corrupt Practices and other related offences Commission, Prof. Bolaji Owasanoye and the chairman, Economic Financial Crimes Commission.

Abdulrasheed Bawa were in attendance.

Business

Nigeria drops from fifth to seventh on OPEC production list

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Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list.

OPEC’s Monthly Oil Market Report for November which examined oil production performance in October, revealed that Nigeria’s output was 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.

Angola produced 1. 051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.

Venezuela’s production was 711b/d, and Equatorial Guinea’s was 57b/d. Gabon, Libya and Iran did not produce any barrel in the month.

Nigeria used to rank fifth before the new report was released.

Business, Lifestyle

FG reviews school feeding, adds N30 per meal

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The federal government has reviewed the National Home-Grown School Feeding Programme from N70 per meal for schoolchildren to N100 in Delta State.

The state Commissioner for Humanitarian and Community Support Services, Dr Darlington Ijeh made the announcement on Thursday, November 17.

Ijeh said;

“Upon my assumption in office three months ago, I inherited a backlog of issues on the NHGSFP that ranged from inconsistent payment to underpayment, low capturing leading to low figures for cooks, which adversely impacted our pupils and the state.

“Today, the N70 per meal for school pupils has been reviewed to N100 per meal, and other bureaucratic bottlenecks that had bedevilled the National Home-Grown School Feeding Programme in the state, such as short payment of caterers and indiscriminate payment modules, became a thing of the past.”

The commissioner who noted that the school feeding programme was designed to feed pupils from primary 1 to 3 in public schools, added that the aim is to encourage more school enrolment as well as improve the nutritional meals of the pupils.

Business, World News

Naira redesign targets looted funds – EFCC boss, Abdulrasheed Bawa

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The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said the decision to redesign the naira is aimed at returning hidden public funds.

The antigraft agency boss made this known in his recent interview with Deutsche Welle DW Hausa Service.

According to him, the Federal government wants people who hid the funds to deposit them in bank accounts. The EFCC chair insisted that there was no political motive behind the idea.

According to him, President Buhari had evaluated and accepted the advice put forward by the Central Bank of Nigeria on the redesign of the naira.

“These public funds were embezzled and we want them to return them; we have not told anyone not to bring this money out.

What the government said was to deposit the money into bank accounts, or else sanctions may follow.The redesigning of the naira in law is expected to be done after every eight years; Nigeria has 20 years without redesigning, almost 80% of the naira is not in the bank and the CBN is in the hands of people; so how can the government succeed? How can a country get 25% of foreign exchange which is a benefit from its currency in 10 days?

There is no political motive behind this; some people siphoned and hid public funds and that is why we want them to bring them out.

We are also calling on Nigerians and even non-Nigerians that all channels are accessible; if anyone knows someone who hid suspicious money, they should alert us and we will investigate it; when we investigate the money and get it, the whistleblower also gets 5 per cent.”he said

Business, Lifestyle

Rapper Drake lost £1.7million bet after Israel Adesanya failed to beat Alex Pereira at UFC 281

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Canadian rapper, Drake, lost a huge seven-figure sum after placing a bet on ousted middleweight champion Israel Adesanya to beat Brazilian Alex Pereira at UFC 281 on Saturday night, November 12.

Adesanya, 33, was the bookie’s favourite to win the fight and would have earned Drake £2.4million if he could have found a way to victory inside the Octagon.

Pereira snatched the win in the fifth and final round with a left hook that sent the former champion to the canvas, and the bout to an end.

Drake is no stranger to placing huge bets having previously lost £537,000 on Barcelona in this season’s El Clasico against Real Madrid, and winning over £ 3 million on English UFC stars Paddy Pimblett and Molly McCann.

Business

Dollar Crashes at Parallel Market To N730

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The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market on Friday, November 11.

As at press time, the Naira exchanged for about N730 to a dollar .

The Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and reissued from December 15.

CBN announced that the affected currency notes will cease to be accepted after January 31, 2023, asking Naira currency holders to pay their currency notes to the banks before then.

Since the announcement some Nigerians have begun paying their naira notes into banks while many have started saving in dollars, reducing the amount of dollars available with black-market bureau de change operators.

Reacting to the appreciation of the naira, the Institute of Chartered Accountants of Nigeria (ICAN) says it is worried about the pressure the naira is facing from the US dollar.ICAN president, Mallam Tijjani Isa, speaking on Thursday in Lagos during a briefing to commemorate the International Accounting Day 2022 said;

“As a nation, we must find a permanent solution to the forex crisis if we are to develop at the desired pace,” he said.

Business

Elon Musk sells $4 bilion worth of Tesla shares after Twitter takeover as his net worth plummets to $200 billion

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Tesla Inc. Chief Executive Officer (CEO) Elon Musk has reportedly sold about 19.5 million shares of the company ever since he reached a deal to buy Twitter for $44 billion

According to The Verge, these shares are close to worth $4 billion as per the forms filed with the Securities and Exchange Commission.

The report adds that Musk has offloaded almost $20 billion in the electric vehicle maker this year.

All this offloading has been reportedly done to mostly finance the Twitter deal which was worth $44 billion.

In April and August, Elon Musk has sold a combined $15.4 billion worth of Tesla shares, with $8.4 billion in April and around $6.9 billion in August.

However, after these sales, he said that there were no more sales planned. With regards to these sales, Musk also tweeted,

“No further TSLA sales planned after today.” His takeover of Twitter has also invited drastic measures like the sacking of almost 50 per cent of Twitter’s workforce, a verification fee.

According to a Reuters report, Musk’s net worth also dropped below $200 billion on Tuesday as investors dumped Tesla’s shares on fears of the Chief Twit being more preoccupied with Twitter.

The report reads,

“Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.”

Musk now has a net worth of $197.4 billion, according to Forbes, with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion.

Business, Lifestyle, Politics

NNPC’s failure to remit funds has plunged many states into distress – El-Rufai

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Governor Nasir El-Rufai has again lashed out at the Nigerian National Petroleum Company (NNPC) Limited for not remitting any revenue into the federation’s account since the beginning of this year.

El-Rufai who spoke at the 2022 Tax Dialogue organised by the Kaduna State Revenue Service in the state capital on Monday, November 7, said NNPC’s failure to remit revenue into the federation’s account has plunged some states into distress.

The Kaduna state Governor noted that federal and state governments now rely on revenues and taxes generated by the Federal Inland Revenue Service and Nigerian Customs Service for survival.

He also disclosed that some states can no longer pay salaries and fulfil their social contract to citizens.

Business

Lecturers get ‘half-month pay’ as first salary after ASUU strike

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The federal government has been called out by some members of the Academic Staff Union of Universities (ASUU) for not paying their full salaries after resuming from an 8-months strike they embarked on.

Some members of the union who spoke to TheCable, said despite the suspension of the strike, the government is yet to pay them full salaries. Moyosore Ajao, University of Ilorin (UNILORIN) ASUU chairman told the publication;

“I’m yet to get mine but some of us who have received theirs got half salaries for October. We don’t know why they have to pay us half salary.”

A lecturer at the University of Nigeria, Nsukka (UNN), who did not want to be named, also confirmed that he did not get full salary. He also it wasn’t clear what month the pay was for.

The lecturer said;

“What I got is not exactly half of my salary. But then, it’s not up to my usual salary. Basically, they didn’t pay full salary, that’s the right word for it. The month was also not specified.”

Also speaking to Punch, a lecturer claimed that some Professors received N121,000 as salaries in October.

The lecturer said;

“Some professors got an alert of N121,000. We are still waiting for an official statement from the government as to why they decided to pay us half salaries, though unconfirmed reports state that the decision came from the top.”

Confirming the development, ASUU President, Emmanuel Osodeke said they are shocked over the payment made.

Osodeke also revealed the National Executive Council of the union will be meeting over the half-salaries paid to lecturers.

He said;

“Half salaries were paid, no reasons were given whatsoever. We learnt that Ngige wrote the office of the Accountant General and Integrated Payroll and Personnel information system and told them to only pay us for the period when we called off the strike.

“We heard there was a letter to that effect but we haven’t gotten it yet. We are going to summon a meeting.”

Business

BDC operators arrested as EFCC raids Kano forex market

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A raid carried out by operatives of Economic and Financial Crimes Commission (EFCC) at Wapa forex market in Kano, has led to the arrest of at least 8 Bureau de Change (BDC) operators. Daily Trust reported that operatives of the Kano command of the anti-graft agency stormed the forex market on Tuesday evening with about eight vehicles and heavily armed personnel.

Speaking to the publication, one of the marketers said before the operatives of the EFCC arrived the market late Tuesday, some of his colleagues had partially closed their shops after hearing that some of their colleagues were arrested in Abuja.

Following the partial shutdown, many of them quickly shut down and ran out of the market when the operatives stormed the market. Many of them have also decided to stay off the market for a while until things normalize, as this is not the first time EFCC was raiding the market.

The marketer said;

“Every time they raid this market, the price of dollar will go up. For instance, today (Wednesday) a dollar is N845 as against N835 it was being sold yesterday (Tuesday) before the EFCC raided us.

“In fact, last week we were selling it at N750 but before the end of the week, it went up to N780. Problem is that it is because the government is not releasing dollars. The hike is not our fault. We buy expensive, so we have to sell it in a way to make a little profit.”

A senior staff of the anti-graft agency who confirmed the raid, said it was conducted as part of the agency’s efforts to support the federal government to arrest the recent hike of forex.

He also said that they’ve been closely observing the roles of the BDC operators in the unfortunate hike and that money launderers have been using the BDC to obtain forex on black market to avoid losing their ill-gotten funds in Naira to the newly announced redesign of Naira notes.

The senior staff added that eight suspects were arrested for forex racketeering and engaging into forex without legitimate license.

The suspects are now cooling off in the Kano command where investigation is currently ongoing after which the necessary action would be taken.

Business, Lifestyle

Twitter to start charging $20 per month for verification under Elon Musk’s ownership

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Twitter plans to start charging nearly $20 a month for users to stay verified. This is part of a premium service that will be rolled out under Elon Musk’s leadership, according to a report.

“The whole verification process is being revamped right now,” Musk, who took over as the CEO of the social media platform Friday, October 28, tweeted Sunday, October 30.

The company also plans to raise its optional $4.99-a-month premium subscription called Twitter Blue to $19.99 a month.

However, that price is subject to change, The Verge reported, citing internal correspondence and people familiar with the matter.

Twitter will add more features, including verification, to bring its subscription up to par with the cost hike. Elon Musk plans to make verified users pay money to keep their verified status.

Existing verified users have 90 days to subscribe to the new Twitter Blue after its launch or they’ll lose their blue checkmarks, according to The Verge.

The current Twitter Blue launched about a year ago and offers subscribers a way to view ad-free articles from some publishers as well as additional customization settings.

Musk has been outspoken about his desire to grow subscription numbers to account for half of Twitter’s revenue as well as his eagerness to overhaul the platform’s verification process.

Business, Lifestyle

CBN has my backing on redesigning of naira notes – President Buhari

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President Buhari says he is fully in support of the Central Bank of Nigeria (CBN)’s move to redesign the naira notes.

Recall that the apex bank’s decision to redesign the N1,000, N500, and N200 notes, caused a stir last week after the Minister of Finance, Budget and National Planning, Zainab Ahmed, said she wasn’t aware of the decision.

However, in a statement by his media aide Garba Shehu, the President said he is aware of the redesigning and that he is “convinced that the nation will gain a lot by doing so”.

President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation.

He said he did not consider the period of three months for the change to the new notes as being short.

People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”the statement read

Business, World News

Thai transgender tycoon buys Miss Universe Organization for $20 million

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A Thai media tycoon and transgender woman has bought the Miss Universe Organization for $20 million, and will now henceforth host the international beauty pageant.

Anne Jakkaphong Jakrajutatip, the CEO of JKN Global Group PCL, a Thailand-based media distribution company, is known for her role in Thai versions of reality shows including her hit show “Project Runway.”But as a transgender woman, she has also been outspoken about her experiences, and has worked in advocacy for transgender rights in Thailand.

Her company, JKN Global Group have now announced the takeover of the beauty pageant, saying in a news release it planned to grow the Miss Universe Organization by expanding in Asia – and releasing new merchandise including skin care, cosmetics, lifestyle products, dietary supplements and drinks.Jakkaphong said the company was “incredibly honored” to buy the company.

“We seek not only to continue its legacy of providing a platform to passionate individuals from diverse backgrounds, cultures, and traditions, but also to evolve the brand for the next generation,” she said.

In a joint statement, the CEO and president of the Miss Universe Organization said they were “excited to continue the evolution of the Miss Universe Organization with JKN.”

Thai transgender tycoon buys Miss Universe Organization for $20 million

“Our progressive approach continues to position us at the forefront of our industry,” they said.The purchase makes Jakkaphong the first woman owner of the Miss Universe Organization, according to the JKN news release.

The Miss Universe beauty contest, one of the world’s most-watched pageants, has been running since 1952.

Business, World News

Elon Musk explains why he is buying Twitter, as he appeals to advertisers

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With his deal to purchase Twitter for $44 billion set to close on Thursday, October 27, the world’s richest man, Elon Musk has appealed to advertisers saying that he is buying Twitter because it is a cornerstone of civilization and that it would help humanity.

Musk’s appeal comes amid claims that he will turn the company into a cesspool of free-for-all commentary, and that many people with extremist views may have freedom to post when he becomes the owner, a move that will put off advertisers.

Posting on his Twitter handle on Thursday October 27, Musk promised that Twitter will not be free for all after he acquires it.

‘Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! In addition to adhering to the laws of the land, our platform must be warm and welcoming to all,” he tweeted via a note.

“Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together.

“In his note, Musk comes across as a more serious owner of Twitter compared to his joke earlier in the day when he tweeted the video of him entering the Twitter HQ with a toilet sink. He captioned his tweet, let that sink in!

Around the same time, Musk also changed his Twitter bio to “Chief Twit.”Revealing why he is buying Twitter, Musk wrote,

“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”

“That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.” he added.

Musk launched his bid in April this year to buy Twitter for around $44 billion. However, he soon backtracked, saying that he was no longer interested in buying Twitter because according to him the company inflated its number of actual and active users.

Twitter denied the allegations and filed a court case against Musk. Later Musk told the court that he would complete the deal and the court asked him to do it by October 28.

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