Verizon Acquires Yahoo In $4.8 Billion Deal

Yahoo’s 20-plus year tenure as an independent company is no more, with news that it has been acquired by Verizon for $4.83 billion.
Word spread over the weekend about the pending deal, but now it’s official. As part of the acquisition, Yahoo will be integrated with AOL under Marni Walden, Verizon’s EVP and president of product innovation and new business organization.
“Just over a year ago, we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers,” said Lowell McAdam, Verizon chairman and CEO, in a press release. “The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising.”
The selection of Verizon wasn’t exactly a surprise, as it had always been the presumptive front-runner in the bid to purchase the once-mighty search engine company.
Near the beginning of the year, Yahoo announced that it was implementing an “aggressive strategic plan,” having exhausted all attempts at a successful turnaround. After four years of leadership under CEO Marissa Mayer, shareholders had lost patience, which led to their ultimately putting the company on the market for interested buyers.
To be fair, Yahoo had been on shaky ground long before Mayer took the helm, with previous CEOs implementing layoff after layoff to reduce costs. The company, which once had a peak market capitalization of $128 billion –more than twice that of the Walt Disney Co — was unable to find its way back to its former glory. But now, its core business is believed by many to be practically worthless, with most of Yahoo’s current value in its Alibaba and Yahoo Japan holdings.
It’s this that sealed Yahoo’s, and subsequently Mayer’s, fates. In 2015, Mayer reversed course and decided not to spin the company’s Alibaba holdings into a standalone firm called Aabaco Holdings. Soon after, activist hedge fund Starboard Value threatened to wage a shareholder battle, before eventually negotiating a takeover of four board seats.
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Over the past few months, Yahoo has entertained a number of possible suitors for its core business. And while Verizon had been the odds-on favorite, other bidders included private equity firm TPG, a group of investors led by Quicken Loans’ Dan Gilbert, and AT&T. Some had even claimed that Yellow Pages parent company YP, as well as Time and Daily Mail, were interested in the tech giant.
Yahoo’s board formed an independent panel to explore options and engaged bankers Goldman Sachs, J.P. Morgan, and PJT as financial advisors, along with Cravath, Swaine & Moore LLP, as the company’s legal advisor.
The deal, which is still subject to approval by Yahoo’s shareholders, along with the usual regulatory approvals, is expected to close in early 2017.
It’s worth noting here that the sale doesn’t include Yahoo’s cash, as all net cash will be returned to shareholders with a “specific capital return strategy” to be announced later. The deal also doesn’t include Yahoo’s substantial shareholdings in Alibaba, Yahoo Japan, or its convertible notes, non-core patents, and other minority investments, all of which will still be held by Yahoo, though under an as-yet undisclosed new name, and which will become a publicly traded investment company.
“The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo,” said Yahoo CEO Marissa Mayer in the announcement.
In terms of what happens to Mayer next, well, speculation had suggested the Yahoo chief would be given a $57 million severance, but in the wake of the acquisition news today, she issued a statement that said she would be hanging around “to see Yahoo into its next chapter.” That could mean for the long haul, but then again it suggests that she’s only staying on until the conclusion of the acquisition in early 2017.
As news of the acquisition started to emerge, Yahoo’s shares rose 1.36 percent to almost $40 in pre-market trading. This was the company’s highest in around a year, though still way down from the $100-plus share price Yahoo enjoyed back in its heyday. Verizon’s stock went up by 1.32 percent in early market trading, though its stock had already been steadily growing in recent months.

Dangote And Bill Gates Hold Joint Meeting With Gov Gaidam, Others In Yobe. Pics

Governor Ibrahim Gaidam along with other senior officials of the Yobe State Government Wednesday met with Co-Chair of the Bill & Melinda Gates Foundation, Mr. Bill Gates and Chairman of the Dangote Foundation, Alhaji Aliko Dangote as well as representatives of numerous development partner organisations in the first Mid-Year Review meeting since the signing of a Memorandum of Understanding (MoU) on strenghtening Rountine Immunization (RI) between the State Government and the Bill & Melinda Gates and Dangote Foundations back in January, 2016.

Mr. Gates and Alhaji Aliko Dangote joined the meeting via live video link from Seattle and Miami in the United States respectively. Executive Director of the National primary Healthcare Development Agency, Dr. Ado Mohammed also joined by telephone.

Also attended by His Royal Highness the Emir of Fika, Alhaji Muhammadu Abali Ibn Muhammadu Idrissa and His Royal Highness the Emir of Bade, Alhaji Abubakar Ibn Umar Suleiman, the meeting acknowledged the effort of the Yobe State Government for the significant progress being recorded in immunization coverage across 15 of the 17 local government areas of the State.

Governor Gaidam restated the commitment of the Yobe State Government in advancing primary healthcare and sustaining the patnership signed with the two foundations.

On his part, Alhaji Aliko Dangote, who also commended the Yobe State Government for the progress being made despite the security challenges in the state, pledged to assist the state government in rebuilding health facilities destroyed by Boko Haram in the two local government areas where the insurgent group has hit the hardest, namely Gujba and Gulani. More photos after the cut......

Militants blow up Agip pipelines in Bayelsa

YENAGOA-SUSPECTED militants in the early hours of Friday blew up the Tebidaba-Brass Nigeria Agip Oil Company, NAOC pipeline. Also affected are the Goulubokiri Manifold and Lasukugbene pipeline. Bayelsa state Commandant of the Nigerian Security and Civil Defence Corps,NSCDC, Desmond Agu, who confirmed the incident said men of the Command on surveillance exchanged gun fire with the vandals. Agu said: “Reports from the swamp area indicates that last night(early hours of this morning) a gang of heavily armed youths with two double 200hp speedboats used explosives to blast three different points on the Tebidaba-Brass NAOC pipeline.”
Source: Vanguard

Nigeria is headed for a 'full-blown economic crisis- Business Insider reports

Business Insider , an American Business magazine, reports that
Nigeria is heading for a full blown economic crisis due to lower oil
prices and the government's Foreign exchange and Price Control
policies. Read the report below...

Nigeria's economic crisis is getting worse. On Friday the
Nigerian Bureau of Statistics revealed that the country's
economy shrank by 0.4% year-over-year in the first
quarter — way worse than expected.

Economists were expecting the country to grow by 1.8%
year-over-year, according to the Bloomberg consensus. And
now analysts aren't feeling too good about the situation
going forward. "We have long warned of a slow-burning
crisis in Nigeria," Capital Economics' Africa economist John
Ashbourne said. "It now seems that this view was too
optimistic: the country is headed into a full-blown economic
crisis." Nigeria continues to suffer from numerous economic
headaches, (which analysts have more or less deemed a
failure). The biggest drop in growth was in Nigeria's
manufacturing sector, which Ashbourne wrote was crushed by
the country's FX policies.

"This is very bad news for Nigeria's government, which has
justified the current FX system as a method of promoting
non-oil industries," Ashbourne said. "It is now clear that
these policies have — as we'd long argued — made a bad
situation worse."

Still, the scariest thing about this latest gross-domestic-
product number is that it doesn't factor in any of the
debilitating problems Nigeria has seen in the second quarter,
including but not limited to the fuel-shortage crisis and
some of the oil-production disruptions by theNiger Delta
Avengers. In short, Ashbourne concluded grimly, "the worst
is yet to come."

CBN assures Dangote of Forex to help finance $14bn refinery

The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele,
during a tour of the refinery which is projected to refine 650,000
barrels of crude oil per day. assured Dangote Group that it will support
its access to Foreign Exchange in order to build its proposed $14 billion
refinery in the country.
The CBN governor said that the support was to help with the importation
of equipment needed to bring the Dangote refinery to reality.
He said:
“Your ongoing 14 billion dollar refinery investment will enjoy our
support, no doubt. We are doing this to fast-track the
importation of equipment you need for a speedy completion of
that project and to encourage other Nigerians to follow your
lead” Emefiele said.
“The Dangote Group approached us to indicate their interest to
invest in refining crude, such that petrol-chemicals, fertiliser
and fuel will be produced, about three years ago.
“Today, the three projects, which are valued at 14 billion dollars
(N2.8 trillion), are on course and this is highly commendable, ‘’
he said.
“By the time this refinery is completed, it will not only service
the needs of our domestic economy but shore up our
international oil investments.
“Projects like this and our support will encourage more Nigerians
to begin to think like the Dangote Group,” the CBN boss added.
Aliko Dangote, Chairman, Dangote Group, on the other hand said that
the refinery would commence commercial operations in early 2018 and
that the fertilizer production aspect of the refinery would be completed
by 2017.
He said:
“We are set to unveil the world’s largest refinery which will
make Nigeria self-sufficient in petroleum products refining and
also become a major exporter of oil.This project will mark a
turning point in Nigeria’s search for local refining of crude oil.
“We will ensure the value chain in crude oil production is uplifted
and other facilitators properly integrated into our scheme,” he
said.
Vanguard

Deputy Governor of Borno state, Zannah Mustapha dies in Yola

The deputy governor of Borno State, Zannah Mustapha died in Yola, Adamawa state this morning during an official trip to the state. Mustapha, who had gone to Yola yesterday to attend the convocation ceremony at Moddibo Adama University, retired to his room last night and failed to wake up this morning. He'd died in his sleep at a government guest house in the state capital.

He was found unresponsive around 8am after his aides entered his room when they noticed he hadn't woken up for early morning prayers. He is believed to have died of cardiac arrest. Borno state governor has since confirmed his death to reporters. May his soul rest in peace, amen

‘I fear I Will Be Arrested’ – Man Who Abandoned His Wife & Twin Babies Say, Wife Reassures Him Of Her Love For Him

Citizen Emeka Uche, the man who abandoned his wife Ruth and their three set of triplets says he is afraid to come out of hiding as he fears he may be arrested. According to him, frustration made him run away from his family after his wife informed him she was having another set of twins. Speaking with The Nation, he said;

“I love my children,  I miss my wife too, but I am afraid to come back. People won’t understand how frustrating life has been. I am scared I would be arrested if I come out. How do I watch my kids suffer? I could not tolerate it. I did not even have money to assist my family. I watched them suffer daily, without knowing what to do. There were nights I watched my children sleep without food. Some days I will buy N100 garri and akara (bean cake) for my family. Because of my low income, I was always in debt before the end of each month. I am a factory worker and I earn N33,000 after tax and union fees. Then I have four children and a wife to take care of, which has been very difficult,  I could not stand having a new set of twins that will come to this world to suffer. Initially, I thought it would be a child, probably a boy so that I would have two sons and three girls, but when I learnt it was twins again,  the only thing that came to my mind was to run away. It was not an easy decision and I have not been happy knowing that I abandoned them. My wife is a very good woman and I love her. I love my children too. I became frustrated when I called my brothers for assistance and they did not even answer me. I just dressed up that morning, I knew I won’t come back but I didn’t tell her so that she would not feel bad. I am pained that I have not seen my wife and children for three months, sister you won’t understand my situation, but know that it has not been easy for me,” he lamented on telephone, as he refused to disclose his location.”he said

His wife who was with the reporter while the telephone interview was being conducted reassured him of her love for him and that no one will arrest him saying anyone who arrests him will kill her first

“Please do not hang up the phone on me my heart. Just listen to what I have to say. I understand that things have not been easy but you should know that we have suffered alot. Please come back to me and your children. No one will arrest you because you are still my husband and I still love you. Anyone who arrests you will kill me first. Please talk to this aunt and also come so that we can go to Alausa together. They are all good people and mean well for us,”she said

Mrs Uche who received N200, 000 cash gift from Thisday Newspaper was at the bank to open an account and she looked at her three months old twin babies whose birth has brought her fortune and said

“You are a blessing to my family. What would have happened if I had aborted you? I would have just continued suffering with your brother and sisters and father”.she said.

Russian Oil Firms Plan 10,000 Jobs In Nigeria

The Deputy Head of Mission, Russian Embassy,
Valeriy Shaposhmikov has said two major Russian oil
companies, Gazprom and Lukoil would be coming to
invest in Nigeria’s oil and gas sector.
The envoy stated that the proposed nuclear power
plant in the country would generate 10,000 jobs
and also create new industries.
Speaking to journalists during the Russian
Federation Day celebration on Thursday in Abuja,
the diplomat observed that there are various
opportunities for Russian firms in Nigeria, noting
that Gazprom could be involved in developing oil
and gas pipelines infrastructure and protection
system.
He said, “As you know, we have an agreement
signed on the construction of nuclear power plants
in Nigeria. The implementation of this project only,
in addition to a substantial increase in power
generation capacity, is able to bring a minimum of
10,000 jobs and create new industries in the
country.
“An important area could be oil and gas sector – a
major Russian oil and gas company Gazprom could
be involved in developing pipelines infrastructure
and protection system, an oil company Lukoil is
coming to work here. There is interest in the
development of the solid mineral resources.”
Shaposhmikov said his country looks forward to
getting support from the Federal Government to
solve the critical issues in Alascon Aluminium
Company, Akwa-Ibom State, which is owned by
Rusal, a Russian aluminum company.
He stated that Alscon needs non-stop supply of
gas as constant interruptions in gas delivery to
the company had led to great losses, putting into
question the existence of the commercial project.
“We do also worry about the safety of investment.
The property rights of Rusal over Alscon shares
should be confirmed. With all these problems
removed, Alscon will be able to restart producing
aluminum,” the envoy said.
While welcoming guests to the anniversary
celebration, the Russian Ambassador, Mr. Nikolay
Udovichenko, said he supported the recent changes
in Nigeria explaining that peaceful and democratic
transition of power was an important step
towards development.
He expressed willingness to work with Nigeria in
the security, economic and educational sectors
even as he applauded President Muhammadu Buhari
on his commitment to fight terrorism, adding that
the Russian Federation is ready to give the
necessary support.
“We do not only strongly wish the new Nigerian
government success in this field, but we are also
ready to give all necessary support in different
spheres, including security, economy and even
education,” Udovichenko promised.