Multi-millionaire actress, Funke Akindele and her husband Abdulrasheed Bello have both been sentenced to 14 days of community service, and required to pay fines of N100,000 each for breaking the lockdown rules in Lagos state.
The duo were arraigned at the Chief Magistrate Court 1 Ogba, Ikeja by detectives from the State Criminal Investigation Department Yaba, led by DCP Etude Longe.
They both pleaded guilty to the one-count charge and immediately received the sentence.
As part of the sentence, the couple will be isolated for two weeks for the government to ascertain their Coronavirus status. They are also expected to turn in a list of everyone who attended the party.
The actress had been arrested on Sunday for hosting a birthday party at their residence with over twenty persons, including popular musician Naira Marley, in attendance, contrary to the social distancing directives signed by the Governor, in pursuant to Regulation 8(1)(a) and (b) & 17(1)(i) of the Lagos State Infectious Disease (Emergency Prevention) Regulations 2020.
Her husband turned himself in on Monday.
Why the party?
Shortly before her arrest, the actress took to her twitter handle, explaining her actions to fans.
According to her, everyone who attended the party had been in boot camp within her estate, before the lockdown directive was given, and decided to stay in quarantine together after the directive.
“Nobody came from their house to party with us,” she said in her Twitter feed.
“I am sorry. I promise to always support the government in creating more awareness to eradicate this pandemic,” she added.
I hear you all and I acknowledge all your honest feedback.
I also thank you for your concerns, well wishes and calls.
I am sorry and hope this video offers some explanation.
— funke Akindele Bello (@funkeakindele) April 5, 2020
Naira Marley to face the music
Naira Marley, who had been summoned by the Lagos Police Command on Sunday, is now in police custody. He will be also be charged to court for violating the restriction orders, while the police track down other party attendees.
While social media users praised the instant administration of justice, they also criticized the judiciary for committing the same offense for which the Nollywood actress and her husband were arrested.
Clips from the court scene showed that the court was packed full with journalists, curious bloggers, fans, and critics who came to witness the sentence.
You dragged funke akindele,Now you have just one job,Drag the court and government officials for this mess.If you fail,you are a bastard.They were wrong, but this is worse, because I'm sure they knew how much crowd this kind of court proceedings will attract#funkeakindelebello pic.twitter.com/x8fnABERcT
— Mmidé OffBlacK🎙🎞🤩 (@MmideAmanie) April 6, 2020
The number of attendees in the court was clearly over 20 as the couple had to be squeezed through, contravening the rule of social distancing.
— miss Tongue Talker👅 (@_amaka_j) April 6, 2020
What you should know
In 2019, Funke Akindele popularly known as ‘Jenifa’ was listed among the top 10 richest Nigerian actresses, with a net worth estimated to be over half a billion naira.
Output cut: Nigeria leads in OPEC non-compliance with 50 unsold cargoes of crude
Nigeria and Iraq were reported not to have kept to their commitment to the huge production cut deal that had promised to reduce output by 9.7 million barrels of crude oil per day.
As opinions continue to differ on whether OPEC will extend its current oil output cut beyond June, available information has shown that not all members of the oil cartel complied fully with their agreed quotas for the month of May. This is despite the fact that the oil output by OPEC member countries reached its lowest in almost 20 years.
Available data from oilprice.com showed that OPEC members cut their output by 5.91 million barrels per day from the April level, producing 24.77 million barrels per day. This figure also showed a 4.48 million barrel per day of the agreed output cut, thereby representing a 74% compliance level.
Iraq was able to achieve just 38% compliance of its agreed output cut for the month of May, while Nigeria, which achieved a much lower compliance of the agreed output cut, recorded 19% compliance of what was agreed. Saudi Arabia showed the highest compliance, recording 96% of the agreed output cut.
Some have attributed the noncompliance of some members of OPEC to the agreed output cut, to the contractual obligations and commitment to buyers, given the short timeframe between when the agreement for the output cut was made and its implementation.
Meanwhile oil exports from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid huge inventory of unsold cargoes.
Nigeria continues to face some difficulty in the oil market, primarily due to sluggish demand from Europe; it has around 50 unsold cargoes of crude oil yet to be sold for the months of June and July.
Meanwhile, India has become one of the few buyers for the Nigerian oil. Indian oil firms bought about 5-6 million barrels of Nigerian crude oil last week and has bought about 2 million barrels as at Thursday this week.
President Muhammadu Buhari reshuffles NNPC’s board of directors
Note that the former board included the late Chief of Staff to the President, Abba Kyari as a member. Stakeholders have since expected the President to reconstitute a new board to take over.
President Muhammadu Buhari has approved the reconstitution of the board of the Nigerian National Petroleum Corporation (NNPC) after the expiration of the tenure of the current board.
The newly constituted board members are expected to serve for a tenure of three years, effective immediately. They will take over from the last board, whose 3-year tenure officially ended in 2019. Information about this development is contained in a State House press release that was published on the official twitter handle of the Nigerian Presidency on Saturday morning.
STATE HOUSE PRESS RELEASE
PRESIDENT BUHARI RECONSTITUTES NNPC BOARD
— Presidency Nigeria (@NGRPresident) May 30, 2020
The newly constituted NNPC board is made up of six members from each of the geo-political zones in the country. The members include the following individuals:
- Mallam Mohammed Lawal, representing the North West
- Dr Tajudeen Umar from North East
- Adamu Mahmood Attah from North Central
- Senator Magnus Abe from the South-South
- Dr Stephen Dike from the South East, and
- Chief Pius Akinyelure from the South West geo-political
Of the six members, three are returning members on the board – Chief Pius Akinyelure, Mallam Mohammed Lawal, and Dr Tajudeen Umar from North East.
Note that the constitution of the new board is considered a welcome development, as it balances the representation of the six geo-political zones on the board. The previous constitution of the board was faulted for not being “balanced”.
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Zoom’s market valuation hits $50 billion mark, thanks to COVID-19
Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.
Zoom Video Communications’ shares surged to record highs on Friday, as bullish runs in the last hours of trading helped the company to close with a market capitalization of more than $50 billion. The stock gained about 9.7% to jump to $179.48, thereby giving it a market value of $50.6 billion.
Note that this is the first time Zoom’s valuation is reaching this high level since it became a quoted company. The tech giant, which owns popular video conferencing software “Zoom”, has gained more than 160% this year. This is because investors are betting that the surge in Zoom users amid the COVID-19 pandemic, would eventually translate to long-lasting revenue growth.
Following the significant jump in the company’s valuation, the net worth of its founder and Chief Executive Officer, Eric Yuan, also rose significantly by more than $800 million on Friday. He now has a net worth of $9.3 billion, according to the Bloomberg Billionaires Index.
Meanwhile, in reaction to Zoom’s overnight success, Gennie Gebhart, a researcher with the Electronic Frontier Foundation, said she hoped Zoom would change course and offer protected video more widely. It should be recalled that some users of the app had raised security concerns back in April, as Nairametrics reported.
Meanwhile, Zoom has recruited Alex Stamos, a former chief security officer at Facebook, and other top security experts to help deal with the security issues which led to some top companies banning its use. While discussing efforts being made to deal with the security challenges, Stamos told Reuters:
“At the same time that Zoom is trying to improve security, they are also significantly upgrading their trust and safety. The CEO is looking at different arguments. The current plan is paid customers plus enterprise accounts where the company knows who they are.”