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Tesla CEO, Elon Musk, Steps Down Amid SEC Settlement

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  • Tesla CEO, Elon Musk, Steps Down Amid SEC Settlement

Following August tweets that erased investors’ profits, the Securities and Exchange Commission, SEC, has asked Elon Musk to give up his role as the chairman of Tesla Inc. and pay a fine of $20 million to settle fraud charges brought against him for claiming to have secured fund to take the company private.

Musk will keep his job as the Chief Executive Officer of the company and remain on the company’s board, but he is required to resign as chairman within 45 days and can not be the chairman of the company for at least three years.

Tesla was also fined $20 million, however, neither Tesla nor Musk admitted wrongdoing under the terms of the settlement, which was reached 48 hours after the SEC sued the billionaire over his false claim that some investors are willing to take the company private at $420 a share.

Tesla shares fell by 14 percent on Friday, the biggest of such drop in almost five years.

“This is a good resolution for Tesla stakeholders,” Ben Kallo, an analyst at Robert W. Baird & Co. with the equivalent of a buy rating on the shares, said in an email. “I expect the stock to trade materially higher on this and into the quarter where we can focus on the fundamentals.”

On August 7th, Musk in a tweet announced his plan to take the car company private and claimed to have secured the fund for it.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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NSE to Mark 2021 International Women’s Day on Monday

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Nigerian Stock Exchange

NSE to Mark 2021 International Women’s Day on Monday

The Nigerian Stock Exchange will join securities exchanges all over the world to commemorate International Women’s Day 2021 and host its 7th Annual Ring the Bell for Gender Equality Monday.

The event is in collaboration with Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, United Nations Global Compact (UNGC) and International Finance Corporation (IFC), according to a statement.

Billed to hold virtually, the event will build on the global theme, #ChooseToChallenge, and will culminate in a digital closing gong ceremony.

The statement said members of the stockbroking community, analysts, regulators, media and other interested participants could register via https://bit.ly/nse-iwd-2021

It added that in line with Consistent with NSE’s objectives to accelerate progress and impact on the advancement of women across all spheres of life, the event would feature discussions that highlight the business case to challenge the norm.

According to the statement, confirmed speakers at the event include, Otunba Abimbola Ogunbanjo, President, National Council, NSE; Mrs. Catherine Nwakaego Echeozo, 2nd Vice President, National Council, NSE; Mrs. Fatimah Bintah Bello–Ismail, Ordinary Member, National Council, NSE; Mrs. Erelu Angela Adebayo, Ordinary Member, National Council, NSE; Mrs. Opunimi Akinkugbe, Founder, Director, Bestman Games; Mr. Oscar N. Onyema, Chief Executive Officer, NSE; Ms. Tinuade Awe, Executive Director, Regulation, NSE; and Mr. Bola Adeeko, Divisional Head, Shared Services, NSE.

Others are Mr. Kevin Njiraini, Regional Director, Southern Africa & Nigeria, International Finance Corporation (IFC); Mrs. Oluwasoromidayo George, Chairperson, United Nations Global Compact (UNGC) Network Nigeria; Mr. Lansana Wonneh, United Nations (UN) Women Deputy Representative, Nigeria and ECOWAS; Mr. Patrick Akinwuntan, Managing Director/Regional Executive, Ecobank Nigeria; Ms. Ivana Osagie, Founder, Professional Women Roundtable (PWR); and Ms. Eme Esien Lore, Nigeria Country Manager, IFC.

The statement said the webinar would also feature a special focus on the peer-to-peer learning programme under the Nigeria2Equal programme, a three-year project towards which the IFC will collaborate with the NSE to reduce employment and entrepreneurship gaps in Nigeria through the private sector.

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Dr. Cyprian Ngong Receives First AstraZeneca/Oxford COVID-19 Vaccine in Nigeria

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Dr. Cyprian Ngong is the First Nigerian to Receive COVID-19 Vaccine

A Nigerian frontline health worker, Dr. Cyprian Ngong is the first Nigerian to receive COVID-19 vaccine in Nigeria as the Nigerian government commences vaccination of Nigerians.

Nigeria receives 3.92 million doses of AstraZeneca/Oxford COVID-19 vaccine on Tuesday, March 2nd, 2021 and immediately commenced self-registration that saw 2.3 million Nigerians registering to receive COVID-19 vaccine within 24 hours.

Doctor Cyprian Ngong, the first Nigerian to receive a dose of AstraZeneca/Oxford COVID-19 vaccine, said, “We’ve been at the forefront of the COVID-19 fight here in the National Hospital at our isolation centre under the able leadership of the National Hospital.

“They’ve provided everything we need for this fight. We’ve lost some, won some and we are happy we are getting the vaccine now in Nigeria. I think that is about the best news we’ve had since.

“I only wished my dad had that vaccine months ago. We lost him, but we thank God. The fight is still on and we’ll win.”

Speaking on how he feels after receiving the dose, Dr. Ngong said “You can see, I just took the vaccine now and I feel good. I dreamt of taking this vaccine and I have taken it today.”

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Sanwo-Olu to Open Agege-Pen Cinema Bridge Today

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Governor Sanwo-Olu of Lagos State will open the Agege-Pen Cinema Bridge for vehicular movement today, Friday, 05, March 2021.

A top government official, who chose to remain anonymous, told our correspondent on Thursday that the much-awaited 1.7 kilometre-long bridge would be commissioned.

While inspecting the construction works at the bridge last December, Sanwo-Olu had said the bridge would be ready by February 2021.

When asked of the status of the bridge on Thursday, the top government official said, “The governor will commission the bridge on Friday,” adding that the contractors were through with construction works.

The overpass ascends from Oba Ogunji Road and drops at the Oke Koto axis of Agege. The bridge also opens to the old Lagos-Abeokuta Expressway through Abule Egba.

When opened for use, it will bring an end to the discomfort currently being experienced by motorists plying Agege-Abule Egba and Agege-Iyana-Ipaja axes.

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