SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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DANGOTE REFINERY TO IMPORT CRUDE FROM BRAZIL- REPORT. (PHOTO).

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 Dangote refinery to import crude from Brazil – Report


Dangote Petroleum Refinery is set to import a cargo of Brazilian crude, Bloomberg reported on Friday.

It said this would add to the large number of overseas barrels of crude feedstock that the Nigerian firm was importing.

Indigenous crude oil refiners, including Dangote refinery and modular refineries, as well as local crude producers have repeatedly raised concerns about the low crude oil output from Nigeria.

Although the government, through the Nigerian Upstream Petroleum Regulatory Commission, has been making efforts to tackle this, oil production from Nigeria has remained low.

This has made it tough for local refiners to get crude, as bulk of the oil produced in-country are exported due to earlier arranged contracts with International Oil Companies operating in Nigeria and the Nigerian National Petroleum Company Limited.

Bloomberg reported on Friday that traders with knowledge of the matter stated that Dangote refinery, which is still ramping up to full capacity, would receive a shipment of one million barrels of Tupi crude from Brazil for delivery in the second half of next month.

“The refinery, billed as pivotal in ending Nigeria’s dependence on foreign fuel, has already snapped up millions of barrels of American crude,” the report by the media organisation stated.

It stated that the purchases of non-Nigerian barrels likely reflect the most competitively priced, suitable cargoes.

The traders said the cargo was sold by Petrobras, a state-owned Brazilian multinational corporation.

Bloomberg said officials at the company, and one at Dangote, did not immediately respond to requests for comment.

Quoting data from the Latin American country’s commerce ministry, the publication said it was the first time that Brazil had exported oil to Nigeria.

Dangote refinery recently purchased five million barrels of US crude scheduled for delivery next month and in September.

It was reported in May this year that the refinery planned a purchase of 24 million barrels of crude from the US for over a year.

Modular refiners had also stated that crude importation would linger until Nigeria produces enough barrels to meet both domestic demand and exports.

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