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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IBEDC INCREASES BAND A ELECTRICITY TARRIFF BY N2. 70.(PHOTO).

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 IBEDC Increases Band A Electricity Tariff By N2.70


Ibadan Electricity Distribution Company Plc ( IBEDC) has announced an upward review of the electricity tariff for Band A customers with immediate effect.


The new tariff, Effective immediately, will be adjusted from N206.80/kWh to N209.50/kWh, according to IBEDC.


The company in a notice on Wednesday, disclosed that the review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year tariff supplementary order.


The management of IBEDC stressed that the adjustment is necessitated by several key economic indices, including fluctuations in the exchange rate, the current inflation rate, available generation capacity, and the cost of gas.


These factors, according to the Disco, have significantly impacted operational costs, and the new tariff will mitigate these financial pressures while continuing to deliver high-quality electricity services.


In the notice signed by the Acting Managing Director of IBEDC, Francis Agoha, the company noted that “this adjustment affects only Band A customers.


It added that the tariffs for Bands B, C, D, and E remain unchanged.


Agoha further stated that the company remains committed to providing reliable and efficient electricity services to all its customers across different bands.


“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” he concluded.

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