OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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7-ELEVEN OWNER REJECTS $38 BILLION TAKEOVER BID FROM CANADIAN RIVAL. (PHOTO).

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7-Eleven Owner Rejects $38 Billion Takeover Bid from Canadian Rival 


The Japanese owner of 7-Eleven, Seven & i Holdings, has rejected a $38 billion takeover bid from Canadian company Alimentation Couche-Tard (ACT), citing that the offer "grossly undervalued" the business and raised significant regulatory concerns. While Seven & i expressed openness to further negotiations, they emphasized that ACT's initial proposal was "opportunistically timed" and did not reflect the true value of the company or its potential for future growth. The takeover, if successful, would create a global convenience store giant with over 100,000 stores worldwide.


ACT, which operates around 17,000 stores under the Circle K and Couche-Tard brands, valued Seven & i at $14.86 per share, representing a 20% premium over its pre-announcement share price. The offer came at a time when the Japanese yen is weak against the US dollar, making Seven & i more affordable to foreign buyers. However, the Japanese retail giant flagged potential challenges from US competition regulators and reiterated that the deal was not aligned with its shareholder value goals.


The potential acquisition would mark the first time a Japanese company of Seven & i's size has been bought by a foreign firm. Historically, Japan has been more inclined to purchase overseas businesses rather than sell national assets. Experts suggest that if the deal succeeds, it could signal Japan's openness to foreign investment, though the negotiation process is expected to be long and complex.

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