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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NERC DOUBLES RE-CONNECTION FEES FOR METER BYPASS VIOLATIONS. (PHOTO).

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 NERC Doubles Reconnection Fees for Meter Bypass Violations


The Nigerian Electricity Regulatory Commission (NERC) has introduced stricter penalties for unauthorized meter access, tampering, and bypassing, doubling the reconnection charges for offenders.


In an amended order dated February 17, 2025, and released on Tuesday, NERC authorized electricity distribution companies to disconnect customers found tampering with their meters without prior notice.


Under the new directive, offenders will now pay ₦100,000 for non-MD single-phase meters and ₦200,000 for three-phase meters, up from ₦51,000 and ₦103,000, respectively. Additionally, reconnection costs for meter bypass offenders have been set at ₦10,000 and ₦50,000.


The amended order, which took effect on January 22, 2025, replaces the previous regulation from 2017 and aligns with the Electricity Act 2023 and the Customer Protection Regulations 2023.


NERC stated that the new measures aim to curb illegal access to electricity, ensure compliance, and establish clear reconnection procedures.


As of July 2024, Nigeria had 7,243,332 unmetered electricity customers and 5,993,340 metered customers out of a total of 13,296,829.

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