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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OGUN STATE NEARS 24-HOUR POWER SUPPLY AS GOV. ABIODUN COMMISSIONS PLANT. (PHOTO).

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 Ogun State Nears 24-Hour Power Supply as Abiodun Commissions Plant


Ogun State Governor, Dapo Abiodun, has announced that a 30-megawatt Independent Power Plant, set to provide uninterrupted electricity to key areas, particularly Abeokuta, will be commissioned in eight weeks. The project, developed in partnership with the private sector, is the first phase of the Ogun State Light Up Project, with plans to expand capacity to 100 megawatts.  


Abiodun assured that substantial parts of Abeokuta would soon enjoy 24-hour power supply. The plant, which primarily runs on compressed gas with a diesel backup, will begin soft commissioning within two to three weeks. It will initially serve government offices, hospitals, police stations, and higher institutions, with expansion plans for private homes and industries.  


Following the federal government’s decision to deregulate electricity, Ogun State is investing in power generation, with similar plants planned for Sagamu, Ijebu-Ode, and Ota. The Ogun State Electricity Regulatory Commission has also been established to oversee the sector.  


Project Manager Selvin Leo confirmed that the plant is 90% complete and on track for commissioning within the scheduled timeframe.

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