ELON MUSK FACES CIVIL SECURITIES FRAUD SUIT OVER TWITTER PURCHASE AS HE EYES SPACEX IPO. (PHOTO).

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 Elon Musk faces civil securities fraud suit over Twitter purchase as he eyes SpaceX IPO  Since acquiring Twitter for roughly $44 billion in late 2022, Elon Musk has renamed the platform X, merged it with his artificial intelligence company xAI, and integrated both into his defense and space company, SpaceX. Musk’s next major move could be taking SpaceX public in what would likely be a record-setting IPO, but first, he is confronting legal challenges from his past. On Wednesday, Musk appeared in federal court in San Francisco to face allegations of civil securities fraud tied to his Twitter purchase. Investors filed a class action in October 2022, claiming Musk manipulated Twitter’s stock to pressure the board into selling at a lower price than initially promised. Musk’s legal team denies any intent to harm Twitter or its shareholders. During the hearing, Musk acknowledged that his tweets can affect stock prices, sometimes unpredictably, and described the market as “manic depr...
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NAFDAC REFUTES FALSE REPORT ON SUSPENSION OF SACHET ALCOHOL ENFORCEMENT - THE BAN REMAINS IN FORCE. (PHOTO). #PRESS RELEASE

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 NAFDAC REFUTES FALSE REPORT ON SUSPENSION OF SACHET ALCOHOL ENFORCEMENT - THE BAN REMAINS IN FORCE 

The National Agency for Food and Drug Administration and Control (NAFDAC) categorically refutes a publication circulating in some media outlets alleging that the Federal Government has directed the Agency to suspend enforcement actions on sachet alcohol and alcoholic beverages packaged in PET bottles below 200ml.

 The report is false, misleading, and does not reflect any official communication from the Federal Government. NAFDAC operates strictly within its statutory mandate and in alignment with duly communicated Federal Government policies. At no time has the Agency received any directive to suspend its regulatory or enforcement activities regarding sachet alcohol and small-volume alcoholic beverages. The ban remains in force. 

NAFDAC has begun evacuating violative sachet alcohol and alcoholic drinks in PET bottles below 200ml from companies. The Agency has also observed that some manufacturers, having recognised that the objective of this policy is to protect children from easy access to alcohol, are desisting from producing these smaller pack sizes. As previously reported, about 50% of minors and underage persons patronise retailers selling alcohol in sachets and PET bottles below 20Oml.

 The Agency remains committed to safeguarding public health, ensuring regulatory compliance, and implementing government policies transparently and in accordance with due process. Any decision affecting national regulatory actions will be communicated through official government channels. The Agency also cautions against the dissemination of unverified information capable of causing misinformation, fake news, and misinterpretation of government policy. NAFDAC urges the public, industry stakeholders, and the media to rely solely on verified information published through its official platforms.

 Prof. Mojisola Adeyeye, PhD, FAS Director-General/CEO

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