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Oba Otudeko sells Honeywell for N22bn to repay age long loan to First Bank of Nigeria Holding

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After months of negotiations and proper preparation of documentation, Flour Mills of Nigeria Plc a Nigerian agro-allied group led by Greek investor, John Coumantaros, has announced that it has acquired a 71.69-percent stake in Honeywell Flour Mills, as well as a 5.06-percent stake in the firm for N4.2 ($0.01011) per share.

Following the completion of the transaction, industrialist Obafoluke Otudeko, who is the founder of Honeywell flour mills pocketed a total of N22.24 billion ($53.55 million) from his stake in the deal.

Otudeko owns 66.8 percent of Honeywell Flour Mills, a leading flour and pasta product manufacturer operating under the auspices of Honeywell Group, which has a diverse product portfolio including Honeywell Semolina, Honeywell Noodles and Honeywell Pasta.

Otudeko stated that the acquisition is consistent with the company’s desire to build a business that better serves Nigerian customers.

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“As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills’ strong legacy, we will work closely with them to ensure seamless integration, laying the groundwork for the combined company’s success,” he said.

The acquisition of a majority stake in the Nigerian miller by Flour Mills of Nigeria represents Otudeko’s final attempt to unlock value from his stake, following a slew of dividend payments and remuneration from his business since its inception nearly four decades ago.

The recent acquisition will allow Flour Mills of Nigeria to increase manufacturing capacity and create synergies to provide better products to consumers as the combination of the two companies will result in a behemoth with assets worth N703 billion ($1.7 billion) and revenue worth N850 billion ($2.1 billion).

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This will result in the formation of a strong national champion in Nigeria, combining Flour Mills’ market-leading offerings, such as grain-based foods, sugar, and breakfast cereals, with Honeywell’s diverse and differentiated range of carbohydrates products.

The journey to the sale and purchase of Honeywell Flour Mills began last year when Otudeko began battling with a myriad of troubles stemming from his alleged underhand deals as Chairman board of directors, First Bank of Nigeria Holdings.

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Following his sack alongside others from the board of FBNH by the Central Bank of Nigeria, the CBN ordered his Honeywell Flour Mills to repay a loan it took from First Bank within 48 hours.

According to the letter by the apex bank to the company (Honeywell Flour Mill), it was required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.

The apex bank was upset with First Bank for non-compliance with regulatory directives to divest its interest in Honeywell Flour Mills, despite several reminders.

But Otudeko countered CBN insisting thay Honeywell always serviced its loan accordingly.

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iPhone 15 Launch: Redefining Connectivity, Safety, Sustainability

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Apple aficionados, hold onto your seats because the iPhone 15 series has officially landed. The lineup includes the iPhone 15 and iPhone 15 Plus, starting at an enticing $799, and the iPhone 15 Pro and Pro Max, with prices starting at $999. Here are some key takeaways:

USB-C Charging: Apple is embracing the universally accepted USB-C standard, allowing you to charge your iPhone 15 with the same cable that powers your Mac, iPad, and even AirPods Pro 2nd Generation. This seamless compatibility simplifies your tech life.

Satellite Roadside Assistance: In an innovative move, Apple has introduced Emergency SOS via satellite. This service has been a lifesaver in emergencies, aiding first responders in accidents and natural disasters. Moreover, it’s expanded to 14 countries across three continents, ensuring your safety wherever you are.

Voice Isolation: The iPhone 15 employs advanced machine learning models that prioritize your voice. It also offers Voice Isolation, filtering out distracting background noise to ensure your voice comes through crystal clear.

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The Future of Connectivity: MagSafe and FineWoven Accessories
iPhone 15 Launch: Redefining Connectivity, Safety, SustainabilityiPhone 15 launch with eco-friendly accessories

Apple is not only redefining how we charge our devices but also how we accessorize them:

MagSafe: iPhone 15 features MagSafe, which uses magnets with 100% recycled rare earth elements. This ensures perfect alignment for MagSafe and Qi chargers, as well as other accessories like cases and wallets.

FineWoven Accessories: Apple introduces FineWoven cases that are soft, durable, and eco-friendly. These join the existing lineup of Silicone and clear cases, all meticulously designed to complement your iPhone 15 while reducing carbon emissions.

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A17 Pro Chipset: Power and Performance

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Under the hood, the iPhone 15 series packs a punch with the A17 Pro chipset. It delivers up to 10% faster performance with microarchitectural and design improvements. The Neural Engine is also turbocharged, making features like autocorrect and Personal Voice in iOS 17 even more efficient.

iPhone 15 Pro Max: Photography Redefined

Photography enthusiasts will rejoice as the iPhone 15 Pro Max boasts the longest optical zoom ever on an iPhone—5x at 120 mm. It features a groundbreaking tetraprism design, combining optical image stabilization and autofocus 3D sensor-shift technology. Night Mode photography, Smart HDR, and support for ACES—the Academy Colour Encoding System—make this iPhone a photography powerhouse.

As the curtain fell on Apple’s iPhone 15 launch event, it’s evident that the tech giant continues to push the boundaries of innovation. The iPhone 15 series redefines connectivity and safety, while the A17 Pro chipset and photography enhancements demonstrate Apple’s zeal for excellence.

With USB-C charging, satellite assistance, and a focus on sustainability, Apple is not just launching a new iPhone; it’s setting the stage for a tech future that’s more accessible, connected, and eco-conscious. The iPhone 15 series and its innovations are not just a glimpse into the future; they are the future, and it’s looking brighter than ever.

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Unveiling the Future of Automotive: The Metaverse Motor Show 2024

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NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) — Leading virtual worlds Decentraland, Vegas City, and innovative digital architecture studio, Voxel Architects, are partnering to create the biggest automotive event in the history of the Metaverse: The Metaverse Motor Show 2024 (MVMS 2024). This collaboration aims to connect automotive enthusiasts, world-renowned car brands, and the global metaverse community to demonstrate the future of personal transportation.

MVMS24, slated for launch in February 2024, promises to be the ultimate convergence of technology, art, and imagination. By combining the expertise of Decentraland, the largest decentralized Metaverse, Vegas City, the pinnacle of gaming districts, and Voxel Architects, the renowned Metaverse-native digital architecture studio, this event will mark a new era for the automotive industry.

Hosted on an 800-parcel Estate within Decentraland, the MVMS 2024 will introduce an innovative approach to fan engagement, brand promotion, and experiential automotive showcases. With an array of features that include car runway shows, real-life car displays, wearable collections, live conferences, and live racetrack races, this event is poised to revolutionize how car lovers and automotive brands interact.

Sam Hamilton, Creative Director Decentraland Foundation expressed excitement about the potential of MVMS 2024, stating, “MVMS 2024 is a manifestation of the limitless possibilities that arise from the synergy of technology, design, and community. Our team is thrilled to create a visionary venue that will not only redefine how car enthusiasts experience automotive events but also pioneer the fusion of virtual and physical realities.”

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The MVMS 2024 represents a transformative journey into the future of automotive innovation. The event will facilitate unprecedented interactions between brands and their digitally native audiences. Automotive enthusiasts worldwide will witness a week-long celebration that blends reality and imagination, as cars take center stage in a Metaverse built for engagement, inspiration, and collaboration.

Brands participating in the MVMS 2024 will have the unique opportunity to embrace the next-generation internet, explore innovative Web3 fan engagement strategies, and pioneer new monetization models using NFT technology and exclusive ticket-access experiences.

Vegas City and Voxel Architects will design an exceptional event venue that mirrors the innovative spirit of the MVMS 2024. The organic-shaped building, surrounded by a racetrack, will host a central stage connected to brand plazas and pavilions that showcase iconic automotive brands in captivating and interactive ways.

The MVMS 2024 is more than an event; it’s a leap into the uncharted territories of automotive experiences. This is the future of automotive innovation, and the world is invited to be a part of history. Vroom Vroom.

About Decentraland
Decentraland is the first decentralized Metaverse built, governed, and owned by its users and creators. With renowned brands like Coca-Cola, Sotheby’s, Vogue, and more, Decentraland offers unparalleled opportunities for brand engagement and community building.

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About Vegas City
Vegas City, the largest gaming district in Decentraland, offers prime real estate and exciting venues. As a pioneer in the virtual social platform space, Vegas City presents a dynamic and engaging experience for virtual world enthusiasts.

About Voxel Architects
Voxel Architects is a Metaverse-native digital architecture studio and a benchmark in the creation of immersive experiences. With a diverse portfolio of clients, Voxel Architects is at the forefront of designing transformative virtual spaces for leading brands.

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The Need for Taxing the Metaverse: Opportunities and Implications

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Harvard scholar and esteemed law professor from Yeshiva University, Christine Kim, has unveiled a compelling study. It makes a case for taxing the metaverse and viewing it as a cutting-edge policy testing ground.
Wealth Creation in Metaverse Realms

Participants have the unique opportunity to generate wealth entirely in a virtual ecosystem within the metaverse. This new frontier of wealth accumulation prompts the question: how should it be regulated?

Kim’s research suggests that economic actions in the metaverse align with the established Haig-Simons and Glenshaw Glass income definitions. She warns, “Excluding it might inadvertently establish a tax haven.“

One of the metaverse’s hallmark features is its ability to record digital actions, enabling real-time wealth tracking meticulously. This attribute, Kim proposes, revolutionizes how governments might approach tax law, especially in the U.S. Immediate taxation upon income receipt could redefine existing practices.

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Currently, metaverse enthusiasts in the U.S. face taxation only during specific taxable events, such as withdrawals. However, Kim advocates for a paradigm shift. She recommends immediate taxation on all gains, even those unrealized, retained within the metaverse’s confines.
Navigating Enforcement Challenges

With new tax norms come the challenges of enforcement. Kim outlines two probable enforcement strategies:

Platform-Led Withholding: Individual platforms would retain taxes on their users’ behalf.
Residence Taxation: A less favored method, this requires platforms to dispatch tax details to users, placing the onus on them to settle their tax dues.

Beyond mere taxation, Kim posits that the metaverse offers lawmakers, even those distant from Web3 and metaverse tech, a golden chance. She eloquently states, “The Metaverse serves as an innovative lab for experimentation,” alluding to its potential to mimic situations the tangible world may never witness.

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The rise of the metaverse presents not just challenges but immense opportunities. Lawmakers and policy enthusiasts can delve deep, harnessing its potential to reshape fiscal policies and, perhaps, redefine our understanding of wealth and taxation in the digital age.

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