Business

Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander

Published

3 years ago

July 12, 2023

1,733 Views

The Meta Chief Executive Officer, Mark Zuckerberg, on Tuesday, was pictured training with UFC champions, Israel Adesanya and Alexander Volkanovski.

The picture of his training session with the UFC champions has further increased speculations on the possibility of an MMA fight between him and Twitter CEO, Elon Musk.

Recall that the prospect of an MMA showdown between the tech gurus started as an online banter some weeks back.

However, tension has heightened between the duo since Zuckerberg launched his Twitter-like app called Threads.

Threads launched on July 5, 2023, and has since gathered more than 100 million users worldwide.

However, Musk, the Tesla and SpaceX CEO believes Threads was only made possible by “cheating.”

Musk stated this while responding to a tweet reporting that Twitter was threatening to sue Facebook and Instagram’s parent company Meta for cheating with its new app Threads on Friday, July 7, 2023. Musk tweeted, “Competition is fine, cheating is not.”

As arguments heated over the new app online, the two tech moguls have once again renewed their banter challenge on having a showdown cage fight.

However, while some viewed the challenge for an MMA fight as playful banter between the influential figures, the anticipation surrounding this unlikely showdown continued to grow with both of them pictured training with MMA fighters.

Meanwhile, Zuckerberg while reacting to his picture with the UFC champions – Adesanya and Volkanovski wrote, “It’s an honour to train with you guys!”

Responding, “The Last Stylebender’ who posted photos of the training session, wrote, “No fugazi with Mark. This is Serious Business.”

Also, Volkanovski, the UFC featherweight kingpin responded, “@zuck you’re a beast! Always great to catch up.”

Musk also looks to be in a training session already as he was also spotted with UFC legend Georges St-Pierre on Tuesday, July 3, 2023.

Business

Dangote, NMDPRA Clash Over Refinery’s Free Zone Status

The case has been adjourned until September 9, 2026, when the court is expected to hear the motion on notice.

Published

60 minutes ago

September 1, 2026

OCHEFA

7 Views

A fresh regulatory battle between Dangote Petroleum Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has erupted into a major legal confrontation over the extent of government’s regulatory powers within Nigeria’s free zones.

A Federal High Court in Lagos yesterday restrained NMDPRA from enforcing its directive suspending the loading and truck-out of petroleum products from the Dangote Refinery, effectively stopping the regulator from taking enforcement action against the facility pending the determination of the substantive application.

Justice Akintayo Aluko, in an interim ruling, also barred NMDPRA, its officers, agents and representatives from entering, sealing, shutting down, restricting access to, obstructing, suspending, disrupting, inspecting, supervising, sanctioning or otherwise interfering with the refinery’s operations at the Lekki Free Zone.

The order followed an ex-parte application filed by Dangote Petroleum Refinery and Petrochemicals FZE in Suit No. FHC/L/CS/1174/2026.

At the heart of the dispute is NMDPRA’s August 24, 2026 directive suspending the loading and truck-out of petroleum products from the refinery.

But the case is rapidly assuming significance beyond the immediate dispute over product evacuation.

It raises a fundamental question about the jurisdiction of Nigeria’s petroleum regulator over businesses operating within designated free zones.

Who Regulates the Refinery?

Dangote is challenging NMDPRA’s action on the ground that the regulator lacks the authority to exercise regulatory or oversight powers over operations within free zones, including the Dangote Industrial Free Zone.

Justice Aluko said the documents placed before the court raised “serious issues” requiring determination, particularly whether NMDPRA possesses the regulatory or oversight powers it sought to exercise over the refinery.

The judge also referred to a March 2, 2026 letter from the Attorney-General of the Federation which, according to the court, “clearly stated” that NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.The apparent conflict between that position and NMDPRA’s August 24 directive now forms one of the central issues before the court.

Justice Aluko said the critical question was whether NMDPRA should be allowed to exercise the disputed regulatory authority while the substantive issues remained unresolved.

High Stakes for Downstream Market

The dispute comes at a sensitive time for Nigeria’s downstream petroleum industry, where the Dangote Refinery has become a major source of locally refined petroleum products.

Any regulatory action capable of restricting the refinery’s ability to load and evacuate products has potential implications for petroleum distribution and supply across the country.

For Dangote, the legal battle is also about protecting the operational autonomy and investment framework of a refinery established within a free-zone environment.

For NMDPRA, the issue goes to the core of its mandate as the statutory regulator of Nigeria’s midstream and downstream petroleum sector.

The eventual substantive ruling could therefore have consequences well beyond the two parties.

It could establish a judicial precedent on how far petroleum-sector regulators can go in supervising or enforcing their mandates against businesses operating within free zones.

The case has been adjourned until September 9, 2026, when the court is expected to hear the motion on notice.

Business

Commercial Banks Borrowing From CBN Drops By 89% in August

The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending.

Published

5 hours ago

September 1, 2026

OCHEFA

15 Views

Commercial banks borrowing from the Central Bank of Nigeria’s (CBN) declined by 89 percent to N126 billion in August 2026 from N1.19 trillion in July 2026.

This means higher liquidity in the banking system.

The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending.

The apex bank lends money to banks through the SLF at interest rate of 500 bases points (bps) above the Monetary Policy Rate (MPR).

It also lends money to banks through Repurchase (Repo) arrangement, which involves the purchase of banks’ securities with the agreement to sell back at a specific date and usually for a higher price.

Source: Vanguard