Business

Napster sold for $207million over 20 years after shutting down

Published

3 months ago

March 26, 2025

Napster sold for $207million over 20 years after shutting down © AP Photo

Napster, the brand notoriously connected to music piracy before reemerging as a subscription music service, has been sold to Infinite Reality for $207 million (€192m).

The tech startup announced it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work.

“The internet has evolved from desktop to mobile, from mobile to social, and now we are entering the immersive era,” said Napster CEO Jon Vlassopulos. “Yet, music streaming has remained largely the same. It’s time to reimagine what’s possible.”

Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise.

Artists will also receive a wider range of metrics and analytics to better understand the behavior of platform users.

“We can think of no better use case for our technology than putting it in the hands of music artists who are constantly pushing the boundaries of what’s possible,” said Infinite Reality Chief Business Officer Amish Shah.

Napster was launched in 1999 by Shawn Fanning and Sean Parker and quickly became the first significant peer-to-peer file-sharing application. It kicked off a wave of pirating software and applications, later followed by the likes of LimeWire.

Napster filed for bankruptcy in 2002 and was shut down after the record industry and rock band Metallica sued over copyright violations. Rhapsody later bought the brand in 2011 and relaunched it as a music streaming service.

Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

Published

4 days ago

June 13, 2025

Ekwutos Blog

The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

Business

Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

5 days ago

June 12, 2025

Ekwutos Blog

Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

Business

‘No deal collapsed’ – Nigerian Govt breaks silence on forward crude oil sale

Published

5 days ago

June 12, 2025

Ekwutos Blog

The Federal Government has debunked reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited, NNPCL.

This was as the government stated that no final decision has been made on the matter.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, on Wednesday in Abuja, the government said it was aware of recent media speculation surrounding the deal, stressing that such commentary is premature and inaccurate.

“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government.

“Commentary suggesting the collapse of any such initiative is unfounded,” the statement read.

The statement maintained that the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.

“The government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.

The Federal Government expresssed its commitment to deploying innovative, transparent, and fiscally responsible financing strategies to optimize Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.

The move is said to be part of the government’s ongoing economic reforms aimed at promoting economic growth and development.

The Finance Ministry also reassured stakeholders that any decisions regarding forward crude oil sales will be made with careful consideration and transparency.