Business
U.S Tiktok Users Explores Other Options As Tiktok Might Be Banned Soon
As of January 14, 2025, TikTok, the popular video-sharing app owned by China’s ByteDance, is facing a potential ban in the United States due to national security concerns.
The U.S. Supreme Court appears inclined to uphold a law requiring ByteDance to divest its U.S. operations by January 19, 2025, or face a ban.
Legislative Actions and Deadlines
The Protecting Americans from Foreign Adversary Controlled Applications Act mandates that ByteDance must sell TikTok’s U.S. assets by January 19.
Failure to comply would result in a prohibition of the app in the U.S. Two Democratic lawmakers, Senator Edward Markey and Representative Ro Khanna, have urged President Joe Biden to extend this deadline, showing concerns over free speech and the livelihoods of content creators.
Senator Markey has proposed legislation to extend the deadline by 270 days, emphasizing the potential disruption to TikTok’s cultural ecosystem and the millions who rely on the platform for social connections and income.
Potential Outcomes and Alternatives
If the ban proceeds, TikTok, which boasts 170 million American users, would become inaccessible. In anticipation, users are migrating to alternative platforms.
Notably, Xiaohongshu, known unofficially in English as “Red Note” or “the Chinese version of Instagram,” has become the most downloaded app in the U.S.
Despite its primarily Chinese interface, American users are joining the platform. Other platforms like Lemon8, another ByteDance app, are also experiencing increased downloads.
Corporate Negotiations and Speculations
In response to the impending ban, discussions have emerged about potential buyers for TikTok’s U.S. operations.
Chinese officials are reportedly considering allowing Elon Musk, known for his positive connections with China and ownership of the social media app X, to invest in or take over TikTok’s U.S. operations.
Implications for Users and the Tech Industry
A ban on TikTok would have significant implications for its users and the broader tech industry. Users would lose access to a platform integral to social interaction, entertainment, and commerce.
Competing platforms like Instagram’s Reels, YouTube Shorts, and Snapchat may benefit by attracting TikTok’s user base and advertisers.
As the January 19 deadline approaches, the future of TikTok in the U.S. remains uncertain. The outcome will depend on legislative decisions, potential corporate negotiations, and the broader geopolitical context.
Users and stakeholders are advised to stay informed about developments in this evolving situation.
MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.
This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.
Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
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