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N9b Loan: Bakare’s Critics Envious Of His Successes – Lagos Ex-guber Candidate

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The Citadel

The 2011 gubernatorial candidate of the defunct Congress for Progressive Change (CPC) in Lagos State, Ambassador Abayomi Nurain Mumuni has advised Nigerians to desist from criticizing Pastor Tunde Bakare for collecting loan to build his church.

Mumuni described those who have been escalating the matter as enemies of Bakare, who are envious of his successes.

It could be recalled that Bakare contested as Vice Presidential candidate on the platform of CPC when President Muhammadu Buhari contested as Presidential candidate of the party in the year 2011.

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The general overseer of Citadel Global Community Church formerly known as Latter Rain Assembly, Pastor Bakare, has been reported in the media to be swimming in debt of N9 billion loan which he allegedly collected from a commercial bank.

But, Mumuni, while reacting, said those behind the circulation of the news were Pastor Bakare’s adversaries who were not only envious of his successes but wants to embarrass him.

He said there was no crime in collecting loan, especially for businesses.

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The former CPC gubernatorial candidate added that the former Vice President candidate of the defunct CPC had something tangible and worthwhile to show for the loan.

Mumuni in a statement made available to DAILY POST in Ibadan on Wednesday, said, “I have read with great disappointment the needless and unnecessary dragging of Pastor Tunde Bakare on social media over loan he collected from banks to build cathedral, a combination of worship and business edifices.

“It is a common practice that individuals and cooperate bodies and multi-national companies get loans from financial institutions that comes with terms, including method of payment.

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“What could have been issue of concern is if it’s established that he doesn’t want to pay his loan but it’s in public domain that he has started paying the loan, he reportedly took from five banks.

READ ALSO: Lagos Tops With Over 1,000 Cases As Nigeria Records Another High Number Of COVID-19 Infections

“Even several countries in the world, including the US, have debt with the World Bank. The US loan is huge. What I am trying to say is that people take loans for business and other projects without public or social media trial. It should not be in an issue once you are able to repay the loan.

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“Is he the only person owing? Why him? We live in the same country where people masquerade around without any family inheritance, but, possessing multiple private jets, without verifiable source, only through loans. But this is man who has built an edifice, section of it for worship and another section for commercial which could have generated the money borrowed if not for COVID-19 pandemic.

“It is in the public domain that he collected loan from 5 banks to build the cathedral. The process is very transparent, and as a matter of fact, as far back as October, he revealed that he has started paying some of the banks,” DAILY POST quoted him.

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Antitrust Trial: US Asks Court To Break Up Google’s Ad Business

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Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year, following a similar government demand to split up its empire that was shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

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In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

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According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

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READ ALSO:Google Introduces Initiative To Equip 1,000 Nigerian Developers

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.

Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

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This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.

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READ ALSO:Iran Hackers Target Harris And Trump Campaigns – Google

Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.

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Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

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AFP

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Google Faces Court Battle Over Breakup Of Ad Tech Business

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Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year after the California-based tech juggernaut saw a similar government demand to split up its empire shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

Advertisement

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.
Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

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Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.
Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

Advertisement

This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

READ ALSO:Perplexity AI Makes $34.5bn Surprise Bid For Google’s Chrome Browser

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

Advertisement

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.
Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.
Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

Advertisement

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

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Peru Anti-government Protesters Clash With Police

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Hundreds of anti-government protesters clashed with police in the Peruvian capital Lima on Saturday, throwing stones and sticks as officers fired tear gas on the demonstrators, AFP journalists reported.

The protest, organized by a youth collective called “Generation Z”, is part of growing social unrest in Peru against organized crime, corruption in public office, and a recent pension reform.

“Today, there is less democracy than before. It’s getting worse… because of fear, because of extortion,” said 54-year-old protester Gladys, who declined to give her last name.

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Around 500 people gathered in the city center, under heavy police presence.

READ ALSO:FULL TEXT: US Govt Releases Text Messages Between Charlie Kirk’s Suspect, Roommate

Congress has no credibility, it doesn’t even have the approval of the people… It is wreaking havoc in this country,” said protester Celene Amasifuen.

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The clashes broke out as demonstrators tried to approach executive and congressional buildings in Lima.

The radio station Exitosa said that its reporter and a cameraman were hit by pellets, commonly fired by law enforcement.

READ ALSO:‘Over 7,000 Nigerians Sought Asylum In Sweden In 24 Years’

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Police said at least three officers were wounded.

Approval ratings for President Dina Boluarte, whose term ends next year, have plummeted amid rising extortion and organized crime cases.

Several opinion polls show the government and conservative-majority Congress are seen by many as corrupt institutions.

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This week, the legislature passed a law requiring young adults to join a private pension fund, despite many facing a precarious working environment.

AFP

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