Home Blog Page 1822

Former lawmaker and PDP chieftain in Ekiti accused of raping housemaid

0

A former member of the Ekiti State House of Assembly and chieftain of the Peoples Democratic Party, Dr. Samuel Omotoso, has been accused of rape by his family’s house help.

NewsWireNGR gathered that the house help (name withheld) reported the rape allegation through her school.

According to the Ekiti State Attorney General and Commissioner for Justice, Olawale Fapohunda, the State Government took over the case after the school reported it.

Fapounda said: “Immediately the matter was reported through the girl’s school, we took a statement from the alleged rape victim and forwarded the matter to the police for investigation.”

Reacting to the allegation, the wife of the accused, Mrs Abimbola Omotoso, said the Ekiti State Government is plotting to frame her husband up with the rape charge.

According to her, the state government was using a house help that had lived with the household for over five years to achieve the sinister motive.

She added that the house help’s family, especially her mother, had in her testimony, absolved her husband.

“The girl in question, who is being politically used against my husband, is confirmed wayward and bad mannered and all what she wants is total freedom for her reckless lifestyles as testified to by her mother and brother. She was severally caught red-handed by me, her mother and blood brother, including the pastor of our church and hence she is ready to do anything to achieve such level of freedom.”

Omotoso condemned the school principal of the girl, saying: “It was the principal of a public secondary school in Ado-Ekiti that abducted the girl from my house without informing me or her parents and tutored her for days to lie against my husband,” she said.

“The allegation is untrue, politically motivated just like many others made against my husband in the past and I wonder when he will be allowed his freedom to private life.

“My husband is a medical doctor and Peoples Democratic Party politician who contested, won and served as the House member from Oye Constituency 1, the same constituency with His Excellency Governor Kayode Fayemi of Ekiti State in the fifth assembly.” She said, while defending him.

Federal Government extends NIN-SIM linkage till June 30

The Federal Government has extended the ongoing National Identification Number and Subscriber Identity Module integration exercise till June 30, 2021.

Minister of Communications and Digital Economy, Isa Pantami said this in a statement jointly signed by the Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde; and the Head, Corporate Communications, National Identity Management Commission, Kayode Adegoke.

The statement said the decision was taken at a virtual meeting attended by Pantami, as well as the Chairman of the Nigerian Communications Commission, Adeolu Akande; the Executive Vice Chairman/CEO of NCC, Umar Dambatta; and the Director-General/CEO of NIMC, Aliyu Azeez.

“The postponement of the deadline was also based on the request by stakeholders for an extension till 30th of June in order to make it easier for all citizens and legal residents to register.

“Significant progress has been made in the NIN-SIM verification process. For example, almost 54 Million people have obtained their NIN and this can translate to up to 190 million mobile numbers, since empirical evidence suggests that each unique NIN maps to 3 to 4 phone lines,” the statement partly read.

Recall that In December 2020, the Federal Government had declared that after December 30, 2020, all SIMs that were not registered with valid NINs on the network of telecommunications companies would be blocked.

It later extended the December 30, 2020 deadline following widespread opposition against the earlier announcement and gave three weeks’ extension for subscribers with NIN from December 30, 2020 to January 19, 2021.

It gave six weeks’ extension for subscribers without NIN from December 30, 2020 to February 9, 2021 and further issued an eight weeks extension on February 2, 2021 but many organisations had called for further deadline extension or outright suspension of the NIN registration process.

Nigeria’s external reserves loses $350Million in two weeks – Report

0

Nigeria’s external reserves lost $350million in two weeks, falling to $34.9bn on April 29 from a high of $35.25bn as of April 16.

Figures obtained from the Central Bank of Nigeria on Monday revealed that the reserves, which had been fluctuating, rose from $34.85bn as of April 1 before returning to a downward path in the middle of the month.

The CBN had recently attributed the improvement in the level of external reserves to the recent upsurge in crude oil prices on the backdrop of the renewed optimism on the successful deployment of COVID-19 vaccines across the globe.

In March, the reserves had lost $178m after dropping from $34.99bn as of the end of March 1 to $34.82bn as of the end of March 31.

In February, the reserves dropped by $1.1bn, falling from $36.19bn as of February 1 to $35.09bn on February 26.

The CBN, in its January economic report, said, “As a consequence of the lower foreign exchange receipts, the official external reserves declined.

“External reserves stood at $35.44bn at end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.

“At that level, the external reserves position could cover 6.1 months of import for goods and services and 8.2 months of import for goods only.”

It added that available data showed that Nigeria’s reserves per capita decreased to $171.88, compared with $176.89 at end-December 2020.

The report also said that in January, a breakdown of external reserves by ownership revealed the shares of the CBN as $30.18bn (85.18 per cent); Federal Government, $5.18bn (14.62 per cent); and federation, $0.07bn (0.20 per cent).

DHQ dissociates itself from Coup message; warns military personnel

The Nigerian Military command has dissociated with calls for a military take over in Nigeria; saying that such undemocratic utterances would not be tolerated.

In a press statement signed on Monday by the Acting Director; Defense Information, Brigadier General Onyenma Nwachukwu, the army warns it’s personnel that it is “treasonable to contemplate this illegality”.

Read the full statement below:

The attention of the military high command has been drawn to a statement purported to have been made by one Robert Clark SAN, suggesting that current political leadership should hand over power to the military for the purpose of restructuring.

The Nigerian Military wish to dissociate itself from such anti-democratic utterance and position. Let it be stated categorically that the Armed Forces of Nigeria remain fully committed to the present Administration and all associated democratic institutions.

We shall continue to remain apolitical, subordinate to the Civil Authority, firmly loyal to the President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Mohammadu Buhari and the 1999 Constitution as Amended.

We shall continue to discharge our constitutional responsibilities professionally, especially in protecting the country’s democracy, defence of the territorial integrity of the country as well as protection of lives and properties of citizens.

The Military High Command wishes to use this opportunity to warn misguided politicians who nurse the inordinate ambition to rule this country outside the ballot box to banish such thoughts as the military under the current leadership remain resolute in the Defence of Nigeria’s Democracy and its growth.

We also wish to remind all military personnel that it is treasonable to even contemplate this illegality. The full wrath of the law will be brought to bear on any personnel found to collude with people having such agenda.

The current security challenges are not insurmountable. The Armed Forces of Nigeria in partnership with other other security Agencies are working assiduously to ameliorate the challenge. Nigeria will know peace again.

BBC Africa Eye Investigation uncovers Nigeria’s unfair, corrupt system which leaves elderly people penniless

An investigation by BBC Africa Eye has uncovered corruption in the retirement system in Nigeria.

In a statement, the BBC said the pension system in Nigeria is an unfair and corrupt system which leaves some elderly people sick and penniless.

The documentary revealed politicians are being offered outrageous retirement packages. The five-month investigation began when Africa eye was approached by Obaji Akpet – a reporter/producer from Cross River State (Southern Nigeria), who said his mother, a nurse, did not start getting her pension payments as would be normal, when she retired and that she was being asked to pay cash directly to an official working in the pension department before they would pay out her pension.

Via a hidden camera Obaji filmed a civil servant accepting money for herself, and suggesting senior managers in the department also needed to be paid before the pension paperwork would go through.

The BBC Africa Eye revealed that despite these payments being made Obaji’s mother’s pension didn’t arrive until five months later, a delay that caused her extreme financial problems and left her feeling like she was “in hell fire” and “no more a human being.”

Africa Eye also uncovered a list of over 1000 people in Cross River state whose pensions had been stopped because the state had decided they were no longer alive.

“We found politicians awarding themselves huge pensions and additional perks and in some cases trying to change the law to give themselves even more” – the statement reads.

“As one politician told us ‘What a typical state governor takes home as pension can settle the wages of over 3-4000 teachers. Why should the state dedicate such sort of money to former governors’.

Microsoft new partnership to benefit millions of Nigeria says Vice President Yemi Osinbajo

Leveraging Microsoft’s experience in the utilization of technology as an enabler for the delivery of public and social good, the Buhari administration is partnering with the tech giant to accelerate Nigeria’s certain advance towards a more digital economy in line with the Economic Sustainability Plan. 

In a dual announcement today by both the Federal Government and Microsoft Corporation, no less than 5 million Nigerians would benefit from a digital upskilling programme, and locations in each of the 6 geopolitical zones in Nigeria will also enjoy active internet connection and cloud services courtesy of this digital transformation plan. 

The partnership with Microsoft Corporation anchored on connectivity, skilling and digital transformation followed discussions between both parties led by Vice President Yemi Osinbajo, SAN, and Microsoft President Brad Smith earlier in the year. 

For instance in January this year, the Vice President had a virtual meeting with the Microsoft Corporation President, Mr. Brad Smith, where discussions covered areas of intersection between technology and governance to enhance Nigeria’s digital transformation.

Speaking in a formal video announcement of the partnership with the tech giant,  Prof. Osinbajo said “our government is committed to leveraging innovation and technology to bring better outcomes across a wide area of governance concerns. Indeed, it is with this in mind that we have sought constructive partnerships that bridge the knowledge, skills and technology gap that exist in most of our communities.” 


According to the VP, “this launch is indicative of our commitment to this and will involve collaboration with various Government agencies as implementing partners, including the Ministry of Communication and Digital Economy, the Ministry of Youth and Sports Development, the Economic and Financial Crimes Commission, the Nigerian Institute of Cultural Orientation, and various other local partners. We intend that these initiatives become institutions in their own rights and make a real impact in the lives of our citizens going forward.” 


On the core areas of the partnership, Prof. Osinbajo said “this partnership will focus on two pillars: Connectivity & Skilling, and Digital Transformation.” 


His words: “we plan to connect under-served communities in each of the six geo-political zones with access to internet and cloud services. This project is a critical component of our objective of expanding broadband connectivity, which is by itself, a major pillar of our Economic Sustainability Plan in response to the Covid-19 pandemic. 


“Working with Microsoft, we intend to upskill 5 million Nigerians through this increased internet access over the next three years in various digital skills which will increase both employability and entrepreneurship. 


“The multiplier effect will bring opportunities in rural and urban areas to many young people and will help us deal with unemployment problems made worse by the pandemic.” 

Using digital tools under the project, the Vice President said “we will pioneer innovative approaches in the fight against corruption, a major priority of this administration.” 

Continuing, the VP said, “Leveraging Microsoft’s Technology tools which can be deployed to minimise governance risks and block loopholes, working with the Economic and Financial Crimes Commission (EFCC), we will seek to use cutting edge analytical and case management tools to plug holes in our public sector system as well as confront white-collar criminality efficiently.”
 

“This pillar will also serve a vital social function. by using Microsoft’s Artificial Intelligence technology and resources to preserve and promote our major languages so we can revitalize these important aspects of our culture. 


“Our focus is of course the Nigerian people. With over 80 million regular internet users, there is no question that Nigerians have fully embraced technology, the internet and their various uses,” the Vice President added. 


On his part, the President of Microsoft Corporation, Mr Brad Smith said the “we believe in the future of Nigeria and we are excited as a company to add to our investments. It is a country we have had the opportunity to get to know better over the last few years.” 

According to Smith “in 2018 we partnered with Tek experts to create a Customer Support Centre, a center in Lagos that employs over 1,600 people. And then we had another opportunity to broaden our investment even more by creating our African Development Centre. A centre that, by the end of this year, will employ over 200 software developers and engineers, people who are creating technology and Microsoft products to serve not only the people of Nigeria but the people of the world. 

“All of these is giving us the kind of confidence to want to invest even more. And one of the things that we have recognized as a company is the need to grow with communities and countries and not just buying for ourselves.”
 

On the new partnership with the Federal Government, Mr Smith said “we are embarking on a series of broad-based, really multifaceted investments to better serve Nigeria in three areas of internet connectivity, digital skilling and digital transformation. We will be providing digital skills to 5 million Nigerians over the next three years, and along the way, creating 27,000 new jobs during the same period.”

“There must be a synergy – PDP offers to assist Buhari in tackling insecurity in Nigeria

0

The Peoples Democratic Party (PDP) has offered to assist the President Muhammadu Buhari administration tackle insecurity and other challenges facing the nation.

The National Chairman of the party, Prince Uche Secondus, made the offer during a world press conference organised by the PDP, in Abuja, on Monday.

Secondus, who said the country is better together, said his party will work in concert with the ruling APC to rescue the nation from all the avoidable “perilous circumstances”.

He proposed the establishment of state police and setting up of border patrol squads outside immigration and customs to check the influx of armed criminal gangs

“We call on all citizens to support the quest for state police as is the tradition in other federations.”

“Mindful of the current plethora of vigilante in various parts of the country, which have not been enabled to carry out all the elements of effective policing, we call on the governors of the 36 states, the leadership and members of the National Assembly, the Speakers of the State Assemblies, relevant agencies of government, to occasion a summit for a one-stop-shop regarding the creation, structure, and management of state police.

“In spite of the concerns over state police, it is doubtful that 36 state police services can be easily overwhelmed, as is the case now with the unitary police. Besides, any challenges can be addressed through legislative framework to make abuse extremely difficult, if not impossible.

“We also call for the deployment of technology in the fight against terror, banditry, and other crimes. The PDP demands that all culprits should be brought to book. The apparent failure of intelligence to track attacks by bandits and follow up on them is a clear failure of the intelligence community.

“The Nigerian Communications Satellite Limited NIGCOMSAT, established many years ago by a PDP administration, is designed for this purpose and others. States where matters of national security challenges originate or exist should be invited to the National Security Council Meeting for deliberation and problem-solving interactions.

“We call for the creation of National Borders Protection Force to secure our borders. This will include an integrated border protection system that will draw personnel and equipment from existing armed service and Immigration.

“We cannot continue to watch while terrorist and bandits continue to levy war on our nation, through our porous borders. This borders force should be equipped with reconnaissance, intelligence gathering, prevention, and enforcement. It should therefore have air, sea, and land capability.

“There must be a synergy and cooperation among the armed services, strategically and operationally. There is no reason a theatre Commander should not have within his control the deployment of the Air Force, the Army, and the Navy in his operational area.

“All culprits, who have levied war on Nigeria, should be brought to book. It is unfathomable that several mass kidnappings have been successfully staged with the culprits not being held to account,” he said.

Herders attack Benue community; about 13 feared killed

0

At least 13 persons have been feared killed following an attack by armed herders in Tse-Angbem community close to Aondoana in Gwer West Local Government Area of Benue State.

According to local residents, the attackers burnt down the houses in the community in the early Monday morning attack.

Chairman of Gwer West Local Government Area, Grace Igbabon, confirmed the casualty figure on Monday.

The attack left many wounded while the survivors have been displaced and are now taking refuge in Aondoana town.

The Police Spokesperson in the state, DSP Sewuese Anene confirmed the attack but said details concerning those who perpetrated the attacks, number of casualties, those wounded and the extend of the damage at the community, is still unknown.

Gwer West, Agatu, Makurdi, and Guma Local Government areas have witnessed series of attacks in the last three weeks where over seventy persons have been killed by suspected herdsmen.

Dapo Olorunyomi: Press Freedom Is the Lifeblood of Democracy

0

Quite fittingly, President Muhammadu Buhari’s message of solidarity to the Nigerian freedom of expression community on the occasion of today’s 30th anniversary of the World Press Freedom Day has stressed the theme that a democracy without flourishing press freedom is a misnomer.

In the challenging march to build an enduring democracy, the world has finally come to a full awareness of the centrality of a free press. At least in a theoretical sense. From all corners of the globe, a head count of progress in building democracies has been matched by interesting developments and significant shifts in media freedom regimes. The once blatant attacks, the rapacious murders of journalists, the arbitrary closures of media houses, and the drenching announcements of restrictive legislations constraining media freedom, in the seventies and the eighties, have systematically transformed. What we encounter these days are more tempered constraints in the behaviour of enemies of the press, especially among state actors.

This year, the United Nations Educational, Scientific, and Cultural Organisation [UNESCO], the global body that keeps watch on the state of press freedom, says Information as a social good, is the identifier and slogan that matches the spirit of the day.  This way, the world body is helping to promote the important role of information as a public asset and force multiplier for democratic accountability, public health development and the remaking of a media ecology that promotes sustainable development.

Nigerians need not be reminded of the values of a free press. The struggles for the country’s independence, the effort at terminating the more-than-three-decades of a ruinous military dictatorship, the ongoing support to deepen our democracy, have positive imprints of an active, independent press. But the times are changing, and the expression of a free press today confronts newer realities that are probably far more nefarious than in the worst times of its history, like the stormy years between 1985 to 1999, during which military autocracy sketch the worst excesses of abridging our traditions of liberty. At one point, a law in this country actually got journalists into jail for no infraction than for reporting the truth because the military authorities considered the story embarrassing.

The times have changed. Yes. We now have new threats to the freedom of the press. The economic models that sustain a virile and independent press have atrophied and the sustainability of such a critical ecology that provides useful information for development and democracy is now in dire straits. Added to this is the pounding punch of the coronavirus pandemic that literally flattened the already agonising landscape. We must admit that arrogant newsroom cultures and ethical lapses in the industry have not helped matters too, making what we must admit in Nigeria has made a subtle state capture easy, particularly in the broadcast sector where this administration has been the most effective in controlling an overwhelming reach of the broadcast sector, where it also imposes a itchy regulator with a temperament out of sync with the freedom of expression.

To make press freedom significant in Nigeria therefore, the horde of restrictive legislations still in the books or crawling to become laws in parliament must be thrown out. With the payload of restraining legislations in the books, President Buhari’s admonishment to the industry to wield its freedom with responsibility sounds oddly bizarre, like shackling a man and urging him to groan pleasantly.

All reporting bodies on freedom of expression have systematically scored Nigeria poorly since the current administration came to office and between 2018 and 2020 alone, according to the Press Attack Tracker, Nigeria has recorded 72 physical attacks against journalists, 38 arbitrary arrests, 13 equipment seizures or damages, 12 denial of access and 7 cases of harassments. These are failing grades by all standards and the administration can help move the needle to a better grade.

On the whole, for a day like this, we can remind ourselves also that public access to information and fundamental freedom are the new normative definition of a free, pluralistic, independent media, and the safety of journalists are the basis for peace, development and progress in the land. In this task, citizens, state actors and professionals have to work in concert.

______________________________________

Dapo Olorunyomi is the Publisher of PREMIUM TIMES.

Disclaimer

It is the policy of NewsWireNGR not to endorse or oppose any opinion expressed by a User or Content provided by a User, Contributor, or other independent party. Opinion pieces and contributions are the opinions of the writers only and do not represent the opinions of NewsWireNGR

COVID-19: Lagos outlines steps it is taking to avoid a third wave

0

The Lagos State Government has detailed the steps it is taking to avoid a third wave of COVID-19.

New variants of the COVID-19 virus has surfaced in India, Brazil and other countries causing a spike in recorded cases and deaths.

As a result of these threats to a resurgence of COVID-19 wave, countries including Nigeria have locked their borders against the countries affected by this new strain and banned non-citizens passengers from the countries.

Announcing the prevention protocols in a statement, the Lagos State Health commissioner, Professor Akin Abayomi warned that the state needed to take a more prepared step to prevent the virus from getting into the state.

“Currently, countries like India, Brazil, Argentina, Iraq, Qatar, Peru and Uruguay are being ravaged by a vicious third or fourth wave following a less active and insignificant second or third wave,” he stated.

“The latest wave in India has been proven to be as a result of new mutant strains that have resulted in a dramatic increase in sickness and death for two weeks running.

“Whilst we commiserate with countries like these, it is important that we protect our environment and residents against this virus.

“Especially as we have only less than one per cent of our population that have received their first dose of the Oxford Astra-Zeneca COVID-19 vaccine similar to India that have about eight per cent,” he said.

Mr Abayomi said the state government had authorised immediate measures to fully enforce the recent protocol announced by the Federal Government for every inbound traveler.

According to him, the protocols include banning entry to non-Nigerian passengers who have been in Brazil, India or Turkey in the last fortnight due to concerns over the spread of coronavirus in the three countries.

The commissioner said Nigerians and permanent residents of Nigeria who had been in those countries in the last 14 days would have to undergo mandatory quarantine for a week in a government-approved facility on arrival.

“All passengers arriving in Nigeria will now have to show a negative COVID-19 test taken within 72 hours of travel rather than the previous 96 hours period.

“I have hence instructed that all these protocols would be made more stringent to protect the residents of Lagos State from an impending third wave.

“As part of these protocols, passengers are to mandatorily isolate for the required seven days and will be strictly monitored through phone calls by our EKOTELEMED platform and physical visits to the passengers’ homes by our surveillance teams,” he said.

He warned that anyone that flouted the rule, or gave a fake phone number or address to evade the protocol would be identified.

He said such persons would be made to mandatorily isolate at any government or public private partnership isolation centres or identified hotels for 10 days at their cost.

The commissioner added that the defaulters would be fined, while the passports of the indigenous passengers would be forwarded to the authorities for deactivation and foreigners may be subject to deportation.

According to him, the state will also improve its capacity to conduct additional analysis on all positive cases to assist in determining the predominant strains in the environment.

“This, I am certain, will help us gather relevant analytic intelligence that is critical for planning and defining treatment protocols,” he said.

Mr Abayomi advised residents not to assume the worst was over by going on without adhering to any precautionary measures.

“Residents are still advised to stick to the laid down protocols of always wearing facemasks in public gatherings, washing of hands and maintaining social distancing, even after receiving the vaccine,” he said.

Mr Abayomi added that the state would continue to improve all its systems against any eventuality.

Breaking: Boko Haram terrorists take over four local Governments of Bauchi

Boko Haram insurgents from neighboring Yobe State have infiltrated four local government areas of Bauchi State, destroying some facilities.

The Secretary to the Bauchi State Government (SSG), Alhaji Sabiu Baba, disclosed this at a press conference on Monday. He listed Zaki, Gamawa, Darazo and Dambam as some of the affected Local Government Areas.

He said that the suspected terrorists who have infiltrated Zaki, Dambam, Darazo, and Gamawa local government areas have launched an attack on a communication mast belonging to the Mobile TeleCommunication Network and carted away some of the properties.

He said, “There was an emergency security council meeting of Bauchi State this afternoon and the meeting was to look into the attack by Boko Haram in Geidam (Yobe State) and the take over of that town and the implications for Bauchi State.

“Bauchi state is sharing border with Yobe State in four local government areas of Zaki, Dambam, Darazo, and Gamawa. The implications of what has happened in Geidam is that there is a lot of influx of people moving into Bauchi State from Yobe.

“Of course, that will put a lot of strain on our facilities and resources, and considering the kind of movement out of Boko Haram activities, the security implications there are also very high.

“The meeting today was to discuss the implications of that, identify the security threats and how to contain them from the Bauchi side.”

“Security is the collective duty of all and we do not expect the security agencies alone to tackle this problem, so all hands must be on deck including traditional and religious leaders and all groups.

“It will be expected that we will continue to profile whoever is coming into the state. I can tell you that some people coming into the state, come in with weapons and it is the profiling that will help us stem that kind of problem.”

Internet Trailblazers, Yahoo and AOL have been sold for $5Billion

0

AOL and Yahoo are being sold again, this time to a private equity firm.

Wireless company Verizon will sell Verizon Media, which consists of the once-pioneering tech platforms, to Apollo Global Management in a $5 billion deal.

Verizon said on Monday that it will keep a 10% stake in the new company, which will be called Yahoo.

Yahoo at the end of the last century was the face of the internet, preceding the behemoth tech platforms to follow, such as Google and Facebook. And AOL was the portal, bringing almost everyone who logged on during the internet’s earliest days.

Verizon spent about $9 billion buying AOL and Yahoo over two years starting in 2015, hoping to jump-start a digital media business that would compete with Google and Facebook.

It didn’t work — those brands were already fading even then — as Google and Facebook and, increasingly, Amazon dominate the U.S. digital ad market. The year after buying Yahoo, Verizon wrote down the value of the combined operation, called “Oath,” by roughly the value of the $4.5 billion it had spent on Yahoo.

Verizon has been shedding media assets as it refocuses on wireless, spending billions on licensing the airwaves needed for the next generation of faster mobile service, called 5G. It sold blogging site Tumblr in 2019 and HuffPost to BuzzFeed late last year. The digital media sector in recent years has been consolidating as companies seek profitability.

The properties Verizon is selling include Yahoo Finance, Yahoo Mail and the tech blogs Engadget and TechCrunch. Despite its difficulty competing with tech giants for ad dollars, leading to cost cuts and layoffs, Verizon Media’s revenue rose 10% in the most recent quarter from the year before, to $1.9 billion.

Financial firms have played an increasingly prominent role in traditional media as well in recent years, buying up newspaper chains and slashing costs.

Verizon will receive $4.25 billion in cash, preferred interests of $750 million and the minority stake.

The deal is expected to close in the second half of the year.

AP