Elon Musk’s social media platform, X (formerly Twitter), has raised nearly $1 billion in new equity funding from investors.

According to a Bloomberg report citing sources familiar with the matter, the deal values the company’s equity at approximately $32 billion, aligning with the valuation at the time Musk acquired the platform in 2022.

Bloomberg noted that the Twitter buyout included at least $12.5 billion in debt, meaning the latest fundraising was completed at roughly the same $44 billion enterprise value as Musk’s initial purchase.

Musk himself participated in the equity raise, alongside other investors, including Darsana Capital Partners, which had previously purchased some of X’s debt earlier this year.

Additionally, 1789 Capital, an investment firm that has backed Musk’s ventures such as xAI and SpaceX, also contributed to the funding round.

The recent attack on Nigeria’s Trans Niger Pipeline (TNP) has raised fresh concerns over oil security, just as the country was making progress in reviving its crude production and attracting investment into the sector.

According to Reuters, Renaissance Africa Energy, the pipeline’s new owner has rerouted crude flow through an alternative line after the main pipeline was ruptured in Tuesday’s explosion.

The alternative line passed an integrity test on Wednesday, allowing oil transportation to continue during repairs.

The TNP, with a capacity of about 450,000 barrels per day, is a critical artery for exporting Bonny Light crude, one of Nigeria’s premium oil grades.

The attack comes just days after Renaissance, a consortium of Nigerian oil firms, completed the acquisition of Shell’s local onshore assets.

The Nigerian government, which had touted recent security gains as a key factor in boosting oil production, has now imposed a state of emergency in Rivers State, where the attack occurred.

Nairametrics reported that President Bola Tinubu declared a state of emergency in Rivers State and sacked all elected officials including the governor, deputy governor, and all members of the state house of assembly.

The President cited the ongoing political crisis in the state as the basis for the attack on TNP and the consequent declaration of a state of emergency.

“This is a blow to the Tinubu government’s recent successes on oil output, gains driven in part by improved security measures,” the Director for sub-Saharan Africa at Horizon Engage, a political-risk consultancy, Clementine Wallop, told Bloomberg.

“It is also a very difficult investment signal during a period where the government seemed to be turning a corner on energy,” he added.

Renaissance rules out declaring force majeure 

Despite the attack, Renaissance has ruled out declaring force majeure—a legal provision that allows companies to suspend contractual obligations due to unforeseen circumstances.

• At least two tankers are currently waiting to load Bonny Light crude from the Bonny terminal, according to Bloomberg ship tracking data.
• The sabotage is an extreme occurrence in Nigeria’s oil sector, where pipeline vandalism and theft remain major challenges.
• Analysts say how Renaissance responds to this crisis will set the tone for indigenous operators navigating Nigeria’s complex oil environment.

“The approach Renaissance takes will be crucial in setting the tone around how the above-ground challenges in Nigeria’s oil and gas sector will be resolved by indigenous operators,” said Mansur Mohammed, head of West Africa upstream research for consultancy firm Wood Mackenzie.

The attack threatens to disrupt Nigeria’s recent oil production recovery. The country had seen a 40% increase in crude output in recent years, even surpassing its OPEC quota in January.

However, continued sabotage could erode investor confidence and hinder efforts to maximize revenue from the sector.

The Nigerian government has pledged to take stronger action to secure critical infrastructure, but with tensions still high in oil-producing regions, restoring stability remains a significant challenge.

The National Association of Nigerian Students (NANS) has threatened to disrupt an upcoming board meeting of the Nigerian Education Loan Fund (NELFUND) over the exclusion of student representatives.

In a letter addressed to Akintunde Sawyerr, managing director (MD) of NELFUND, Lucky Emonefe, NANS president, said the students are “discontent” about being exempted from the board’s meetings.

He said the association would not stand by watching while critical decisions affecting students’ future are made in their absence.

“As the primary stakeholders and direct beneficiaries of the Nigerian Education Loan Fund, it is completely unacceptable that students are sidelined from deliberations that shape the administration and disbursement of student loans,” the letter reads.

“This fund was created for Nigerian students, and we will have a voice in how it is managed.

“We are demanding, not requesting, the immediate inclusion of a student representative in this board meeting.”

The NANS president said failure to accommodate the “legitimate and reasonable demand” would “result in the total shutdown of the meeting venue by Nigerian students”.