Economy
TikTok To Shut Down On January 19, Gives Reason
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TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.
“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”
Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.
The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.
In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.
The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.
Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.
“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”
O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”
However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.
“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”
The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations in Abuja and nearby areas from ₦1,250 to ₦1,270 per litre.
The Genius Media Nigeria understands that the latest adjustment means customers buying Premium Motor Spirit (PMS) from NNPCL stations now pay ₦20 more for each litre than they did previously.
According to report, retailers such as MRS, Geregu, Ranoil, Emedab and Mobil are selling below the new NNPCL price.
MRS stations adjusted their price upward by ₦20, but their petrol was still being sold at about ₦1,230 per litre. This leaves a ₦40 difference between the MRS price and the new NNPCL rate.
However, not all filling stations are selling below NNPCL.
Some outlets, including Empire and AA Rano, were reported to be charging between ₦1,275 and ₦1,299 per litre, putting their prices above the state-owned company’s latest rate.
The latest NNPCL price also comes as international crude oil prices have been moving lower.
Brent crude was trading around $88.80 per barrel, while West Texas Intermediate (WTI) stood at about $81.86 per barrel at the time of the report.
In other news, the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been commended for “remarkable progress” in restoring confidence, increasing production and attracting fresh investment into Nigeria’s oil and gas sector.
The Citizens Forum for Energy Accountability and Development (CFEAD) said the recent achievements announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, demonstrated that sustained institutional reforms and stronger operational discipline could reposition the petroleum industry as a major driver of economic growth.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
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