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Oxygen X, Access Corporation’s Digital Lending Arm Reports N805M Profit in 2024

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Oxygen X, Access Corporation’s consumer lending subsidiary, reported a pre-tax profit of N805 million ($501,000) in 2024. The digital lending subsidiary disbursed N152 million ($95,000) in consumer loans.

According to an investor presentation in April, Oxygen X generated N4.1 billion ($2.6 million) in revenue during the period, driven largely by the rollout of its Credit Lifecycle Management Product (CLMP) and cash loan offerings introduced in Q4 2024.

“Loan products launched last year include Commercial Loan Contract and Mortgage (CLCM), salary loans, and turnover loans,” said Bolaji Agbede, acting managing director and group CEO of Access Holdings, at the presentation.

It also reported total assets of N7.5 billion ($4.7 million) and liabilities of N2 billion ($1.2 million). Though details on the types of loans disbursed remain limited, the group said its lending decisions are informed by data points ranging from customer demographics to social impact and credit performance.

In January 2024, Access Holdings Plc announced that it had obtained the Central Bank of Nigeria’s (CBN) approval-in-principle to establish a consumer lending subsidiary to be known as Oxygen X Finance Company Limited.

The company, which began as Quick Bucks, was rebranded and repositioned under Access Corporation as Oxygen X, an independent arm focused on providing flexible lending solutions beyond Access Bank’s traditional customer base. Oxygen X is building Africa’s largest, most sustainable consumer credit company. The digital lender was rolled out to make credit accessible and convenient for hardworking people in Africa.

Targeting retail customers and micro, small, and medium enterprises (MSMEs), Oxygen X leverages data analytics and cutting-edge fintech tools to offer tailored lending and investment services. Also, the company offers personal loans, business loans, and point-of-sale loans.

By offering attractive loan terms and user-friendly access, Oxygen X aims to stand out among existing loan providers in Nigeria such as Opay, Sycamore, Carbon, Branch, FairMoney, and Palmcredit.

Oxygen X leverages data analytics to drive smarter lending decisions, drawing insights from customer demographics, credit behavior, and social impact indicators. By continuously enhancing its algorithms and incorporating alternative data sources—such as mobile usage patterns and social media activity—the platform sharpens its credit scoring models. This approach not only reduces default risk but also enables Oxygen X to deliver personalized loan products that cater to the unique financial needs of a diverse customer base.

Its backing by Access Holdings, one of Nigeria’s largest financial institutions, gives it a credibility and capital advantage, enabling it to scale rapidly while maintaining responsible lending practices. Notably, Oxygen X aims to evolve beyond a bank-affiliated tool into an independent fintech. The digital lending platform’s ability to scale efficiently, offer trusted services at lower rates, and innovate in delivery and compliance will be key to staying ahead in Nigeria’s fast-evolving digital lending space.

Since moving to a holding company structure in 2020, the Access Corporation has made big bets, including the launch of its fintech subsidiary Hydrogen, and a rapid expansion across the continent. While other holding companies in the financial services space have focused on fintech, GTCO has Squad, Stanbic has Zest, and Access Corporation is the first Nigerian financial institution, to make a play for standalone digital lending.

Both platforms are part of Access Corporation’s broader strategy to deepen financial inclusion and serve Nigeria’s growing population of digitally savvy consumers.

Freight Technologies Inc Adopts TRUMP Memecoin As Strategic Reserve Asset

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Freight Technologies Inc. (NASDAQ: FRGT), a logistics management company focused on cross-border shipping between the U.S. and Mexico, announced on April 30, 2025, that it has become the first publicly traded company to adopt the Official Trump (CRYPTO: TRUMP) memecoin as a treasury reserve asset. The company secured an agreement for up to $20 million in convertible notes with an institutional investor, with the proceeds exclusively allocated to purchasing TRUMP tokens.

The initial tranche involves $1 million, with up to $19 million available in subsequent drawdowns, subject to certain conditions. CEO Javier Selgas stated that this move diversifies the company’s crypto treasury, which already includes Fetch.ai (FET) tokens valued at approximately $8 million as of April 29, 2025. Selgas also framed the investment as a way to advocate for “fair, balanced, and free trade” between the U.S. and Mexico, citing concerns about potential U.S.-Mexico trade tariffs that could disrupt the company’s operations.

Freight Technologies emphasizes its role in facilitating commerce, noting Mexico’s position as the U.S.’s top goods trading partner. However, the announcement sparked significant market backlash. Freight Technologies’ stock plunged 20% on May 1, 2025, closing at $0.9848, with an additional 3.53% drop in after-hours trading. The TRUMP memecoin itself was trading at $12.50 on May 2, 2025, down 4.73% in the last 24 hours and 83% from its all-time high, reflecting its volatility.

Critics, including some analysts, speculate that the investment may be an attempt to influence U.S. policy on tariffs rather than a purely financial decision, though the company’s press release does not explicitly request tariff exemptions. The TRUMP memecoin has faced broader controversy, with ethics experts and Democratic lawmakers raising concerns about conflicts of interest tied to President Trump’s involvement, including allegations of insider trading and potential “pump and dump” schemes.

A Reuters report noted that entities behind the coin earned nearly $100 million in trading fees, while many small traders incurred losses. This move mirrors strategies like MicroStrategy’s Bitcoin treasury but is riskier due to the memecoin’s speculative nature and lack of intrinsic value. The long-term viability of Freight Technologies’ investment remains uncertain, hinging on regulatory developments and market dynamics.

The decision by Freight Technologies Inc. to establish a TRUMP memecoin strategic reserve carries several implications across financial, operational, and geopolitical dimensions. The TRUMP memecoin is highly volatile, with an 83% drop from its all-time high and a 4.73% decline in the last 24 hours as of May 2, 2025. This exposes Freight Technologies to significant financial risk, especially compared to more established cryptocurrencies like Bitcoin or Ethereum. A further decline could erode the company’s treasury value.

The 20% stock plunge on May 1, 2025, and additional after-hours losses signal investor skepticism. This could increase the company’s cost of capital and limit access to future funding. The $20 million in convertible notes tied to TRUMP purchases introduces debt obligations. If the memecoin underperforms, servicing this debt could strain cash flows, especially for a company with a market cap of under $20 million.

Freight Technologies’ focus on logistics and cross-border shipping may be overshadowed by this speculative crypto venture. Investors and analysts on X have criticized the move as a pivot away from operational priorities, potentially undermining confidence in management. While the company frames the memecoin reserve as diversifying its $8 million Fetch.ai (FET) holdings, the speculative nature of both assets concentrates risk in volatile crypto markets rather than traditional safe-haven assets like bonds or cash.

CEO Javier Selgas linked the investment to advocating for “fair, balanced, and free trade” amid fears of U.S.-Mexico tariffs. This suggests a strategic attempt to align with or influence U.S. policy under the Trump administration. However, there’s no guarantee this will mitigate tariff risks, which could disrupt Freight Technologies’ core business given Mexico’s role as the U.S.’s top trading partner.

The TRUMP memecoin’s ties to President Trump have drawn scrutiny for potential conflicts of interest and insider trading allegations. Associating with a controversial asset could invite regulatory attention or reputational damage, particularly if lawmakers or ethics groups intensify investigations. Freight Technologies follows companies like MicroStrategy, which bolstered its valuation through Bitcoin reserves.

However, a memecoin reserve is unprecedented for a publicly traded company and may inspire similar speculative moves by others, potentially destabilizing smaller firms.  Negative reactions on X and the stock drop suggest a broader market wariness of memecoin investments by traditional firms. This could limit Freight Technologies’ ability to attract institutional investors who prioritize stability.

The TRUMP memecoin’s structure, with high trading fees and allegations of market manipulation, could attract SEC attention. If classified as a security or linked to fraudulent activity, Freight Technologies’ investment could face legal challenges. As a company operating in U.S.-Mexico trade, any regulatory fallout could complicate its international operations, especially if Mexican authorities view the move skeptically.

Memecoins often rely on hype rather than fundamentals. A collapse in TRUMP’s value could wipe out the reserve’s worth, damaging Freight Technologies’ financial position and credibility. The company’s ability to pivot back to operational focus or liquidate its crypto holdings without significant losses will be critical. The convertible notes’ drawdown structure provides flexibility but also ties future funding to memecoin performance.

While Freight Technologies aims to diversify its treasury and possibly influence trade policy, the move introduces substantial financial, regulatory, and reputational risks. The strategy’s success depends on the TRUMP memecoin’s performance, U.S. trade policy developments, and the company’s ability to manage investor and market skepticism.

How To Bet On Kentucky Derby 2025 In Alabama

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The 2025 Kentucky Derby is set for action on Saturday, May 3rd, as the prestigious first leg of the Triple Crown will be decided at Churchill Downs in Louisville.

For residents of the state of Alabama who want to get in on the action, there are a handful of options by way of offshore sportsbooks and betting services. There is over $5,000 in free bets available this year via promotions, which allow members to place their desired bets and earn more by wagering online.

Check out the breakdown below to learn how to bet on Kentucky Derby 2025 and claim up to $5,000 in free bets for the weekend.

How To Bet On Kentucky Derby 2025 in Alabama:

  1. Click here to get $250 in free bets at BetOnline
  2. Sign up and deposit $50 or more
  3. Get your free bets instantly
  4. Place your bets on the 2025 Kentucky Derby

Best Kentucky Derby 2025 Betting Offers In Alabama

  1. BetOnline$250 in free bets for Kentucky Derby 2025
  2. BetUS125% bonus, up to $2,625 on your first 3 deposits
  3. BetWhale$1,250 Kentucky Derby betting offer
  4. MyBookie$1,000 horse racing betting offer
  5. BetNow$500 Kentucky Derby bonus

1. BetOnline — $250 in free bets for Kentucky Derby 2025

BetOnline is not only one of the most recognized names in the online betting industry, but they have excellent promos for the weekend’s action. New members can sign up and claim up to $250 in free bets simply by signing up. There are straight bets as well as exotic promo wagers, including a Kentucky Derby betting contest with over $20,000 in prizes available.

Why Sign Up For BetOnline?

  • Available in all 50 U.S. states
  • Top of the line Kentucky Derby odds
  • Sign-up bonus has 1x rollover requirement
  • Trusted, fast payouts and deposits

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2. BetUS — 125% bonus, up to $2,625 on your first 3 deposits

You’d be hard-pressed to find an online sportsbook that has the types of promotions that BetUS is putting on for the 2025 Kentucky Derby. They have signup bonuses for your first three deposits, with up to a whopping $2,625 in free play available, and they also have a nice bonus for those using cryptocurrency to wager. The company itself was established in 1994, making them one of the mainstays in the market.

Why Sign Up For BetUS?

  • Bonus offers on first three deposits valued at $2,625
  • Competitive Kentucky Derby odds
  • 200% crypto deposit bonus
  • 300% refer-a-friend bonus

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3. BetWhale — $1,250 Kentucky Derby betting offer

BetWhale features a wide variety of available bets for the 2025 Kentucky Derby, and have a nice bonus offer in place, as well. New members who sign up today will receive a 125% bonus on their first deposit, which is worth up to $1,250 in free play bets. Special wagers include daily double, exacta, and trifecta bets.

Why Sign Up For BetWhale?

  • Up to $1,250 in welcome bonuses
  • Full range of Derby betting options
  • Fast, secure payouts
  • Mobile-friendly platform

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4. MyBookie — $1,000 sports betting offer

MyBookie combines a solid startup offer with one of the better user experiences to make it arguably the best options when it comes to wagering on the Kentucky Derby. New members are able to receive a 50% bonus on their first deposits, which has a maximum value of up to $1,000. The site prides itself in being user-friendly for both casual and regular bettors alike, making it one of the top options across the board.

Why Sign Up For MyBookie?

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5. BetNow — $500 bonus for Kentucky Derby

BetNow has at least three different bonus offers. There is a sign-up promo that is worth 150% of your initial deposit, and a 200% crypto bonus as well. The 200% is the same for a buddy referral, as well. It is an easy site to sign up for, and has some of the more competitive odds for this year’s Kentucky Derby, making it a top choice for bettors in Alabama.

Why Sign Up For BetNow?

  • 150% deposit bonus up to $500
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Is It Legal To Bet On Kentucky Derby 2025 In Alabama?

Alabama is one of twelve states in the US that hasn’t legalized sports wagering of any kind on any level. And it may be a while before there is any headway made on the potential legalization, as the region of the South has proven to be more conservative on the topic that its northern counterparts.

But that doesn’t mean that bettors will be left out in the rain. The use of online gaming and offshore sportsbooks opens the door for those in Alabama, a market which has thrived in the states that don’t allow gaming at a federal level. This is a good year to sign up for one, given that there are over $5,000 in combined free bets and promos available.

Who Can Bet On the Kentucky Derby In Alabama?

  • Must be at least 18 years old
  • Sign up for an account needing only a valid email address
  • Fund your account by making deposits via a preferred method.

Kentucky Derby 2025 Odds

The favorite for this year’s Run for the Roses is a heavy one. Journalism tops the list in 2025, coming in with a designation of +285 and the clearest path to a victory. The colt has finished in first place in two races already this calendar year, including the Santa Anita Derby in early April. Sovereignty and Sandman make up the rest of the top-three, with +600 and +1000 odds respectfully, making them contenders that could turn a pretty penny with the right kind of wagers.

There is plenty of value to be had across the board, with the middle-of-the-pack options coming in at odds that range from +1800 to +5000. The two long shots this year are listed at 80-to-1 odds.

Horse Odds
Journalism +285
Sovereignty +600
Sandman +1000
Luxor Cafe +1100
Rodriguez +1400
Burnham Square +1400
Baeza +1400
Final Gambit +1600
Citizen Bull +1800
American Promise +1800
East Avenue +1800
Grande +2000
Tiztastic +2500
Coal Battle +2500
Publisher +3300
Admire Daytona +4000
Flying Mohawk +5000
Chunk of Gold +5000
Owen Almighty +5000
Neoequos +8000
Render Judgement +8000

Kentucky Derby 2025 Picks and Predictions

One of the best value picks this year is Grande. The 3-year-old colt has only started three races in his short career, but has fared well in those contests and has solid value for the 2025 Kentucky Derby. In those three starts, Grande has racked up two first place finishes, with the other and most recent being a second place one. Grande has an exceptional distance-oriented pedigree, which bodes well for a track like Churchill Downs.

The value attached in +2000, making Grande a legit option for turning a profit.

Kentucky Derby 2025 Prediction: Grande (+2000)

What Is The Best Betting Site In Alabama For Kentucky Derby 2025?

Since residents of Alabama are unable to wager at a federal level, they’ll have to utilize on of the offshore sportsbooks highlighted above. But there are plenty of useful and legitimate options, but BetUS might just be the best of the bunch. Not only do they have some of the best sign-up and special bonuses, but they are one of the most trusted sites according to tekedia.com’s guide to Kentucky Derby betting and have a user-friendly interface that can be appealing to both serious and casual bettors alike.

Claim $250 in free Kentucky Derby bets!

MTN Paid N764bn in Taxes in 2024, Reinforcing Telecom Sector as Nigeria’s Economic Cash Cow

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MTN Nigeria Communications Plc says it paid a staggering N764.2 billion in taxes and levies to the Nigerian government in 2024, a figure that towers over contributions from many key sectors of the economy and underscores a growing reliance on the telecoms industry as Nigeria’s primary fiscal lifeline.

The payment, detailed in the company’s 2024 Sustainability Report, marks a 40.5% increase from the N543.9 billion the company paid in 2023. While the telecom giant has routinely appeared among the top corporate taxpayers in the country, this surge in contribution in a year marked by rising inflation, currency devaluation, and dwindling oil revenues — underlines more than just corporate resilience. It reflects a deepening structural shift in Nigeria’s economic foundation.

Telecoms have quietly edged oil and gas in terms of consistency and reliability of fiscal remittances. For years, Nigeria’s economic lifeblood was crude oil. However, with crude exports plagued by theft, declining global demand, and OPEC quotas, the government has increasingly turned to telecom operators and financial institutions to fill revenue gaps.

Among them, MTN has emerged as the standout performer. Its N764.2 billion tax contribution in 2024 not only sets a new record but places the company above some major oil producers operating in Nigeria — many of whom have been criticized for underreporting and evading full tax liabilities through complex fiscal arrangements and regulatory loopholes.

While some multinational oil firms and banks still contribute sizeable amounts, none has matched MTN’s transparency and upward trend. Even the Nigeria National Petroleum Company (NNPC) figures, though larger, are often shrouded in controversy and represent revenue from sales of state assets rather than pure taxation.

This explains why the telecom sector has increasingly become Nigeria’s economic cash cow. It’s a reputation many believe directly influenced the Nigerian Communications Commission’s (NCC) decision to approve a 50% hike in telecom tariffs earlier this year.

The rationale behind the increase, regulators said, was to help telecom firms manage rising operational costs. But sources familiar with the discussions say it also aligned with the government’s broader fiscal strategy — to squeeze more revenue from performing sectors while offsetting the collapse of oil-driven income.

MTN’s Strategic Expansion

Beyond fiscal contributions, MTN’s newly released sustainability report offers a broader view of the company’s activities in 2024. CEO Karl Toriola emphasized that MTN’s growth was anchored on a framework of long-term value creation.

“We have increased female representation in our workforce to 41.4%, empowered local businesses by directing 59.6% of our spend to local suppliers, contributed N764 billion in taxes and levies to support national development, and invested N3.5 billion in Corporate Social Investment initiatives, positively impacting over 663,300 lives,” Toriola said.

“These efforts reflect our unwavering dedication to long-term value creation and building a more connected, sustainable future,” he added.

The company also claimed to have achieved 93% network coverage across Nigeria and reduced its Scope 1 and 2 carbon emissions by 11% from its 2021 baseline, a significant feat in an industry with a heavy environmental footprint.

Other notable initiatives include:

  • 194 new solar-powered rural sites, enhancing connectivity and reducing dependence on diesel generators.
  • Eco-friendly SIM card launch, making MTN the first telecom operator in West Africa to take this step.
  • A 159% jump in capital expenditure (CAPEX) in Q1 2025, with ?202.4 billion invested to expand network capacity.

MTN’s Profit Turnaround

MTN’s profitability in early 2025 marked a significant turnaround after a string of quarterly losses brought on by the naira’s free fall and inflationary shocks. A major driver of this rebound was the tariff increase approved by the NCC, a controversial but, in hindsight, an effective measure that allowed the company to recoup escalating operating costs — including diesel, FX costs, and hardware imports.

The regulatory decision drew mixed reactions. Consumer advocates criticized it as tone-deaf amid widespread economic hardship.

In the report, MTN also highlighted its continued investment in grassroots development through the MTN Foundation. According to Tobe Okigbo, Chief Corporate Services & Sustainability Officer, the company’s flagship program “What Can We Do Together” has transformed community infrastructure in health, education, and water access across hundreds of towns since its inception in 2015.

“Since its launch in September 2015, this initiative has transformed lives and contributed to grassroot development across Nigeria,” Okigbo added.

Meta-Spotify-led Coalition Takes Aim At Apple’s ‘Duopoly’ As Phonemaker Faces Contempt Ruling Over “Anticompetitive” Conduct

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App developers have long complained about the “walled garden” that Apple and Google maintain around their mobile ecosystems, but now they may have found the pressure valve they’ve been seeking.

A newly formed coalition – led by Meta, Spotify, Garmin, Match Group, and others – is taking aim at what it calls the “duopoly” that governs mobile app distribution. And its campaign may be gaining traction just as Apple finds itself in deeper legal trouble than previously anticipated.

The Coalition for a Competitive Mobile Experience, officially announced this week, has set out with the goal of challenging what it sees as unfair dominance by Apple and Google over how mobile apps are distributed, monetized, and regulated. Initial advocacy efforts are focused on pushing app stores to take over age verification responsibilities – a move currently left to individual developers. But the coalition’s ambitions are much broader: to dismantle platform favoritism, demand open payment systems, and back antitrust investigations and lawsuits against the tech giants.

The timing of the coalition’s launch coincided with a stinging federal court ruling against Apple. On Wednesday, Judge Yvonne Gonzalez Rogers of the U.S. District Court for the Northern District of California found Apple in contempt of court for deliberately circumventing a 2021 injunction that was meant to prevent anticompetitive behavior in its App Store policies.

According to the judge, Apple knowingly continued imposing commission fees – up to 27% – on purchases made through links that directed users to developers’ own websites. These purchases were explicitly meant to bypass Apple’s in-app payment system, which takes a 30% cut. The court found that Apple’s workaround wasn’t just non-compliant but intentionally designed to preserve what had already been ruled an anticompetitive revenue stream.

“Apple’s continued attempts to interfere with competition will not be tolerated,” Judge Rogers wrote in a scathing opinion. “That it thought this court would tolerate such insubordination was a gross miscalculation… As always, the cover-up made it worse. For this court, there is no second bite at the apple.”

The judge also ordered Apple to immediately stop collecting commissions on out-of-app transactions and pay Epic Games’ legal fees, after determining that the company lied under oath and withheld critical internal documentation.

In a particularly damning passage, Rogers said Apple Vice President of Finance Alex Roman “outright lied under oath” when he testified that the company hadn’t determined what fee to apply until January 2024. Internal evidence later revealed that Apple not only considered its fee structure much earlier but also knowingly set the rate just above the cost developers would incur by setting up their own payment systems, making Apple’s “discount” illusory.

The judge accused Apple of abusing privilege protections to hide records of a June 2023 executive meeting that included CEO Tim Cook. The documents, only recently submitted to the court, allegedly revealed how Apple executives strategized on maintaining revenue while giving the illusion of compliance with the earlier ruling.

“This evidence shows a desire to conceal Apple’s real decision-making process,” Rogers wrote, “particularly where those decisions involved senior Apple executives.”

The ruling is a dramatic escalation in the ongoing legal battle between Apple and Epic Games, which began in 2020 when Apple removed Epic’s popular game Fortnite from the App Store after Epic introduced a direct payment option that bypassed Apple’s cut. That case led to the 2021 injunction ordering Apple to allow developers to direct users to external purchasing options. Apple’s attempts to blunt the impact of that ruling have now landed it in deeper legal jeopardy, with possible criminal contempt charges now under consideration by U.S. attorneys.

In response, Apple said it “strongly disagrees with the decision” but will comply and appeal. Meanwhile, Epic CEO Tim Sweeney declared victory, posting on X (formerly Twitter), “No fees on web transactions. Game over for the Apple Tax.” Sweeney said Fortnite will return to the U.S. iOS App Store next week and may reappear globally if Apple expands the new framework worldwide.

The court’s ruling significantly boosts the new coalition’s efforts. For years, developers large and small have struggled to challenge Apple and Google on their own. Now, with legal precedent turning against Apple, the coalition is betting that its unified voice can force regulatory and legislative changes.

Brandon Kressin, the coalition’s director and a seasoned antitrust attorney, told Bloomberg that many smaller developers are fearful of retaliation or simply lack the resources to take on Apple or Google alone.

“There’s power in numbers, especially when going up against companies as powerful as the duopoly,” he said.

The coalition has already thrown its weight behind new laws, such as Utah’s statute requiring app stores, not individual developers, to handle age verification. It’s also backing broader federal efforts to curtail Big Tech dominance and is expected to support the Department of Justice’s ongoing antitrust lawsuits against both Apple and Google.

For Apple, the contempt ruling may only be the beginning. The company is already under growing scrutiny from U.S. and European regulators, with multiple cases focusing on whether it unfairly promotes its own services and limits developer freedom. The latest setback not only reinforces existing concerns about Apple’s conduct but also raises serious questions about its internal compliance culture.

The coalition is positioning itself to be more than just a lobbying group – it’s aiming to be a catalyst for change in an industry that has long operated under tightly controlled terms dictated by the very platforms developers rely on. With Epic’s partial victory, increasing bipartisan momentum in Washington, and now a federal judge openly accusing Apple of deception, the momentum seems to be shifting.