Elon Musk has lost his status as a trillionaire after a sharp global sell-off in technology stocks erased an estimated $500 billion (£379 billion) from his personal wealth. The billionaire entrepreneur had recently become the first person in history to surpass the $1 trillion mark following a surge in the valuation of his rocket…
An international intelligence alliance has warned that artificial intelligence systems capable of enabling large-scale cyberattacks that could overwhelm government and corporate defenses may emerge in a matter of months rather than years. The Five Eyes alliance—comprising the United States, United Kingdom, Canada, Australia, and New Zealand—called on governments and private sector leaders to urgently strengthen…
The naira weakened against the US dollar in the parallel market on Tuesday, June 16, trading at N1,400/$ compared to N1,390/$ recorded over the weekend. In contrast, the local currency posted gains in the official market, appreciating to N1,356/$ at the Nigerian Foreign Exchange Market (NFEM). Figures released by the Central Bank of Nigeria (CBN)…
Several major social media companies have agreed to pay nearly $27 million to settle a lawsuit filed by a Kentucky school district that alleged their platforms contributed to a growing student mental health crisis. According to court documents reviewed by AFP, Meta, the parent company of Facebook and Instagram, will pay $9 million…
President Bola Tinubu has defended his administration’s decision to remove fuel subsidies, stating that the move saved Nigeria from economic collapse and helped steer the country away from bankruptcy. Speaking on Friday, May 29, while hosting state governors at his Ikoyi residence in Lagos during Sallah celebrations and events marking the third anniversary of his…
YouTube says it will soon begin automatically detecting AI-generated content and adding labels to videos for viewers on the platform. The company announced on Wednesday, May 27, that the update marks a move away from its earlier system, which depended on creators to disclose whether generative AI tools were used in their videos. “If a…
A Federal High Court in Abuja has declared that the Central Bank of Nigeria (CBN) has exclusive ownership rights over the “eNaira” digital currency platform and trademark. Delivering judgment on Friday, May 22, Justice James Omotosho issued a perpetual injunction restraining eNaira Payment Solutions Limited from claiming ownership or rights over the “eNaira” trademark. Although…
Bolt CEO Ryan Breslow has defended his controversial decision to eliminate the company’s entire HR department, arguing that the team had been “creating problems that didn’t exist.” The remarks came after the US fintech company carried out another major round of layoffs as part of efforts to streamline operations and return the business to what…
President Bola Tinubu has urged Nigerians to embrace tax payment as a vital responsibility needed to fund infrastructure, healthcare, education and welfare programmes for vulnerable citizens. Speaking on Friday, May 15, at the Africa CEO Forum in Kigali, the president said many Nigerians expect improved public services without contributing through taxes. “Everyone wants development, but…
Aliko Dangote, Africa’s richest man, has explained why he abandoned his long-held ambition of buying Arsenal F.C., saying he chose to focus instead on completing the $20 billion Dangote Refinery project. Dangote made the revelation during a recent podcast interview with Nicolai Tangen. According to the billionaire businessman, Arsenal was valued at around $2 billion…
