General News
Buhari Queries NNPC’s Multiple Accounts

President Muhammadu Buhari was visibly angry when he revealed that the Nigerian National Petroleum Corporation (NNPC), has too many bank accounts, describing it as “improper”.
Buhari said either the Ministry of Finance or the corporation itself has lost track of some of the numerous bank accounts.
Buhari, a former petroleum minister and former Nigerian military head of state, spoke in Johannesburg, South Africa
As petroleum minister during the Chief Olusegun Obasanjo military regime, (1976-1979), Buhari, said NNPC had only three accounts, in contrast to what the former President Jonathan government bequeathed: “too many accounts such that the NNPC and the ministry of finance did not know how many accounts they had.”
Meanwhile, Buhari, will meet the head of a leading global watchdog on corruption to see how billions of dollars in oil revenue leakage can be curbed.
Reuters reports that the head of Oslo-based Extractive Industries Transparency Initiative (EITI) is expected to meet Nigeria’s president or vice president this week, its local arm said on Monday.
Stamping out corruption was one of the main pledges of new President Muhammadu Buhari’s campaign.
Clare Short, the head of EITI, has come to see how its recommendations can be implemented and help with long-term reforms. The intiative sets global standards for openness in the natural resources industries.
The executive secretary of EITI’s Nigerian arm (NEITI) said last week that over $7.5 billion between 1999-2011 still needed to be recovered from oil and gas companies in Nigeria.
“The amount represents clear cases of underpayments, under-assessments of taxes, royalties, rents…which have not been adequately addressed in the past,” Zainab Ahmed said.
NEITI has suggested selling the state oil company’s stakes in producing joint ventures to fix its budget woes, a call echoed by many in the new administration, as well as scrapping the expensive and graft-riddled fuel subsidy.
The government relies on oil sales for the bulk of its revenues but there has been little oversight of how these are handled.
Central bank governor Lamido Sanusi was sacked under former president Goodluck Jonathan after he said that up to $20 billion in oil revenues between 2012 and 2013 had not been remitted to the government by the state oil company NNPC. Buhari said he would re-examine this allegation.
Ahmed also said NEITI audits showed that some $11.6 billion of dividends between 1999 and 2012 from the government’s investment in the Nigerian Liquefied Natural Gas (NLNG) company were not remitted by the state oil company.
“NNPC was unable to provide any evidence that the funds were remitted to the federation as required by law,” she said.
NNPC said the issue of reconciling accounts had been raised at a previous Inter-Ministerial Task Team and would be discussed at one this week. The team was designed to implement NEITI’s findings.
NEITI has also said the sale of eight oilfields to NNPC’s upstream arm in 2010-2011 should be reviewed, as they were sold at $1.85 billion of which only $100 million was remitted to the federation account in February 2014.
Before his sacking, Sanusi also criticised some of these deals for being awarded non-competitively to companies that supplied no services.
General News
Vitel Wireless, First MVNO Begins SIM Distribution

Vitel Wireless, Nigeria’s first Mobile Virtual Network Operator (MVNO) has entered into partnership with Slot Systems Limited for distribution of its SIM cards and other gadgets around the country.
Chudi Nwabueze, managing director, Vitel Wireless who described the partnership as a defining moment for his company said Vitel Wireles’s purpose is clear: to transform connectivity in Nigeria through innovation, affordability, and seamless access.
Nwabueze, who spoke in Lagos recently at the official engagement with Slot said Vitel Wireless, as the nation’s first Mobile Virtual Network Operator is committed to creating smart, reliable solutions that break down barriers to communication and make it easier and more cost-effective for people to stay connected anytime, anywhere.
“This partnership with SLOT is a meeting of shared values and vision. By combining our innovative mobile services with SLOT’s extensive retail presence, we are making Vitel Wireless SIM cards and the connectivity they offer more accessible than ever before. Customers will now be able to purchase, register, and top-up their SIM cards conveniently within their own communities.”
He described the collaboration as more than just distribution, ”it is about empowering people. It is about bridging the connectivity gap with technology, accessibility, and affordability at the heart of everything we do.”
Nwabueze further explained Vitel Wireless SIM card is a location technology awareness card. It can track whereabouts of a person. This information can help the police, on official demand, in case of unfortunate incident.
He said the disadvantages of tracking a person’s whereabout outweighs the advantages.
He explained that access code is given to another person for tracking.
“We operate as a core network and we have integrated with all the major networks in Nigeria, including international calls. So, on a simple language, we are a GSM company, that you do call, SMS, data and we offer more value like safety. And the good news is that we are spread out in the 36 States plus Abuja FCT in Nigeria.
General News
Digital Realty Nigeria Launches ServiceFabric Platform Today

Digital Realty Nigeria, a carrier-neutral data centre operator, will be launching its ServiceFabric® platform alongside opening of its new LKK2 Data Centre in Lagos today.
ServiceFabric Platform in Lagos Nigeria, aligned with Digital Realty’s commitment to enabling seamless global interconnectivity for businesses, providing enterprise customers in Nigeria with the ability to connect whenever, wherever, and to whoever they need to.
Engr. Ikechukwu Nnamani, managing director, Digital Realty Nigeria, said that the presence of ServiceFabric in Lagos will support the growing demand for hybrid IT and multi-cloud connectivity, empowering businesses with a secure, software-defined interconnection platform.
“As you are aware, data is driving our world forward across every aspect of the economy. To unlock the opportunities of data we provide the meeting place for Companies, Technologies and Data to come together across Africa, one of the fastest growing continents, and in the process, we enable bold new ways to expand and grow,” he said.
Digital Realty’s global data centre footprint gives customers access to the connected communities that matter to them with over 300 facilities in 50 global metros across 25 countries on six continents. Digital Realty currently maintains client base of over 5,000 customers including over 1,500+ enterprises, 1,300+ networks service providers, and over 1,000+ cloud and IT providers. It offers datacentre services to 250+ of the Fortune 500 companies.
General News
Meta Refactors AI Strategy, Freezes Hiring to Focus on Superintelligence

Meta Platforms has frozen hiring in its artificial intelligence division following months of aggressive recruitment, according to sources familiar with the matter.
The hiring freeze, which took effect last week, coincides with a broader restructuring of the company and restricts current employees from moving between teams within the AI division. The duration of the freeze has not been disclosed.
“There might be exceptions to the block on external hires, but they would need permission from Meta’s chief AI officer, Alexandr Wang,” the sources said. A Meta spokesperson confirmed the freeze, describing it as “basic organizational planning: creating a solid structure for our new superintelligence efforts after bringing people on board and undertaking yearly budgeting and planning exercises.”
Meta has been a leading player in the AI talent race, offering some researchers pay packages worth nine figures and acquiring startups to secure key personnel. Analysts have raised concerns over the high cost of such hiring, warning that Meta’s stock-based compensation could affect shareholder returns.
The restructuring divides Meta’s AI operations into four teams: TBD Lab, focused on superintelligence; an AI products team; an infrastructure team; and a long-term exploratory team called Fundamental AI Research. The reorganization follows criticism of the company’s previous AGI Foundations team, responsible for Meta’s Llama large language models, which underperformed expectations after its latest release.
After the Llama release in April, CEO Mark Zuckerberg became personally involved in recruiting, reaching out to researchers at OpenAI, Google DeepMind, and other labs. Offers sometimes reached $100 million in total compensation, with one overture to Thinking Machines Lab co-founder Andrew Tulloch valued at $1.5 billion, though he declined.
To strengthen its AI efforts, Meta also brought on Scale AI co-founder Alexandr Wang, former GitHub CEO Nat Friedman, and Safe Superintelligence co-founder Daniel Gross, with the company acquiring stakes in their ventures as part of the recruitment. By mid-August, Meta had hired over 50 AI researchers and engineers from companies including OpenAI, Google, Apple, xAI, and Anthropic.
Investor concern over the cost of tech giants’ AI expansions has contributed to a recent selloff in technology stocks. In an August 18 research note, Morgan Stanley analysts warned that rising stock-based compensation at Meta and Google could either drive AI breakthroughs or dilute shareholder value without clear innovation gains.
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