Amazon’s management on Wednesday said that it expects that artificial intelligence software will reduce the number of office workers at the world’s largest online retailer.

Andy Jassy, chief executive, Amazon

“We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs,” Andy Jassy, chief executive, Amazon  wrote in an email to employees.

He said it was difficult to predict how the overall workforce will evolve, but in the next few years, it is expected that AI efficiency gains will lead to a reduction in the number of office workers.

According to earlier reports, Amazon employed around 1.5 million people worldwide, with approximately 350,000 office employees in various roles.

The Wall Street Journal reported that the company does not anticipate further large-scale layoffs, as seen in 2022 and 2023, in the near future.

Instead, it expects that vacant positions will not be refilled.

However, layoffs are not ruled out, according to sources familiar with the matter.

“Amazon is focusing on so-called AI agents, software capable of independently performing tasks. These agents could, for example, summarise information from the web and data sources, write software, translate languages and automate many time-consuming tasks,” Mr Jassy explained.

“Agents will be teammates that we can call on at various stages of our work,” he added, urging employees to experiment with AI whenever possible.

The impact of AI on the job market has been a concern for many years.

Recently, Spotify, the leader in music streaming, announced that teams requesting additional staff would first need to prove that AI could not perform the tasks.

The creators of the language-learning app Duolingo plan to gradually replace external workers with AI.

First Bank HoldCo Plc has disclosed that it spent over ₦15 billion to protect its banking systems from cyberattacks between January and June this year, as digital threats to financial institutions continue to rise across Nigeria.

Mr. Olusegun Alebiosu, CEO, First Bank

Mr. Olusegun Alebiosu, chief executive officer of the bank, revealed this on Wednesday while speaking on the sidelines of a two-day National Seminar on Banking and Allied Matters for Judges, held in Abuja.

Alebiosu said the bank invested ₦3 billion in cybersecurity measures in June alone, part of a broader commitment to safeguarding customer assets and maintaining trust in Nigeria’s banking system.

The News Agency of Nigeria reports that the CEO said the bank had the most robust cybersecurity framework in the country, which justified the substantial investment.

Speaking on the rising wave of cyberattacks targeting banking systems, Alebiosu assured First Bank customers that their funds remained secure.

He also expressed concern over the growing involvement of some Nigerians in cybercrime, stressing the urgent need for the country to tackle the menace decisively.

He said, “No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank. One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.”

Responding to customers’ complaints about delays in addressing cases of fraudulent transactions, Alebiosu explained that the bank must carry out thorough investigations involving multiple stakeholders.

He said the delays often stem from the need for collaboration between security agencies and the recipient banks to ascertain the facts surrounding each case thoroughly.

Alebiosu also advised customers to be cautious when handling and sharing their financial information.

“Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM. They compromised their password, so when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money,” he said.

“Some people even compromise their own ID on the system carelessly; some give their Bank Verification Number (BVN), and they use it against them.”

“Now, why does it take time for the bank to react? everything you give to the bank, the bank has to investigate it. The money might have gone to other banks, so you start tracking from other banks, but sometimes customers are impatient,” he said.

Regarding alleged fraud committed by staff, he stated that the bank uses internal employee fraud detection software to monitor staff activities on its systems.

He added. “If you knew how many of our staff we sack on a monthly basis, you wouldn’t believe it. So if there are triggers, people will be involved. It is for us to run faster than them and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively.”

He stated that curbing cybercrimes requires the active involvement of various stakeholders, including banks, law enforcement agencies, and the judiciary.

Securities and Exchange Commission (SEC) has declared Zugacoin and Samzuga GPT—along with their variants SZCB and SZCB2—as unlicensed and unauthorized to operate within Nigeria’s capital market.

This is in  a decisive move to protect investors from emerging threats within the digital asset space.

In an official statement issued on Wednesday, the Commission warned that these cryptocurrency products are being falsely promoted online without any regulatory approval or valid operational credentials.

“The promoters or issuers of Zugacoin and Samzuga GPT are not registered to operate in any capacity in the Nigerian capital market, and also Zugacoin and Samzuga GPT are not approved by the Commission for issuance to the public,” the SEC cautioned.

Following preliminary investigations, the Commission classified both Zugacoin and Samzuga GPT as meme coins a category of crypto tokens often devoid of real-world utility, tangible backing, or intrinsic value.

“Meme coins derive their value largely from online hype and community speculation,” the SEC explained, adding that such assets are highly susceptible to “pump-and-dump” manipulation schemes designed to deceive retail investors.

In these schemes, promoters artificially inflate the value of a digital token through exaggerated or misleading marketing, luring investors into a price rally.

Once the price peaks, the initial promoters exit, triggering a value collapse that leaves ordinary investors with heavy losses.

Reinforcing its investor protection mandate, the SEC urged the Nigerian public to exercise caution when engaging with digital assets and to avoid unregulated cryptocurrency offerings.

“Accordingly, the public is advised to refrain from engaging in the purchase or promotion of Zugacoin and Samzuga GPT or any of their variants, as any person who invests in the scheme does so at his or her own risk,” the Commission stated.

The SEC also encouraged prospective investors to verify the regulatory status of any crypto platform or asset via its dedicated verification portal before committing funds.

This latest development underscores the SEC’s intensifying oversight of Nigeria’s crypto landscape, particularly as the country grapples with the growing prevalence of unregistered virtual asset schemes targeting unsuspecting investors.

As global interest in digital currencies surges, Nigerian regulators are keen to strike a balance between innovation and investor protection, especially amid reports of rising fraud, volatility, and misinformation in the crypto space.

For Zugacoin and Samzuga GPT, the SEC’s message is unequivocal: without regulatory legitimacy, there is no place for them in Nigeria’s financial markets.