E-Business
Pantami Receive Global Winners from LEAP 2023 Rocket Fuel Pitch Startup Competition in Riyadh

Amidst applause and accolades, the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), received the Global Winners in different categories of the LEAP 2023 Rocket Fuel Pitch Startup Competition, WICRYPT by Aronu Ugochukwu and RICE AFRIKA by Maigari Ahmadu.
The Winner of the New World Award category, WICRYPT is a decentralized internet-sharing and monetizing Network which gives everyone the power to become a micro-ISP.
While the winner of the Tech for Humanity category, RiceAfrika, is a tech-driven agriculture optimization service provider in Africa, which provides a platform that connects smallholder farmers in Africa.
While meeting with the Startups, Prof Pantami said that Nigeria is passionate about innovation which is why she developed the Startup Act.
He stated that the challenge of unemployment, underemployment, and un-employability can only be addressed by promoting our digital innovation and digital entrepreneurship.
“We are more interested in supporting job providers than only supporting job seekers that can even hardly do the work even if they are employed,” he said.
He appreciated President Muhammadu Buhari, GCFR, for approving Nigeria to be part of a Digital Cooperation Organization (DCO). He went further to appreciate the DCO for the full sponsorship of Nigeria’s participation at the event.
“Many countries are contributing, but due to some challenges of funding, we are yet to make any contribution, but DCO sponsored 16 Nigerian Startups to attend the event without a single kobo from us by providing air tickets, accommodation, and everything for them,” Prof Pantami said.
“I want to also commend the National Information Technology Development Agency, particularly the management led by Kashifu Inuwa, for coordinating the event actively on our behalf and for making all our delegates and our startups to be very comfortable,” he said.
The Honourable Minister added, “I also commend the Kingdom of Saudi Arabia through the Minister in Charge of Communications and Information Technology, His Excellency, Engr. Abdullah bin Amer Alswaha, for inviting Nigeria to attend the LEAP 2023.
Kashifu Inuwa CCIE, the Director General, National Information Technology Development Agency (NITDA), while officially presenting the 2 Nigerian Startups that won the cash price of $150,000 each to the Honourable Minister who led the Nigerian delegation to the LEAP 2023 Tech Event in Riyadh, Saudi Arabia, said that, based on the directive of the Honourable Minister, NITDA coordinated the participation of the startups through its subsidiary Office for Nigerian Digital Innovation (ONDI).
“We worked with them, we guided them, and we were there with them throughout the competition,” he stated.
“Out of the six categories, Nigeria took two, which accounts means almost 33.3 percent of the participants,” he said.
Inuwa said that out of the 220, eight startups from Nigeria were selected. He said in the first round 90 were selected to participate in the semi-final with all eight Nigerian Startups making the shortlist.
Out of the 90, 12 were qualified to move to the final stage and out of the 12 startups, three were from Nigeria. This he said included WICRYPT, under the Into the New World Award category, and the Rise Africa Technology under the Tech for Humanity, and Scholar Limited.
The Winners appreciated the Ministry and NITDA for the platform given to them to blossom and for pushing young people to explore their talents.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.

Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
E-Business
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.

Elon Musk
Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.
Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.
In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.
Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.
Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.
Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.
Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.
Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.
Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.
Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.
E-Business
Adobe Launches AI Video Tool to Compete with OpenAI

Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.
The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.
Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.
To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.
Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.
Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.
Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.
“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.
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