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Samsung Heavy In Talks to Resolve Dispute with LADOL

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The Nigerian arm of Samsung Heavy Industries is in talks to resolve a court action launched by Lagos Deep-sea Offshore Logistics (LADOL) base where the company has been building a floating oil platform for Total, Samsung Heavy said on Friday.

 

“We are in discussions to iron out any misunderstanding or issues raised between the parties,” a Samsung spokesperson said in a statement sent to Reuters on Friday.

 

“We are yet to come to the resolution or conclusion but we hope to resolve amicably for our further businesses together.”

 

LADOL sustainable industrial free zone refused to renew Samsung’s sublease to use a shipyard and filed a court action last week, accusing the company of breaching the terms of their agreement.

 

LADOL’s allegations included that Samsung breached the conditions of service for Nigerian workers, and violated both customs and immigration procedures.

 

Responding to Samsung’s statement, LADOL said it also hoped for an amicable resolution to the dispute, but added: “Failure to maintain the conditions and requirements for operating in the Free Zone will not be tolerated.”

 

Samsung Heavy Industries, one of the world’s largest shipbuilders, says that through its joint venture with LADOL it has invested $300 million to help build a floating oil platform for Total’s Egina oil field.

 

Total describes the field as one of its most ambitious ultra-deep offshore projects.

 

The project is expected to produce an estimated 200,000 barrels of oil per day, representing about 10 per cent of Nigeria’s total capacity.

 

LADOL had recently started a court action against Samsung Heavy Industries Co. Ltd. and said it was ending ties with the South Korean ship-builder.

 

“Samsung’s contract expired and due to the failure to meet the minimum standards required to qualify for an operating license, it has not been renewed,” a spokesman for Ladol said in a response to questions. LADOL has filed a suit against the company at the Federal High Court in Lagos, Nigeria’s commercial capital, he said.

 

A Samsung Heavy Industries spoke didn’t immediately respond to an email requesting comment.

 

Samsung completed the construction of one of the world’s largest floating oil platforms for Total SA at LADOL’s base in Lagos last month. It built the $4 billion Egina vessel, designed to hold 2.3 million barrels of oil, in South Korea and Nigeria, before it set sail for a deep-water field offshore the Niger Delta coastline.

 

The project was seen as a test of the Federal Government’s drive to build an oil-services industry and get more international energy companies to use local firms.

 

Amy Jadesimi, a former Goldman Sachs Group Inc. banker who is LADOL’s managing director, said in a May interview that she would probably bid for similar upcoming work from the likes of Royal Dutch Shell Plc and Eni SpA once Egina was finished.

 


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FG Unveils AI Public Services Platform

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Federal government has launched GovGuideNigeria, an artificial intelligence (AI)-powered digital platform designed to streamline access to public service information through WhatsApp and the web.

The platform consolidates information from more than 35 federal ministries and over 60 government agencies, marking a significant step in Nigeria’s drive to expand AI-enabled public infrastructure and digital government services.

According to Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy, the initiative aims to simplify interactions with government services, particularly for underserved communities that often face challenges navigating complex public-sector systems.

Developed in collaboration with the National Centre for Artificial Intelligence and Robotics, Meta, and Publica AI, GovGuideNigeria uses conversational AI to provide real-time responses via WhatsApp and a web interface in English, Hausa, Igbo and Yoruba.

Sade Dada, head of public policy at Meta, said the multilingual rollout highlights the growing use of natural language processing within African public institutions to improve digital inclusion and broaden access to services.

Ignatius Willie, chief executive of Publica AI, said the platform demonstrates how Africa’s next generation of digital public infrastructure can be developed locally using African languages.

GovGuideNigeria is intended to address longstanding challenges in Nigeria’s public information system, where citizens often struggle to access reliable guidance because of fragmented government websites, poor communication channels and the expense of travelling to physical offices.

Through AI-driven automation, users can obtain information on immigration procedures, documentation requirements, public programmes and agency-specific services through chat-based interactions.

The launch also reflects Nigeria’s broader ambition to integrate AI into digital governance, while strengthening partnerships between government agencies, global technology companies and local AI startups to modernise public service delivery.


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Elon Musk to Become First World’s Trillionaire with SpaceX Historic IPO

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Elon Musk is poised to become the world’s first trillionaire after  SpaceX, his company, confirmed plans to go public.

Elon Musk to Become First World’s Trillionaire with SpaceX Historic IPO

Elon Musk

Because Musk owns the majority of the shares, it could push his net worth over the trillion dollar mark.

The entrepreneur is known for his leadership of Tesla, SpaceX, X, and xAI.

Musk has been the wealthiest person in the world since 2025; as of May 2026, Forbes estimates his net worth to be $788 billion.

SpaceX has filed for a blockbuster public listing in the United States, paving the way for what could become the largest stock market debut in Wall Street history.

The company, formally known as Space Exploration Technologies, announced plans to begin trading under the ticker symbol “SPCX” as early as next month.

The listing values SpaceX at about $1.25 trillion, with Musk’s majority ownership potentially worth more than $600 billion alone.

Combined with his existing holdings in companies including Tesla, the IPO could push Musk’s personal wealth above the $1 trillion mark.

The long-awaited filing also offered investors a rare look into SpaceX’s finances.

The company reported $18.6 billion in revenue last year but recorded a net loss of $4.9 billion. In the first quarter of this year, SpaceX generated $4.7 billion in sales while posting a $4.3 billion net loss.

Financial disclosures showed the company holds $102 billion in assets, including rockets, launch infrastructure and satellite systems, while carrying debts totalling $60.5 billion.

Despite the losses, analysts suggested investors were unlikely to be deterred given SpaceX’s dominance in commercial space launches and satellite internet services.

Ruth Foxe-Blader, managing partner at Citrine Venture Partners, described the planned flotation as “extremely exciting.”

“SpaceX is just an absolutely sprawling, enormous project with so many different selling points, and so many points that really point to the future,” she said.

SpaceX operates the Starlink satellite internet network and also owns Musk’s artificial intelligence company, xAI.

The IPO filing revealed that xAI recently reached a major commercial agreement with rival AI company Anthropic, maker of the Claude chatbot.

Under the arrangement, Anthropic will reportedly pay $15 billion annually to access data centre infrastructure linked to xAI operations in the American South.

The filing also disclosed that SpaceX expects to incur more than half a billion dollars in legal costs from multiple ongoing lawsuits and regulatory disputes.

Among the cases listed were claims alleging that xAI’s chatbot Grok had been used to create sexualised deepfakes of women and girls, alongside patent infringement disputes, music copyright claims, data breach allegations and investigations into compliance with European Union content moderation rules.

Musk has previously said he plans to dissolve xAI as a standalone company and pursue his AI ambitions directly under SpaceX.

The filing came shortly after Musk lost a high-profile legal battle against OpenAI and its chief executive Sam Altman.

Musk had accused OpenAI of abandoning its non-profit mission after shifting towards a commercial model, but a jury dismissed the lawsuit, ruling that he had waited too long to bring the claims.


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Moniepoint Boosts UK Payments Security

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African financial services platform Moniepoint has partnered with open banking software-as-a-service provider tell.money to deploy a transaction security system in the UK market.

The companies said the partnership will allow Moniepoint to implement Confirmation of Payee, an account name-checking service designed to verify recipient details before payments are processed.

The integration will be rolled out through Monieworld, Moniepoint’s UK remittance subsidiary, as part of the company’s broader European expansion strategy.

Tell.money will provide the underlying verification technology, which the companies said is intended to reduce misdirected payments and help protect users against cross-border fraud.

Ravi Jakhodia, CEO of Monieworld, said: “Our goal with Monieworld is to build financial services for Africans in the diaspora.”

He added that tell.money was selected because it manages compliance and accreditation requirements, allowing the fintech company to focus on customer service.

Moniepoint is entering a competitive UK-to-Africa remittance market that includes established providers such as Wise, WorldRemit and Remitly, as well as African fintech firms including Flutterwave’s Send App.

According to data from the World Bank’s KNOMAD programme, remittance flows to low- and middle-income countries are estimated at about $620 billion annually, with digital -first platforms capturing increasing market share through open banking integrations and automated compliance systems.

The rollout reflects a broader trend of African fintech firms expanding into developed markets by adopting local regulatory and open banking standards.

Industry analysts expect diaspora-focused platforms to evolve beyond money transfers into services such as multi-currency banking, credit and investment products.


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