Cryptocurrency exchange Binance has reported a security breach involving an estimated $6.3 billion in stolen funds, in what could become the largest cryptocurrency heist in history. The world’s largest crypto exchange said it had suspended deposits and withdrawals following the incident, while approximately $3 billion of the stolen funds had been frozen. Binance’s preliminary investigation suggested that the attacker gained unauthorised access through an engineer’s compromised laptop, which was allegedly used to facilitate fraudulent transactions. The exchange said it would absorb all losses and assured customers that their funds remained safe. “Our teams are working around the clock to resolve…
Author: Elvis Eromosele
Anthropic, the artificial intelligence company behind Claude, has identified a sweeping range of risks to its business, including the possibility that its technology could facilitate the development of biological weapons, enable cyberattacks and blackmail, or evolve beyond effective human control. The concerns are contained in a nearly 100-page risk disclosure included in the company’s initial public offering (IPO) filing, offering investors an unusually detailed picture of the commercial, technological, regulatory and ethical challenges facing one of the world’s most prominent AI developers. The disclosure highlights the growing tension between the enormous commercial opportunities in artificial intelligence and the potential consequences…
The African Export-Import Bank (Afreximbank) is considering raising $1 billion through a syndicated loan that could include an offshore Chinese yuan component, marking its potential entry into the offshore renminbi financing market. The proposed three-year facility will comprise US dollar and offshore yuan tranches, with the allocation between the two currencies to be determined by investor demand during the syndication process, according to people familiar with the transaction. Bloomberg reported on Friday that Bank of China and Standard Chartered Bank have been appointed global coordinators for the proposed financing. If concluded, the transaction would represent Afreximbank’s first foray into the…
DoorDash has agreed to acquire rival grocery delivery platform Instacart in a deal valued at approximately $17 billion, in a move that will reshape the US online food and grocery delivery market. The acquisition, announced on Thursday, will bring Instacart under DoorDash’s ownership, ending its run as an independent publicly traded company following its stock market debut in 2023. The deal comes as competition intensifies among delivery platforms and retail giants, including Uber, Amazon and Walmart, which are investing heavily in faster grocery delivery and expanding their digital commerce offerings. Instacart, which experienced significant growth during the COVID-19 pandemic as…
Alphabet, Google’s parent company, lost more than $500 billion in market value on Thursday as investors reacted to rising artificial intelligence (AI) costs, declining cash flow and concerns that the technology could undermine its traditional search advertising business. The company’s shares fell nearly 13 per cent, hitting a six-month low and reducing its market capitalisation from $3.97 trillion to approximately $3.46 trillion. The sell-off came after Alphabet released its latest quarterly results, which showed that although revenue continued to grow, the financial burden of its aggressive AI investments was becoming increasingly evident. Alphabet reported a 25 per cent increase in…
By Elvis Eromosele Let me confess: I am not particularly a noodles person. In fact, I have never quite understood the fascination with noodles. Perhaps it is the seasoning. Sometimes, I find the taste a little too artificial, almost as though the spices are trying too hard to convince me that I am eating something delicious. I can never quite put my finger on it, but I usually know when a plate of noodles is not for me. So, imagine my surprise when I encountered Golden Penny Jollof Chicken Noodles from Flour Mills of Nigeria (FMN). FMN was one of…
FirstBank of Nigeria has partnered with technology retailer Pointek to make smartphones, laptops and household appliances more accessible through a buy-now-pay-later (BNPL) scheme that allows eligible customers to spread payments over as much as six months. Under the arrangement, customers can obtain financing through FirstEase, the bank’s digital lending solution, to purchase eligible products from Pointek, subject to a 30 per cent equity contribution. Speaking at the launch of the partnership,Chukwuka Okonkwo, FirstBank’s Head of Personal Banking, said the initiative was designed to help customers acquire essential products without paying the full cost upfront. He described the scheme as an…
The National Directorate of Employment (NDE) has unveiled a five-year strategic plan aimed at boosting job creation, strengthening vocational training and modernising its 87 skills training centres across Nigeria. The 2027–2031 plan seeks to improve employment services, strengthen labour-market information systems and align vocational training more closely with industry needs, as the agency moves to address gaps in skills development and employment opportunities. Unveiling the plan in Abuja on Thursday, Silas Agara, NDE Director-General said the initiative would reposition the agency to respond more effectively to changing labour-market demands through skills acquisition, entrepreneurship, enterprise development and strategic partnerships. “The NDE…
African airlines recorded a 4.7 per cent year-on-year increase in air cargo demand in September 2026, even as cargo capacity fell by 1.2 per cent, highlighting a widening gap between demand and available capacity. The figures were contained in the latest report by the International Air Transport Association (IATA), which showed that global air cargo demand rose by 7.7 per cent during the month, supported by stronger trade and manufacturing activity and shipments linked to artificial intelligence. However, rising jet fuel prices continued to increase operating costs, threatening airlines’ ability to translate stronger cargo volumes into improved profitability. While African…
…Wins CIPM Awards Cadbury Nigeria Plc has announced a revenue of N126.69 billion for the nine months ended 30 September 2026, following the approval of the Company’s unaudited financial statements by its Board of Directors. This represents an increase of 6 per cent over the N 119.25 billion revenue that the Company posted in the same period in 2025. The Company’s gross profit grew by 32 per cent from N27.75 billion to N36.50 billion in the period under review. Cadbury Nigeria also reported a profit of N 10.14 billion, which translates to a 5 per cent increase compared to the…