E-Business
ICS Financial Systems Marks 3rd Success at BoICT Awards
ICSFS, the global software and services provider for banks and financial institutions, is recognised for the third consecutive year by the readers of Nigeria CommunicationsWeek as “the Banking Software of the Year 2012″ in Beacon of ICT Awards, which is the only ICT merit-centric recognition and award celebration in Nigeria.
The event took place on April with more than 120 guests from the ICT industry were in attendance to celebrate the winners of the Beacon of ICT Awards, which is known to be one of the biggest red carpet events in Nigeria.
The theme of this year’s celebrations is “Technology Adaption; Looking IT Straight in the Eye”. This year over 55,000+ Nigerians voted in different categories to the organizations and individuals who have left an indelible imprint on the Nigerian ICT Market.
Mr. Chike Onwuegbuchi, deputy editor-in-chief at Nigeria CommunicationsWeek, stated, “ICS BANKS® is recognized as the “Banking Software of the Year” for being the powerhouse in providing comprehensive financial data management and clients’ customer information. Nigerians have recognized ICSFS’ hard work, sincerity and dedication towards the growth of ICT in the banking sector of the country by voting for ICS BANKS®. Users are particularly happy that ICSFS’ commitment to every client bank extends far beyond providing software systems and automation solutions. ICS BANKS® Integrated Core Banking module manages banking client’s head office and branch financial activities for clients’ customers on all levels. ICS BANKS® System is a multi-currency, branch, bank and language built on an open architecture fully scalable to any financial institution size.”
Robert Hazboun, managing director of ICSFS; commented on this occasion, “We are delighted to be adding such a prestigious award to our industry accolades for the third time in a row. We are proud of the significant success we’ve had in Nigeria this year, as this award highlights our footprints in the Nigerian ICT Market while considering the rapidly changing environment. We will continue to leverage the spirit of innovation and technological breakthroughs into our products and deliver market-leading banking solutions.”
The awards were instituted by Communication Week Media Limited, publishers of Nigeria CommunicationsWeek, the fiercely independent weekly ICT newspaper covering the knowhow of e-business, broadcasting, courier, computing, telecom, ICT career, and any other ICT business, and are uniquely placed to view government and business organizations as well as individuals’ contributions, creativity and excellence in the application of ICTs and solutions.
It is worth mentioning that ICS BANKS® provides a complete suite of banking business modules with a rich sweep of functionality and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance.
ICS BANKS® has always been a pioneer in utilizing the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system is deployed in a multi-tiered setup that runs on a web thin client, J2EE environment.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg)
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.
![Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg?resize=573%2C254&ssl=1)
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
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Open-AI.jpg)
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.
![OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/04/Elon-Musk.jpg?resize=563%2C229&ssl=1)
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
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Adobe-logo.jpg)
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.
- E-Business3 days ago
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
- News3 days ago
FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy
- General News2 days ago
Researchers Develop Innovative Treatment for Malaria
- News2 days ago
TikTok Returns on Apple, Google US App Stores as Trump Delays Ban
- E-Financial3 days ago
Nigeria Worst Hit by Crypto Currency Fraud
- E-Financial2 days ago
African Union Launches Credit Rating Agency to Promote Regional Economic Integration
- Telecom2 days ago
Visa Launches Report on Digital Payment Landscape in Nigeria, Shows Positive Outlook
- Telecom3 days ago
Salesforce Collaborates with Tech Leaders to Launch AI Energy Score for Model Efficiency