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AIG Set to Commission New Office In Yaba, Nigeria ‘Silicon Valley’

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Africa Internet Group (AIG) is to open its new office complex which is located at the E-Center, Sabo-Yaba, Lagos is directly in the heart of Yaba which is fast becoming the new tech-hub of Nigeria, otherwise known as ‘Nigeria’s Silicon Valley’.

The office complex houses all AIG ventures here in Nigeria such as Carmudi, Easytaxi, Hellofod, Jovago, Kaymu and Lamudi.

AIG shows African entrepreneurial spirit with many success stories. Founded in 2012, it is currently operating in 26 countries.

Since inception, AIG has created over 70 companies in 8 different verticals: online retail, food ordering platform, online marketplace, real estate marketplace, vehicle marketplace, taxi hailing, online travel agency and P2P lending marketplace.

AIG, supported by three global experts in e-commerce and African markets, Millicom, MTN Group and Rocket Internet, it has continued to shape the African Online Culture.

E-commerce is a global megatrend that is already established in most parts of the western hemisphere.

According to www.statista.com, Africa accounted for 2.1% percent of global B2C e-commerce sales, representing a 31% growth in global share since 2011.

Thereby the African market is far from being saturated.

This nascent environment provides ideal conditions for upcoming e-commerce companies and this is where AIG and its ventures step in.

As AI

G opens office in Yaba, Lagos, the ‘Silicon Valley’ continues to be a leading hub for high-tech innovation and development, accounting for several venture capital investment in the State and Nigeria in general.

Recently, Mr. Adebiyi Mabadeje, the State’s commissioner for Science and Technology, said that, with the on-going massive broadband project and other clusters of IT driven businesses cropping up in Yaba, the Government is hopeful of replicating “silicon valley” phenomenal center in the area.

Speaking to Nigeria CommunicationsWeek on the office launch, Vivian Chidinma, public relations manager, Carmudi Nigeria, said it a reflection that the Company has come to stay in the country, harnessing local talents while contributing to the economic growth.

According to her, Carmudi as one of the Companies has made indelible marks in the online auto-buying and selling too.

On her part, Keisha Diamond, public relations manager, Lamudi Nigeria, also said that the platform will use the opportunity to launch the biggest, “and never done before real estate product in Nigeria and Africa as a whole.

“To us at Lamudi, it is a legendary day as we make history right before the eyes of guests for the real estate industry in Nigeria!”

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

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Eric Schmidt, former Google CEO
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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

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.

 

 


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OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

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Sam Altman, chief executive of ChatGPT-owner OpenAI
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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

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.

 

 

 

 


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Adobe Launches AI Video Tool to Compete with OpenAI

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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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