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Jeff Bezos Steps Down as Amazon CEO

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Jeff Bezos, the American business magnate, who is founder and chief executive officer (CEO) of Amazon, one of the world’s largest technological organisations  will step down from the top position on Monday.

Jeff Bezos Steps Down as Amazon CEO

Jeff Bezos

Andy Jassy,   chief of Amazon Web Services,will become the new CEO.

However, Bezos, 57, will retain a crucial role as the executive chair at the organisation.

He will not be a part of the daily management and will spend more time on other projects including his Aerospace company Blue Origin.

Bezos, who is currently the richest person in the world, started Amazon as an online bookstore at a garage 27 years back, when he packaged orders himself and delivered them to post offices.

He took the organisation to new heights and expanded its business in the fields of e-commerce, artificial intelligence, cloud computing, digital streaming among many others.

Amazon, which is often regarded as the most valuable brand on earth, has a market value of over $1.7 trillion, according to a report by news agency AFP.

Jeff Bezos own net worth is close to $200 billion, even after a divorce settlement with ex-wife MacKenzie Scott, where he gave a part of his stake to her.

Bezos has many critics. Last month, a bombshell article from ProPublica claimed to have seen Bezos’ tax returns – and alleged Bezos paid no tax in 2007 and 2011. It was a stunning claim about the world’s richest man.

Other negative stories about Amazon, its ruthlessness, its claims of monopolistic behaviour, haven’t helped Bezos’ reputation.

However, many people who work closely with him don’t recognise the characterisation that he is uncaring or selfish.

For them, he is a business visionary – a man with a singular focus who has created a legendary work philosophy and a company worth almost $1.8trn (£1.3tn) according to BBC News.

Always fascinated by space travel, later this month he aims to fly into space on the first crewed flight made by his company Blue Origin.

A petition to not allow him back to Earth has gathered nearly 150,000 signatures.


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TCN Reveals N8.8 Billion Expenditure on Restoring Destroyed Transmission Towers

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Federal Government has revealed that N8.8 billion has been spent to repair and restore power transmission towers across Nigeria that were destroyed by vandals and bandits.

The announcement was made on Wednesday by the Managing Director of the Transmission Company of Nigeria (TCN), Engr. Suleiman Ahmed Abdulaziz, during the Quarterly Power Sector Working Group meeting in Abuja.

Engr. Abdulaziz, represented by the Executive Director of Transmission Service Provider (TSO), Engr. Olugbenga Emmanuel Ajiboye, disclosed that 128 transmission towers have been destroyed since January 13, 2024. He lamented the recurrence of vandalism despite the arrests of perpetrators, citing ineffective prosecution as a significant challenge.

“Till date, we have spent about N8.8 billion, by our estimation, to put them back to full and functional use,” Abdulaziz said. “It is so sad that each time the vandals were caught and taken to police for prosecution, police would incident them for theft instead of vandalism, and they will be bailed. If they are charged for vandalism, they cannot be bailed, but this is where we are.”

Highlighting the severity of the situation, Abdulaziz noted the challenges faced during the restoration of the Shiroro-Mando-Kaduna transmission towers. “We had to get full military escorts for our contractors to restore the transmission lines and towers.

“In some cases, they would only allow us to work for two hours a day, and at times, they declared the area unsafe for operations.

“How can we deliver electricity to Nigerians under these terrible circumstances?”

The Minister of Power, Chief Adebayo Adelabu, represented by his Chief Technical Adviser, Mr. Adedayo Olowoniyi, outlined the government’s plans to collaborate with international partners to improve electricity access.

He revealed ongoing efforts with the World Bank and the African Development Bank (AfDB) to provide electricity to 50 million Nigerians by 2030 as part of the larger “Mission 300” initiative, which aims to bring electricity to 300 million Africans.

“Nigeria has a large population that is without electricity, and this is a great opportunity for us to be part of this process,” Adelabu said.

He added that the government’s strategy involves public and private sector partnerships focusing on solar systems, mini and micro grids, and grid extensions.

The Minister also announced that President Bola Ahmed Tinubu is set to sign the Compact document for the Mission 300 project in Tanzania in January 2025. “The most important thing is that we have to drive the process by ourselves,” he emphasized.

The Nigerian power sector continues to grapple with numerous challenges, including vandalism, banditry, and insufficient infrastructure. The Federal Government has also faced criticism for inadequate security measures around critical power assets.


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Asein, DG NCC Seeks IP Policy for Every University

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Dr. John O. Asein, the Director-General, Nigerian Copyright Commission (NCC) has again stressed the need for every University to have an Intellectual Property (IP) Policy so as to maximize their innovative and creative potentials.

Dr. Asein made this point while formally presenting the revised Model Intellectual Property (IP) Policy to the General Assembly of the Committee of Vice Chancellors of Nigerian Universities (CVCNU) in Abuja on 30th October 2024.

According to him, the Model Policy, which was developed by the Commission in collaboration with the CVCNU in 2021 was reissued as part of the Commission’s renewed effort to promote its adoption and implementation.

The Director-General thanked the immediate past Secretary General of CVCNU Prof. Yakubu Ochefu for supporting the initiative and working with the Commission to promote the sustainable use and effective management of IP in Nigerian universities.

Dr. Asein also called on tertiary institutions, as centres of learning and research, to introduce their faculties and students to the subject of intellectual property in line with global trends and to make Nigerian universities globally competitive.

To this end he assured Vice-Chancellors of the Commission’s readiness to help in the development and implementation of their policy.

“The Commission will work with other agencies, including the World Intellectual Property Organization (WIPO) to begin the intellectual property ranking of universities and celebrate those that excel in the respect, generation, use and commercilaisation of IP”, the Director-General assured.

Speaking on the WIPO Distance Learning (DL) courses on IP, the Director-General urged universities to infuse the WIPO DL 101 course, which is available online for free, into the General Studies course to give students basic knowledge of IP and equip them in their respective courses of study.

Receiving the copies on behalf of Nigerian Vice-Chcnellors, the Chairman CVCNU, Prof. Lilian Salami (Vice-Chancellor, University of Benin) commended the collaborative efforts of the Commission and AVCNU in developing the Model IP Policy and assured the Director-General of CVCNU’s continued commitment to working with the Commission, particularly in promoting better IP culture in universities.

The Model IP Policy was developed with the help of a team of Nigerian experts and with the support of the Nigerian University Commission (NUC), the World Intellectual Property Organization (WIPO) and the National Office of Technology Acquisition and Promotion (NOTAP).


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Court Orders Arrest of Echefu, Businessman over Alleged $651,280 Fraud

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A Chief Magistrate Court sitting in Bwari area council, Abuja has ordered the arrest of Dr Bright Echefu, chief executive of Briech Intelligence Fusion Limited, a security company, over an allegation of $651, 280 fraud.

Court Orders Arrest of Echefu, Businessman over Alleged $651,280 Fraud

Echefu is said to have allegedly defrauded BCG NEEDS Company of the said amount under the pretence of supplying drones and accessories.

The court ordered Disu Olatunji, commissioner of Police, federal capital territory (FCT) to arrest Echefu and his company.

Echefu is also the managing director and chief executive officer of Telecom Satellite Television, according to Leadership Newspaper.

The Economic and Financial Crimes Commission (EFCC) had earlier arraigned the businessman at the federal high court over allegations of tax evasion, money laundering, and advanced fee fraud.

Okechikwu John Akweke, presiding judge, ordered Echefu’s arrest after the motion was moved by John Paul Eze Esq. of O. J. Law Consult.

Akweke said the order is to compel Echefu and his company appearances before the court in line with Section 113 of the Administration of Criminal Justice Act 2015.


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