Business

Elon Musk Threatens to Ban Apple Devices Over OpenAI Integration

Published

8 months ago

June 11, 2024

Elon Musk, the billionaire tech mogul, issued a stark warning, stating that he would prohibit the use of Apple Inc. devices within his companies if OpenAI’s artificial intelligence software is integrated at the operating system level. Musk cited security concerns regarding the tie-up between Apple and OpenAI during a presentation where Apple announced plans to offer access to OpenAI’s ChatGPT chatbot through its Siri digital assistant. This move is part of Apple’s initiative to introduce new AI features later this year.

Musk, who co-founded OpenAI but parted ways with the startup, expressed apprehension about the rapid development of generative AI technology and its safety implications. Despite his concerns, Musk is developing his own competitor to ChatGPT under his AI startup, xAI, featuring a chatbot named Grok.

In a statement on his social network, X, Musk stated, “If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies.” He deemed such integration as an “unacceptable security violation.” Musk’s companies include Tesla Inc. and Space Exploration Technologies Corp.

Musk further emphasized his stance by suggesting that visitors to his companies would be required to surrender their Apple devices, which would then be stored in a Faraday cage—a device that blocks electromagnetic fields.

Apple has yet to respond to Musk’s remarks. During its presentation, Apple assured users that privacy protections are in place for ChatGPT integration within Siri, stating that requests are not stored by OpenAI and users’ IP addresses are obscured.

Musk continued his criticism of Apple, alleging that the company lacks the ability to develop its own AI and lacks insight into the handling of user data once it is transferred to OpenAI.

The escalating tension between Musk and Apple underscores broader concerns surrounding the integration of AI technologies into consumer devices, particularly regarding privacy and security.

(Updates with additional information from Apple’s presentation)

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

18 hours ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

2 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.