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Flutterwave Partners with EFCC to Establish Cybercrime Research Center in Nigeria

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Flutterwave Partners with EFCC
Nigerian fintech giant, Flutterwave, has partnered with the Economic and Financial Crimes Commission (EFCC)

Nigerian fintech giant, Flutterwave, has partnered with the Economic and Financial Crimes Commission (EFCC) to create a Cybercrime Research Center in Nigeria. This initiative aims to combat internet crime, enhance transaction security, and provide sustainable opportunities for youths across the country.

Memorandum of Understanding (MoU)

A Memorandum of Understanding was signed on June 14, 2024, by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and the CEO of Flutterwave, Olugbenga Agboola. This partnership marks a significant step in the fight against financial crimes and underscores the commitment of both parties to fostering a secure financial environment.

Objectives of the Cybercrime Research Center

The Cybercrime Research Center, to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building. The center will focus on several key areas:

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  1. Advanced Fraud Detection and Prevention
    • Develop and implement cutting-edge technologies to detect and prevent financial fraud.
    • Offer comprehensive training for law enforcement and industry professionals to effectively combat modern financial crimes.
  2. Collaborative Research and Policy Development
    • Engage in joint research initiatives and policy formulation to enhance understanding and regulation of financial crime.
    • Provide a platform for the exchange of ideas and best practices between the public and private sectors.
  3. Youth Empowerment and Capacity Building
    • Provide high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.
  4. Technological Advancement and Resource Enablement
    • Create a repository of advanced tools, technologies, and resources to support financial crime investigations.
    • Develop protocols for addressing emerging threats, such as cryptocurrency-related crimes.

Statements from Key Stakeholders

Flutterwave’s CEO, Olugbenga Agboola, emphasized the company’s dedication to promoting secure transactions:

“This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

EFCC Executive Chairman, Mr. Ola Olukoyede, expressed appreciation for the partnership:

“The EFCC is impressed with the strides and expanse of Flutterwave across Africa. This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

Importance of the Initiative

As the payments ecosystem evolves, financial fraud remains a significant challenge, threatening the stability and trust in financial systems. The partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

The Cybercrime Research Center is poised to play a crucial role in enhancing the fight against financial crimes, ensuring safer transactions, and empowering the next generation with the necessary skills to thrive in the digital economy.

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Politics

Chinese AI App DeepSeek Sparks Market Turmoil, $500bn Wiped from Nvidia and US Tech Giants

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Chinese AI App DeepSeek Sparks Market Turmoil, $500bn Wiped from Nvidia and US Tech Giants

The emergence of Chinese AI app DeepSeek has triggered shockwaves across the US tech industry, leading to a significant drop in stock prices for major companies. AI chipmaker Nvidia saw its value plummet by 16%, losing $500 billion in market capitalization. Rival Broadcom also suffered a sharp decline, with shares falling 17.8%, while other tech giants like Microsoft and Meta experienced notable losses.

DeepSeek has quickly risen to become the most downloaded free app in the United States, overtaking popular rivals like ChatGPT. Its reported development cost of just $6 million has sent ripples through the industry, challenging the traditional notion that groundbreaking AI technology requires multibillion-dollar investments.

In stark contrast, companies like Microsoft and Meta have committed vast sums to AI development, with investments of $80 billion and $60–65 billion, respectively. DeepSeek’s meteoric rise suggests that a lower-cost, open-source approach may disrupt existing business models and redefine what is possible in AI.

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The sudden market turmoil underscores concerns about America’s dominance in artificial intelligence. Investors are now questioning whether US tech companies can maintain their competitive edge against cheaper, innovative alternatives like DeepSeek.

Nvidia, a key player in AI chip manufacturing, experienced the most significant blow, as the app’s success has called into question the scalability and profitability of existing AI strategies reliant on expensive infrastructure.

DeepSeek’s rise highlights the potential for more cost-effective, innovative solutions in AI development. While its reported $6 million development budget remains disputed by some industry experts, it has already shifted perceptions of what achieving AI breakthroughs might cost.

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This development could pave the way for smaller companies and governments to explore AI without the need for massive financial resources. In the UK, where the government is banking on AI to drive economic growth and reduce public service costs, such advancements could serve as inspiration for future projects.

Despite its success, DeepSeek’s rapid rise also raises questions about its long-term sustainability, data privacy, and the technology underpinning its platform. As researchers and analysts delve deeper into its model, the app’s low-cost development claims may face scrutiny.

The DeepSeek phenomenon has upended the AI market, challenging entrenched economic assumptions and sparking uncertainty for US tech giants.

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Nvidia Unveils RTX 50-Series Chips at CES with AI-Powered Gaming Revolution

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Nvidia Unveils RTX 50-Series Chips at CES with AI-Powered Gaming Revolution

Nvidia CEO Jensen Huang has introduced the next generation of gaming chips, the RTX 50-series, during his keynote address at CES 2025 in Las Vegas. These cutting-edge chips leverage Nvidia’s Blackwell artificial intelligence (AI) technology, promising unprecedented gaming experiences with movie-quality graphics.


Huang showcased the capabilities of the RTX 50-series chips, claiming they are twice as fast as their predecessors. Priced between $549 (£438) and $1,999, the chips are designed to cater to a wide range of gamers, from casual players to hardcore enthusiasts.

In a live demonstration, the new chips produced stunning, highly detailed visuals with dynamic textures and complex maneuvers—all in real time. “It was awesome that they can do this in real time,” said Gary Yang, a robotics graduate student from Caltech. “Previously, we’d think of these graphics as pre-rendered.”

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The RTX 50-series chips will hit the market starting late January 2025. Early reactions from attendees at the CES event have been overwhelmingly positive. “I thought it was incredible,” said Scott Epstein of Agenovate AI, emphasizing Nvidia’s ongoing innovation.


The announcement comes as CES 2025 attracts over 150,000 attendees and 4,500 exhibitors, solidifying its reputation as the premier stage for tech innovation. Nvidia’s shares reached a record high in anticipation of Huang’s keynote, underlining the market’s confidence in the company’s direction.


Reflecting on Nvidia’s 31-year history, Huang highlighted the company’s evolution from a graphics chip manufacturer to a leader in AI chip development, now valued at over $3 trillion. Despite its achievements, Nvidia faces challenges from regulators worldwide scrutinizing its dominance in the AI chip market.

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The RTX 50-series chips mark a significant step forward in gaming technology, blending AI advancements with unparalleled performance.

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Volkswagen and Xpeng Join Forces to Expand EV Super-Fast Charging Network in China

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Volkswagen and Xpeng Join Forces to Expand EV Super-Fast Charging Network in China

Volkswagen and Xpeng have announced plans to collaborate on a vast super-fast electric vehicle (EV) charging network in China, marking a significant step in their partnership. The two companies signed a memorandum of understanding to share access to their respective charging networks, creating over 20,000 charging points across 420 cities in China.

The partnership, which aims to make EV charging more accessible, also includes plans for co-branded super-fast charging stations. Olaf Korzinovski, executive vice president of Volkswagen Group China, highlighted the ambition:
“Through our strategic collaboration with Xpeng, we will form one of the largest Super Fast Charging Networks in China, enabling seamless e-mobility not only in major cities but also in remote areas.”

The announcement sent Xpeng’s Hong Kong-listed shares up 3.4% by market close on Monday, while Volkswagen shares rose 2% in early European trading.

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The charging infrastructure is a critical aspect of EV adoption, allowing drivers to recharge their vehicles conveniently and drive longer distances. The partnership is expected to rival Tesla’s growing Supercharger network in China, adding competition to the rapidly expanding EV market.

Volkswagen has been intensifying its focus on the Chinese EV market. In 2023, the German automaker invested $700 million in Xpeng, acquiring a 4.99% stake in the company. By 2030, Volkswagen plans to introduce at least 30 fully electric models in China across its various brands.
In addition to the charging network, Volkswagen and Xpeng are working together on two electric car models, slated for delivery in China by 2026.

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