Nigeria News (Standard)
Elon Musk Surpasses $1.3 Trillion Net Worth as SpaceX Stock Soars After IPO
Nigerian analysts warn rapid gains may be unsustainable as SpaceX crosses $3 trillion valuation, holding major bitcoin reserves
Nigerian analysts warn rapid gains may be unsustainable as SpaceX crosses $3 trillion valuation, holding major bitcoin reserves
Elon Musk’s personal fortune climbed to an unprecedented $1.3 trillion on Monday after shares of SpaceX surged nearly 20 percent in its second full day of trading on the Nasdaq, following the company’s record-setting initial public offering (IPO). The rally, which briefly pushed SpaceX’s market capitalisation beyond $3 trillion, has further widened Musk’s lead as the world’s richest individual.
SpaceX, trading under the ticker SPCX, debuted at $135 per share and quickly attracted overwhelming investor demand — orders for shares reportedly topped $350 billion, almost four times the available stock. By Monday’s close, SpaceX shares reached $229.40, with the company raising about $75 billion from the IPO, marking the largest ever recorded globally.
The sharp increase in value delivered a one-day gain of roughly $165 billion to Musk’s net worth, more than the entire fortune of Microsoft co-founder Bill Gates. The billionaire entrepreneur remains SpaceX’s largest shareholder, and much of his wealth is now directly tied to the company’s performance in commercial satellite launches, satellite internet via Starlink, and large-scale government contracts for space missions.
Market observers in Nigeria have noted that while such a surge signals strong global investor appetite for high-growth technology firms, some analysts caution that maintaining this pace could prove difficult over time. “The scale of capital moving into technology stocks like SpaceX might pull investment away from cryptocurrencies and emerging markets,” said one Lagos-based investment strategist.
Beyond its core aerospace activities, SpaceX is also drawing attention for its sizeable cryptocurrency holdings. The company owns about 18,712 bitcoin — among the largest corporate portfolios globally — while Tesla, another Musk-led firm, reportedly holds 11,509 BTC. This exposure has led some asset managers to speculate that SpaceX could soon become the most valuable listed company with direct bitcoin holdings.
Major institutional investors including ARK Invest have already acquired millions of SpaceX shares across their exchange-traded funds. ARK CEO Cathie Wood described Starlink and reusable rocket technology as key drivers for long-term growth. As global interest in technology IPOs intensifies — with companies like OpenAI and Anthropic also coming to market — attention remains on how such developments will impact capital flows across sectors including fintech and digital assets.
With Musk’s net worth now estimated at ₦2 quadrillion when converted at current parallel market rates (₦1,600/$), his fortune stands at two-thirds that of the next nine richest people combined. Analysts say Nigerian investors should monitor global tech sector trends closely as they may affect local capital markets and fintech innovation.
Nigeria News (Standard)
Delta Police Arrest Two Suspected Cable Vandals in Ndokwa West
One suspect hospitalised after attempted escape as police recover stolen electric cables along Ibabu–Ugiliamai Road
One suspect hospitalised after attempted escape as police recover stolen electric cables along Ibabu–Ugiliamai Road
Operatives of the Delta State Police Command have arrested two individuals suspected of vandalising electric cables in Ndokwa West Local Government Area on Tuesday, 25 June. The suspects were apprehended around 10:30pm along the Ibabu–Ugiliamai Road following a joint operation involving officers from Kwale Police Station and members of the local vigilante group.
According to a statement issued by Delta State Police Public Relations Officer, SP Bright Edafe, the security team acted swiftly on credible intelligence that some persons were removing and stealing electric cables in the area. Upon sighting law enforcement, the suspects attempted to flee the scene, resulting in one of them sustaining injuries during the pursuit. The injured suspect is currently receiving medical attention, while the other is in police custody.
Cable vandalism has become a significant concern in Delta State and across Nigeria, often leading to prolonged power outages and financial losses for communities. The state government has repeatedly called for increased vigilance by residents and closer collaboration with security agencies to combat such crimes.
SP Edafe stated that investigations are ongoing to determine if other individuals are involved in the syndicate. “We urge members of the public to continue providing timely information that can help us protect public infrastructure,” Edafe said in Thursday’s press release.
The police command assured residents that efforts will be intensified to prevent further incidents of cable theft in Ndokwa West and neighbouring communities. Authorities also reminded residents that anyone found engaging in vandalism or aiding such activities would face prosecution according to Nigerian law.
Source: https://guardian.ng/news/nigeria/metro/delta-police-arrest-two-suspected-cable-vandals/
Nigeria News (Standard)
Trump Claims US Military Strikes in Borno Prevented Mass Killing of Christians by ISWAP
Former US president says American intervention curbed attacks; Nigerian government yet to issue official response
Former US president says American intervention curbed attacks; Nigerian government yet to issue official response
Former United States President Donald Trump has stated that military strikes authorised by his administration in Borno State helped prevent the mass killing of Christians by militants linked to Islamic State West Africa Province (ISWAP). Trump made this assertion on Friday during an event held in Washington, where he defended his decision to target terrorist groups operating in Nigeria’s North-East region.
According to Trump, the US military operations significantly reduced attacks on Christian communities in Borno and neighbouring states, which had been facing repeated assaults from ISWAP fighters. He said, “As you know, we recently struck Nigeria and largely ended the slaughter of great Christian populations. They have a great Christian population. They were being butchered—thousands and thousands of people were being killed, children, women, old people, just being slaughtered, hacked to death.”
Trump added that the American intervention sent a strong warning to the militants responsible for these attacks. He claimed the strikes discouraged further violence against religious minorities in the region. The former president did not provide specific details regarding the timing or scale of the US operations referenced.
The Nigerian government and security agencies are yet to release any official statement confirming the reported strikes or commenting on Trump’s claims as at press time. In previous years, Borno State and other parts of North-East Nigeria have witnessed repeated attacks targeting both Muslim and Christian communities by various armed groups, including ISWAP and Boko Haram.
Security analysts say international military cooperation is often conducted discreetly and that foreign involvement in counter-insurgency operations can carry both diplomatic and security implications for Nigeria. The opposition could not be immediately reached for comment regarding Trump’s statements.
Nigeria News (Standard)
Former Super Eagles Coach Adegboye Onigbinde Laid to Rest in Modakeke, Osun State
Onigbinde, who led Nigeria to the 2002 FIFA World Cup, remembered for his legacy in Nigerian football
Onigbinde, who led Nigeria to the 2002 FIFA World Cup, remembered for his legacy in Nigerian football
Adegboye Onigbinde, the former head coach of the Super Eagles, was buried on Saturday in Modakeke, Osun State. The burial ceremony drew family members, friends, and football stakeholders who came together to pay their last respects to the veteran tactician.
Onigbinde’s funeral was held at his hometown of Modakeke, marking the end of an era for one of Nigeria’s most respected football coaches. Attendees described him as a disciplinarian and a mentor whose contribution to Nigerian football development spanned decades. Many local residents and members of the football community gathered to honour his memory.
Onigbinde rose to national prominence when he managed the Super Eagles at the 2002 FIFA World Cup. He is credited with nurturing young talent and promoting professionalism in Nigerian football. His death is considered a significant loss by many in the sports fraternity, particularly those from Osun State and across the South-West geopolitical zone.
Though details of official statements were not available at press time, tributes have continued to pour in from fans and former players who worked with Onigbinde during his long career. They praised his dedication and commitment to raising the profile of Nigerian football on the world stage.
As Nigerians reflect on Onigbinde’s enduring legacy, sports analysts note that his impact will continue through coaches and players he mentored over the years. The Nigerian Football Federation is expected to organise further commemorative events in honour of his service.
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Former Super Eagles Coach Adegboye Onigbinde Laid to Rest in Modakeke, Osun State
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