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Elon Musk Loses Trillionaire Status as Net Worth Falls Globally

Tesla and SpaceX CEO’s wealth drops below ₦1.7 trillion after recent stock market fluctuations and tech sector slowdown

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Tesla and SpaceX CEO’s wealth drops below ₦1.7 trillion after recent stock market fluctuations and tech sector slowdown

Elon Musk, Chief Executive Officer of Tesla and SpaceX, has lost his status as the world’s first trillionaire following a significant drop in his net worth this week. The development, which has attracted attention among global investors and Nigerian tech enthusiasts alike, comes after a sharp decline in the value of shares held across his companies.

Musk’s wealth dipped following a selloff in the technology sector on major stock exchanges, with Tesla experiencing notable losses that erased billions from its market capitalisation. The billionaire entrepreneur, who previously reached the trillion-dollar mark due to surging Tesla valuations, now finds his fortune reduced below that threshold, according to global financial tracking platforms.

The change marks a reversal from late 2025 when Musk’s net worth soared amid strong demand for electric vehicles and advances in space technology. For many Nigerians following international markets, Musk’s trajectory is closely watched as it reflects broader trends impacting tech investments and innovation funding worldwide.

Financial analysts attribute the recent downturn to shifting investor sentiment and concerns over rising interest rates globally. “High-profile figures like Elon Musk are not immune to the volatility we’re seeing,” said one Lagos-based analyst on Wednesday. “This could affect foreign investment patterns in Africa’s own emerging tech sector.” There was no immediate official comment from Musk or representatives of Tesla at press time.

Market watchers say further fluctuations are likely as global economic pressures continue to weigh on technology shares. For Nigerian entrepreneurs and investors, experts suggest keeping a close eye on international trends that could shape access to capital and valuation prospects for local startups.

Source: https://www.premiumtimesng.com/business/business-news/890394-elon-musk-loses-trillionaire-status-as-net-worth-drops.html

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Nigeria News (Standard)

Minister’s Son in Lagos Demands DNA Test Over Alleged Paternity Dispute

Case highlights growing trend of legal paternity challenges as family seeks scientific confirmation to resolve longstanding issue

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Case highlights growing trend of legal paternity challenges as family seeks scientific confirmation to resolve longstanding issue

A son of a serving Minister in Lagos has formally requested a DNA test to address an ongoing paternity dispute, escalating a private family matter into legal territory. The demand was made public on Wednesday, 24 June, as the individual challenged what he described as an alleged denial of paternity by the Minister.

According to court filings seen in Lagos, the claimant is seeking a definitive scientific assessment to determine his biological relationship with the Minister. The move follows months of reported disagreement within the family over the true parentage of the young man, prompting calls for independent verification through DNA analysis.

Paternity disputes have become increasingly prominent in Nigeria, with several high-profile cases making headlines in recent years. Legal experts note that requests for DNA tests are now more common as families seek conclusive evidence in resolving such sensitive matters. Many observers say these disputes often carry significant emotional and reputational consequences, especially when involving public figures or government officials.

The Minister at the centre of this case has not made any public statement regarding the allegations or the request for a DNA test. Efforts to reach representatives for comment were unsuccessful as at press time. Family sources indicate that both parties are expected to present their positions before a court-appointed mediator or judge in coming weeks.

Legal analysts predict that the outcome could set an important precedent for similar cases involving prominent Nigerians. As attention grows on how such disputes are handled by both families and the courts, stakeholders are urging all parties to respect due process and prioritise amicable resolution.

Source: https://www.premiumtimesng.com/news/890426-ministers-son-challenges-alleged-paternity-denial-demands-dna-test.html

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Nigeria News (Standard)

Lagos Hosts Canada-Africa Business Conference as Nigeria-Canada Trade Reaches $3bn Mark

Canadian Minister hails Nigeria as key partner, urges deeper collaboration in energy, agriculture, and clean tech sectors

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Canadian Minister hails Nigeria as key partner, urges deeper collaboration in energy, agriculture, and clean tech sectors

Nigeria’s bilateral merchandise trade with Canada has risen to $3 billion as at 2025, reaffirming Nigeria’s position as Canada’s second-largest trading partner on the African continent. The milestone was announced on Monday at the opening of the sixth Canada-Africa Business Conference held in Lagos.

The two-day event, organised by the Canada-Africa Chamber of Business in collaboration with Zenith Bank Plc, brought together leading investors, policymakers, and business executives from both countries and across Africa. Delegates focused on unlocking opportunities for increased trade and investment in sectors including financial services, infrastructure, energy, mining, agriculture, and clean technology.

Addressing participants through a message to the conference, Canadian Prime Minister Mark Carney commended organisers for their efforts in strengthening economic links between Africa and Canada. In his remarks at the event, Canada’s Minister of International Trade, Maninder Sidhu, highlighted Nigeria’s growing importance to Canadian business interests and called for renewed efforts to expand partnerships across emerging sectors.

“Nigeria remains an essential partner for Canada in Africa. We see significant potential for growth not only in traditional commodities but also in areas like renewable energy and digital innovation,” Sidhu said.

The conference also featured panel discussions on financing cross-border projects and fostering innovation-driven economies. Stakeholders emphasised that deeper cooperation could unlock new jobs and drive inclusive growth across both countries. Many delegates advocated for regulatory reforms and improved infrastructure to ease business operations between Nigeria and Canadian firms.

The event is expected to lead to new commercial agreements and further boost bilateral ties going forward. Stakeholders will continue engagement after the conference concludes Tuesday, with follow-up meetings planned between government officials and private sector leaders.

Source: https://guardian.ng/news/nigeria-canada-bilateral-trade-hits-3bn/

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Nigeria News (Standard)

NFF President Gusau Announces Plan to Decentralise Coaching Education Nationwide

Move aims to expand access for grassroots coaches; state FAs set to play bigger role in training programmes

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Move aims to expand access for grassroots coaches; state FAs set to play bigger role in training programmes

The President of the Nigeria Football Federation (NFF), Ibrahim Gusau, has revealed a new plan to decentralise coaching education across the country, with the goal of making training more accessible to coaches at all levels. Gusau made this announcement on Wednesday, 24 June, during an official engagement in Abuja.

According to Gusau, the NFF intends to move away from a centralised system of organising coaching courses and instead empower state football associations (FAs) to conduct training at the grassroots. This initiative is designed to address long-standing complaints about limited access and high costs that have prevented many aspiring coaches from participating in NFF-accredited programmes.

The NFF president said that decentralisation will allow state FAs to organise coaching courses within their localities, under guidelines and supervision provided by the national body. “We believe that by bringing coaching education closer to the people, we can discover more talent and improve the standard of football in every part of Nigeria,” Gusau stated.

Industry observers note that this marks a significant policy shift for Nigerian football administration. Many grassroots coaches have previously complained about having to travel long distances or pay high fees for certification courses usually held in Abuja or Lagos. The NFF’s new approach is expected to benefit coaches from remote areas and support football development at community level.

While details on implementation timelines are yet to be announced, Gusau assured stakeholders that modalities will soon be communicated through state associations. He urged local FA chairmen to prepare for active involvement in the process, promising that the NFF will provide technical support and ensure uniform standards nationwide.

Source: https://www.premiumtimesng.com/sports/football/890416-nff-to-decentralise-coaching-education-gusau.html

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