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)
Oshiomhole Says APC Sacked Him as National Chairman via Zoom Meeting at Presidential Villa
Former Edo governor alleges court orders and internal party moves led to his removal after 2019 electoral victories
Former Edo governor alleges court orders and internal party moves led to his removal after 2019 electoral victories
Former National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, has revealed that he was removed from office through a virtual National Executive Council (NEC) meeting held via Zoom at the Presidential Villa in Abuja. Oshiomhole, who now represents Edo North Senatorial District, made this known during an interview on AIT aired on Sunday, 16 June 2026.
Oshiomhole explained that his ouster in June 2020 came after he led the APC to a second-term victory for President Muhammadu Buhari and resolved leadership disputes within the National Assembly. According to him, moves to remove him began with a petition allegedly signed by eight members of his ward in Edo State, which was followed by a series of court cases and interim orders that paved the way for his suspension.
He said, “I led my party to victory under Buhari. With my colleagues in the National Working Committee, we were able to fix the leadership tussle of the National Assembly, both Senate and House of Representatives effortlessly. Our president didn’t have to run around the country; we did all the marketing and persuasion needed.” Oshiomhole alleged that after stabilising the party, aggrieved members resorted to court actions when they could not remove him democratically. “Once the system got stabilised, I was sacked through a Zoom. When people couldn’t get me removed democratically, they claimed eight members of my ward passed a vote of no confidence on me. Based on that, they went to court and obtained an interim order.”
The former Edo State governor further stated that although he appealed against the suspension order and initially won at the Court of Appeal, the same court later reversed itself three weeks later. He recounted how, shortly after this reversal, an unprecedented NEC meeting was convened virtually at the Villa where his removal was formalised.
Oshiomhole’s exit marked a significant turning point for APC leadership. The party’s NEC subsequently dissolved its National Working Committee and set up a Caretaker/Extraordinary Convention Planning Committee to oversee party affairs amid ongoing internal divisions. His latest statements offer fresh perspective on one of Nigeria’s most dramatic recent political shake-ups.
At press time, no official response had been issued by current APC national officers regarding Oshiomhole’s account.
Nigeria News (Standard)
FG Approves Digital Address System for All Nigerian Buildings, Targets Rollout in October 2026
Communications Minister Tijani says initiative will boost security, curb fraud and improve service delivery nationwide
Communications Minister Tijani says initiative will boost security, curb fraud and improve service delivery nationwide
The Federal Government has announced plans to assign a unique digital address to every building across Nigeria, in a move officials say will tackle fraud, insecurity and poor logistics nationwide. The rollout of the National Digital Alphanumeric Postcode System is set to begin with selected states in October 2026, according to the Ministry of Communications, Innovation and Digital Economy.
The new addressing system will see all residential, commercial and public buildings across the country assigned a distinct alphanumeric code linked to their precise geographic coordinates. Authorities say this will replace the current reliance on vague descriptions and popular landmarks—such as ‘opposite the filling station’—which often hinder emergency response, deliveries and security investigations.
Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said the platform is being developed in partnership with the Nigerian Postal Service (NIPOST) using Geographic Information System (GIS) technology. “This digital addressing system will provide a reliable national location framework for security agencies, businesses and government institutions,” Tijani stated at a press briefing. He added that agencies like the Nigeria Police Force, EFCC, ICPC and DSS would benefit from improved ability to trace suspects and strengthen investigations involving fraud or other crimes.
Officials argue that Nigeria’s outdated addressing system has contributed to billions of naira in annual losses due to failed deliveries and inefficiencies in moving goods and services. NIPOST projects that standardising addresses will also boost e-commerce deliveries, postal services, transportation planning and access to essential government services. Responding to concerns over privacy, government representatives stressed that address-related data will be protected by existing data privacy laws.
With phase one scheduled for October 2026 before a nationwide expansion, stakeholders see the initiative as one of the most ambitious attempts yet to unify Nigeria’s national addressing framework. The opposition could not be immediately reached for comment on the announcement.
Nigeria News (Standard)
Emeka Ike Sues INEC, Wike’s Aide in Abuja Over ₦10bn Voter Data Leak
INEC and DSS launch investigations after screenshots of actor’s confidential voter records surface online, sparking privacy concerns
INEC and DSS launch investigations after screenshots of actor’s confidential voter records surface online, sparking privacy concerns
Nollywood veteran and House of Representatives aspirant, Emeka Ike, has instituted a ₦10 billion lawsuit against the Independent National Electoral Commission (INEC) and Lere Olayinka, media aide to Federal Capital Territory Minister Nyesom Wike, at the Federal High Court in Abuja. The suit follows the unauthorised release of Ike’s private voter registration details online on 16 June 2026.
The controversy began when screenshots containing Ike’s Continuous Voter Registration (CVR) information were published on X (formerly Twitter), allegedly by Olayinka. The shared images included personal data concerning Ike’s recent voter registration transfer, which Olayinka posted while questioning the actor’s eligibility to contest for the AMAC/Bwari Federal Constituency seat under the NDC platform.
Ike, visibly aggrieved by the exposure of his confidential records, described the incident as a gross violation of privacy. “Wike’s aide has no right to expose my privacy, and I am ready to take him on,” Ike said through his lawyers. Legal representatives for Ike have argued that this breach undermines public confidence in INEC ahead of subsequent elections and exposes potential risks to over 90 million registered voters across Nigeria.
Many Nigerians have expressed outrage following the leak, especially as it appeared that the records were accessed from INEC’s restricted CVR portal—ordinarily reserved for authorised personnel. The commission responded by launching an internal investigation and clarified there was no external hacking involved; instead, initial findings suggest that valid internal credentials were used to access the data. The Department of State Services (DSS) has also commenced a parallel probe into how Ike’s information ended up in public circulation.
Preliminary reports indicate investigators have traced the source of the leak to an electoral officer who allegedly accessed and shared the record before it was published online. As court proceedings commence, stakeholders are watching closely amid concerns about institutional accountability and data protection standards in Nigeria’s digital age. The outcome could set a precedent for how government agencies handle sensitive information entrusted by citizens.
Source: https://www.pulse.ng/story/emeka-ike-sues-inec-wike-aide-voter-data-leak-case-2026061611195529722
