News
Japan’s antitrust watchdog launches risk study into generative
Japan’s antitrust watchdog said Wednesday it has launched an investigation into the rapidly growing generative artificial intelligence market, aiming to promote fair competition amid dominance by U.S. tech giants in semiconductors and specialized personnel necessary for development.
Fast-paced advancements in AI technology have prompted the Japan Fair Trade Commission to take the unprecedented step of releasing a document to preemptively address antitrust and competition risks as it seeks public input on the topic.
The commission will collect opinions from businesses and users until Nov. 22, combining them with interviews for analysis. The first report on the findings is expected to be released next spring.
Generative AI development relies on semiconductors optimized for high-speed processing and vast amounts of data for model training. The commission warned in the document that restricted access to such resources could make it impossible for new players to enter the market.
It also expressed concern over U.S. chip giant Nvidia Corp. holding around an 80 percent global market share in semiconductors used for generative AI, with data also concentrated among a few companies.
Five additional risks were outlined, including IT giants leveraging their financial power to monopolize specialists and prioritizing their own products and services through AI inference.
Regulatory authorities outside of Japan are also racing to grasp the current state of generative AI. In January, the United States requested information on generative AI-related corporate alliances and investments among major IT companies, while the European Union and South Korea have begun their own investigations.
“While generative AI brings many benefits to the economy and society, we will investigate how to ensure it is soundly implemented,” the commission’s Secretary General Tetsuya Fujimoto said at a press conference Wednesday.
Former Attorney-General Abubakar Malami says Economic and Financial Crimes Commission operatives forcefully evicted him and his family from their Abuja residence despite ongoing court proceedings over the property’s forfeiture.
He described the action as unlawful and vowed to challenge it in court.
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
News
Former Acting Accountant-General of the Federation bags 72years imprisonment for diverting N868.46 million security funds
Justice James Omotosho of the Federal High Court in Abuja, on Monday, March 23, convicted and sentenced Chukwunyere Nwabuoku, former acting Accountant-General of the Federation (AGoF), to a 72-year jail term without an option of fine.
DailyTrust reports that in the judgment delivered, Justice Omotosho held that the Economic and Financial Crimes Commission (EFCC) had been able to prove the nine-count money laundering charge beyond reasonable doubt.
According to the judge, the defendant is hereby convicted as charged.
Justice Omotosho convicted Nwabuoku in all the nine counts and sentenced him to eight years imprisonment in each of the counts, making 72 years.
The judge, however, ordered that the counts shall run concurrently.
Justice Omotosho, who described Nwabuoku’s act of diverting funds meant for security and defence while he served as Director of Finance and Account in the Ministry of Defence as “appalling,” commended the EFCC for being detailed in its prosecution.
The judge observed that the evidence of the 9th prosecution witness that Nwabuoku voluntarily refunded part of the siphoned money of over N200 million during investigation was not controverted by the defence.
Nwabuoku served as the Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021. He became acting Accountant General of the Federation in May 2022.
IMO STATE LABOUR PARTY DESCENDS INTO FACTIONAL WAR
EFCC evicts Malami from Abuja home amid forfeiture dispute
Fuel price hike: Gov Makinde announces N10,000 transport support for workers
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