Untitled

[roseonallsideshq]

FG Orders Banks To Freeze Assets After US Sanctions Nigerian, Three Firms Over Alleged ISIS Financing

By Desmond ogbonmwan The Federal Government has directed banks, bureaux de change, financial institutions and designated non-financial businesses across Nigeria to immediately comply with sanctions regulations by freezing the assets of individuals and organisations linked to terrorism financing. The directive follows recent sanctions imposed by the United States against a Nigerian national and three Nigerian bureaux de change accused of participating in a financial network allegedly connected to the Islamic State (ISIS). In a statement issued by the Nigerian Sanctions Committee, the government reminded all financial institutions of their legal obligation to enforce sanctions measures, including freezing assets, filing Suspicious Transaction Reports (STRs) and reporting any identified matches to the relevant authorities. The latest directive comes days after the United States Office of Foreign Assets Control (OFAC) announced sanctions against Lagos-based Mukhtar Adamu Muhammad, alongside Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited. According to U.S. authorities, the individuals and businesses were allegedly involved in moving funds connected to ISIS financial networks operating across West Africa, Europe and the Middle East. Nigeria Expands Its Own Sanctions List The Federal Government noted that even before the U.S. announcement, Nigeria had already updated its own sanctions list on June 18, 2026. The latest additions include: - Ibrahim Yakubu Ogirima - Adamu Chiroma - Ibrahim Abubakar - Abdullahi Umar Usman - Babangida Muhammed - Adamu Hammajam - Abbal Bako & Sons Bureau De Change Limited According to the Sanctions Committee, the designations followed intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe the affected individuals and entities had allegedly facilitated or supported the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks. Financial Institutions Warned The committee stressed that compliance with terrorism financing regulations is mandatory for banks, bureaux de change, insurance companies, fintech firms and other reporting institutions. It warned that institutions are expected to identify sanctioned persons, freeze any associated assets without delay and notify the appropriate regulatory authorities. The government said the measures are aimed at preventing Nigeria's financial system from being used to fund terrorism or extremist activities. "Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country's financial system," the committee stated. Coordinated International Effort Officials described the U.S. sanctions as reinforcing actions Nigeria had already taken, saying both countries are working toward disrupting financial networks that sustain terrorist organisations. The committee also commended the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for their roles in investigating and implementing the sanctions. Defence Intelligence Speaks On Security Gains Meanwhile, the Chief of Defence Intelligence, Lieutenant General Emmanuel Undiandeye, said Nigeria's military has significantly weakened terrorist groups through joint operations conducted alongside international partners including the United States, the United Kingdom and France. Speaking during the Defence Intelligence Agency's Second Quarter Operations Briefing for Foreign Defence Advisers and Attachés, the intelligence chief said several terrorist commanders, logistics networks and supply chains had been dismantled. "Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished," he said. He added that Nigeria's security agencies continue to strengthen intelligence sharing and operational cooperation with allied countries to address terrorism and other transnational security threats. Renewed Focus On Terrorism Financing Security experts have increasingly identified financial networks as one of the most important lifelines sustaining extremist organisations. By targeting individuals, businesses and financial channels suspected of facilitating the movement of funds, authorities hope to restrict the ability of terrorist groups to recruit members, procure equipment and carry out attacks. The Federal Government said it remains committed to working with domestic agencies and international partners to strengthen Nigeria's financial system while contributing to broader global efforts to combat terrorism financing. RELATED STORIES FROM ROSEONALLSIDESHQ - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists And Criminals On Your Front Pages — FG Tells Media Houses - Joe Igbokwe Backs Sowore's Remand, Says Criticising Tinubu Is 'Not A Career' - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week - JAMB 2026: Everything Candidates Need To Know About Admission Requirements Read the full article

[roseonallsideshq]

{"version": 3, "isGlobalStylesUserThemeJSON": true } Read the full article

[roseonallsideshq]

Lagos Mall Collapse: One Dead, 15 Rescued as Emergency Teams Search for Survivors

By Desmond Ogbonmwan Rescue teams are racing against time after a three-storey shopping complex collapsed on Thursday morning at Oluti Bus Stop along Old Ojo Road, opposite Eternal Oil Filling Station in the Alakija area of Lagos State, leaving one person dead and at least 15 others rescued. Emergency officials said search-and-rescue operations remain ongoing amid fears that several people are still trapped beneath the rubble. The incident occurred in the Ori-Ade Local Council Development Area (LCDA), drawing a massive response from emergency agencies, security personnel and concerned residents who gathered at the scene. According to a police officer involved in the rescue operation, about 15 victims—including children and infants—have so far been pulled alive from the collapsed structure. Authorities also confirmed one fatality, while efforts continue to locate additional occupants believed to be trapped. Rescue Operation Continues Officials from the Lagos State Emergency Management Agency (LASEMA), Lagos State Fire and Rescue Service, Lagos State Building Control Agency (LASBCA), the Nigeria Police Force, the Lagos Neighbourhood Safety Corps (LNSC), the military and other emergency responders have been deployed to the site. Heavy equipment and rescue teams continued searching through the debris on Thursday, with anxious relatives waiting nearby for updates on missing loved ones. Several eyewitnesses reported hearing cries for help from beneath the rubble, raising hopes that more survivors could still be rescued. One resident at the scene said rescuers could hear someone trapped inside the collapsed building. "There is another person making a noise from under the building. A lot of people are still alive inside there," the witness said. Another eyewitness, Musa, who was riding his motorcycle nearby when the incident occurred, described hearing a loud crash before turning back to discover the building had collapsed. "I was going to Mile 2 when I suddenly heard a loud noise behind me. I moved forward before turning back and realised the shopping complex had collapsed," he recalled. Another survivor said she narrowly escaped after arriving at the building moments before the collapse. "I had just arrived outside the shop. Less than five minutes later, I heard a loud sound and saw dust everywhere. I was carrying my child and didn't know where to run," she said. Previous Warning Signs Residents familiar with the building claimed it had shown signs of structural weakness long before Thursday's collapse. One resident alleged that a tenant had moved out nearly two years ago after expressing concerns about the condition of the property. "My boss operated a cyber café inside the mall but relocated because he believed the building was unsafe," the resident said. Others also claimed visible cracks appeared in parts of the structure earlier this week, while some alleged that the Lagos State Government had previously marked the building for evacuation. Authorities have not yet officially confirmed those claims. Relief Amid Tragedy Despite the devastation, rescue workers recorded a significant breakthrough after successfully pulling a young boy alive from the debris, prompting applause and emotional reactions from onlookers. Medical personnel immediately transported rescued victims to Navy Town Hospital, Alakija, where they are receiving treatment. Families of those still missing remained at the scene, praying as rescue teams continued efforts to locate anyone trapped beneath the collapsed building. Investigation Expected Authorities are expected to investigate the cause of the collapse, including whether the building complied with structural safety regulations and if any previous warnings had been issued regarding its condition. The incident has once again renewed public concern over building safety standards in Lagos, where several fatal structural collapses have occurred in recent years. Rescue operations were still ongoing at the time of publication, and officials said casualty figures could change as more victims are located. RELATED STORIES FROM ROSEONALLSIDESHQ - FG Orders Banks to Freeze Assets of Terrorism Financiers After US Sanctions Nigerian, Three Firms - Odumeje Urges Nigerians to Protect Themselves Amid Growing Insecurity - Second Batch of Nigerians Evacuated From South Africa Arrive in Lagos as Repatriation Continues - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Joe Igbokwe Backs Sowore's Remand, Says Criticising Tinubu Is 'Not A Career' Read the full article

[roseonallsideshq]

{"version": 3, "isGlobalStylesUserThemeJSON": true } Read the full article

[roseonallsideshq]

“Protect Yourself Physically and Spiritually” – Odumeje Speaks on Nigeria's Security Crisis, Sparks Debate

Published June 24, 2026 Popular cleric and founder of The Mountain of Holy Ghost Intervention and Deliverance Ministry, Chukwuemeka Ohanaemere, widely known as Odumeje, has sparked widespread reactions after urging Nigerians to take both physical and spiritual precautions in response to the country's growing security challenges. The outspoken preacher made the remarks while addressing concerns over rising insecurity in parts of Nigeria, where incidents involving banditry, kidnappings and attacks by armed groups have continued to generate national concern. According to Odumeje, Nigerians should not rely solely on spiritual practices but should also take practical steps to safeguard themselves and their families. "As a Nigerian, you need to protect yourself both physically and spiritually. I see bandits and terrorists moving around freely with weapons, looking for innocent people to kill. If your church and pastor are not speaking about what is happening in Nigeria, then that pastor is failing in their responsibility." His comments quickly spread across social media platforms, triggering conversations about the role of religious leaders in addressing pressing national issues beyond the pulpit. Religious Leaders and National Issues Odumeje's remarks have reignited an ongoing debate over whether churches should openly address issues such as insecurity, economic hardship and governance during sermons. While some Nigerians believe religious leaders have a responsibility to speak on matters affecting the welfare of their congregations, others argue that churches should focus primarily on spiritual teachings and avoid political or security-related commentary. The preacher's statement has added another voice to a growing list of religious leaders who have publicly expressed concern over Nigeria's security situation. Nigerians React Online The comments generated mixed reactions across social media, with many users praising Odumeje for speaking candidly about the country's security challenges, while others focused on his communication style and personality. One user, @SunnyAjaka, wrote: "His English has improved considerably, next na Peller." Another user, @RaphLucky, commented: "As rugged and funny as Odumeje is, what he lacks is how to express himself in English, but when you listen to him with an unbiased mind, you notice there is wisdom behind most of his words." Reacting to his message about insecurity, @Forever_created simply wrote: "I support him on this." Similarly, @ObiSwiatek said: "Indaboski, you said it raw, man. A very bitter truth." Another commenter, @Lordmillionz, added: "Nigerians defend yourself, you hold yourself a duty to live." Others questioned whether more religious leaders should be addressing the country's security situation directly, arguing that churches remain influential institutions capable of shaping public conversations. A Conversation Beyond The Church Odumeje's latest comments arrive at a time when insecurity continues to dominate public discourse across Nigeria. Recent incidents involving kidnappings, attacks on rural communities and criminal activities by armed groups have renewed calls for stronger security measures and increased collaboration between government agencies and local communities. Although opinions remain divided over his remarks, many observers believe the discussion has shifted beyond Odumeje himself to a broader conversation about leadership, public responsibility and the role influential figures can play during periods of national uncertainty. As reactions continue online, the cleric's message has once again placed him at the centre of a national conversation, demonstrating the significant influence religious leaders continue to wield in shaping public opinion on issues that extend beyond faith. RELATED STORIES FROM ROSEONALLSIDESHQ - FG Orders Banks to Freeze Assets of Terrorism Financiers After US Sanctions Nigerian, Three Firms - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists and Criminals on Your Front Pages – FG Tells Media Houses - Joe Igbokwe Backs Sowore's Remand, Says Criticising Tinubu Is 'Not A Career' - Second Batch of Nigerians Evacuated From South Africa Arrive in Lagos as Repatriation Continues Read the full article

[roseonallsideshq]

Second Batch of Nigerians Evacuated From South Africa Arrive in Lagos as Repatriation Continues

The Federal Government has successfully evacuated another group of Nigerians from South Africa as efforts continue to bring home citizens affected by the recent wave of xenophobic attacks in the country. The latest group of 66 returnees arrived at the Murtala Muhammed International Airport, Lagos, at approximately 8:50 p.m. on Wednesday, marking the second phase of the ongoing evacuation exercise approved by President Bola Ahmed Tinubu. The repatriation follows renewed violence targeting foreign nationals in parts of South Africa, prompting Nigerian authorities to coordinate the voluntary return of citizens who indicated their willingness to come home. The latest arrivals come less than two weeks after the first batch of 258 Nigerians landed in Lagos aboard a chartered Air Peace flight on June 11, bringing the total number of evacuees returned so far to 324. Government Confirms Continued Evacuation Confirming the latest development, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the second phase of the evacuation involved 66 Nigerians who had registered to return home. He noted that the Federal Government remains committed to ensuring the safe return of all Nigerians affected by the recent attacks. The evacuation flight was facilitated by ValueJet, with the airline's Chairman and Chief Executive Officer, Kunle Soname, providing support for the operation. Officials from the Nigerian High Commission in South Africa also accompanied the returnees throughout the journey to Nigeria. Tinubu Commended for Approving Evacuation Speaking on behalf of the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, the Commission's Lagos Office Coordinator, Dipo Onabowale, commended President Tinubu for authorising the evacuation exercise. According to him, challenges experienced during the first phase of the operation have been reviewed, with relevant government agencies working to improve subsequent evacuation efforts. The Ministry of Foreign Affairs has also assured Nigerians still in South Africa that evacuation arrangements will continue until every registered citizen wishing to return home has been assisted. Support for Returning Nigerians Beyond transportation, the Federal Government and other stakeholders are putting measures in place to assist the returnees as they settle back into Nigeria. NiDCOM disclosed that Governor Hope Uzodimma of Imo State has approved a support package of ₦1 million for each evacuee from Imo State who returned during the exercise. The Commission described the intervention as part of broader efforts to help returning Nigerians rebuild their lives after the traumatic experiences that led to their evacuation. Xenophobic Attacks Renew Concerns The evacuation follows renewed reports of xenophobic attacks in South Africa, where foreign nationals have occasionally faced violence, intimidation and destruction of property during periods of social unrest. Over the years, Nigerians have been among the foreign communities affected by such incidents, leading to repeated diplomatic engagements between both countries and periodic evacuation exercises. The Federal Government has consistently urged Nigerians residing abroad to register with Nigerian diplomatic missions, saying such records make it easier to provide emergency assistance whenever the need arises. With more registered citizens still awaiting evacuation, officials say additional arrangements are being made to ensure that every Nigerian who wishes to return home is safely repatriated. RELATED STORIES FROM ROSEONALLSIDESHQ - Ghanaian Evacuee Sparks Debate With Claim After South Africa Xenophobia Scare - FG Orders Banks, Financial Institutions To Freeze Assets Of Terrorism Financiers - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists And Criminals On Your Front Pages — FG Tells Media Houses - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week Read the full article

[roseonallsideshq]

Second Batch of Nigerians Evacuated From South Africa Arrive in Lagos as Repatriation Continues

The Federal Government has successfully evacuated another group of Nigerians from South Africa as efforts continue to bring home citizens affected by the recent wave of xenophobic attacks in the country. The latest group of 66 returnees arrived at the Murtala Muhammed International Airport, Lagos, at approximately 8:50 p.m. on Wednesday, marking the second phase of the ongoing evacuation exercise approved by President Bola Ahmed Tinubu. The repatriation follows renewed violence targeting foreign nationals in parts of South Africa, prompting Nigerian authorities to coordinate the voluntary return of citizens who indicated their willingness to come home. The latest arrivals come less than two weeks after the first batch of 258 Nigerians landed in Lagos aboard a chartered Air Peace flight on June 11, bringing the total number of evacuees returned so far to 324. Government Confirms Continued Evacuation Confirming the latest development, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the second phase of the evacuation involved 66 Nigerians who had registered to return home. He noted that the Federal Government remains committed to ensuring the safe return of all Nigerians affected by the recent attacks. The evacuation flight was facilitated by ValueJet, with the airline's Chairman and Chief Executive Officer, Kunle Soname, providing support for the operation. Officials from the Nigerian High Commission in South Africa also accompanied the returnees throughout the journey to Nigeria. Tinubu Commended for Approving Evacuation Speaking on behalf of the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, the Commission's Lagos Office Coordinator, Dipo Onabowale, commended President Tinubu for authorising the evacuation exercise. According to him, challenges experienced during the first phase of the operation have been reviewed, with relevant government agencies working to improve subsequent evacuation efforts. The Ministry of Foreign Affairs has also assured Nigerians still in South Africa that evacuation arrangements will continue until every registered citizen wishing to return home has been assisted. Support for Returning Nigerians Beyond transportation, the Federal Government and other stakeholders are putting measures in place to assist the returnees as they settle back into Nigeria. NiDCOM disclosed that Governor Hope Uzodimma of Imo State has approved a support package of ₦1 million for each evacuee from Imo State who returned during the exercise. The Commission described the intervention as part of broader efforts to help returning Nigerians rebuild their lives after the traumatic experiences that led to their evacuation. Xenophobic Attacks Renew Concerns The evacuation follows renewed reports of xenophobic attacks in South Africa, where foreign nationals have occasionally faced violence, intimidation and destruction of property during periods of social unrest. Over the years, Nigerians have been among the foreign communities affected by such incidents, leading to repeated diplomatic engagements between both countries and periodic evacuation exercises. The Federal Government has consistently urged Nigerians residing abroad to register with Nigerian diplomatic missions, saying such records make it easier to provide emergency assistance whenever the need arises. With more registered citizens still awaiting evacuation, officials say additional arrangements are being made to ensure that every Nigerian who wishes to return home is safely repatriated. RELATED STORIES FROM ROSEONALLSIDESHQ - Ghanaian Evacuee Sparks Debate With Claim After South Africa Xenophobia Scare - FG Orders Banks, Financial Institutions To Freeze Assets Of Terrorism Financiers - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists And Criminals On Your Front Pages — FG Tells Media Houses - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week Read the full article

[roseonallsideshq]

FG Orders Banks To Freeze Assets After US Sanctions Nigerian, Three Firms Over Alleged ISIS Financing

The Federal Government has directed banks, bureaux de change, financial institutions and designated non-financial businesses across Nigeria to immediately comply with sanctions regulations by freezing the assets of individuals and organisations linked to terrorism financing. The directive follows recent sanctions imposed by the United States against a Nigerian national and three Nigerian bureaux de change accused of participating in a financial network allegedly connected to the Islamic State (ISIS). In a statement issued by the Nigerian Sanctions Committee, the government reminded all financial institutions of their legal obligation to enforce sanctions measures, including freezing assets, filing Suspicious Transaction Reports (STRs) and reporting any identified matches to the relevant authorities. The latest directive comes days after the United States Office of Foreign Assets Control (OFAC) announced sanctions against Lagos-based Mukhtar Adamu Muhammad, alongside Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited. According to U.S. authorities, the individuals and businesses were allegedly involved in moving funds connected to ISIS financial networks operating across West Africa, Europe and the Middle East. Nigeria Expands Its Own Sanctions List The Federal Government noted that even before the U.S. announcement, Nigeria had already updated its own sanctions list on June 18, 2026. The latest additions include: - Ibrahim Yakubu Ogirima - Adamu Chiroma - Ibrahim Abubakar - Abdullahi Umar Usman - Babangida Muhammed - Adamu Hammajam - Abbal Bako & Sons Bureau De Change Limited According to the Sanctions Committee, the designations followed intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe the affected individuals and entities had allegedly facilitated or supported the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks. Financial Institutions Warned The committee stressed that compliance with terrorism financing regulations is mandatory for banks, bureaux de change, insurance companies, fintech firms and other reporting institutions. It warned that institutions are expected to identify sanctioned persons, freeze any associated assets without delay and notify the appropriate regulatory authorities. The government said the measures are aimed at preventing Nigeria's financial system from being used to fund terrorism or extremist activities. "Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country's financial system," the committee stated. Coordinated International Effort Officials described the U.S. sanctions as reinforcing actions Nigeria had already taken, saying both countries are working toward disrupting financial networks that sustain terrorist organisations. The committee also commended the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for their roles in investigating and implementing the sanctions. Defence Intelligence Speaks On Security Gains Meanwhile, the Chief of Defence Intelligence, Lieutenant General Emmanuel Undiandeye, said Nigeria's military has significantly weakened terrorist groups through joint operations conducted alongside international partners including the United States, the United Kingdom and France. Speaking during the Defence Intelligence Agency's Second Quarter Operations Briefing for Foreign Defence Advisers and Attachés, the intelligence chief said several terrorist commanders, logistics networks and supply chains had been dismantled. "Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished," he said. He added that Nigeria's security agencies continue to strengthen intelligence sharing and operational cooperation with allied countries to address terrorism and other transnational security threats. Renewed Focus On Terrorism Financing Security experts have increasingly identified financial networks as one of the most important lifelines sustaining extremist organisations. By targeting individuals, businesses and financial channels suspected of facilitating the movement of funds, authorities hope to restrict the ability of terrorist groups to recruit members, procure equipment and carry out attacks. The Federal Government said it remains committed to working with domestic agencies and international partners to strengthen Nigeria's financial system while contributing to broader global efforts to combat terrorism financing. RELATED STORIES FROM ROSEONALLSIDESHQ - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists And Criminals On Your Front Pages — FG Tells Media Houses - Joe Igbokwe Backs Sowore's Remand, Says Criticising Tinubu Is 'Not A Career' - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week - JAMB 2026: Everything Candidates Need To Know About Admission Requirements Read the full article

[roseonallsideshq]

What Caused Elon Musk's Fortune To Drop Below $1 Trillion Again?

Elon Musk is no longer the world's first trillionaire after a dramatic sell-off in technology stocks wiped hundreds of billions of dollars from his fortune within days. The Tesla and SpaceX chief executive had only recently crossed the historic trillion-dollar milestone following a surge in SpaceX shares that pushed the company's valuation to record levels. However, a sharp market correction has now erased a significant portion of those gains. According to Bloomberg's latest billionaire rankings, Musk's net worth has fallen to approximately $957 billion, dropping below the trillion-dollar threshold he briefly achieved earlier this month. The decline follows a steep fall in SpaceX shares, which have reportedly dropped by around 30 percent from their recent peak. Tesla also suffered losses during a broader technology stock sell-off that affected several of the world's largest companies. Why Investors Are Selling Tech Stocks The recent market turbulence has been driven by growing concerns that the artificial intelligence boom may have pushed valuations too high. Over the past two years, investors poured massive amounts of money into technology companies expected to benefit from the AI revolution. This pushed share prices to historic highs and created enormous wealth for major shareholders such as Musk. However, analysts are now warning that investors are beginning to question whether spending on artificial intelligence can continue at its current pace. Those concerns intensified as several major technology stocks experienced declines, including semiconductor giant Nvidia, which also recorded losses during the latest trading sessions. SpaceX's Meteoric Rise And Sudden Pullback Much of Musk's recent wealth surge was tied to the extraordinary performance of SpaceX. Investor enthusiasm surrounding the company pushed its valuation above $1.8 trillion following its market debut, making it one of the most valuable companies in the world. At one point, SpaceX's market value climbed close to $3 trillion before investors began taking profits. The subsequent decline erased hundreds of billions of dollars in value, significantly impacting Musk because a large portion of his wealth remains tied to SpaceX shares. The Risk Of Concentrated Wealth Financial experts say Musk's experience highlights one of the biggest risks faced by ultra-wealthy entrepreneurs. Unlike investors who spread their assets across multiple sectors, Musk's fortune remains heavily concentrated in two companies: Tesla and SpaceX. As a result, any major swing in the value of either company can have an enormous effect on his personal wealth. Investment manager Ben McKeown recently noted that concentrated ownership can be extremely effective for building wealth but also creates significant volatility when markets turn against investors. Still The World's Richest Person? Despite the decline, Musk remains one of the richest individuals on the planet. His current fortune continues to exceed the GDP of many countries and remains substantially larger than that of most other billionaires. The scale of the recent decline, however, has drawn attention because it is among the largest wealth losses ever recorded in such a short period. Analysts estimate that the amount Musk lost within days exceeds the total net worth of several of the world's wealthiest individuals. What Happens Next? Investors are now closely watching earnings reports from major technology firms for clues about the future of the AI-driven rally. Should confidence return, companies such as Tesla, Nvidia and SpaceX could recover some of their recent losses. However, if concerns about valuations continue to grow, technology stocks may face additional pressure in the coming weeks. For Musk, whose fortune remains closely linked to the performance of his companies, the market's next move could determine whether he once again reclaims trillionaire status or sees further declines in his wealth. RELATED STORIES FROM ROSEONALLSIDESHQ - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - JAMB 2026: Everything Candidates Need To Know About Admission Requirements - Why Argentina Is Dominating Google Searches Today - Joe Igbokwe Taunts Sowore, Says Abusing Tinubu Is Not A Career Read the full article