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Facebook announces name change to Meta in rebranding effort

Facebook CEO Mark Zuckerberg announced the social media giant will change the name of its holding company to Meta, in a rebrand that comes as the company faces a series of public relations crises.

Zuckerberg revealed the new name at Facebook’s annual AR/VR conference on Thursday, where he outlined the company’s virtual-reality vision for the future.

The CEO sketched his plans to build the “metaverse” – a digital world built over our own, comprising virtual reality headsets and augmented reality. “We believe the metaverse will be the successor of the mobile internet,” Zuckerberg said. “We’ll be able to feel present – like we’re right there with people no matter how far apart we actually are.”

Sporting a blue infinity symbol as a logo, the new holding company Meta will encompass Facebook, its largest subsidiary, as well as apps such as Instagram, WhatsApp and the virtual reality brand Oculus.

In recent earnings reports, the company announced its virtual reality segment had grown so substantially it would now report its revenue separately, dividing its products into two categories.

Those categories include a “family of apps” including Facebook, Instagram, Messenger and WhatsApp, and the “reality labs” products including AR and VR as well as any related hardware.

Zuckerberg on Thursday said he expects the metaverse to reach a billion people within the next decade. He described futuristic plans to create a digital world, in which users will feel they are with one another and have a “sense of presence” despite being far apart.

The platform would allow users to customize their avatars and digital spaces, decorating a digital office with pictures, videos and even books. The presentation imagined users inviting friends over virtually, two people attending a concert together despite being across the world from one another, and colleagues making work presentations remotely.

“When I send my parents a video with my kids, they’re going to feel like they’re right in the moment with us not peering through a little window,” he said.

Yet he admitted the company has a long way to go. “The best way to understand the metaverse is to experience it yourself,” Zuckerberg added, though “it doesn’t fully exist yet”.

Still, Zuckerberg said, Facebook rolled out two of its metaverse projects in beta last year: Horizon World, which allows users to invite friends over into their digital world, and Horizon Workrooms, which does the same in professional settings. He also said Facebook plans to further explore NFTs and crypto to help facilitate media that can be represented digitally, and is working on gaming applications.

Zuckerberg said the company would continue to offer services and hardwire to developers at low cost or for free, in an attempt to attract a critical mass of people to the platform. The company has also dedicated $150m to developers to create new apps, games and immersive programs in the metaverse.

“We want to serve as many people as possible, which means working to make our services cost less not more,” he said.

Facebook’s rebranding effort is not unprecedented in the tech space – Google in 2015 restructured into a new holding company, placing subsidiaries including its namesake search engine, YouTube and its self-driving car firm Waymo under a new umbrella firm called Alphabet.

But Facebook’s announcement comes amid deep regulatory and PR challenges. Those include a series of recent reports based on documents leaked by the whistleblower Frances Haugen that exposed toxic business practices and internal knowledge of its longterm negative public health impact.

The revelations from the “Facebook papers” are just the latest struggle for the embattled company, which has in recent years been served with a lawsuit from the Federal Trade Commission (FTC), was the subject of numerous congressional hearings, and in 2019 was fined $5bn by the Federal Trade Commission in 2019 for “deceiving” users.

Critics of the platform contended on Thursday that the metaverse project is a distraction from the company’s PR crisis, and that the company risks making the same mistakes as it has in the past.

“The fact that Zuckerberg has set his sights firmly on the so-called ‘metaverse’ while societies all over the world are scrambling to alleviate the myriad harms caused by his platforms just goes to show how out of touch Facebook is with real people,” said Imran Ahmed, CEO of the Center for Countering Digital Hate.

In her recent testimony, Haugen said she was “shocked” to hear how much the company was investing in the metaverse while its safety efforts failed. The company has dedicated $10bn in 2021 to the metaverse while its safety division received $5bn in funding.

“To echo Frances Haugen’s words, just imagine what Facebook could achieve if it devoted even a fraction of its metaverse investment on proper content moderation to enforce even the most basic standards of truth, decency and progress,” Ahmed said.

Others warned Facebook’s metaverse launch could mean a new space in which the company has a monopoly, amid ongoing antitrust concerns.

Zuckerberg on Thursday tried to get ahead of such privacy and security concerns. Nick Clegg, the company’s vice-president of global affairs, acknowledged that the company has faced criticism for not envisioning the long-term impacts of its problems.

“We have years until the metaverse as we envision it is fully realized. This is the beginning of the journey,” Clegg said.

News

Nigerian Man Defrauds 34 victims in 13 countries of $592,000

The Economic and Financial Crimes Commission (EFCC), on Thursday, secured the conviction and sentencing of Eze Harrisson Arinze before Justice J.K Omotosho of the Federal High Court sitting in Abuja for defrauding 34 victims in 13 countries of $592,000(Five Hundred and Ninety Two Thousand United States Dollars).

Arinze was re-arraigned on one count charge bordering on impersonation and obtaining under false pretence.

The amended count charge reads:

That you, EZE HARRISON ARINZE alias Charlotte Brain, sometime between April, 2021 and December, 2022 in Abuja, within the jurisdiction of the Federal High Court, did fraudulently impersonate one Charlotte Brain a purported owner of digitrades.netxxxxxxxxxxxxxx investment platforms on telegram and in that assumed character obtained cryptocurrency worth $592,000.00 (Five Hundred and Ninety Two US Dollars) from Coinbase exchange users, through your bitcoin address -333AgHuT8wAhowRBQZ2ASxxxxxxxx domiciled with Coinbase, a Virtual Asset Service Provider and thereby committed an offence contrary to Section 22(3)(b) of the Cybercrime (Prohibition, Prevention) Act, 2015 and punishable under Section 22 (4) of the same Act.

The defendant pleaded guilty to the charge when it was read to him.

In view of the plea, prosecution counsel, Christopher Mshelia, urged the court to convict and sentence the defendant as charged.

Earlier, Ogunjobi Olalekan, a prosecuting witness and a detective of EFCC, while concluding his testimony-in-chief, told the court that the evidence gotten in the course of investigation was based on the printout from the defendant`s email, other digital currency platforms, his telegram page code named `Digi-trade, including response from banks which was in a cumulative sum of $592,000 worth of cryptocurrency as at December 4, 2023.
He added that the defendant was afterwards invited to make statements under words of caution.

Justice Omotosho convicted and sentenced Arinze to three years imprisonment, with an option of N3,000,000.00( Three Million Naira only) fine. He added that 11.07 Bitcoins valued at $461,280.70 as at December 4, 2023 be restituted to the 34 victims from 13 countries as identified.

Furthermore, the judge ordered that a total sum of N37,977,108 domiciled in his bank accounts be forfeited to the Federal Government, including a plot of land located at plot No. 34 Anioma Layout, Umuchigbo Iji-nike in Enugu East Local Government Area of Enugu State measuring approximately 1380.609 Squares meters.

Arinze’s journey to the Correctional Centre started when he impersonated one Charlotte Brain, and created a fictitious investment platform, digitrades.netxxxxxxxxxxxxxx on telegram and in that assumed character, obtained cryptocurrency worth $592,000.00 (Five Hundred and Ninety Two US Dollars) from Coinbase exchange users, through his bitcoin address.
His victims are from Burundi, Cameroun, Costa Rica, Germany, Ghana, Hungary, India, Rwanda, Singapore, South Africa, Uganda, United States of America and Zimbabwe.

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Abdulfatai Adeyemi, son of late Alaafin, dies few hours to his 47th birthday

Prince Abdulfatai Adebayo Adeyemi, one of the sons of the immediate past Alaafin of Oyo, Oba Lamidi Atanda Olayiwola Adeyemi, is dead.

The Prince, popularly known as D-Gov, died in the early hours of Friday at the University College Hospital (UCH), Ibadan after battling diabetes.

His father died in April, 2022.
The Oyo prince, who was the immediate past Chairman of Oyo State Local Government Pension Board, died a few hours to his 47th birthday.

Abdulfatai was the House of Representatives candidate for the Peoples Democratic Party (PDP) in the 2019 elections.

The election was won by his younger brother, Prince Akeem Adeyemi (Skimeh), who contested on the platform of the All Progressives Congress (APC).

A family member in Oyo said on Friday: “Yes. He is dead. People are there now. They are preparing the grave”.

The Public Relations Officer of UCH, Mrs Funmilayo Adetuyibi, confirmed the death of the late Alaafin’s son, saying that he died at the hospital on Friday morning.

Adetuyibi said that AbdulFatai was brought to the hospital around 12.05 a.m. on Friday and died at exactly 3:50 a.m.

She, however, declined when asked about the disease that the late Oyo prince was suffering from which eventually resulted in his death.

“I can’t disclose his diagnosis or what killed him because it is against our professional ethics,” the UCH spokesperson said.
Another source from UCH also spoke about the death of the late Alaafin’s son.

“Fatai Bayo Adeyemi, one-time Secretary of Atiba Local Government, died this morning (Friday). He was married with children. He was reported very ill sometime last year but survived,” the source said.

AbdulFatai’s death, it was gathered, has thrown the family of the late Oba Adeyemi and the ancient town of Oyo into mourning.

News

NEMA donates relief materials to victims of Tudun Biri bombings

The National Emergency Management Agency (NEMA) has donated relief materials to the victims of Tudun Biri bombings in Igabi Local Government Area of Kaduna State.

Alhaji Abbani Garki, North-West Zonal Coordinator of the agency, made this known in an interview with the News Agency of Nigeria (NAN) on Friday in Kaduna.

According to him, the donation is not compensation for the loss of lives, but a token to bring relief to the victims.

He condoled with the Kaduna State Government over the loss of lives as a result of the accident.

They include surgical and disposable gloves, drip sets, cutting bandages, plasters, cotton wool, hand sanitizers, methylated spirits, Syringe and needles, among others.

The food items were; 500 bags of rice, 500 bags of maize, 500 bags of beans, 500 cartons of spaghetti, 50 kegs of vegetable oil, 50 bags of salt and 50 cartons of tin tomatoes.

The non food items were; 500 pieces each of blankets, plastic buckets,plastic cups, men’s wear, women’s wear and children’s wear.

He said that the medicament have been delivered to 44 Army Reference Hospital and Barau Dikko Specialist Teaching Hospital, all in Kaduna.

Speaking on other emergency needs of the community based on the agency’s assessment, he said the area urgently required access roads, security, schools, water, electricity and health facilities.(NAN)