This study aimed to provide insight into the competencies required for students to participate actively and thrive in artificial intelligence education in the K-12 context taking cognizance of ethical concerns. The problem is that AI education is new, and we have not understood the competencies required by students to understand AI effectively. Since research in this area is limited and lacking in African settings, this study focused on Nigerian K-12 students to understand the factors that support a proper grasp of AI content in the context. A quantitative methodology approach was utilized with a hardcopy survey administered to secondary school students, which yielded 605 responses. It was found that cognitive, human-tool collaboration, self-learning, skill competence, and ethics significantly influence the content of AI. It was further revealed that no moderating effect was shown while the mediating effect of ethics was significant between cognitive competence and content of AI. Surprisingly, all the propositions made show that only the relationship between teamwork competence and AI course content was not supported. This result suggests a clear need for activities that promotes collaboration in the AI curriculum. This study's findings contribute to the limited evidence on the significance of learners’ competence in understanding AI through the content provided. The identified competencies could guide the development of relevant content by teachers and other practitioners. Besides, the outcome of this study can empower students to develop the right competencies needed to navigate the world of AI.