Nvidia has seized the crown as the world’s most valuable company, briefly eclipsing Apple in a remarkable show of market dominance driven by increased demand for its advanced AI chips.

This milestone shows Nvidia’s rapid ascent amid the artificial intelligence boom, with the company’s market valuation momentarily peaking at $3.53 trillion—just above Apple’s $3.52 trillion.

The company’s latest boost comes on the heels of a $6.6 billion funding round from OpenAI, the creators of ChatGPT, which relies on Nvidia’s GPUs to train its language models.

This jump in demand has been further supported by a robust AI adoption across sectors, reinforcing Nvidia’s role as an indispensable provider in the AI hardware landscape.

Nvidia’s shares hit an all-time high on Tuesday, fuelled by last week’s promising financial results from TSMC, the world’s largest contract chipmaker, which reported a 54% quarterly profit jump amid rising demand for AI chips. Investors are now eyeing Nvidia’s third-quarter results due in November.

The company has forecast revenue of around $32.5 billion for the quarter, slightly below market expectations of $32.9 billion according to LSEG data.

Following a recent meeting with Nvidia CEO Jensen Huang, reports pointed to strong demand for the company’s next-generation Blackwell chips, which are reportedly booked out for the next 12 months. Production of these chips has faced some delays, adding pressure on Nvidia’s supply chain, though the company has reiterated its confidence in meeting market demand.

What to know 

Shares in Nvidia, Apple, and Microsoft together make up nearly 20% of the S&P 500 index, with their performance heavily influencing both the technology sector and the broader U.S. market.

The recent fervour around AI, combined with expectations of a potential rate cut from the Federal Reserve, has driven the S&P 500 to new highs, spurring further investor interest. Nvidia’s gains have also propelled it to the forefront of options trading, with its contracts among the most actively traded on the market in recent months.

Nvidia’s 190% share surge this year reflects an intense focus on generative AI, positioning the company as a prime beneficiary of the sector’s explosive growth. However, some investors remain cautious.

Some background on Nvidia 

Nvidia was founded on April 5, 1993, by Jensen Huang, Chris Malachowsky, and Curtis Priem, following a meeting at a Denny’s diner in San Jose, California. Huang, an experienced electrical engineer from LSI Logic and AMD, became the CEO after leaving his secure position. The co-founders aimed to capitalize on the emerging field of accelerated computing, particularly in graphics processing, identifying video games as a lucrative market due to their computational demands.

With initial funding of $40,000 and securing $20 million in venture capital from investors like Sequoia Capital, Nvidia set out to revolutionize graphics acceleration. During the late 1990s, it was one of only two startups to survive in this competitive landscape, alongside ATI Technologies.

[Nairametrics]

President Bola Tinubu has directed an intensification of search and rescue for passengers of the ill-fated helicopter that crashed into the Atlantic near Bonny Finima on Thursday in Port-Harcourt.

The helicopter, operated by East Winds Aviation and registered as 5NBQG, was hired by NNPC Limited to ferry some contract staff to the NNPC facility FPSO—NUIMS ANTAN.

President Tinubu urges military officers involved in various operations in the zone to join the rescue mission and provide all necessary support to the Nigerian Safety Investigation Bureau (NSIB), the Nigerian Civil Aviation Authority, and other relevant agencies.

The President condoles with the Board and staff of Nigerian National Petroleum Company (NNPC) and the families of all those who were confirmed to have passed away in the accident.

President Tinubu fervently prays that the Almighty God will grant eternal rest to the three departed souls and comfort their families.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

President Bola Tinubu and former Vice-President Atiku Abubakar met at the National Mosque in Abuja, on Friday.

According to Presidential spokesman, Bayo Onanuga, the duo who went head to head in last year’s election met at the wedding of Senator Danjuma Goje’s daughter.

“President Tinubu meets old friend Atiku Abubakar at the National Mosque. It was at the Jumat and wedding of the daughter of Senator Danjuma Goje. Photo Taiwo Okanlawon,” Onanuga tweeted with photos.

Atiku, who lost the election to Tinubu, has been very critical of the president.

In his last message on Twitter, he took a swipe at Tinubu while responding to a video posted by Daily Trust.

But both men set politics aside while exchanging pleasantries at the mosque.

 [DailyTrust]

Liverpool manager, Arne Slot, has confirmed striker Diogo Jota will not be fit for their Premier League trip to Arsenal this Sunday.

Jota suffered a rib injury, which he picked up during a tussle with Chelsea defender Tosin Adarabioyo last weekend.

He will not be fit for the game against the Gunners after missing the midweek win over RB Leipzig.

Slot will also likely be without Federico Chiesa and Conor Bradley again, while Harvey Elliott and Alisson are still on the injury table.

When asked about injuries, Slot told reporters on Friday: “I think they feel good but not when it comes to playing.

“Federico might train with us today or tomorrow but Diogo definitely not – and Conor, let’s see.”

[DailyPost]

On Wednesday, October 23, 2024, President Bola Tinubu sacked five Ministers in a major restructuring aimed at improving government operations.

The sack was disclosed in a statement by the presidency after the Federal Executive Council meeting on Wednesday.

Since the return to civilian rule in Nigeria in 1999, numerous Ministers have been dismissed from their positions across various administrations.

One notable aspect of this political theater has been the sudden dismissal of ministers across various administrations.

In some cases, ministers were effectively pressured to resign without formal announcements.

From Olusegun Obasanjo and Umaru Yar’Adua to Goodluck Jonathan, Muhammadu Buhari, and now Bola Tinubu, each administration has seen its share of ministerial departures.

While some ministers faced removal due to involvement in scandals, others simply became casualties of cabinet reshuffles.

These officials held diverse roles before their exits, contributing to the ever-changing dynamics of Nigerian politics.

Below is a comprehensive list of notable ministerial sackings since 1999 till date:

1. Barth Nnaji – Minister of Power, forced to resign in 2012 amid allegations regarding the bidding process for the sale of Afam Power Plant.

2. Michael Aondoakaa – Attorney-General and Minister of Justice, removed in 2010 under controversial circumstances by then-acting President Goodluck Jonathan.

3. Fabian Osuji – Minister of Education, dismissed in March 2005 due to corruption allegations involving bribery to the National Assembly.

4. Stella Oduah – Minister of Aviation, sacked in February 2014 over corruption scandals related to the purchase of luxury vehicles for her ministry.

5. Prof. Adenike Grange – Minister of Health, resigned amid a scandal involving a N300 million fraud case in 2008.

6. Sabo Nanono – Minister of Agriculture and Rural Development, sacked on September 1, 2021, by President Muhammadu Buhari during a cabinet reshuffle.

7. Saleh Mamman – Minister of Power, dismissed alongside Nanono in September 2021 as part of a cabinet shake-up.

8. Caleb Olubolade – Minister of Police Affairs, removed in 2014 to allow him to pursue gubernatorial ambitions in Ekiti State.

9. Godsday Orubebe – Minister of Niger Delta Affairs, sacked in 2015 to enable his run for Delta State governorship.

10. Yerima Ngama – Minister of State for Finance, dismissed in 2014 after announcing his gubernatorial ambitions in Yobe State.

11. Shamsudeen Usman – Former Minister of National Planning, removed during a cabinet reshuffle in 2014.

12. Ruqayyatu Ahmed Rufai – Education Minister, sacked in 2013 after failing to resolve ongoing strikes by academic unions.

13. Amal Iyingiala Pepple – Minister of Housing, dismissed in September 2013 during a significant cabinet overhaul by President Jonathan.

14. Bukar Tijani – Sacked from his ministerial position in September 2013 after serving from July 2011.

15. Olusola Obada – Former Minister of State for Defence, removed during a major reshuffle in September 2013.

16. Zainab Ibrahim Kuchi – Served as Minister of State for Power and Niger Delta Affairs; inadvertently sacked during a cabinet meeting in September 2013.

17. Betta Edu – Embattled Minister of Humanitarian Affairs, Betta Edu was suspended over alleged money laundering.

Edu was under heavy criticism after a memo surfaced where she directed the Accountant-General of the Federation, Oluwatoyin Madein, to transfer N585 million to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups.

The instructions for the payment are contained in a leaked memo dated December 20, 2023.

Edu didn’t deny paying N585m into a private account. In defence, the Minister claimed the payment followed due process.

18. Uju Kennedy – Recently served as Minister for Women Affairs under the regime of President Bola Ahemd Tinubu. She was dismissed in a major shakeup of the President’s cabinet on Wednesday, October 23.

19. Lola Ade-John – Recently served as Minister for Tourism. Was also dismissed in a major shakeup of the President’s cabinet on Wednesday, October 23.

20. Tahir Mamman – Recently served as Minister for Education.  Was also sacked in a major shakeup of the President’s cabinet, aimed at improving government operations on Wednesday, October 23.

21. Abdullahi Tijjani Gwarzo – Recently served as the Minister of State for Housing and Urban Development. Was also sacked in a major shakeup of the President’s cabinet on Wednesday, October 23.

22. Jamila Bio Ibrahim – Recenetly served as minister of youth development. Was also recently sacked in a major shakeup of the President’s cabinet on Wednesday, October 23.

[TheNation]

…Says it’s a Domestic Decision

…No Current Programme in Nigeria

…Urges Social Investment to Shield Vulnerable Groups

The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government.

The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens.

Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, IMF’s African Region Director, Mr. Abebe Selassie, stated, “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK.”

Mr. Selassie acknowledged the IMF’s guidance on public resource management, noting that, while Nigeria needs substantial investment in infrastructure, healthcare, and education, the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth. “Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.

Admitting the economic impact on Nigerians, Mr. Selassie encouraged the Nigerian government to roll out social investments to help vulnerable groups manage the transition. “We recognize the significant social costs involved,” he noted. “The government can mitigate these by expanding social protection for the most vulnerable.”

[Vanguard]

The Lagos State Traffic Management Authority (LASTMA) says it has arrested one Adewunmi Taiwo for allegedly impersonating its officer on Oshodi bridge.

Adebayo Taofiq, the LASTMA director of public affairs, said in a statement on Friday that the suspect confessed to making N15,000 to N25,000 daily from his illegal activities.

“Adewunmi Taiwo, age 45, operating a white Hiace Coaster Bus with the license plate KJA 724 YJ, utilized this guise to harass drivers in the area,” the statement reads.

“Upon a meticulous search of his vehicle, LASTMA Officers uncovered an official LASTMA uniform, including a branded raincoat, among his possessions, confirming his intentions to deceive.

“During interrogation, Mr. Taiwo, who claimed to hail from Ilesha in Osun State and is married with three children, confessed to misusing the uniform to extort unwitting motorists, targeting high-traffic routes along Ikorodu Road and the Oshodi to Mile 2 expressway.”

Olalekan Bakare-Oki, general manager of LASTMA, said the agency received multiple extortion reports prompting investigation and arrest of the suspect by its surveillance unit.

“I take this opportunity to issue a stern warning to individuals who exploit LASTMA’s identity for unlawful gains: any attempt to tarnish the agency’s reputation will be met with the full force of the law as the man will be charged accordingly,” he added.

[TheCable]

A recent article in The Guardian newspaper highlighted the growing challenges of rising living costs in Nigeria, using data from surveys on the daily expenses of an average Nigerian family. As of August, the estimated cost of a single meal for a family of four is N1,255, translating to a monthly food expense of N150,000. This is a troubling reality, especially when compared to the federal minimum wage of N70,000. The survey data shows that a family earning this amount cannot afford even a single meal per day, as the minimum wage is less than half of the monthly food cost required. In effect, a Nigerian family earning the minimum wage can only afford half a meal per day.

Given this context, the recent moves by Lagos State Governor Babajide Sanwo-Olu and Rivers State Governor Siminari Fubara to raise the minimum wage to N85,000 have been welcomed. Ondo State Governor Lucky Aiyedatiwa has also increased the minimum wage in his state to N77,000. Meanwhile, outgoing Edo State Governor Godwin Obaseki took the lead by implementing a N70,000 minimum wage for workers in his state even before the federal government and its negotiating team, including the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), finalized their recommendations. While several other states have gone beyond the N70,000 mark, Lagos and Rivers States have set the highest standard with their N85,000 minimum wage. It remains to be seen whether the ongoing negotiations between the federal government and labor unions will result in a nationwide minimum wage increase to at least N100,000 per month.

As discussions around further wage increases continue, the government should also explore the possibility of shifting to bi-monthly salary payments instead of the current monthly system. In countries like the United States, bi-weekly payments are a standard practice.

Labor leaders in Nigeria should shift their focus from simply advocating for wage increases and start considering alternative approaches, such as adjusting salary payment cycles. While wage hikes remain a primary focus, the frequency of salary payments can also significantly impact workers’ financial well-being. Paying salaries bi-monthly could offer numerous advantages, both for employers and workers. Due to space constraints, I will focus primarily on the benefits to workers.

One of the key advantages of more frequent salary payments is that it enables workers to better manage unexpected expenses. A regular income stream reduces the stress of waiting an entire month for the next paycheck. This adjustment would also allow for more effective budgeting, aligning with bi-weekly expenses, and ultimately enhancing employee satisfaction. This boost in morale could reduce turnover rates among staff.

Transitioning to a bi-monthly wage payment system would be a significant change, and one I strongly advocate for in Nigeria. It could help mitigate the effects of the current rapid inflation, where the prices of goods frequently increase before the next purchase while salaries remain on a monthly payment cycle. This shift would move away from the traditional “30 days make a pay” approach and could better address the economic realities faced by workers.

Having made this seemingly simple yet crucial suggestion to reduce the salary payment interval from 30 days to 15 days, I sincerely hope that labor leaders and government officials consider adopting this practical approach as a means to support workers during these challenging times of high inflation.

Meanwhile, some critics have claimed that the Edo State governor’s decision to raise the minimum wage was politically motivated, aiming to secure votes for his preferred candidate in the governorship election on September 21. Similarly, accusations have been made against the Ondo State governor, suggesting that his N77,000 wage increase ahead of his re-election on November 16 was intended to win support from workers.

However, both governors have defended their actions, arguing that their motives are not politically driven but rather focused on the welfare of workers, which they see as a fundamental duty of their roles.

Regardless of the underlying motivations, the increase in the minimum wage—which has now doubled, with some governors adding even more—is ultimately beneficial for workers. Given that the cost of living has skyrocketed due to the significant devaluation of the naira and the removal of fuel subsidies, workers deserve this adjustment and more.

This situation has been made worse by the recent surge in fuel prices, which now range between N1,000 in Lagos and N1,400 in other parts of the country.

In light of this, Nigeria’s civil servants are in a difficult position, as the high fuel costs—a major driver of transportation expenses—have further escalated living costs, leading to widespread hardship among many Nigerians.

While the current spike in living expenses is undeniably daunting, Nigerians must strive to overcome the despair brought on by these challenges and reject a mindset of victimhood. Only by doing so can they achieve their full potential, which appears within reach and may be realized sooner than expected.

This outcome depends on maintaining the course of reform and enduring the sacrifices needed to secure a better future for everyone, rather than repeating the mistakes of the past—such as when General Ibrahim Babangida’s mid-1980s Structural Adjustment Program (SAP) was abandoned midway, leading to further setbacks for the nation and its economy.

To avoid a repeat of protests like the #EndBadGovernance riots, I urge the current administration, which has committed to achieving a national reset and renewal, to revisit the N70,000 minimum wage. Increasing this wage would help ensure that workers can better cope with rising living costs.

It is encouraging that key government officials—Minister of Information and National Orientation Mohammed Idris Malagi, Minister of State for Labor Nkiru Onyejeocha, and Finance/Coordinating Minister of the Economy Wale Edun—are reportedly in discussions with labor leaders to ensure a smooth and conflict-free adjustment to the minimum wage. This adjustment is essential to help mitigate the impact of the recent fuel price hike, which has worsened the cost of living.

Clearly, the previously agreed-upon minimum wage of N70,000 is no longer sufficient to support workers amid escalating living costs. These economic pressures have been intensified by the political and economic reset pursued by the current administration over the last 18 months, as highlighted in a recent survey by The Guardian.

In closing, it may be helpful to reflect on Jean-Paul Sartre’s view on hardship: “Life begins on the other side of despair.” This perspective suggests that if we view our challenges as opportunities for growth and preparation, we can better navigate the period following the removal of the petrol subsidy and other reforms.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government, sent this piece from Lagos, Nigeria.