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Governor Bala Mohammed of Bauchi State has said that President Bola Ahmed Tinubu has failed to bring the development he achieved when he was governor of Lagos State from 1999 to 2007.
Speaking in an interview with Daily Trust published on Saturday, the Chairman of the Peoples Democratic Party (PDP) Governors Forum said he has tried to advise the present administration on its policies but it seems Tinubu is resistant to advise.
While expressing respect for Tinubu, the Bauchi Governor admitted he had mistaken with expectations that Tinubu will bring the same magic he brought to Lagos.
According to him, Tinubu performed well in Lagos when he had a team comprising of former Vice President Yemi Osinbajo and former Minister Kayode Fayemi.
Bala Mohammed wondered why the duo are not involved in the Tinubu administration, stressing that the President should bring back knowledgeable people and not just those who are ready to give blind praises.
He said: “The NEC is an advisory body headed by the Vice President. As governors, we can express our views, but often we feel frustrated. What I said wasn’t meant to insult President Tinubu. I respect him greatly—he has mentored many people across Nigeria, regardless of state or religion. I had high hopes that when he becomes president he will bring the same magic he brought to Lagos. But I was mistaken. Perhaps he’s overwhelmed or resistant to advice.
“When I said his policies aren’t working, I was speaking as an opposition member. We can’t be expected to support him blindly as his party members do. In fact, I’ve shown considerable restraint, as a statesman, by not saying things that could ignite a national crisis. But there are serious issues in his administration-within the oil and gas sector, the lack of real action on insecurity, the surface-level economic policies, the handling of labour issues, and their overall approach to governance.
“The government’s economic policies, particularly around fuel and the welfare of the people, are not working. I’m saying this modestly-our monetary policies are failing. President Tinubu needs to bring in capable people to work with him, not me specifically, but experts from across the country. Nigerians are suffering from hunger and anger, and good governance means managing people’s aspirations and minimising discomfort.
“If the removal of fuel subsidy was supposed to help, we’re not seeing that. What we need are policies that actually put food on the table. Even if we pay the minimum wage, it’s not enough to bring relief. That’s why I called for a review. And maybe he’s trying to review things, but the continued rise in fuel prices suggests otherwise. How can workers afford to commute? How can people buy basic goods like a bag of maize?
“President Tinubu needs to show empathy and apply the same skills he used in Lagos on a national level. He had a strong team before-like former Vice President (Yemi) Osinbajo and former Minister (Kayode) Fayemi-where are they now? He should bring back knowledgeable people, not just those who say “ranka dede” (blind praise). That’s what I’m advocating.”
President Bola Ahmed Tinubu, President of the Senate, Godswill Akpabio, and the Speaker of the House of Representatives, Rt Hon Tajuddeen Abbas, were among the dignitaries who attended the wedding Fatiha of the daughter of Senator Mohammed Danjuma Goje yesterday in Abuja.
The wedding fatiha between Fauziyya Danjuma Goje and Aliyu Ahmed Abubakar was held at the National Mosque, Abuja, after the two raka’at Juma’at prayers.
Other personalities who witnessed the wedding included the Deputy President of the Senate, Senator Barau Jibrin, a former Vice President, Atiku Abubakar; and the National Chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje, among others.
Top politicians from across the country graced the occasion, cutting across major political parties, including governors, senators, ministers, business tycoons, and traditional and religious leaders.
Also in attendance were; Gombe State Governor , Inuwa Yahaya, Yobe state governor, Mai Mala Buni, Katsina State Governor, Dikko Radda, Governor Uba Sani of Kaduna State, former Jigawa State Governor, Sule Lamido, former Kaduna State Governor, Mallam Nasiru El-Rufai, former Borno State Governor, Ali Modu Sheriff and former national chairman of the APC , Senator Abdullahi Adamu.
Presidential aides, including the Chief of Staff, a former Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila and National Security Adviser, Malam Nuhu Ribadu, were in attendance.
Senator Goje, a former governor of Gombe State, minister and ranking senator who has been in the upper chamber of the National Assembly since 2011, was seen with President Tinubu during the ceremony. He is a founding member of the All Progressives Congress.
According to a statement by the Special Adviser Media and Publicity to the Deputy Senate President, Ismael Mudashir, “It was excitement galore as President Tinubu and Atiku met at the occasion.
“Ganduje and Governor Bala Mohammed of Bauchi State were among the personalities excited by the meeting of Tinubu and Atiku at the occasion.”
Governor Bala Mohammed of Bauchi State has said that President Bola Ahmed Tinubu has failed to bring the development he achieved when he was governor of Lagos State from 1999 to 2007.
Speaking in an interview with Daily Trust published on Saturday, the Chairman of the Peoples Democratic Party (PDP) Governors Forum said he has tried to advise the present administration on its policies but it seems Tinubu is resistant to advise.
While expressing respect for Tinubu, the Bauchi Governor admitted he had mistaken with expectations that Tinubu will bring the same magic he brought to Lagos.
According to him, Tinubu performed well in Lagos when he had a team comprising of former Vice President Yemi Osinbajo and former Minister Kayode Fayemi.
Bala Mohammed wondered why the duo are not involved in the Tinubu administration, stressing that the President should bring back knowledgeable people and not just those who are ready to give blind praises.
He said: “The NEC is an advisory body headed by the Vice President. As governors, we can express our views, but often we feel frustrated. What I said wasn’t meant to insult President Tinubu. I respect him greatly—he has mentored many people across Nigeria, regardless of state or religion. I had high hopes that when he becomes president he will bring the same magic he brought to Lagos. But I was mistaken. Perhaps he’s overwhelmed or resistant to advice.
“When I said his policies aren’t working, I was speaking as an opposition member. We can’t be expected to support him blindly as his party members do. In fact, I’ve shown considerable restraint, as a statesman, by not saying things that could ignite a national crisis. But there are serious issues in his administration-within the oil and gas sector, the lack of real action on insecurity, the surface-level economic policies, the handling of labour issues, and their overall approach to governance.
“The government’s economic policies, particularly around fuel and the welfare of the people, are not working. I’m saying this modestly-our monetary policies are failing. President Tinubu needs to bring in capable people to work with him, not me specifically, but experts from across the country. Nigerians are suffering from hunger and anger, and good governance means managing people’s aspirations and minimising discomfort.
“If the removal of fuel subsidy was supposed to help, we’re not seeing that. What we need are policies that actually put food on the table. Even if we pay the minimum wage, it’s not enough to bring relief. That’s why I called for a review. And maybe he’s trying to review things, but the continued rise in fuel prices suggests otherwise. How can workers afford to commute? How can people buy basic goods like a bag of maize?
“President Tinubu needs to show empathy and apply the same skills he used in Lagos on a national level. He had a strong team before-like former Vice President (Yemi) Osinbajo and former Minister (Kayode) Fayemi-where are they now? He should bring back knowledgeable people, not just those who say “ranka dede” (blind praise). That’s what I’m advocating.”
[NaijaNews]
A student of the Obada Idi-Emi High School in the Imeko Afon Local Government Area of Ogun State, identified simply as Ariyo, has died after a teacher allegedly beat him with 162 strokes of the cane for breaking a dustbin.
An activist identified as Adetoun shared the incident on Instagram on Friday.
According to Adetoun, the teacher had reportedly brought a dustbin to Ariyo’s class with instructions that the students should not break the dustbin.
She narrated that Ariyo had jokingly replied to the teacher that the dustbin was bought with the students’ money, a response which was said to have infuriated the teacher.
The teacher was said to have reported to the principal who instructed that the student be punished.
Acting on the principal’s instruction, the teacher allegedly flogged Ariyo with 162 strokes of the cane and in the process, the student fell and collapsed.
Adetoun said further that the teacher and some staffers of the school who were at the scene delayed in taking Ariyo to the hospital for medical attention and when they did, he was dead.
A senior police officer confirmed privy to the incident but was not authorised to speak with the media confirmed the incident to our correspondent.
He said that the incident created tension in the area but the intervention of the police brought it under control.
“We are on the matter, the incident wanted to create tension but we were able to douse the tension,” the police source said.
The spokesperson for the Ogun State Police Command was yet to respond to enquiries on the incident sent to her line as of the time of filing this report.
Bitter kola, also known as Garcinia kola, is gradually becoming one of the highly sought products in Nigeria and other countries across the world. The nut is occasionally eaten by a few people, especially in the northern part of Nigeria as the region doesn’t grow it much, and it was initially sold cheaply as against what is now being experienced. Weekend Trust gathered that the price of the nut is now out of reach of the common man.
Alhaji Usman Dauda is a bitter kola merchant at the famous Mariri Kolanut Market in Kano and according to him, the nut has gradually become one of the nuts in high demand, not only in the local business space, but also in the international market. He explained that though the nut is currently in high demand in the North, it is known to be grown in the South-west, South-south and North-central regions of Nigeria.
He revealed that though the nut is currently highly consumed within the nation, findings have shown that countries like China, Indonesia, Thailand, Japan and several Asian countries are taking the nut from Nigeria, hence the hike in the price.
He added that many people have ventured into exportation of bitter kola as the demand by foreign countries heightens.
“Perhaps, the rise in demand of the nut by other countries is responsible for the increase in price. However, the consumption of the nut has also increased due to some other issues. It will interest you to note that the nut is being exported in different forms; it could be taken out dried or in powdered form, depending on the specification of the buyer and the country it is being taken to,” he said.
Another merchant, Malam Ubale Umar, said the transformation in the bitter kola business happened within the last five years, adding that initially, bitter kola business wasn’t lucrative and one needed just a small capital to start it.
According to him, the business became what it is today due to the exportation potentials of the nut, explaining that small scale exporters can start the business using simple devices such as phones. He further stated that another advantage of the nut is that it is neither a perishable item nor does it require special storage facility.
He revealed that many people in the business are rich.
Findings have also revealed that bitter kola gained serious recognition during the Covid-19 pandemic when it was believed that the nut could cure any form of flu and also provided the body with the needed immunity against the virus. Although, there was no medical confirmation that bitter kola could cure Covid.
Hajiya Hafsat Idi claimed that she started using bitter kola after the Covid-19 pandemic. According to her, she became ill during the pandemic and bitter kola was introduced to her as a remedy to her illness. She said she was healed after three days of using bitter kola and ever since, she’s made it a habit to take one piece of bitter kola every day.
“Though bitter kola has become very expensive these days, I have made it a habit to take a nut every day. Initially, a piece was sold for between N20 and N50, but now, that same size costs between N100 and N200. Some are even smaller. Many people take the nut for medicinal purposes and I was told that bitter kola is used in the formulation of various medicines,” she said.
A visit to the famous Kano Mariri Kolanut Market revealed that, presently, the nut is scarce compared to months ago. Weekend Trust gathered that demand for the nut has made the product scarce, just as the price has gone up. Our correspondent reports that the quantity sold for N25, 000 months ago is now N80, 000.
Murtala Karmo Mai Namijin Goro, who has been in the business for decades, is one of the biggest bitter kola dealers in the market. He said he had never witnessed this sort of boom in the business. He attributed the rise in demand and price to the belief that the nut has high medicinal value, coupled with its new exportation status. He said many people ventured into the business for exportation purpose.
“Those involved in the exportation business said the nut has huge potentials, and it is clear that the exporters are now smiling to the bank as the business opportunity is said to be expanding. I found out that despite the fact that the volume being exported is low now, there is the tendency that with expansion in nut cultivation, the export will soon be huge,” he said.
Considerable experimental evidence has been adduced to support its chemical constituents against several ailments in the community, including malaria.
According to a Kano-based nutritionist, Malam Ali Aminu, bitter kola has some nutrients that are good for the body. He said the nut has various health benefits that include: alkaloids, flavonoids, tannins and amino acids. According to him, these compounds give the nut antioxidant and anti-inflammatory properties that help in boosting the body’s immune system and protect the body cells from damage.
“The nut contains caffeine and theobromine, which serves as tonic for speeding up heart beat among other benefits. However, there is the propensity for addiction due to its caffeine content,” he said.
Another nutritionist, Sani Bello, said people have to be careful in the consumption of the nut, as too much of it could cause insomnia, nervousness and heart palpitations due to its caffeine content. He also said the nut is not good for people with gastric ulcers, heart disease, anxiety disorders or high blood pressure.
A herbal medicine dealer, Malam Isah Baffa, said bitter kola features in virtually every medicine they produce. He said it is one of the main ingredients they use in the preparation of malaria medicine and others.
“No doubt, bitter kola is scarce these days because almost every herbal medicine you know has a portion of bitter kola in it and we were told that even the white people use it in their medicines as well,” he said.
[DailyTrust]
Former President Goodluck Jonathan, on Friday, relieved the experience of losing the 2015 presidential election which he described as a tough moment in his political life.
Jonathan also expressed the fatherly role played the chairman of Daar Communications, Raymond Dokpesi, played before he officially handed over to former President Muhammadu Buhari.
He disclosed this in Abuja during the first Raymond Dokpesi Annual Diamond Lecture organised by the management of Daar Communications in collaboration with the Nigerian Institute of Public Relations.
Jonathan, who ran on the platform of the Peoples Democratic Party, was defeated in the 2015 election by Buhari, the candidate of the All Progressives Congress.
Jonathan said, “It is not easy to lose an election as a president. You will think the whole world is against you. But then, Dokpesi invited me before I handed it over. I remember what he said to me when I lost the election.
“There were so many senior Nigerians (elder statesmen) who spoke. After I listened to all the conversations, he congratulated me and encouraged me to look beyond the election. This is how I commemorated that session.
“That communication gave me hope and helped me not necessarily for the transition hour ahead of me but also in my spiritual life as a private citizen. If you read my book, My Transition Hours, I explained it more elaborately.”
Earlier in his address, the Minister of Information, Idris Mohammed, urged Nigerians not to abuse the freedom of speech they are enjoying.
“Our respect for freedom of speech is sacrosanct even as we continue to urge responsibility in the exercise of this freedom. Nigerians are free to speak about this dear country of ours. What we can and will continue to do is to avoid getting to the point where reckless negativity becomes a self-fulfilling prophecy of sorts,” Mohammed stated.
Veteran Nigerian comedian, Ali Baba, has narrated how his joke about the former military leader, General Sani Abacha, almost ended his life.
The 59-year-old reflected on the incident during his appearance on Leadership Podcast.
Recalling the tense atmosphere surrounding one of his performances during Abacha’s regime, he said, “The first close encounter I had with death is when general Sani Abacha was the President.
“So, I went to anchor an event in Abuja. So when it was time for the Akwa Ibom cultural group to perform. Abacha was still wearing one of those dark Rayban sunglasses that could be folded.
“I stopped the cultural group dance and faced Abacha, saying, ‘Your Excellency, sir, it’s almost 10 pm why are you wearing dark shades? Remove this shade nah or don’t you want to see their performance?
“Abacha then removed his glasses and talked to his aide. Immediately I saw DSS officers going backstage to wait for me. Immediately I noticed DSS presence, I went down the stage to sit on the ground next to Abacha. He then made jokes about me and questioned why I refused to go backstage.
“I said don’t worry, sir, let them arrest me here. He then looked at me and smiled.”
DAILY POST recalls that late General Sani Abacha ruled Nigeria from 1993 to 1998, after a coup that ousted interim President Ernest Shonekan.
His regime was infamous for abuses, with opposition figures being imprisoned, tortured, or killed.
[pDailyPost]
OGBEMUDIA’S DAUGHTER: I felt like joining army after watching my father fight to liberate Benin
Admin
…says dad was unhappy being linked with Dimka’s coup
Proprietor of Little Saints Orphanage, Rev. Mrs. Dele George, is the first child of the late military and civilian governor of the old Bendel State (now Edo and Delta states), Brigadier Samuel Osaigbovo Ogbemudia. In this interview with OLAOLU OLADIPO, she spoke on the life and times of the soldier-turned politician as well as the influence her father had on her. Excerpts:
How are you related to the Brigadier Samuel Osaigbovo Ogbemudia, the late military and civilian governor of the old Bendel State?
I’m his first child, first daughter, and the first fruit of his loins.
Your father was an accomplished soldier and statesman as well as a civil war hero; as a daughter, what kind of father was he to you and your siblings?
My dad was a unique man in all his ways. He was a soft and kind disciplinarian of some sort. In fact, throughout my childhood I never heard him scream at any of us even in the face of extreme provocation. Once in a while he would not spare the rod when we were very young, but generally he was a loving, caring, protective and very generous provider for the family and all that came in contact with him while alive.
What kind of husband was your father to your mum?
To the mother of our family, he was a loving and a very caring husband. The love between them was quite visible for all to see. It was obvious they were committed to each other.
People of his time wee known to be disciplined and tough; would you describe your father as such?
I will say, he did not bring that same toughness to the home. Whenever he stepped into the house, he was all smiles and gentleness. However, when you saw him at the office his countenance was usually stern, and you were careful in approaching him. He was a tough soldier at the office and a dad at home. Whenever we stepped out of line he berated us verbally not physically as we got older.
What kinds of things would a child do then that would make your father angry?
Breaking the rules of the house would always upset him. Like staying out late after curfew; 7pm was our curfew in those days. Parties were organised in the day time, not at night like it is today, so there was no reason to stay out late.
Was there any occasion that he had to punish you or any of your siblings and what did you do?
I remember my cousin got a whipping one time when she came back home by 8pm! Some of my siblings also got smacked when they did badly in their exams. I got whipped once when I did not get my cutoff mark in a particular exam. That was my last whopping; I was 12 years old when this incident occurred.
What was his typical day like, I mean when did he wake up and what were the first set of things he did early in the day?
In those days, he usually woke up at 3am to listen to the BBC. Though, I didn’t know when he slept. He was dressed and ready to go to work by 5am.
After the early morning things, when did he eat his breakfast and what was his favourite food?
Breakfast was at 7am, and it was usually tea and continental breakfast. He went to work and usually returned home by 7pm.
Being a notable public figure, what calibre of people came around to see him at home?
When he became a politician, everyone came to see him, I mean people like fellow politicians, traditional rulers, other governors, professionals and market leaders. Our house was like a conference centre. When one group left another arrived. We were always entertaining guests. He was loved by many who wanted to spend time with him.
Did he tell you the reason or those circumstances that prompted him to join the Army?
No, he did not but I believe it must have been circumstances that drove him into it. He was in his twenties.
Could you share with us his civil war experience that he shared with you?
He did not have to share it with me. I was right there when the Biafrans came, captured Benin and invaded the government house in GRA. The governor, my dad and a lot of other soldiers that were there were thought to be captured by them. Benin was in a state of pandemonium. Days or weeks later, I don’t remember, but my dad arrived in Benin City with a battalion of soldiers and liberated Benin, and took over the government from the Biafrans. He only told us how he had to fight his way from Ore to Benin and that it was tough going through the bushes. When they entered Benin at Oluku Junction, the ovation was loud and continued for many days, because the Benin people thought they were going to be subjugated to the Biafrans. It was after the liberation that my dad became the Military Administrator of Bendel State, then later the Military Governor. This is why he is my hero to this day. When I saw him in that army green battle uniform, I wanted to be a soldier! But today I am a soldier in the army of God!
What was his relationship with other notable Generals and other army officers?
He was always in touch with echelons of the armed forces. He was very close to some of his colleagues.
He rose to the rank of a Brigadier before he retired from the army; did your father harbour any form of regrets joining the army?
The only regret he had was when he was falsely accused of taking part in the Dimka Coup in 1976. He was detained and interrogated for over one year. He was lat- er found innocent and released.
What did he do when he left the army?
After he was released, he retired and went into full time farming and business. He started a poultry farm, block making industry and many other small-scale enterprises. I just graduated from university when he was released and he was solemn and reclusive but not bitter. I tell you today, my dad was the strongest man I knew, the most tolerant and most forgiving.
Your father was known to be a sports enthusiast, it is to his credit that the country benefited a lot from his investments in sports, what do you think prompted his love for sports?
The love of sport was inherent in him. I remember as a six-year-old, our mother used to take us to watch him compete. He became an instructor and coach as a Major, and he won many laurels at sports events in the army. When he had the position and opportunities to invest in sports he did so with great enthusiasm. By the way, I inherited that gift from him. I competed in 400 and 800 metre races when I was in secondary school and I was really good.
Could you please tell us the circumstances that prompted him to join partisan politics in 1983?
He was invited into Politics in 1981 by a political party to contest for the Governor of Bendel State.
What did you see of him as a civilian governor, which was different from what you saw of him as a military governor?
The only difference in his approach as civilian and military governor was his mode of dressing. Wearing civilian clothes instead of khak; his manner of approach to governance was the same. He was a dynamic visionary, an astute and very capable governor, greatly loved and remembered affectionately. All the monuments, structures and institutions he founded are still in existence today. They all testify to dynamism, foresight, creativity and implementation capabilities. Bendel or Edo state can never forget him for generations to come. He left his mark.
When was the last time you saw him and what was the occasion like?
I saw him daily in the last month of his life. It was a very traumatic time for the family. No matter how old your parents are you don’t want them to depart to glory. When one is young you tend to think that your parents will live forever but as you get older their mortality stares you in the face.
Are you satisfied with efforts to immortalise him?
It doesn’t matter to me if humans immortalise him or not and I am very sure it will not matter to him. He did what God empowered him to do. The truth be told, the dead do not care about this side of existence. One’s mortality will only be immortalised by the number of humans that were transformed, reformed and restored for the better while one lived.
If you are not satisfied, in what way do you think he should be immortalised?
Since you ask me, they should name every institution, monument and structure he founded after him. I’m sure peo- ple will say that is too much. Whatever one does one should do for God and for the benefit of humanity and not look for earthly reward but a heavenly reward. It is written in the bible that the world we live in will eventually pass away and everything will be made new. Structures, monuments, and institutions will all pass away but my dad lives in the hearts of those he touched, and God is the one that rewards. My joy is that we will meet again in eternity. I really miss him and he remains my HERO.
[newtelegraphng]
Nigerian gospel artiste, Somtochukwu Nsofor aka Essemm, has embarked on a mission to break the Guinness World Record for the longest hours of continuous singing.
The current record holder, Indian Singer, Sunil Waghmare, set the bar at 105 hours but Essemm is determined to surpass this with an impressive 128 hours of non-stop singing.
Nsofor, while addressing newsmen, said that the aim was to surpass the current record of 105 hours, held by Indian singer, Sunil Waghmare.
The record attempt which will be held in Lagos is open to the public, with live-streaming options available for audiences around the globe.
Nsofor said that it was not just about breaking the record but “Seeing Jesus Christ on a global scale. I do not think anybody has broken the record talking about Jesus Christ.”
Emphasising the significance of using music to spread the gospel, Nsofor popularly called Essemm said that “I believe music is a powerful tool to heal and transform lives and I want the effort to serve as a testament to the strength of faith.
[TheNation]
Just within the week, specifically Thursday October 24, 2024, Nigeria’s flag carrier, Air Peace, clocked 10 – a feat worthy of recognition by the country’s standard.
Having received its Air Operator Certificate, AOC, in 2014, the carrier commenced scheduled flight operations in the same year; and ever since then, it has risen higher, higher and higher than many predicted.
Keep Watching
Indeed, such a lofty accomplishment would not have been possible without its charismatic Chief Executive Officer, Dr Allen Onyema, who has continued to defy the odds associated with operating in a difficult terrain like Nigeria.
In a country where many airlines, including Bellview, Chanchangi, Med-View, Oriental, Sosoliso, Okada and some others, have operated and packed up – to the amusement and detriment of the travelling public – Air Peace has continued to give Nigerians hope.
In countless ways, the carrier has shown that it has come to stay and would, in its own capacity, expand and play a major role in filling a fraction of the void in the airline subsector.
As Air Peace celebrates a decade flying, Saturday Vanguard has harvested its CEO’s words as recorded on the carrier’s social media page, specifically X, over the week, offering readers a glimpse into the circumstances that nudged him to start an airline that is now the country’s pride.
On how the thoughts to start Air Peace developed
I (Onyema) never thought I was going into the airline business or aviation for that matter. Growing up and going through schools, I never thought that I would go into aviation or the airline business. My father always knew that I like philanthropy a lot and I like touching lives even as a student. In secondary school, my mates will tell you that I would come with the provisions given to me by my parents and share them with others, leaving me hungry for the rest of the day. So, my father said instead of giving people hand-outs and they come back again and again, why not look for a kind of business that would provide a lot of jobs for people. He knew that I was very interested in creating massive job opportunities for the teeming unemployed masses in the country. Therefore, he told me to look for something to do for them. So, I set up agriculture, importation and so many other things. And someone said: “Allen, if you want to realise this ambition of yours, go into aviation.” That person is a friend of mine called Chris. I call him Chris Norma, Norma was his nickname. He told me to go into aviation because one Boeing 737 or one aircraft could give up to a thousand jobs and that widened my thoughts immediately.
On knowing next to nothing about aviation but still ventured into it
I was naïve because I never knew anything about aviation. So, I decided to go into it. From the benefit of my experience till this day, it is not true that one aircraft could give 1,000 direct jobs. Yes, it could create 1,000 indirect jobs but not 1,000 direct jobs. Yet, airline business creates massive job opportunities for people and this is the reason I went into aviation. I went into it to create jobs for the people. I went into it with the mindset of helping others because it is my belief in life and my conviction that unless my brothers and sisters – when I say my brothers and sisters I mean mankind – prosper that would give me inner peace. So, I have always believed in living legacies, touching lives and that is my motivation.
On being on the right path and staying the course
Very often, people tell me that I am already on the right path and all I need to do is stay the course. So why complicate your life stressing over Nigeria? For me, working hard and seizing opportunities for persons of benefit is normal.
On untapped opportunities in Nigeria
But beyond the normal, there is a huge untapped opportunity for Nigeria to soar. Everything is here – from a geography that places us at virtually the centre of the world to a rich variety of cultures and breathtaking landscapes. From vast arable lands and reserves of natural resources to millions of resourceful and energetic people.
On his greatest satisfaction
I believe there is greater satisfaction in being among millions of successful people than to merely be a successful individual. After all, happiness ought to be shared. This is the motivation for building a world-class airline that proudly flies the Nigerian flag and millions of our people to the farthest corners of our land and beyond.
On some of Air Peace’s accomplishments
Today, we operate into 17 international and regional destinations with London Gatwick being our latest addition. Tomorrow we present new destinations and new opportunities for our people whether we are heading out to explore the world or coming home to make the Nigerian dream a reality, my name is Allen Onyema, we are Air Peace.
Major milestones and awards 2016
Airline of the Year – Daylight Annual Leadership
Domestic Airline of the Year– Tell Magazine
Diamond Special Recognition Award for Contribution to the Growth of Aviation Industry in Nigeria
2017
Best Domestic Airline of the Year – Nigeria Air Traffic Controllers, NATCA
Nigerian Institution of Safety Engineers Achievement Award
Began its first regional flight operations from Lagos to Accra, Ghana
2018
First and only Nigerian airline to acquire the Boeing 777’s
Best Airline in West Africa – Balafon Award of Excellence
Nigerian Institute of Public Relations, NIPR, Flag Carrier of Repute
Best Local Airline of the Year, Nigeria Travel Awards – Jumia Travels Nigeria
Company of the Year – Leadership Newspapers
Operated a commercial flight with an all-female flight crew
2019
Launched its first international scheduled flight operations from Lagos to Dubai (via Sharjah)
Airline of the Year Award – Daily Independent Newspapers, Nigeria
Best Domestic Airline – Tourism Awards
Company of the Year – Business Hallmark Awards
2020
Launched operations in South Africa
Company of the Year – Bsinese Day Aviation
Air Peace airlifted 268 Nigerians back to the country from China
Evacuation flight to India, Turkey, China, Israel and the United Arab Emirates, UAE
2021
NAAPE Gold Standard Safety Award 2021
Distinguished Safety Performance Award – Federal Airports Authority, FAAN, Kaduna
Humanitarian Airline 2021 Award – Aviators Africa Tower Awards
Company of the Year – Business Day Aviation
The first airline in Africa to acquire and operate the E2-195 Jets
Took delivery of five brand-new Embraer E2-195 Jets
2022
Airline of the Year Award – Daily Independent Newspapers
Nigeria Best Domestic Airline – Tourism Awards
Company of the Year – Business Hallmark Awards
Air Peace launched its first commercial flight into China.
2023
After 60 years, became the first Nigerian airline to commence direct flights to Tel Aviv, Israel
Launched its inaugural commercial flight to Jeddah, Saudi Arabia
Inaugurated its first commercial flight to Mumbai, India
Best Safety Compliant Airline Award – FAAN Osubi
Evacuated 277 Nigerians from Egypt amid the ongoing crisis in Sudan
2024
Vanguard Newspaper votes CEO, Allen Onyema Nigeria’s PERSONALITY OF THE YEAR, 2023
ICAN Business Achievement Award
Airline Of the Year – African Industrial and Development Conference
Outstanding Brand of the Year – Marketing Edge Awards
Began its scheduled flight operations to London Gatwick Airport
[Vanguard]
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Details have emerged on the reasons behind President Bola Tinubu’s decision to sack five ministers and leave the Minister of State for Defence, Bello Matawalle, in his cabinet, despite allegations of banditry sponsorship levelled against him.
The ministers who were removed from office include Mrs Uju-Ken Ohanenye (Women Affairs), Lola Ade-John (Tourism), Prof. Tahir Mamman, SAN (Education), Dr Jamila Bio Ibrahim (Youth Development), and Abdullahi Gwarzo (Minister of State for Housing and Urban Development).
According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the decision to dismiss the ministers was influenced by public perception and empirical data on their performance.
Onanuga explained that the reshuffle came as a response to the critical views held by Nigerians regarding the ministers’ effectiveness in office.
Why ministers were sacked
However, sources within the Presidency and the ruling All Progressives Congress hinted that the decision was also based on the “lack of political value” of the affected ministers in their respective states.
According to an APC chieftain at the party’s headquarters in Abuja, a key consideration was whether the removal of any of the ministers would incite political unrest in their states.
“They evaluated if their sack would lead to a crisis for the president in their regions, and the feedback was that it would not,” he said.
The source further noted that while some ministers were sacked due to underperformance, others were dismissed based on concerns over their conduct and limited political relevance.
Bio-Ibrahim as placeholder
Saturday PUNCH was reliably informed by top officials at the Ministry of Youth Development that the sacked minister, Bio-Ibrahim, had been a ‘placeholder’ for Ayodele Olawande, a former Minister of State for the ministry.
According to the officials, Olawande, who has been appointed as the substantive minister, was the favourite candidate of Seyi Tinubu, the son of the president.
The officials said the sacked minister was not empowered politically, adding that the system was rigged against her.
One of the sources working in the Education and Youth Development department told our correspondent that Bio-Ibrahim was a victim of political manipulations.
The official said, “The woman is a just victim of political manipulations. She didn’t enjoy being a minister because the system was not in her favour.
“The former Minister of State, Ayodele Ayowande, had been the choice of the presidency from day one. President Tinubu’s son, Seyi, wanted Ayowande to be the substantive minister from the start, but he didn’t have his way. They had since been working to take the woman out.
“One example is that in August this year, the woman wanted to hold a programme in Ondo State to dissuade the youth from joining the #EndBadGovernance protest, but she was frustrated out of it. The people who didn’t want the President to know she was active mobilised against her and she couldn’t hold the programme again. We knew she’d be relieved of her duties eventually because she didn’t have support from the political class.”
Ohanenye’s drama
Sacked Minister of Women Affairs, Uju-Ken Ohanenye, was relieved of her position because of her ‘constant drama’ which the presidency considered embarrassing, according to impeccable sources who spoke to Saturday PUNCH.
The sources said Ohanenye also stepped on many toes in her ‘aggressive moves’ to restructure the ministry.
According to the sources, the first turnoff recorded against Ohanenye was her threat to sue the United Nations for allegedly mismanaging funds meant for Nigeria.
Ohanenye had in October 2023 accused the UN of obtaining funds on behalf of the country without remitting them.
The former APC female presidential aspirant also disrupted two events in Abuja because the organisers did not seek the permission of her ministry to do so.
“The woman is a controversial person. She stepped on toes with her conduct and the President couldn’t curtail her excesses any longer. She is too dramatic as a minister. We knew she couldn’t go far”, said a source at the APC secretariat.
Azoka-Anite’s ‘external’ office
The former Minister of Industry, Trade and Investment, Doris Azoka-Anite, was accused of disconnecting herself from the agencies and departments under her ministry.
Officials of the ministry, who spoke to Saturday PUNCH on condition of anonymity, said she moved out of the ministry and established a new office in Abuja, making it difficult for staff to carry out their duties.
Azoka-Anite was moved to the Ministry of Finance as a state minister.
A top official of the ministry said, “The ministry was too big for her to handle. We usually have two ministers; we didn’t know why the President appointed only her to manage the ministry.
“Unfortunately, she was overwhelmed because she wanted to operate alone, not willing to work with departments and agencies under the ministry.
“She frustrated industrialists because of her self-styled administrative system. Each time we wanted to sign a file, we would leave the ministry to go and meet her at the new personal office she created in Abuja, and most of the files we submitted would not be returned to us. She has her team running the ministry for her.
“I believe industrialists who were frustrated by her style reported her to the President, which led to her demotion.”
Ade-John and Lagos power bloc
Sources in the tourism industry told Saturday PUNCH that the Lagos power bloc might have pressured President Tinubu into dropping Ade-John as the Minister of Tourism because she was not a politician.
According to the sources, Ade-John was denied access to the Lagos State Governor, Babajide Sanwo-Olu, on three different occasions.
The sources noted that the woman, though residing in Lagos, didn’t have any political godfather, which exposed her to threats from politicians in Lagos and some individuals who wanted to take charge of the ministry.
“She may be from Lagos by birth, but she is not a party person. That is her crime. She was relieved because of pressure from the Lagos power bloc.
“The woman performed excellently well. Nigeria has offended that lady because she gave in her best and we have the result.”
The Director General of the Ekiti State Bureau of Tourism, Wale Ojo-Lanre, in an article titled, ‘Lola Ade-John: Good bye to jati jati?’, described her removal as an injustice.
“Despite her visionary plans and tireless work, the sudden termination of her appointment feels like a deep injustice – a classic case of someone being stripped of their potential just as they are reaching for the stars.
“It’s essential to recognise that while she did not achieve everything she set out to do, what she accomplished in such a short time is nothing short of remarkable. She laid the groundwork for future leaders to build upon, and her legacy will not be forgotten”, he wrote.
Mamman’s sacking
The sacked Minister of Education, Prof Tahir Mamman, might have been relieved because of the controversies surrounding his actions and policies in the education sector, Saturday PUNCHgathered.
Among the controversies in the sector is the implementation of the 18-year minimum age policy for university admissions, which led to public outcry.
A non-government organisation, Education for Accelerated Development, listed Mamman’s sins to include misinformation, leading to diplomatic conflict between Nigeria, Benin Republic, and Togo, resulting in the suspension of degree programmes from universities in these countries, amongst other issues.
Matawalle’s escape
Sources explained that President Tinubu chose to retain certain ministers despite public dissatisfaction with their performance due to considerations around his potential second-term ambition and the political roles the ministers might play.
Some ministers reported to have equally underperformed included the Minister of State for Defence, Bello Matawalle; Minister of Marine and Blue Economy, Gboyega Oyetola; Minister of Science and Technology, Uche Nnaji; and Minister of Water Resources and Sanitation, Joseph Utsev, among others.
Matawalle has been repeatedly accused of sponsoring banditry in Zamfara State, an allegation he has always denied. Onanuga also stated that the allegations against him were unproven.
An APC chieftain in Abuja disclosed that the president ultimately narrowed down the list of ministers to be sacked to avoid ‘political stress.’
“Initially, more than five ministers were considered for dismissal, but the president evaluated those who could be beneficial to him politically. The president is wise and would not create challenges for himself,” the chieftain remarked.
“Do you see the president sacking any former governors currently serving as ministers? He can’t do that because he knows they will be useful for him in 2027. Among them, only David Umahi, the Minister of Works, has truly performed,” the source added.
On why Oyetola was retained, he said, “Blood is thicker than water. He is the president’s cousin; it would be unreasonable to expect his dismissal.”
The source also pointed out the appointment of Bianka Ojukwu as a strategic political move to weaken opposition in the South-East zone since Ojukwu held a high stake in the All Progressive Grand Alliance, a party with high followership in the region.
Matawalle being shielded, Zamfara gov alleges
Governor Dauda Lawal of Zamfara State alleged that the Minister of State for Defence, Matawalle, was being shielded by the Federal Government from accusations linking him to banditry.
Through his Chief Press Secretary, Sulaiman Idris, in a statement, Lawal accused Matawalle’s Federal Government connections of protecting him from scrutiny.
During an interview with Arise News, Onanuga explained that President Tinubu retained Matawalle because an investigation by the Office of the National Security Adviser deemed the allegations of banditry connections as “mere fabrication” and politically motivated.
However, Lawal’s spokesman disputed Onanuga’s claims, insisting the accusations were not politically motivated, as public security was at stake.
“When accusations of this nature arise, especially involving serious claims of bandit associations, the honourable thing would be for the officeholder to step aside. Effective investigations cannot happen while the individual remains in office, given their potential influence,” Idris noted.
He further stated that recent arrests of notorious bandits had prompted the governor to formally report the minister.
“We have arrested bandits who, during interrogations, provided significant information. A recent arrest led His Excellency to speak out after the detained individual was reportedly sent to Abuja for investigation but then released back to the forest.
“We even asked the NSA to question Matawalle about certain individuals and the events during the last Ramadan celebration in Tsafe Local Government, where Hilux vehicles carrying security personnel reportedly distributed food to bandits,” he added.
Idris alleged that Matawalle’s connections within the Federal Government have shielded him from accountability.
“We have facts, records, and names. As far as we know, no thorough investigation has been conducted. They are simply protecting him because he’s a ‘Federal Government boy,’” he added.
Governor Lawal also criticised Matawalle’s recent visit to Sokoto State in military uniform, claiming it was a display intended to avert his removal.
He added, “He did that because the cabinet reshuffle was imminent.
“There was no sincerity in his actions. Ask him why he hasn’t returned to Zamfara. If he says the governor would prevent him, it’s a lie. Following the Court of Appeal’s ruling on Zamfara’s election, he immediately visited the state, but he hasn’t returned since the Supreme Court’s judgment.”
Attempts to reach Ahmad Dan-Wudil, Matawalle’s media aide, for comments were unsuccessful as calls and messages went unanswered.
“The woman is a controversial person. She stepped on toes with her conduct and the President couldn’t curtail her excesses any longer. She was too dramatic as a minister. We knew she couldn’t go far”, said a source at the APC secretariat.
Uzoka-Anite’s ‘external’ office
The former Minister of Industry, Trade and Investment, Doris Uzoka-Anite, was accused of disconnecting herself from the agencies and departments under her ministry.
Officials of the ministry, who spoke to Saturday PUNCH on condition of anonymity, said she moved out of the ministry and established a new office in Abuja, making it difficult for staff to carry out their duties.
Uzoka-Anite was moved to the Ministry of Finance as a minister of state.
A top official of the ministry said, “The ministry was too big for her to handle. We usually have two ministers; we didn’t know why the President appointed only her to manage the ministry.
“Unfortunately, she was overwhelmed because she wanted to operate alone, and was not willing to work with departments and agencies under the ministry.
“She frustrated industrialists because of her self-styled administrative system. Each time we wanted to sign a file, we would leave the ministry to go and meet her at the new personal office she created in Abuja, and most of the files we submitted would not be returned to us. She had her team running the ministry for her.
“I believe industrialists who were frustrated by her style reported her to the President, which led to her demotion.”
Ade-John and Lagos power bloc
Sources in the tourism industry told Saturday PUNCH that the Lagos power bloc might have pressured President Tinubu into dropping Ade-John as the Minister of Tourism because she was not a politician.
According to the sources, Ade-John was denied access to the Lagos State Governor, Babajide Sanwo-Olu, on three different occasions.
The sources noted that the woman, though residing in Lagos, didn’t have any political godfather, which exposed her to threats from politicians in Lagos and some individuals who wanted to take charge of the ministry.
“She may be from Lagos by birth, but she is not a party person. That is her crime. She was relieved because of pressure from the Lagos power bloc.
“The woman performed excellently well. Nigeria has offended that lady because she gave in her best and we have the result.”
The Director General of the Ekiti State Bureau of Tourism, Wale Ojo-Lanre, in an article titled, ‘Lola Ade-John: Good bye to jati jati?’, described her removal as an injustice.
“Despite her visionary plans and tireless work, the sudden termination of her appointment feels like a deep injustice – a classic case of someone being stripped of their potential just as they are reaching for the stars.
“It’s essential to recognise that while she did not achieve everything she set out to do, what she accomplished in such a short time is nothing short of remarkable. She laid the groundwork for future leaders to build upon, and her legacy will not be forgotten,” he wrote.
Mamman’s sacking
The sacked Minister of Education, Prof Tahir Mamman, might have been relieved because of the controversies surrounding his actions and policies in the education sector, Saturday PUNCHgathered.
Among the controversies in the sector is the implementation of the 18-year minimum age policy for university admissions, which led to public outcry.
A non-government organisation, Education for Accelerated Development, listed Mamman’s sins to include misinformation, leading to diplomatic conflict between Nigeria, Benin Republic, and Togo, resulting in the suspension of degree programmes from universities in these countries, among other issues.
Matawalle’s escape
Sources explained that President Tinubu chose to retain certain ministers despite public dissatisfaction with their performance due to considerations around his potential second-term ambition and the political roles the ministers might play.
Some ministers reported to have underperformed include the Minister of State for Defence, Bello Matawalle; Minister of Marine and Blue Economy, Gboyega Oyetola; Minister of Science and Technology, Uche Nnaji; and Minister of Water Resources and Sanitation, Joseph Utsev, among others.
Matawalle has been repeatedly accused of sponsoring banditry in Zamfara State, an allegation he has always denied. Onanuga also stated that the allegations against him were unproven.
An APC chieftain in Abuja disclosed that the president ultimately narrowed down the list of ministers to be sacked to avoid ‘political stress.’
“Initially, more than five ministers were considered for dismissal, but the president evaluated those who could be beneficial to him politically. The president is wise and would not create challenges for himself,” the chieftain remarked.
“Did you see the president sacking any former governors currently serving as ministers? He can’t do that because he knows they will be useful for him in 2027. Among them, only David Umahi, the Minister of Works, has truly performed,” the source added.
On why Oyetola was retained, he said, “Blood is thicker than water. He is the president’s cousin; it would be unreasonable to expect his dismissal.”
The source also pointed out that the appointment of Bianka Ojukwu was a strategic political move to weaken opposition in the South-East zone since Ojukwu was influential in the All Progressive Grand Alliance, a party with huge followership in the region.
Matawalle being shielded, Zamfara gov alleges
Governor Dauda Lawal of Zamfara State alleged that, Matawalle, was being shielded by the Federal Government from accusations linking him to banditry.
Through his Chief Press Secretary, Sulaiman Idris, in a statement, Lawal accused Matawalle’s Federal Government connections of protecting him from scrutiny.
During an interview with Arise News, Onanuga stated that President Tinubu retained Matawalle because an investigation by the Office of the National Security Adviser deemed the allegations of banditry connections to be “mere fabrication” and politically motivated.
However, Lawal’s spokesman disputed Onanuga’s claims, insisting that the accusations were not politically motivated, as public safety was at stake.
“When accusations of this nature arise, especially involving serious claims of bandit associations, the honourable thing would be for the officeholder to step aside. Effective investigations cannot happen while the individual remains in office, given their potential influence,” Idris noted.
He further stated that recent arrests of notorious bandits had prompted the governor to formally report the minister.
“We have arrested bandits who, during interrogations, provided significant information. A recent arrest led His Excellency to speak out after the detained individual was reportedly sent to Abuja for investigation but then released back to the forest.
“We even asked the NSA to question Matawalle about certain individuals and the events during the last Ramadan celebration in Tsafe Local Government, where Hilux vehicles carrying security personnel reportedly distributed food to bandits,” he added.
Idris alleged that Matawalle’s connections within the Federal Government had shielded him from accountability.
“We have facts, records, and names. As far as we know, no thorough investigation has been conducted. They are simply protecting him because he’s a ‘Federal Government boy,’” he added.
Governor Lawal also criticised Matawalle’s recent visit to Sokoto State in military uniform, claiming it was a display intended to avert his removal.
He added, “He did that because the cabinet reshuffle was imminent.
“There was no sincerity in his actions. Ask him why he hasn’t returned to Zamfara. If he says the governor would prevent him, it’s a lie. Following the Court of Appeal’s ruling on Zamfara’s election, he immediately visited the state, but he hasn’t returned since the Supreme Court’s judgment.”
Attempts to reach Ahmad Dan-Wudil, Matawalle’s media aide, for comments were unsuccessful as calls and messages went unanswered.
Uba Sani, the governor of Kaduna, says he is receiving half of his salary as part of measures to cut the cost of governance.
Sani spoke to State House correspondents in Abuja on Friday after meeting President Bola Tinubu at the presidential villa.
“We made it clear that we need to reduce the cost of governance in Kaduna state. To date, we have not bought a single vehicle for any government official in Kaduna state,” he said.
“That has really helped us. We’ve reduced the allowances of all our commissioners, advisers, and even myself—I receive half of my salary. Since I became governor of Kaduna state, I have not acquired a single new vehicle as governor.
“So we’ve significantly reduced the cost of governance, and that’s the way forward if we truly want to address our challenges and improve key areas like education, healthcare, and infrastructure.”
He told journalists that the government has purchased 100 compressed natural gas (CNG) buses to enhance public transportation in the state.
“We’ve bought about 100 CNG buses in Kaduna state, and we’re calling on Mr. President to come to Kaduna to commission them for us. All this is in line with the renewed hope agenda of Mr. President,” the governor said.
Sani said the number of out-of-school children in the state has been reduced by 300,000 in the past six months.
He cited data from the Kaduna State Bureau of Statistics, which indicates that 768,739 children are out of school at the basic level (basic 1 to 9).
“I informed President Tinubu that in the last six months, we have reduced the number of out-of-school children by about 300,000 because we built around 62 secondary schools in Kaduna, added 2,340 classrooms in primary schools, and employed teachers,” he said.
Sani noted that 12 secondary healthcare centres have been reconstructed, remodelled, and equipped, while 62 road projects spanning approximately 700 kilometres are at various stages of completion across the state.
The governor said recent efforts to bolster security across Kaduna are yielding results, noting that there has been peace in historically volatile areas like Birnin Gwari, which have been affected by insurgency and banditry.
“In the last few months, we have not experienced any major security issues in Kaduna. This stability is due to close collaboration between state security agencies and local communities, which has been instrumental in intelligence gathering and maintaining peace,” he said.
[TheCable]
The Federal Government is introducing a 50 per cent tax relief for companies that increase salaries or offer transportation allowances to low-income workers, as part of a new legislative bill designed to reform Nigeria’s tax system.
The proposed law, titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” is dated October 4, 2024, and was obtained from the National Assembly.
A review of the bill on Friday indicated that it aims to introduce certain income tax exemptions to incentivise salary adjustments.
According to a section of the bill, companies will be allowed an additional 50 per cent deduction in their relevant years of assessment for costs incurred during the 2023 and 2024 calendar years.
The qualifying expenses include wage increases, transportation subsidies, or transport allowances granted to workers, whose gross monthly earnings are brought up to N100,000 or less.
The provision, however, stipulates that any additional salary increases granted to employees earning above N100,000 monthly will not be eligible for the tax deduction.
Also, firms that hire new employees resulting in a net increase in their workforce between 2023 and 2024 will qualify for the deduction, provided the new employees remain employed for at least three years and are not involuntarily disengaged.
A section of the bill read, “A company shall be entitled to an additional deduction of 50 per cent in the relevant years of assessment in respect of costs incurred in 2023 and 2024 calendar years on the following –
“(a) wage awards, salary increases, transportation allowance or transport subsidy granted to a low-income worker, which bring the gross monthly remuneration of the worker up to an amount not exceeding N100,000.00; provided that any additional award or salary increase to an employee earning above N100,000.00 as monthly salary shall not qualify for the additional deduction under this subsection; and
“(b) salaries of any new employee constituting a net increase in the average number of new employees hired in 2023 and 2024 calendar years over and above the average net employment in the 3 preceding years, provided that such new employees are not involuntarily disengaged within a period of 3 years post-employment.”
Also, the Federal Government plans to introduce an Economic Development Incentive Certificate as a tax incentive for companies investing in capital projects.
As outlined in the bill, firms seeking the certificate must submit their applications through the Nigerian Investment Promotion Commission, accompanied by a non-refundable fee of 0.1 per cent of the capital expenditure, capped at N5m.
The NIPC will review and recommend the applications to the Minister for approval, after which the Minister may forward the recommendation to the President.
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]