As December 31st looms closer, a sense of trepidation is mounting across Nigeria over the status of the old ₦200, ₦500, and ₦1,000 notes. Rumors have spread like wildfire that these notes will cease to be legal tender by the year’s end, raising concerns of another wave of cash scarcity and economic strain, similar to the crisis that crippled the country earlier last year. Amidst this, the Central Bank of Nigeria (CBN) has a duty to act swiftly and decisively to quash these rumors before they snowball into a national crisis.

The need for CBN to engage in an aggressive information campaign targeting Nigerians at all levels cannot be overstated. This article calls on CBN to embark on an urgent, nationwide grassroots campaign to clear the air, alleviate panic, and reassure Nigerians that they have nothing to fear regarding the continued acceptance of these notes. The campaign should particularly focus on marketplaces and grassroots communities where misinformation tends to circulate most rapidly and where many Nigerians rely primarily on cash for daily transactions.

For many Nigerians, cash remains the lifeline of daily economic activities, especially within rural and suburban communities where digital banking and payment infrastructures are sparse. Early in 2023, the country experienced the devastating effects of a cash crunch in the bid to phase out old notes and roll out new notes in the name of currency redesign. Reports of people unable to access cash for food, transportation, and medical expenses flooded the media, and the effects were felt across all demographics but hit hardest among low-income earners. This was a grim period marked by nationwide hardship, and no Nigerian would want to experience a similar ordeal again.

The approaching December 31st deadline, cited by rumors to be the cut-off for the old notes, has evoked memories of this recent past, sending shockwaves across the country. The lack of clear and widespread communication from the CBN has allowed these unfounded claims to spread, triggering fears that another round of stringent policies may be on the way. If CBN delays in clarifying the status of these notes, panic could set in, fueling a withdrawal rush, speculative hoarding of the new notes, and possibly, a repeat of the cash crunch that left countless families in severe distress.

At this juncture, it is expedient to opine that the inspiration to express this view came when the House of Representatives urged the CBN to begin gradually withdrawing old naira notes and increasing the circulation of new N200, N500, and N1, 000 notes. They also called for commercial banks to only transact with customers in new notes to phase out the old ones. This motion, proposed by Rep. Victor Ogene, addresses the upcoming December 31, 2024, deadline set by the Supreme Court, after which old notes will no longer be legal tender. Ogene emphasized the need for the CBN to launch public awareness campaigns to prevent a repeat of the cash shortages experienced in 2023. The motion has been referred to the Committee on Banking Regulations for further action.

To effectively dispel rumors, the CBN must ensure its information campaign penetrates deeply into Nigeria’s grassroots communities, where misinformation is both common and influential. The importance of marketplaces as hubs of information and transaction cannot be overstated. These venues are not only where the majority of Nigerians engage in daily commerce, but also where rumors gain traction and spread swiftly. In these spaces, people depend heavily on word-of-mouth and often have limited access to official information channels.

A nationwide campaign targeting these grassroots venues can take the form of market visits by CBN officials, collaborations with local governments, and partnerships with community leaders. Local radio stations, which remain a trusted source of information in many communities, should be leveraged for continuous broadcasts that clarify the currency status. In addition, CBN can utilize social media, traditional media, and even mobile loudspeaker announcements to make sure the information reaches every corner of Nigeria.

To successfully reach Nigerians at every level, CBN officials should organize visits to major markets in each state, engaging traders and buyers directly. This would allow officials to distribute pamphlets and speak with market leaders, who are often influential in spreading information. Traders should be assured that the current notes will remain valid, and they should be urged to inform their customers.

Secondly, community engagement through local Leaders is indispensable in this case. This is as Nigeria’s community leaders hold significant sway, particularly in rural areas.  In fact, CBN should engage local chiefs, village heads, and religious leaders to help spread accurate information about the status of the notes. These leaders could help dispel myths and assure their communities that CBN has not issued any such directive on invalidating the old notes by December 31st.

In a similar vein, radio is one of the most far-reaching media platforms in Nigeria, particularly in rural areas where television and internet access may be limited. Therefore, broadcasting clear messages on local stations in various Nigerian languages will ensure that every Nigerian can access the information, irrespective of their primary language. This approach also gives an air of urgency and legitimacy to the campaign, helping reassure the population.

Without a doubt, Nigeria has a high rate of social media usage, especially among younger demographics. CBN should use its official social media channels to post updates, conduct Q&A sessions, and debunk misinformation about the old notes. Engaging with the public on platforms like Twitter, Facebook, and Instagram can also help clarify misconceptions in real-time.

Also, in many rural areas, mobile loudspeaker announcements are commonly used to communicate information directly to the public. CBN could deploy this approach in major markets, particularly on busy market days, to ensure that people have accurate information while they go about their activities.

Without a doubt, the previous cash crunch had a severe impact on small businesses, traders, and daily wage earners. Many lost income, and some businesses even folded up due to a lack of operational funds. The informal sector, which accounts for a large part of Nigeria’s economy, relies heavily on cash transactions. A sudden withdrawal of high-denomination notes would disrupt the economic stability of countless Nigerians, who rely on these denominations for their livelihoods.

An aggressive information campaign that debunks rumors about the old notes will not only calm the public but will also prevent an unnecessary rush to banks and ATMs, which could lead to liquidity challenges. If people are not fully informed, they may panic, believing they must deposit all old notes before the year’s end. This could lead to long lines at banks and financial institutions, draining both cash reserves and customer patience.

With only weeks left in the year, there is no time for complacency. CBN must take the reins now and ensure every Nigerian is well-informed. Delaying the campaign any further could result in confusion, panic, and a further strain on the country’s economic stability. CBN’s silence will only encourage the spread of misinformation, and by the time action is taken, it may be too late to reverse the effects.

The current administration has made various promises to ease the financial strain on the population, and ensuring a smooth transition through this period is one way to honor these commitments. However, with the currency rumors still unchecked, trust in government institutions could be further eroded. People may begin to question the CBN’s motives, suspecting that it plans to implement sudden and draconian measures.

In recent months, Nigerians have faced economic challenges that are largely beyond their control, and rumors regarding the validity of currency notes only serve to exacerbate an already difficult situation. CBN has the tools, resources, and influence to tackle this issue head-on. All that is needed is a sense of urgency, an understanding of grassroots dynamics, and a commitment to ensuring that Nigerians are equipped with accurate information.

This article calls upon CBN to rise to the occasion, to avoid another national cash crisis by clearing up the misinformation about the December 31st deadline for old ₦200, ₦500, and ₦1,000 notes. A well-coordinated grassroots campaign will not only keep Nigerians informed but will also strengthen their trust in the financial system and in the CBN’s mandate to protect the currency and the economy.

With prompt, widespread communication, Nigerians can enter the New Year with a sense of security, assured that their hard-earned money remains safe and usable. As the countdown to December 31st continues, CBN must act now, for every moment of delay brings Nigeria closer to another potential crisis that we cannot afford.

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 Niger Delta Ministry is gone”, courtesy of some rejigging in government by the President. I was quick to call for the scrapping of that needless ministry the moment it was created. Not because the people of the Niger Delta did not deserve a lot more than they were getting from a federation to which they were contributing so much, but because we must sit down and calmly ask ourselves what real development the various intervention agencies, from OMPADEC, through NDDC, to the now-defunct ministry of the Niger Delta have brought to the people of the area.

Our people say that you should watch out for something fishy where, and when, you find two people carrying out virtually the same task, in the same environment and at the same time. It is either that they are part of a conspiracy to fritter away resources under false pretences, or they are too dumb or too selfish to realize and admit what they are doing.

Welcome to the views expressed on this page four years ago, on 24th February, 2020, under the title “Scrap the NDDC, Others” which are made even more desperately relevant today by the redesignation of the Niger Delta Ministry. The article in question can bear near-total repletion here.

As was said then: “One of the questions that people of the Niger Delta, and Nigerians in general, must answer for themselves today is whether the Niger Delta Development Commission (Read Ministry of the Niger Delta) has brought real development, or is capable of bringing real development, to the oil producing states of Nigeria. The other question is whether development commissions generally, especially as they are now turning into a new industry for replicating the functions of existing Institutions of State in Nigeria, represent a step forward for any nation in the 21st Century”.

The piece continued: “In answering these questions, we must make a distinction between money being budgeted and sent to the NDDC and evidence of sustainable economic and other interventions by the commission over the last two decades. The Commission has the highest number of abandoned projects in the country. Besides the Federal Government, it is also the most indebted of all institutions of state today. Except in one or two isolated cases, when some people at the helm tried to make some real difference, the NDDC has remained a metaphor for sleaze, patronage and titanic elite battles for unscrutinised plunder.

It has remained the epicentre of great battles, the bulk of which has nothing to do with the long-term welfare of the people. The dream that led to its creation has remained a delusion and the struggle to retain it has remained the business of the political elite, who are benefitting from it. It waddles about, year after year, ostensibly ‘developing’ the oil producing states.

But to dare suggest that such a hapless cash cow that is being used by the elite to plunder the state in the name of the people be scrapped is to draw the ire of vested interests. That is why, despite the burgeoning scandals, scrapping it and having the monies go to the states instead is not one of the options on the cards. One can understand the objection that most of the states themselves are performing miserably on all fronts. But the advantage of scrapping the plethora of commissions will be the reduction of “thieving points” for the elite”.

The article under reference here continued: “The Federal Government will create more of such commissions. Sections of the elite that are not holding substantive positions in government can then also be settled by such appointments. Already there is the North East Development Commission. Others are in the offing, as the clamour to get at least a tooth into the Nigerian cherry, outside the strictures of official public administration, grows in crescendo. And it is working.

The South-east, North-west and other regional commissions are being rehearsed in the maternity section and labour rooms of the National Assembly. And when we now have all these commissions, then what? There will still be the federal government, federal ministries, state and local governments, wards and councils. There will still be federal and state budgets, worked out into details of what should be spent on various aspects of our national life. So, why balkanise the state and waste public funds so mercilessly”?

The above was penned four years ago. And it did not stop there.

“What we see, looking ahead”, the piece continued, “is that new commissions will expand the avenues for patronage. They will also ‘democratize’ opportunities for the questionable exercise of political discretion. All these will be happening below the radar of rigorous state scrutiny. So, we are likely to have more commissions, instead of less. And that is because we are saddled with a leadership class that mistakes the existence of institutions and the passing of laws and budgets for leadership and service delivery. If that were not the case, someone would have sat down to take a detailed inventory of the uselessness of the over 500 government agencies in the land.

Hardly is there any parliamentarian, governor, or head of a government agency who does not use a bullet-proof SUV. Check the cost of one such vehicle. Then multiply it by, say one thousand. Add a pilot vehicle, a security vehicle, a bus for the press crew, among others. Then consider that new ones are bought every three to four years. Now add the security personnel and other appurtenances. What do you have? What do most of these people, individually and collectively, deliver to the Nigerian citizen to warrant the runaway expenses?

“It is time for us to sit down and ascertain whether we must remain locusts, or turn into farmers who are attentive to the global weather”, the article said in 2020. The readings out there are telling us that this is the season to shrink expenses, expand value-yielding engagements and generally be guided to adopt sustainable templates for our continued existence as a nation. But we are not looking in that direction at all. That is why the takings of our lawmakers are still what they are, at both federal and state levels.

That is why our governors, across all political parties, are still clinging to the public robbery called Security Votes. That is why the federal government is still unrelenting in its desperate acquisition of a rash of loans, the bulk of which will not go into any investment, or development project. It is all for consumption and nothing more”.

Then the write up brought in a historical precedent that left a telling impression thus: “Remember that the late Gen. Sani Abacha as Head of State said it would put the accruals from the increase in fuel price into very important national development projects. It set up the Petroleum (Special) Trust Fund (PTF). But the PTF was, first and foremost, a vote of no confidence on the existing institutions of state, since it was venturing into their statutory functions.

The other point is that all PTF budgeting and spending were in areas covered by existing ministries, departments and agencies. This created the problems of accountability, of cohesion in government policy and developmental efforts; as the PTF operated without recourse to measures already put in place, following the budgets and projects of the various ministries and agencies.

Thus came PTF roads, PTF drugs and what not; all at peculiar costs. Worse still, the consumption tax that provided the PTF resource was sourced mostly from the South, while over 75% of the projects executed with it were in the North. By the time the military was ready to hand over to the civilians in 1999, the Trust Fund had drawn much distrust. It had neither brought development, bridged the shortcomings of the agencies it tried to bail out, nor risen above board in many respects.

But those benefiting from it had become even more determined to ensure that the incoming civilian regime of Obasanjo retained it. Thus, the media was approached, including some of us on The Guardian Newspapers Editorial Board, to drive a ‘media consultancy’ that would push a strong campaign, to arm-twist the then President-elect into not scrapping the PTF after being sworn in.

But I refused to get involved; and gave my reasons. A media consultancy must be accompanied by an overriding sense of social responsibility. This means that the person who has the capacity to influence public opinion, or public policy, has a higher duty to his conscience and the greater public good. The PTF was all about procurements, supplies and constructions, and also given that it was set up in the expectation that the weak institutions of state should recover and take up their statutory functions, I argued then that the incoming civilian president should be given the chance to revive the Nigerian state”,

My point in 1999 was that Obasanjo should not be saddled with an extra institutional contraption that would create an unwieldy administrative structure and also undermine accountability by being almost a parallel government. And so, I rested my case. I recall that my comments drew some derisive laughter from one particular senior journalist at the time – not from The Guardian stable.

When I saw proof in the media that the ‘consultancy’ must have caught on, with several write ups giving very elaborate reasons why the incoming Obasanjo Presidency should retain the PTF, for “doing a damn good job,” I made my own intervention in The Guardian titled: “Obasanjo, Remember the PTF.” In it I argued that one of Obasanjo’s first duties as president should be to scrap the PTF and strengthen the statutory institutions of state, for effective service delivery”.

Now that we have several development commissions it would be a grand display of profligacy for the nation to have as many administrative structures to manage them. We need convergence, economies of scale, and a scaling down of administrative apparatus, which is precisely what the recent action of the Federal Executive Council has brought about. My personal preference would be for the government to tinker with the revenue allocation formular, as well as the job of the Revenue Mobilization and Fiscal Commission, and then give all monies to the states. Therefore, I take the good news about the scrapping of the Niger Delta Ministry as the first leg of a very important journey

Quote

Now that we have several development commissions it would be a grand display of profligacy for the nation to have as many administrative structures to manage them. We need convergence, economies of scale, and a scaling down of administrative apparatus. That is precisely what the recent action of the Federal Executive Council has brought about. My personal preference would be for the government to tinker with the revenue allocation formular, as well as the job of the Revenue Mobilization and Fiscal Commission, and then give all monies to the states. Thus, I take the good news about the scrapping of the Niger delta ministry as the first leg of a very important journey.

I fully anticipate that most Nigerians will figuratively call for my head after reading this headline. How could it be that a leader who has inflicted such profound and unrelenting hardship upon the populace, and who appears utterly disinclined to offer even the smallest relief, could ever be missed?

 (Tinubu’s wirepullers at the World Bank have essentially declared that Nigerians must, at the barest minimum, endure this misery for not only the entirety of Tinubu’s possible two terms but for an additional seven years thereafter.)

But, one must ask, who could have ever predicted that Nigerians would miss Presidents Goodluck Jonathan or Muhammadu Buhari, to cite two recent examples? A video trended on social media about five weeks ago of a man who, on President Muhammadu Buhari’s last day in office, sunk to his knees and supplicated to God to never let Nigerians miss Buhari. 

“When Jonathan became our president, we were missing Yar’adua,” he lamented. “When Buhari became president, we were missing Jonathan. God, I use God to beg you, please don’t let us miss Buhari. May we not miss Buhari!”

Yet, scarcely more than a year later, Nigerians find themselves missing Buhari—a reality that has led many on social media to joke that the man in the viral video celebrated Buhari’s departure too soon. 

Today, a great many Nigerians would eagerly return to the days of Buhari, which they had rightly described as a dark and suffocating snake pit of relentless suffering—the very same way they longed for Jonathan’s atrocious tenure under Buhari's rule.

In 2018, when I said to someone that, as frightfully inept as Buhari was, Nigerians would come to miss him—not because of any merit in his governance but simply because his successor would prove to be even worse—my interlocutor reacted with outrage and accused me of cursing Nigeria. 

He, like many others during Jonathan’s administration, vehemently declared that it was impossible for anyone to be worse than Buhari, and that anything more calamitous than the Buhari regime would spell the absolute collapse of Nigeria.

Nigerian hasn’t collapsed even if it isn’t standing. It seems an immutable law of Nigerian politics that every successive president is invariably worse than their predecessor.

More significantly, human beings seem hardwired to recall the past with a disproportionate fondness that it seldom deserves. In my January 8, 2021, column titled "Kukah, Pantami, and Self-Interested Government Critics," I observed: "The truth is that every previous administration often benefits from a kind of cognitive bias that psychologists call rosy retrospection, which is the tendency to remember past times more positively as they recede into distant memories. Even Buhari will benefit from rosy retrospection years after his tenure. Should people who defend or ignore him now be given a pass if they come down hard on his successor?"

It was during my undergraduate years at Bayero University, Kano, in the early 1990s, that I first became acutely aware of this distinctly human inclination to invariably and uncritically romanticize the past. 

During one of my visits to the university library’s psychology section, I encountered a book that introduced me to the concept of cognitive biases. It was there that I learned of terms such as rosy retrospection, chronological snobbery, and declinism—all of which distort our perceptions of the present and future. 

Much like rosy retrospection, declinism inclines people to view the past with nostalgia while adopting a bleak outlook toward the present and future, often despite evidence to the contrary. Although, in the Nigerian context, such declinist sentiments frequently have a foundation in objective reality.

To give another example, in 1993, most Nigerians had grown weary of Ibrahim Babangida, whose Structural Adjustment Program (SAP) had sapped the vitality of the nation. When he handed power over to Ernest Shonekan in August 1993, we collectively exhaled in relief. Yet, that respite was short-lived. When Sani Abacha overthrew Shonekan and unleashed a reign of terror, Nigerians began to miss Babangida and, in time, to recall his most egregious misdeeds with surprising favor.

Given my awareness of cognitive biases, I remember telling my friend Aliyu Ma’aji in 1994 that a time would come when Nigerians would miss and perhaps even celebrate Abacha. Here is a recollection of that moment from my May 7, 2020, article titled "Curious Posthumous Deodorization of Abacha’s Grand Larceny":

“I recall a conversation I had with my friend Aliyu Ma'aji (who is now Ma’ajin Zazzau) when we were undergraduates at BUK in 1994. We were walking a long distance and holding buckets in search of elusive water because there had been no electricity for weeks in Nigeria. Vehicular movements had basically stopped, and people were forced to trek long distances because there was no petrol anywhere.

“In the midst of the severe deprivation and sense of existential siege we were undergoing, I said, ‘Aliyu, do you know that a time might come in the future when Nigerians would celebrate and sentimentalize Abacha as one of the best heads of state we’ve ever had?’ 

“Aliyu lost it. ‘Wallahi tallahi, if any bastard ever says a single good thing about Abacha in my presence, I’d beat the living daylights out of him!’

“I wonder what Aliyu feels about all the posthumous rehabilitative narratives of Abacha who literally made life a menacing torment for people in the 1990s, who stole the nation blind, whose son used presidential jets like kabu-kabu and died in one, who murdered innocent people like chickens, who repressed the nation with Hitlerite malignancy.

“When Buhari says history will be kind to him, he is banking on the legendary amnesia of Nigerians and their predilection to rehabilitate and deodorize dead political elites even if they were evil or dreadfully inept.”

Thus, before one rushes to crucify me for asserting that Nigerians will eventually miss Bola Ahmed Tinubu, remember that no one ever thought they would miss any president or head of state during their time in power.

 People do not miss past leaders because they were good; they miss them because their successors are often worse, or because they are more acutely conscious of the present pain than the past agony.

It is akin to missing the torment of the frying pan after being cast into the fire. Whether one is scorched in the frying pan or incinerated in the fire, one is still in distress. The sting of present suffering does not negate the reality of past torment.

My certainty that Nigerians will miss Tinubu stems from the reality that nearly all potential successors—both within the ruling APC and the opposition—are proponents of the same poverty-inducing, soul-crushing, middle-class-eroding neoliberal economic policies aggressively propagated by the World Bank and IMF. 

The disagreements between opposition politicians and Tinubu are confined merely to matters of method and timing, not substance or policy. They uniformly endorse the removal of petrol subsidies and the devaluation of the naira (the two principal policies responsible for the current mass despair in the land), differing only in how these policies should be executed. Such distinctions are, ultimately, distinctions without a difference.

No nation has ever implemented these policies without wreaking havoc on its economy, obliterating its poor, and decimating its middle class. If another neoliberal charlatan, masquerading as a savior, assumes power after Tinubu, Nigeria’s situation will worsen, and the people will inevitably yearn for the Tinubu era, wondering why they ever believed it was intolerable.

Since neoliberal economic populism now enjoys mainstream acceptance in Nigeria, and since its proponents—including a cadre of uneducated and misguided youth—have succeeded in branding those of us who defend the merits of subsidies (absent corruption) as regressive, antiquated "commies" pitifully frozen in prehistory and have made old, discredited right-wing economics seem chic and intellectual fashionable, we must resign ourselves to watching from the sidelines as Nigerians experience the inevitable consequences. Perhaps that lived experience will be more instructive than our warnings.

There is only so much an adult can do to caution a child who is mesmerized by the allure of fire. Sometimes, the child must touch the flame and suffer its burn to truly comprehend its danger. Experience, after all, is a far superior teacher than pontification. 

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]