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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.
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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]
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]
Popular Nigerian singer, Ayra Starr, recently revealed that she still lives with her family whenever she is in the country.
The Grammy-nominated singer disclosed that she places a lot of value on family and friends, hence their involvement in her life.
Speaking during an interview with Coco Jones for Rolling Stone’s Musicians on Musicians issue, Ayra Starr said she involves her friends and family in her life so much that they discuss her choices of fashion and music.
The 22-year-old singer, however, sad the involvement in family lifestyle can be overwhelming sometimes that she just has to disappear.
“When I go back home [Nigeria], I still live with my family. My brothers are making noise playing video games. I still involve my friends in my life.
“We have a group chat where I solicit their opinions on what I wear. I thank God for my friends and family. Although, sometimes, it gets overwhelming and I have to disappear,” Starr said.
Meanwhile, reality TV star, Uriel Oputa has condemned the relationship advice given by some of her colleagues.
She urged netizens not to accept advice from BBNaija past contestants as many are not worthy of them.
Her statement comes after co-reality star, Rachel Edward stated that women should leave partners who won’t buy them a car.
“If he has no intention of buying you a car, leave him!!!,” she had written.
Uriel emphasised the dangers of entitlement, urging women to focus on personal growth and gratitude rather than material expectations.
She insisted that those who constantly receive from others without showing gratitude will lose their power to grow.
The reality TV star advised women to use whatever they receive from others to elevate themselves.
[Naijanews]
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]
On Wednesday, October 23, 2024, President Bola Tinubu sacked five Ministers in a major restructuring aimed at improving government operations.
The sack was disclosed in a statement by the presidency after the Federal Executive Council meeting on Wednesday.
Since the return to civilian rule in Nigeria in 1999, numerous Ministers have been dismissed from their positions across various administrations.
One notable aspect of this political theater has been the sudden dismissal of ministers across various administrations.
In some cases, ministers were effectively pressured to resign without formal announcements.
From Olusegun Obasanjo and Umaru Yar’Adua to Goodluck Jonathan, Muhammadu Buhari, and now Bola Tinubu, each administration has seen its share of ministerial departures.
While some ministers faced removal due to involvement in scandals, others simply became casualties of cabinet reshuffles.
These officials held diverse roles before their exits, contributing to the ever-changing dynamics of Nigerian politics.
Below is a comprehensive list of notable ministerial sackings since 1999 till date:
1. Barth Nnaji – Minister of Power, forced to resign in 2012 amid allegations regarding the bidding process for the sale of Afam Power Plant.
2. Michael Aondoakaa – Attorney-General and Minister of Justice, removed in 2010 under controversial circumstances by then-acting President Goodluck Jonathan.
3. Fabian Osuji – Minister of Education, dismissed in March 2005 due to corruption allegations involving bribery to the National Assembly.
4. Stella Oduah – Minister of Aviation, sacked in February 2014 over corruption scandals related to the purchase of luxury vehicles for her ministry.
5. Prof. Adenike Grange – Minister of Health, resigned amid a scandal involving a N300 million fraud case in 2008.
6. Sabo Nanono – Minister of Agriculture and Rural Development, sacked on September 1, 2021, by President Muhammadu Buhari during a cabinet reshuffle.
7. Saleh Mamman – Minister of Power, dismissed alongside Nanono in September 2021 as part of a cabinet shake-up.
8. Caleb Olubolade – Minister of Police Affairs, removed in 2014 to allow him to pursue gubernatorial ambitions in Ekiti State.
9. Godsday Orubebe – Minister of Niger Delta Affairs, sacked in 2015 to enable his run for Delta State governorship.
10. Yerima Ngama – Minister of State for Finance, dismissed in 2014 after announcing his gubernatorial ambitions in Yobe State.
11. Shamsudeen Usman – Former Minister of National Planning, removed during a cabinet reshuffle in 2014.
12. Ruqayyatu Ahmed Rufai – Education Minister, sacked in 2013 after failing to resolve ongoing strikes by academic unions.
13. Amal Iyingiala Pepple – Minister of Housing, dismissed in September 2013 during a significant cabinet overhaul by President Jonathan.
14. Bukar Tijani – Sacked from his ministerial position in September 2013 after serving from July 2011.
15. Olusola Obada – Former Minister of State for Defence, removed during a major reshuffle in September 2013.
16. Zainab Ibrahim Kuchi – Served as Minister of State for Power and Niger Delta Affairs; inadvertently sacked during a cabinet meeting in September 2013.
17. Betta Edu – Embattled Minister of Humanitarian Affairs, Betta Edu was suspended over alleged money laundering.
Edu was under heavy criticism after a memo surfaced where she directed the Accountant-General of the Federation, Oluwatoyin Madein, to transfer N585 million to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups.
The instructions for the payment are contained in a leaked memo dated December 20, 2023.
Edu didn’t deny paying N585m into a private account. In defence, the Minister claimed the payment followed due process.
18. Uju Kennedy – Recently served as Minister for Women Affairs under the regime of President Bola Ahemd Tinubu. She was dismissed in a major shakeup of the President’s cabinet on Wednesday, October 23.
19. Lola Ade-John – Recently served as Minister for Tourism. Was also dismissed in a major shakeup of the President’s cabinet on Wednesday, October 23.
20. Tahir Mamman – Recently served as Minister for Education. Was also sacked in a major shakeup of the President’s cabinet, aimed at improving government operations on Wednesday, October 23.
21. Abdullahi Tijjani Gwarzo – Recently served as the Minister of State for Housing and Urban Development. Was also sacked in a major shakeup of the President’s cabinet on Wednesday, October 23.
22. Jamila Bio Ibrahim – Recenetly served as minister of youth development. Was also recently sacked in a major shakeup of the President’s cabinet on Wednesday, October 23.
[TheNation]
…Says it’s a Domestic Decision
…No Current Programme in Nigeria
…Urges Social Investment to Shield Vulnerable Groups
The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government.
The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens.
Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, IMF’s African Region Director, Mr. Abebe Selassie, stated, “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK.”
Mr. Selassie acknowledged the IMF’s guidance on public resource management, noting that, while Nigeria needs substantial investment in infrastructure, healthcare, and education, the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth. “Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.
Admitting the economic impact on Nigerians, Mr. Selassie encouraged the Nigerian government to roll out social investments to help vulnerable groups manage the transition. “We recognize the significant social costs involved,” he noted. “The government can mitigate these by expanding social protection for the most vulnerable.”
[Vanguard]
The Lagos State Traffic Management Authority (LASTMA) says it has arrested one Adewunmi Taiwo for allegedly impersonating its officer on Oshodi bridge.
Adebayo Taofiq, the LASTMA director of public affairs, said in a statement on Friday that the suspect confessed to making N15,000 to N25,000 daily from his illegal activities.
“Adewunmi Taiwo, age 45, operating a white Hiace Coaster Bus with the license plate KJA 724 YJ, utilized this guise to harass drivers in the area,” the statement reads.
“Upon a meticulous search of his vehicle, LASTMA Officers uncovered an official LASTMA uniform, including a branded raincoat, among his possessions, confirming his intentions to deceive.
“During interrogation, Mr. Taiwo, who claimed to hail from Ilesha in Osun State and is married with three children, confessed to misusing the uniform to extort unwitting motorists, targeting high-traffic routes along Ikorodu Road and the Oshodi to Mile 2 expressway.”
Olalekan Bakare-Oki, general manager of LASTMA, said the agency received multiple extortion reports prompting investigation and arrest of the suspect by its surveillance unit.
“I take this opportunity to issue a stern warning to individuals who exploit LASTMA’s identity for unlawful gains: any attempt to tarnish the agency’s reputation will be met with the full force of the law as the man will be charged accordingly,” he added.
[TheCable]
More...
Former President Olusegun Obasanjo has finally opened up on the third-term imbroglio that dogged the latter days of his government.
In 2007, report emerged that Obasanjo was allegedly scheming for a third term in office but the plot was thwarted by certain political actors.
His former vice president, Atiku Abubakar, and ex-Senate President Ken Nnamani had on several occasions also claimed that Obasanjo wanted to change the constitution in order to extend his term in office.
Speaking on the long-standing controversial issue, the former President distanced himself from the third term agenda .
Speaking during an interview on News Central which aired on Thursday, Obasanjo said he was never interested in a third term and the agenda was pushed by certain persons in government.
Obasanjo stated that if he had wanted a third term, he would have got it. He disclosed that the third term speculation was the handiwork of some governors who were clandestinely working towards elongating their own terms in office.
According to Obasanjo, these governors believed that if he secured a third term, they would also benefit from an extended tenure.
His words: “If I had wanted a third term, I would have gotten it. I didn’t want a third term. I know some governors working for this, believing that if I, as president, got a third, they would also get it.”
Obasanjo revealed that getting debt relief for Nigeria was a far more challenging task than securing a third term. He proudly noted that his administration successfully obtained debt relief for the country, a feat that required diplomatic efforts with countries like France, England, Japan, and the United States.
Atiku Abubakar and Ken Nnamani have both claimed to have played instrumental roles in toppling Obasanjo’s alleged third-term bid.
Ahead of the 2023 presidential election, Atiku claimed that his connections within the National Assembly enabled him to block Obasanjo’s third-term agenda.
Obasanjo and Atiku served as Nigeria’s president and vice president from 1999 to 2007. However, their relationship went sour when Obasanjo chose not to support Atiku as his successor.
Meanwhile, Nnamani, stated that he had to give up his senatorial ambition to ensure Obasanjo’s third-term bid was defeated. He alleged that lawmakers were offered promises and cash incentives, but he remained committed to preventing the agenda, which ultimately led to his failure to secure re-election in 2007
Davido, the Afrobeats powerhouse, has electrified the fashion scene with his unforgettable runway appearance at the much-anticipated 2024 Lagos Fashion Week.
This five-day extravaganza, which kicked off on October 23, is not just a showcase of fashion; it’s a vibrant celebration of African creativity that includes panel discussions addressing the global economic landscape and innovative marketing strategies for aspiring African fashion entrepreneurs.
On a dazzling Thursday night, the spotlight shone brightly on Davido as he strutted down the runway for the renowned designer Ugo Monye, as captured in viral video.
Draped in an exquisite all-brown regalia fabric, Davido transformed the runway into a regal experience, embodying the essence of African royalty.
His outfit was a masterpiece, accentuated with striking red-plated beads that wrapped around his neck, a commanding staff in hand, and a beautifully crafted chocolate-colored cap that crowned his look.
Each element of his attire was meticulously chosen, reflecting not only style but also a deep respect for cultural heritage.
The crowd erupted in enthusiastic cheers, welcoming him as the music star glided down the runway with the grace and poise of regal lineage.
Social media erupted with praise, as fans and fashion enthusiasts alike shared their admiration, celebrating Davido’s unique blend of style and charisma.
His runway appearance marked a significant moment in Lagos Fashion Week, a testament to the burgeoning influence of African artists in the global fashion landscape.
SEE VIDEO BELOW
Media
We Risked Our Lives, Vote And This Is What We Get? – Asari Dokubo Plots To Form Alliances With North
AFOLABI
Former militant leader, Asari Dokubo, has lamented the alleged betrayal of the Ijaws and Niger Deltans by the Yorubas after supporting and voting massively for the administration of President Bola Ahmed Tinubu.
Dokubo, in a video making rounds online, apologized to the former Governor of Rivers State, Melford Okilo, and other leaders in the region for questioning their decision to work with the North.
Asari Dokubo stated that the Ijaws and Niger Deltans will no longer work with the Yorubas, noting they are betrayers.
He vowed that the people of the Niger Delta would henceforth only work with the northerners by forming an alliance with them.
He said, “I apologize to our fathers Melford Okilo and Prieye that they were not wrong for forming an alliance with the North, and as young men, we will now start same alliance with the North now.
“As from today, I will work! Work! to form alliance with the North and crush any other opposition, because for those who hate us, we do not mean anything to them. Whatever Ijaw people do does not mean anything to them.
“All over Ijaw land, we will spread the message that it is only northerners who can work with Ijaw people !…. We cannot work with Yoruba people they are betrayers !!!….. We risked our lives, voted and did everything and this is what we get ?”
Adedoyin Odunuga, the wife of popular gospel musician, Dare Melody, is dead.
Adedoyin reportedly died on Thursday morning.
Dare Melody’s management announced the news through an official statement on Thursday night.
“We mourn the demise of our Chairman, Evang. Dare Melody’s wife. It is with deep sadness that we inform you of the transition to the eternal rest of our beloved mother, wife, sister, and friend, Mrs. ADEDOYIN ODUNUGA, NEE: ODAGI).
“She died early this morning 24th of October 2024. You Will Forever Be In Our Hearts R.I.P.”