It’s easy to grasp why Apple, Microsoft and Google are multitrillion-dollar companies: Just think about how many people around the world interact with the companies’ products and rely on them to go about their daily lives. But these multigenerational brand names are now trailing behind Nvidia, suddenly the most valuable public company in the world.

The tech behemoth, whose launch into AI chipmaking sent its stock into the stratosphere is hardly a household name. Many people can’t even pronounce it (it’s en-VID-eeyah, the company says on its website). It’s derived from the Latin word “invidia,” meaning envy, something many companies are undoubtedly feeling these days.

“I just read that it is now the world’s most valuable company, surpassing Microsoft. Why is that, because what does it do?” one user posted on Reddit on Tuesday. Many Nvidia investors who hopped on the train likely can’t explain what it does either.

With a market value of over $3 trillion, Nvidia is worth more than most countries’ entire economies. How did Nvidia get there?

Video games were just the start

Artificial intelligence wasn’t on the minds of Nvidia’s founders when they launched the company 31 years ago over a meal at Denny’s, where its CEO Jensen Huang worked at one point as a dishwasher. Their discussion revolved around finding a way to boost the processing capabilities of computers, especially graphics-intensive applications, Huang said in a recent interview that aired on CBS News’ “60 Minutes.” That was the impetus for Nvidia entering the graphics processing unit, or GPU, space in 1999. (While Nvidia popularized the term, it didn’t invent it, though it is often mistakenly credited with having done so.)

Nvidia’s GPUs revolutionized the gaming industry, bringing to market new games with movie-like visuals, whereas prior games were 2-D.

Eventually, the company took things one step further, creating a programming language that enabled developers to create applications to run on its hardware. By 2012, it discovered that its chips could be used to power much, much more than video games. Chief among those: artificial intelligence applications.

Still, the company remained relatively obscure to most investors and consumers — except for hardcore PC gamers.

That all changed in November 2022, when OpenAI announced ChatGPT, permanently altering people’s understanding of AI’s capabilities. The app’s stunning ability to mimic human speech and perform complex tasks shook Silicon Valley and Wall Street.

The winning ingredient (for now)

Suppose everyone collectively at the same time decided they don’t want to commute to work by driving or using mass transit. Instead, everyone is going to bike to work from here on out. Well, naturally demand for bikes is going to explode overnight. Want to get in on the action and start making bikes? You’re going to need a lot of steel. Nvidia is the steel of AI.

Now that just about every company, tech or not, is trying to find some way to use AI after OpenAI’s success made them look silly in comparison, everyone needs a lot of Nvidia.

It’s no wonder why it was the best-performing stock in the S&P 500 in 2023, gaining a whopping 239%. Up an additional 181% so far this year, it’s been the best-performing again.

All that demand for Nvidia chips surely must’ve increased competition, right?

Slowly but surely it has, with heavyweights like Meta, Amazon, IBM and Microsoft starting to play catchup. However, no company is close to Nvidia’s capabilities in the AI space, which is why it controls upwards of 70% of the market in AI chips.

Wall Street’s love affair with AI doesn’t seem like it’ll ever end. Could it all be one big bubble that’s bound to burst like the dot-com era? Maybe, but it seems less likely given the intrinsic value AI carries. All that means is demand for Nvidia chips isn’t going away any time soon — but competition will continue to grow more fierce.

And before we know it, another company with a name most people can’t pronounce will be referred to as the next Nvidia.

 

CNN

The federal account allocation committee (FAAC) says some revenue-generating agencies (RGAs) owe the federal government over N2.9 trillion.

According to FAAC, the total unresolved amount due to the federation account was N2,977,561,881,021.29 and $36,329,376.24.

This was made known in the minutes of the FAAC reconciliation meeting with the revenue-generating agencies on April 19.

FAAC disburses allocations from the revenues generated into the federation accounts every month — comprising of multiple accounts specific to the revenue-generating agency.

The bulk of the revenue shared at FAAC meetings by the federal, state, and local governments are earnings from oil exports, taxes, and other statutory allocations.

Under the current revenue-sharing formula, the federal government gets 52.68 percent, states receive 26.72 percent, and local governments get 20.60 percent from the revenue.

Speaking at the meeting, Kabir Mashi, vice-president of the post-mortem sub-committee (PMSC), who represented the committee chairman, said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.

“Outstanding federation account revenue arising from inter-agencies reconciliation meeting held in April 2024: The Vice Chairman, PMSC reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the revenue generating agencies in April 2024 was $36,329,376.24 and N2,977,561,881,021.29,” the minute read in part.

Mashi said all other outstanding amounts from the RGAs before June 2023 were referred to the stakeholders alignment committee and PMSC was awaiting the outcome of the reconciliation.

Also, Akintunde Oyebode, chairman of the commissioners’ forum and finance commissioner, Ekiti state, commended the PMSC for the effort in the recovery of outstanding funds belonging to the federation account.

Oyebode said the sub-nationals were feeling the impact of the recovery.

 

The Cable

Senate President Godswill Akpabio asserted that reinstating the old national anthem would foster patriotism and help tackle insecurity in Nigeria. Addressing the Senate plenary in Abuja on Wednesday, Akpabio highlighted the potential benefits of the new anthem.

He remarked, “The student loan and scholarship program bill, submitted by President Bola Tinubu, aims to help underprivileged Nigerian students access higher education. Over 30,000 students have already been selected to benefit from this initiative, which I find particularly compelling.”

Akpabio further explained the historical context of the national anthem, stating, “In 1959, a panel of Nigerians collected global input to create the anthem ‘Nigeria, we hail thee.’ Critics should understand this history before calling it a colonial anthem. Had we retained this anthem, banditry might have been avoided because it encourages seeing neighbours as brothers, thus preventing violence.”

Recently, the Federal Government unveiled the approved version of Nigeria’s reintroduced national anthem. Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA), presented the standardized version in Abuja, urging citizens to focus on specific lines of the anthem.

On May 29, 2024, marking the one-year anniversary of his administration, President Bola Tinubu signed the National Anthem Bill 2024. This legislation reinstates the old anthem, "Nigeria, we hail thee," replacing "Arise, O Compatriots." Tinubu emphasized that the anthem symbolizes the nation's diversity and unity.

Senate President Godswill Akpabio's statement that Nigeria would not have experienced banditry if the old national anthem had been retained is a perplexing and disheartening reflection of the disconnect between Nigeria's political leadership and the harsh realities faced by its citizens. Akpabio's assertion that a national anthem can influence such profound societal issues as insecurity and banditry raises serious questions about the intellectual rigour and priorities of those in power.

The notion that an anthem could prevent banditry is fundamentally flawed. Banditry, terrorism, and other forms of insecurity in Nigeria are deeply rooted in governance failures, economic disparity, and systemic corruption. Changing the national anthem does nothing to address these underlying issues. It neither puts food on the table of the impoverished nor provides the means for a better life. It does not stop the terrorists who exploit the nation's weaknesses or the bandits who prey on vulnerable communities.

The primary drivers of insecurity in Nigeria are multifaceted and complex. They include poverty, unemployment, inadequate education, and the government's failure to provide basic services. Moreover, the rampant corruption within political and administrative structures exacerbates these issues. Public funds meant for development and security often end up in the pockets of a few, leaving the majority to fend for themselves in increasingly dire conditions.

The Senate President's comments highlight a troubling trend among Nigeria’s political elite: a propensity to offer symbolic gestures instead of substantive solutions. The reinstatement of the old national anthem is a prime example of this, a symbolic act that does little to tackle the real issues at hand. Patriotism cannot be mandated through an anthem; it is cultivated through good governance, accountability, and genuine efforts to improve citizens' lives.

Furthermore, suggesting that an anthem could prevent violence by promoting brotherhood ignores the reality of Nigeria’s socio-political landscape. Patriotism and unity are fostered through equitable policies, justice, and inclusive governance. When citizens feel respected, valued, and fairly treated, they are more likely to develop a sense of national pride and unity. Conversely, when they are denied basic rights and opportunities, no anthem—no matter how nostalgic or well-intentioned—can inspire genuine patriotism.

The government's unwillingness and inability to tackle corruption is perhaps the most significant barrier to Nigeria's progress. Until there is a concerted effort to root out corruption at all levels, initiatives like changing the national anthem will remain superficial and ineffective. Real change requires transparency, accountability, and a commitment to upholding the rule of law.

In conclusion, the statement by Akpabio reflects a worrying lack of understanding of the true causes of Nigeria's challenges. It underscores the need for political leaders to engage with the reality of their citizens' lives and to focus on tangible solutions. Instead of relying on symbolic changes, the government must address the fundamental issues of corruption, poverty, and poor governance. Only then can Nigeria hope to achieve the security and prosperity its people deserve.

The leader of the Indigenous People of Biafra, Nnamdi Kanu, on Wednesday, denounced the killings in the South-East over the group’s agitation for secession.

He also appealed for an out-of-court settlement of his ongoing treason trial by the Federal Government.

The IPOB leader, who has been in detention since 2021 following his re-arrest in Kenya and repatriation to Nigeria, made the appeal on Wednesday when he appeared for the continuation of his trial at the Federal High Court in Abuja.

A viral video clip on Wednesday captured him denouncing killings in the South-East fuelled by IPOB’s agitation for separation of the Igbo from Nigeria.

In a conversation with his lawyers, who pointed out to him that he needed to speak up to stop the killings, Kanu said, “I condemn any manner of killing. Every manner of killing, I condemn in its entirety.

“I want people to understand that IPOB was founded on a non-violent principle and we maintain that up till this very day. Some of these soldiers, we’re told, are also our people. And the families are now in mourning. All the making of young widows is condemned in its entirety. I don’t want it, I don’t want anybody to die.

“We are fighting for freedom, then how can we fight death at the same time? It’s not possible; we want people to be free. That’s all we’re fighting for, nothing more.

“We’ve suffered a lot in Africa, I don’t know if you know that. Africans have suffered – from slavery in (Saudi) Arabia, to slavery in Europe, to slavery in America. So, I think we should focus our time and devote it towards making sure that this continent stands up to what God promised is going to be.”

At the proper court proceedings, Kanu, through his lawyer, Aloy Ejimakor, informed the judge, Binta Nyako and the prosecuting counsel, Adegboyega Awomolo, that “the defence wants the case settled out of court”.

Ejimakor complained to the court that the Department of State Services, which is keeping Kanu in custody, had not fully complied with the orders of the court to allow the legal team unfettered and free access to the defendant in order to prepare him for his trial.

The lawyer complained that Kanu’s cell was bugged by the DSS, making the lawyers conscious during their meetings.

He added that this has led the legal team to resolve to initiate contempt proceedings against the Director General of the DSS for refusing to obey the court’s order which had directed the DSS to grant Kanu an unbugged “safe room” space for meeting with his lawyers.

Ejimakor asked the court to on its own, invoke Section 17 of the Federal High Court Act, which he stated, provides for “reconciliation” and facilitation of amicable settlement in criminal or civil matters.

He said he had previously discussed the proposition with the prosecution counsel and who had told him the proper time for such an issue had not come.

The Federal Government’s lawyer, Awomolo, however, told the court that it was not in his place to seek an out-of-court settlement of the matter.

Awomolo told Kanu’s team to “approach the Attorney General of the Federation, on such issues as the power to grant such resides with him.”

He noted that the AGF was the one with the power to approach the court for an out-of-court settlement.

The prosecutor stressed that he did not have the order of the Federal Government to embark on such negotiation with the defendant.

 “I told him to go to the Attorney-General of the Federation, who has the power. If he is interested in negotiating he should go there, his office is just here,” Awomolo said.

In response, Justice Nyako said the court had no proper with Kanu’s proposition for an out-of-court settlement and advised him to approach the AGF for the possibility.

She, however, ordered the DSS to provide an “unbugged space” for Kanu to meet with his lawyers each time they were at the facility to prepare him for trial.

She explained that what she meant by unbugged space is someplace outside the DSS building like a garden within the DSS premises where Kanu and his lawyers could discuss outside the hearing of the DSS operatives.

On the issue of Forms 48 and 49, seeking the imprisonment of the DSS Director General for alleged contempt, the trial judge said the two applications were not before her.

She assured the parties that the matter would be looked into when the file came before her.

Meanwhile, Kanu, in a fresh application before the court, prayed for the dismissal of the charges against him for being unconstitutional.

He contended that the prosecution failed to indicate the exact location where he made an alleged offensive broadcast.

Ejimakor argued that the court lacked jurisdiction since the prosecution failed to show in the charge whether the alleged offensive broadcast was a punishable offence in Kenya or Britain, the two places where Kanu had been outside Nigeria before his rearrest.

The judge, however, dismissed Kanu’s fresh application challenging the jurisdiction of the court to hear and determine the charges preferred against him.

The court held that it could not overrule itself on issues it had already resolved.

Nyako held that the only option left for the applicant was to proceed on appeal.

She ordered the prosecution to file and serve its proof of evidence on the defendant while the defendant files his defence pending the next adjourned date.

She adjourned the matter till September 24 for hearing.

Ohanaeze backs amicable settlement

Meanwhile, the apex Igbo sociopolitical group, Ohanaeze Ndigbo, on Wednesday, welcomed Kanu’s proposal for out-of-court settlement.

The group also commended the pro-Biafran leader over his call for violence and insecurity to end in the South-East geopolitical zone of the country.

Speaking on the development in an interview with our correspondent in Anambra, on Wednesday, the Deputy Vice-President (South-East), Ohanaeze Ndigbo, Chief Vincent Aham, expressed optimism that the IPOB leader would be released if negotiation begins, adding that dialogue with the FG over the issue was long overdue.

Afam said, “It is a welcome development the call by Mazi Nnamdi Kanu to seek negotiation with the FG. Elder statesmen like the late ex-Aviation Minister, Mbazuluike Amechi, and several others, had sought political solution and negotiation over the release of Kanu, during the last administration of Muhammadu Buhari.

“But despite all the efforts, Buhari refused to release him till he left office, even despite the fact that the law court of the land had set him free. We are still watching and expect that the Federal Government release him so that insecurity will end in the region.

“It is our belief that his release will go a long way to douse the tension in the South-East triggered by insecurity and killings. Kanu himself has consistently maintained that the killings and insecurity in the region should stop, maintaining that IPOB was created based on a ‘non-violence’ platform.

“President Bola Tinubu should heed the call by the people and do the needful by releasing the young man.”

 

Punch

A severe heatwave during the 2024 Hajj pilgrimage in Saudi Arabia led to the deaths of over 900 pilgrims. According to Agence France-Presse (AFP), the extreme temperatures, reaching up to 51.8°C in Mecca, resulted in at least 600 fatalities among Egyptian pilgrims.

The total death toll was reported at 922, with many of the deceased being elderly or infirm individuals participating in the largely outdoor pilgrimage, which took place during the intense Saudi summer. The harsh conditions prompted relatives to scour hospitals and turn to social media, posting pictures and seeking information about their missing loved ones.

Besides Egypt, fatalities were confirmed by authorities in Jordan, Indonesia, Iran, Senegal, Tunisia, and Iraq’s autonomous Kurdistan region. However, in many instances, the exact causes of death were not specified.

Despite the overall grim reports, the National Hajj Commission of Nigeria (NAHCON) announced that only three Nigerian pilgrims died during the event. Abubakar Adamu Ismail, the head of NAHCON’s medical team, credited the lower death toll to adequate preparation and the proximity of the Nigerian hajj camp. He noted that 17 Nigerian pilgrims suffered from heat stroke but were successfully resuscitated. He emphasized that if these cases had occurred farther away in Jamarat, about 3 kilometers from the camps, the outcomes might have been fatal.

Ismail also reported two miscarriages, 25 cases of severe dehydration, and five cardiac arrests among Nigerian pilgrims.

NAHCON's head of Aviation, Mohammed Goni Sanda, announced that outbound flights for Nigerian pilgrims would commence on June 22, starting with pilgrims from Kebbi State. The return flights will follow a first-in-first-out schedule, beginning with three flights daily and gradually increasing to as many as six flights per day.

NAHCON Chairman Jalal Ahmed Arabi indicated that preparations for the 2025 Hajj are already underway. He urged state pilgrims' welfare boards to finalize their preparations by September to ensure an accurate count of participants for the next pilgrimage.

Israeli tanks push deeper into Rafah, forcing people to flee again

Israeli tanks backed by warplanes and drones advanced deeper into the western part of the Gaza Strip city of Rafah on Wednesday, killing eight people, according to residents and Palestinian medics.

Residents said the tanks moved into five neighbourhoods after midnight. Heavy shelling and gunfire hit the tents of displaced families in the Al-Mawasi area, further to the west of the coastal enclave, they said.

Some eight months into the war, there has been no sign of let up in the fighting as efforts by international mediators, backed by the United States, have failed to persuade Israel and Hamas to agree to a ceasefire.

Twelve Palestinians were also killed in an Israeli strike that hit a group of citizens and merchants in the south of the Gaza Strip, medical sources told Reuters on Wednesday.

The people were hit as they waited for convoys of aid trucks carrying goods through the Kerem Shalom crossing in Salahuddin Road northeast of Rafah, the sources added.

Israeli forces have laid waste to much of Gaza and seized most of the Palestinian territory but have yet to achieve Israel's stated goal of wiping out Hamas and freeing Israeli hostages.

Medics and Hamas media said eight Palestinians were killed in Al-Mawasi and many families fled north in panic. They did not identify the fatalities, and the Israeli military said it was looking into the report.

Residents said Israeli army forces blew up several homes in western Rafah, which had sheltered over half of Gaza's 2.3 million people before last month, when Israel began its ground offensive and forced most of the population to head northwards.

Some United Nations and Palestinian figures put those who remained at under 100,000 people.

"Another night of horror in Rafah. They opened fire from planes, drones and tanks on the western areas to cover for their invasion," said one Rafah resident, who asked not to be named.

"Bullets and shells landed in the Mawasi area near where people slept, killing and wounding many," he told Reuters via a chat app.

An Israeli commander briefing military correspondents in Rafah on Tuesday named two more locations there - Shaboura and Tel Al-Sultan - where the army planned to take on Hamas fighters.

"The Hamas battalions there are not yet well worn down and we need to dismantle them completely. We estimate it at more or less a month, at this intensity," Colonel Liron Batito, head of the Givati Brigade, told Army Radio.

The Israeli military remained in control of the border between Rafah and Egypt. Footage circulated on social media showed the Rafah crossing, the only window for most of Gaza's population with the outside world, was destroyed, buildings burnt, and Israeli tanks positioned there with the flag of Israel flying over some places.

The Israeli military said aid into Gaza had not been impeded by the damage.

Further north, Israel sent a column of tanks back into the Zeitoun neighbourhood in Gaza City, and residents reported heavy fire from tanks and warplanes but also sounds of gun battles with Hamas-led fighters.

In another Gaza City suburb, Sheikh Radwan, an Israeli air strike on a house killed four Palestinians, including a child, medics said. A total of 20 people were killed across Gaza.

The armed wings of Hamas and Islamic Jihad said fighters battled Israeli forces with anti-tank rockets and mortar bombs, and have in some areas detonated pre-planted explosive devices against army units.

Later on Wednesday, Palestinian gunmen fired rockets at the Kerem Shalom crossing in southern Gaza, the Israeli military said.

Israel's ground and air campaign was triggered when Hamas-led militants stormed into southern Israel on Oct. 7, killing around 1,200 people and seizing more than 250 hostages, according to Israeli tallies.

The offensive has left Gaza in ruins, killed more than 37,400 people, according to Palestinian health authorities, and left much of the population homeless and destitute.

Since a week-long truce in November, repeated attempts to arrange a ceasefire have failed, with Hamas insisting on an end to the war and full Israeli withdrawal from Gaza. Israeli Prime Minister Benjamin Netanyahu refuses to end the war before Hamas is eradicated and the hostages are freed.

On Wednesday, the United Nations human rights office said Israeli forces may have repeatedly violated fundamental principles of the laws of war and failed to distinguish between civilians and fighters in their Gaza campaign.

In a report assessing six Israeli attacks that caused a high number of casualties and destruction of civilian infrastructure, the U.N. Human Rights Office said Israeli forces "may have systematically violated the principles of distinction, proportionality, and precautions in attack".

Israel's permanent mission to the United Nations in Geneva called the analysis "factually, legally, and methodologically flawed".

 

Reuters

WESTERN PERSPECTIVE

Russia's drone attack damages Ukraine's energy infrastructure, injures two

Russian drone attacks on Wednesday damaged energy infrastructure in central Ukraine and injured at least two people in the western region of Lviv, Ukrainian authorities said.

The energy ministry said via the Telegram messaging app that emergency services have been deployed to the sites of the attacks and that repairs to damaged electrical equipment in the western region of Lviv were underway.

Russian forces launched five drones to attack the Lviv region that borders NATO member Poland, injuring two men, according to Lviv regional governor Maksym Kozytskyi.

Kozytskyi said on Telegram that all five drones were destroyed by Ukraine's air defence systems. The damage and injury were caused by falling debris.

The drone attack in the village of Malekhiv in the Lviv city district damaged a multi-storey residential building, in addition to scores of windows in other residential buildings, Lviv Mayor Andriy Sadovyi wrote on Telegram.

The attack also damaged a veterinary drugs research institute in Lviv, Sadovyi said.

Ukraine's air force said it destroyed 19 out of 21 drones launched by Russia over six Ukrainian regions.

Reuters could not independently verify the reports. There was no immediate comment from Russia. Both sides deny targeting civilians in the war, that Russia launched against its smaller neighbour in February 2022.

Lviv city is the administrative centre of the Lviv region.

 

RUSSIAN PERSPECTIVE

Russia’s Battlegroup East thwart Ukraine’s attempts to rotate its troops

Russia’s Battlegroup East has foiled Ukraine’s attempts to reinforce its frontline positions and rotate its troops near the settlements of Novodonetskoye, Marfopol, and Cherivnoye, the battlegroup’s spokesman Alexander Gordeyev told TASS.

"Units of the Battlegroup East continue performing their combat tasks in the zone of the special military operation. Units of the battlegroup have improved their frontline position and thwarted the enemy’s attempts to reinforce their positions and rotate their troops at the strongholds near Novodonetskoye, Marfopol, and Cherivnoye," he said.

Apart from that, Russian forces hit Ukraine’s strongholds and areas of the deployment of manpower and weapons of the 72nd mechanized, 58th motorized infantry brigades, as well as the 102nd and 108th territorial defense brigades near the villages of Pavlovka, Shevchenko, Vladimirovka, and Marfopol.

According to Gordeyev, Ukraine’s daily losses amounted up to 120 troops, two infantry carriers, two Krab self-propelled artillery systems, one FH-70 tugged howitzer, three cars, as well as six fixed-wing unmanned aerial vehicles and two field munitions depots.

 

Reuters/Tass

On 11 June at about 5 p.m., I was at my friend, Femi Onabajo’s office to listen to Al Jazeera, as well as charge my phone, before returning to my apartment in Abeokuta for the usual dark nights and, of late, no water. There was no water, not because the Ogun State government or the local government authority responsible for my place of abode had a temporary delivery problem. The two levels of governance eagerly collect taxes, share federal allocations meant to care for all of us, but never provide one of the reasons why people pay taxes and revenues are shared in other climes.

As a kid, I joined my parents in dancing all over the streets when the self-government authorities provided pipe borne water and electricity in Ijebu-Ode, where I grew up. But all that has become history, at least in Lagos, Abeokuta and Ijebu-Ode – places I am familiar with. State and local government authorities do not provide water anymore. Hence, there is a cholera outbreak with many deaths in a Nigerian state claiming to be the seventh richest political space, when compared with countries in Africa.

It is very fortunate to have a very good friend, retired Justice S. Abidoye Olugbemi, who insisted that I must have electricity in Abeokuta. I decided not to bring my stand-by generator from Lagos or buy another one. He went ahead to lend me his stand-by generator. I had concluded against setting up another personal mini-local government in Abeokuta, as I run in Lagos. There, I supply my water, since no one in most areas of Lagos receive water supply from any central arrangement, as was once the case. With an inverter and a generator fuelled by impossibly expensive diesel fuel, in comparison with Nigerian earnings, I meet my energy needs, in Lagos. In Abeokuta, the borrowed petrol fuelled generator has never been easy for me to manipulate, so I hardly use it. On rare occasions, I call on a friend to come over and help crank the generator to save my food stuffs.

Onabajo and I have come a long way. We did not just meet at Chrisland University, where he serves as the Head of the Mass Communication Department, as I do the same for Political Science. We both were two of the many Nigerians who were dribbled by our own fake Maradona, aka Evil Genius, who asked Nigerians if they wanted the IMF loan with its conditionalities or not. With me serving as a Consultant to the Nigerian Television Authority, Channel 7 at Tejuosho, Onabajo, and other staff members of media houses, criss-crossed the heights, valleys, rivers and swamps that made up the entire Lagos State. We sought the views of the people of Lagos State as others did in other states and local governments to give the accurate expression of the will of Nigerians.

The people overwhelmingly rejected the IMF loan and its conditionalities. I compiled the report of our consultations, which was in line with responses from all over Nigeria. However, Maradona, like our so-called traditional rulers of yore, under indirect rule, knew he could not go against the IMF as his people wanted. He knew he came to power by supplanting Buhari/Idiagbon in a coup that received the support of MKO Abiola, then arguably the richest African, alongside external support. It was in their interests to execute the will of the IMF that had insisted on the devaluation of the national currency, with N1 then being equivalent to $1, which Generals Buhari and Idiagbon had resisted, and instead chose trade by barter, having been blacklisted by the West. So, supported by Olu Falae and others, Maradona deceived us that we were going to have home-grown answers to our economic problems. He devalued the naira, even more than the initial demands of the IMF without the soft loans. We all acquiesced, for want of a better word. As Commander-in-Chief of the Armed Forces, his will held sway. Many of our people, especially from the academia, joined the gravy train that he laid out. Those of us who countered him either got driven into exile or rendered irrelevant, as Nigeria continued its ignominious decline.

As I was glued to the television on the latest situation in Gaza and whatever else, Ms Taiwo Gbadegesin, Onabajo’s assistant, came in at the end of the work day at Chrisland University, Abeokuta, and wished us a great holiday on the following day. We were shocked, asking which holiday again, since the Eid holidays would come in the following week. She quipped that it would be 12 June. Oh!, we responded in unison. I pondered on the fact that it would be another day in the list of Nigeria’s governance deceptions.

Another deception is that of celebrating independence day, as we pretend to be independent in a world of Western indirect rule and control over much, if not all, of Africa through the Bretton Woods institutions. How can a country be sovereign in a world in which you cannot feed your people? Of course, we collect visa fees at border posts but our value has declined radically over time, as the external environment dictated. Recently and precisely a year ago, it was announced by a president, who in 2012 had boldly written clearly against the economic policy plans of the then President Goodluck Jonathan, who was then forced to abort the so-called fuel subsidy removal (another thieving design), as well as allowing the naira to “find its level” under the grand deception of market forces, that we have been brainwashed into believing is a natural law of human existence.

In Nigeria, Democracy Day, formerly designated as 29 May, and now 12 June, has been officially set aside to remember and celebrate the return to civilian rule. However, the level of commitment to true democratic principles in the last 25 years raises a lot of doubts. This is why many, including myself, have continued to maintain that, saying Nigeria is democratic on the grounds of the holding of elections, normally, characterised by shambolic periodic voting, is a major deception. As such, any day set aside to celebrate this deception of grandeur, is nothing but a “Deception Day.”

I have taken this position, being aware of the usual widespread soft-spots that make some Nigerians quip that Nigeria’s democracy is a work in progress, in spite of the disillusionment with the political system and the persistent challenges undermining the possibility of democratic governance in Nigeria.

More importantly, it is wrong to continue to celebrate the mediocrity of a system from a very limited conception of democracy that runs only with the minimalist election component with respect to “government by the people”, ignoring the two other components of “government of the people” and “for the people”. In this respect, I align with A. Bolaji Akinyẹmi, as reported in a very recent piece in the Leadership newspaper, to the effect that what we have is civil rule and not truly a democracy. He showed the failure of our system to deliver so much to ensure better life for Nigerians. He paid dues in the struggles against General Abacha like I also did in a smaller way but outside the formal structures they used.

Even if we try to overlook much and pretend to have a “government of the people”, in which those who govern are from among us, by refusing to see the controllers of our “agbero” leaders who are really in the service of the real drivers but able to pilfer a reasonable portion of national patrimony and store in Panama, Paradise, Pandora, etc., papers, there is no way in which we can usefully define democracy without a focus on what the concept was/is to achieve, i.e., the “for the people” aspect.

The most crucial strive for democracy is towards what I refer to as utmost freedom, an ambitious but a pursuable process, with the right approach to governance, including leadership, reduction of corruption and improvements on the rule of law. Utmost Freedom in itself is the summation of the rights from and the rights to, which are inherent in the Universal Declaration of Human Rights (UDHR) and the Sustainable Development Goals (SDGs).

We cannot be democratic if freedom from asphyxiation from failed environmental policies, freedom from thirst and hunger, at the minimalist options are not guaranteed. Along this priority line is also the right to life as the State would normally be expected to guarantee freedom from unlawful killings, whether by kidnappers, bandits and/or terrorists. These four which deal directly with existential realities have superiority over other necessary ones like freedoms of association, thoughts, speech, voting, and religion.

How do we continue in the deceptive celebration of a journey characterised by 2 steps forward and 4 steps backward? Do Nigerians truly have hope and aspirations for a government that respects their rights, promotes transparency, and ensures equitable development? It is very unfortunate that we keep telling younger Nigerians of how better it once was for us as a country. Japa syndrome became important because many of our youths, especially from the southern portions of Nigeria, could no longer see any hope or inspiration for a better Nigeria and are voting with their feet.

Based on recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 percent of Nigerians lived below the international extreme poverty line of $2.15 per person per day (2017 PPP) in 2018/19; just before the Covid-19 crisis. The situation today can only be worse when we factor the impact of the devaluation in the last one year on costs of the production of foods, including transportation, procurement of medicine and many other manufactured needs. We need not go on and on with respect to qualities of the provision of health and education, unemployment and underemployment, etc.

Herein lies the huge disconnect between the annual ritual of celebrating democracy amidst very unpleasant and harsh realities facing ordinary Nigerians. In spite of the pretentious honour of democracy day by commemorating sham elections, the impact of persistent autocratic practices, including by a corrupt system at different arms and levels of governance, as well as sectors of society, resultant socio-economic inequities, and pains in living continue to bite hard and harder.

Democracy is a governance structural arrangement to guarantee the good life for people in their environment on earth. It is not like religion where benefits and gratification are delayed until existence in a presumed heavenly space. Democracy is for improved lives and living on earth. It is a conception that is superior to the current deceptive fixation on elections irrespective of performance failures of those who put themselves forward as leaders, on accountabilities on many other freedoms that are crucial for human existence.

The performances of elected office-holders on all crucial freedoms are very important. Whether elected leaders fail on other important freedoms beyond the freedom to vote should be of great concern. Democracy should be a preferred structural arrangement for the strive towards the many crucial freedoms for human existence that are put together as utmost freedom.

** Babafemi A. Badejo, the author of a best-seller on politics in Kenya, was a former deputy special representative of the UN Secretary-General for Somalia, and currently a legal practitioner and professor of Political Science and International Relations at Chrisland University, Abeokuta, Nigeria.

• Though it can be challenging, keeping things simple can significantly drive innovation and growth for your company.
• Innovation doesn't have to be about creating groundbreaking new technologies. Simplifying existing technologies and making them user-friendly can be a powerful strategy.
• Simplifying communication and processes within a company is crucial for efficiency and collaboration.
• A simplification mindset in product development can lead to better user experiences. Incremental changes tested with users helps inform larger updates and can lead to more impactful and user-friendly products.

According to Steve Jobs, "Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple." It seems obvious that keeping things simple will help your business succeed. And yet, it's surprisingly difficult to do it.

If simplicity is this challenging, you need to be intentional to make it happen. That's why many successful companies actively prioritize it as a value. Ikea's focus on simplicity comes across in its designs, catalog, store experience and more. One of Nike's 11 management maxims is "simplify and go," focusing teams on moving fast to adapt to new technologies and fashions.

I believe that simplicity is a driver for genius innovation. In fact, my journey as an entrepreneur began with an idea to simplify a complex and bureaucratic process. Today, the success of that idea has created new challenges. We serve millions of customers across over 100 countries, with many different needs — to meet them all, we'd need a ton of different features. So, we have to find the simplest ideas that will improve the experience for the largest number of users.

Simplifying innovation is a recipe for success

Some people think that to be an entrepreneur, you have to bring groundbreaking technological innovation to the world. But actually, there's a lot of room to innovate on top of new technologies, simplifying them and packaging them for specific use cases.

If you think of two of the technology giants of our times, Google and Apple, neither of them invented their core technologies. Apple wasn't the first company to create a home computer or cellphone, Google wasn't the first company to develop a search engine. They made existing innovations simpler and more user-friendly, and it was a recipe for success.

This is particularly relevant right now in the middle of a revolution fueled by generative AI.There are definitely huge opportunities in creating new AI-driven technologies, but there are even more opportunities in finding ways to package these technologies into user-friendly software for specific use cases.

To do this, first master the tech, and then put yourself in the shoes of your potential user. Try to understand what is really useful about the innovation and what barriers people might face when trying to use it.

The key is to find a way to simplify the technology, making it easier for your target users to understand and adopt it. Do this, and you're onto a winner.

Work smarter by simplifying communication

Another part of any business where simplification is super important is communications and processes. As companies grow, it becomes harder to get people on the same page or ensure continuity between departments. Poor communication creates misunderstandings, which can lead to mistakes. The more people involved in a project, the more likely it is that workflows will become complicated. This all slows things down, wastes time and restricts your ability to make an impact on the business.

Let's start with communication. Using a single, simple language across the company is crucial for people to be able to understand each other. For example, try to use less jargon and fewer three-letter acronyms, or make sure to explain them if you do. By creating organized archives of historical documents and plans, you help onboard new people and anyone can find important information fast when they need it.

Create a culture of transparency where different departments share their plans with each other. Create frameworks to facilitate this, like quarterly reviews or roadmap deployments. It's not possible for employees to be actively involved in everything going on in the company, but by helping everyone take part passively, you're making sure they're on the same page and can facilitate ideas and collaborations across teams.

When you do have to communicate, encourage your teams to do it in the most straightforward way possible. By simplifying communication and making it easy to understand, discussions are more focused and decisions are made faster.

Put simplicity at the heart of your product

A simplification mindset can also be applied to product development. By making small incremental changes, sometimes with test groups of users, you can use the inspect and adapt methodology to understand their adoption, as well as any issues, and innovate further accordingly. Every so often, you can combine all these small changes into a large product update that you roll out for everyone.

For example: A company added a lot of extra value to its product with new features and releases. In theory, this was great for the users, but some found the UI overwhelming and new pricing options confusing. To use a metaphor, some people are happy to be given ingredients to make their own meal, but most would prefer the chef do the cooking so they can enjoy the final result.

Having understood this through their feedback, the company introduced a change to its UI that helped users get the end result they wanted, without having to work hard to achieve it themselves. By simplifying, the company maximized the impact of the value of all the new additions to the product.

Richard Branson once said: "Any fool can make something complicated. It is hard to keep things simple." Simplicity won't come about by accident — you need to be intentional. You have to call it out and make it a focus for the whole company. You need to put it at the heart of everything. And when you succeed, the impact will be huge.

 

Entrepreneur