None
Dare Glintstone Akinniyi, spokesperson for the PDP National Youth Group, has expressed concern over the latest defection of five lawmakers in the National Assembly In an exclusive interview with Legit.ng, Akinniyi suggested that the lawmakers should be punished for their decision and their seats in the House of Representatives should be declared vacant Four Labour Party lawmakers and PDP chieftain Hon. Erhiatake Ibori-Suenu, the daughter of the former governor of Delta state James Ibori, were the lawmakers that defected to the APC CHECK OUT: Learn at Your Own Pace! Our Flexible Online Course allows you to fit copywriting skills development around your busy schedule. Enroll Now! Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements. Amid permutations for the 2027 general election , the Peoples Democratic Party (PDP) National Youth Group spokesperson, Dare Glintstone Akinniyi, has criticised the recent defection of top lawmakers in the House of Representatives. He attributed their decision to personal interests rather than political ideology. Legit.ng recalls that four Labour Party (LP) House of Representatives members left the party to join the All Progressives Congress (APC). Read also 2027: Top APC chieftain speaks on threat of Atiku, Obi as opposition leaders meet in Adamawa PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! The party said it would instruct its legal team to commence legal actions against the four defectors. Also, Mrs Ibori-Suenu, the daughter of the former governor of Delta state , James Ibori, announced her defection in a letter addressed to the speaker, Abbas Tajudeen, which was read on the floor of the House on Thursday, December 5, 2024. In reaction, the PDP declared the seat of Hon. Erhiatake Ibori-Suenu's seat vacant in the House of Representatives. In an exclusive interview with Legit.ng on Sunday, December 8, Akinniyi emphasized that Nigerian politicians often switch parties based on self-interest, with many lacking a firm political ideology. Buttressing his point, he criticized the trend of lawmakers defecting to ruling political parties for perceived political security and opportunities for re-election. Akinniyi pointed out that, under the new electoral act, lawmakers who defect without proving division within their original parties must vacate their seats, leading to the potential for a bye-election. Read also Ibori’s daughter heads to court as PDP declares seat vacant, gives reason He, however, added that "the appropriate punishment for anyone holding public office via election under a political party, should be loss of seat." The PDP chieftain stated thus: "We are in a season for political transfers and oftentimes, political actors defect to another party for a perceived political 'security'. For some, it is about their ticket, others want to join the ruling party. An average Nigerian politician lacks ideology and will switch between parties, anytime. "For these former LP Reps, I think they are confused as to whether their former party will still be formidable by 2027. However, most of them won't get their return ticket automatically. Most of those LP Reps are accidental Reps, they rode on the 'Obi-dents' wave and got a percentage of the goodwill for Peter Obi. "Going by the new electoral act, unless they can prove that there is a division in their former political party, they will have to vacate that seat and INEC will have to conduct a bye-election to fill up the vacancy. Read also PDP declares Ibori's daughter's seat in National Assembly vacant, gives reason "Until we have a written rule in our political system or in the constitution that you can't transfer your mandate to another political party, after winning on a different platform; politicians will always move to where they can have their interests covered. But the system allows the switching between parties anytime, for no tangible reasons. "Except for few political actors in Nigeria, many of them had one time changed party and they will continue to move around for the sake of their personal interests. "The appropriate punishment for anyone holding public office via election under a political party, should be loss of seat. He or she must vacate such seat when defecting to another political party." PDP vs APC: Reason people leave their party Legit.ng earlier reported that some lawmakers' failure to return to the National Assembly has been traced to their inability to be their state governors' preferences. Read also Labour party in disarray as diaspora chairman announces exit, shares next move Reports showed that the defections were rocking the ruling APC and the leading opposition PDP. In states like Benue, Kebbi, Zamfara , Delta, Ekiti, and Ogun, governors or loyalists defeated incumbent senators and reps members to clinch their parties' tickets. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: Legit.ng
Super Micro Computer 's stock soared more than 30% on Nov. 19 after it appointed a new independent auditor and submitted a compliance plan to Nasdaq to avoid a potential delisting. Those announcements addressed its two pressing issues: the departure of its auditor Ernst & Young in October, and a delayed filing for its 10-K report, which could cause its stock to be delisted. But even after that rally, Supermicro's stock remains 76% below its all-time high from this March. The server maker's shares are still being weighed down by concerns about its sliding gross margins, competition from bigger server makers like Dell Technologies and Hewlett Packard Enterprise , and troubling allegations of inflated revenues from a prolific short seller. Its delayed annual report and loss of Ernst & Young seemed to support that bearish thesis, and the Department of Justice (DOJ) is reportedly getting ready to probe Supermicro's business. Supermicro's stock looks dirt cheap at 8 times forward earnings , but it will likely trade at that discount until it fully resolves its accounting and regulatory issues. So instead of betting on Supermicro's long-shot turnaround, investors would probably be better off sticking with these two millionaire-maker blue chip AI stocks instead: Microsoft ( MSFT 1.00% ) and Broadcom ( AVGO 0.18% ) . The AI software leader: Microsoft Microsoft generated a total return of more than 900% over the past decade. That rally, which was mainly driven by the explosive growth of its cloud business, would have turned a $100,000 investment into more than $1 million. Microsoft turned into a growth stock again after Satya Nadella, who became its CEO in 2014, drove the company to transform its desktop-based software into cloud-based services and mobile apps. It also turned Azure into the world's second-largest cloud infrastructure platform and expanded its hardware and gaming businesses. Over the past five years, Microsoft ramped up its investments in OpenAI, the creator of ChatGPT, and integrated the start-up's generative AI tools into its own search and cloud services. Thanks to that foresight, it tethered more businesses and consumers to its cloud ecosystem, and it gained a first-mover's advantage against Alphabet 's Google and other tech giants in the nascent generative AI market. In fiscal 2024 (which ended this June), Microsoft's AI-driven transformation boosted its total cloud revenues by 23% to $135 billion -- which represented 55% of its top line. From fiscal 2024 to fiscal 2027, analysts expect its revenue and earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 14% and 15%, respectively. Its stock still looks reasonably valued at 28 times next year's earnings, and it will likely remain a top play on the AI market for years to come. The AI chipmaking play: Broadcom Broadcom, which was known as Avago before it took over the original Broadcom in 2016, has generated a total return of 2,300% over the past 10 years. That rally would have turned a $50,000 investment into $1.2 million. Broadcom's semiconductor business sells a broad range of chips for the mobile, wireless, networking, data storage, and industrial markets. But over the past few years, it built a massive infrastructure software business by acquiring CA Technologies, Symantec's enterprise security division, and the cloud software giant VMware. Broadcom's chipmaking and software businesses are both growing. But over the past two years, its sales of networking and optical chips for the AI-oriented data center market skyrocketed as more companies upgraded their infrastructure. For fiscal 2024 (which ended in October), it expects its sales of AI-oriented chips to roughly triple to $12 billion, or nearly a quarter of its projected sales for the full year. That rapid growth should offset its slower sales of non-AI chips and infrastructure software, which are both more sensitive to macro headwinds. From fiscal 2024 to fiscal 2026, analysts expect Broadcom's revenue to grow at a CAGR of 15% as its EPS increases at a CAGR of 124%. That earnings growth should be driven by brisk sales of AI chips and the expansion of its higher-margin software business. Its stock might seem a bit pricey at 42 times forward earnings, but its track record of smart acquisitions, high exposure to the AI market, and robust growth could justify that higher valuation.None