• Advert Rates
  • Careers
  • About Us
  • Contact Us
  • Digital Store
Thursday, September 3, 2026
The Trumpet Newspaper Nigeria
No Result
View All Result
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition
No Result
View All Result
The Trumpet Newspaper Nigeria
No Result
View All Result
ADVERTISEMENT
Home News

Alleged N5.78bn fraud: Witness narrates how ex-Kwara gov failed to award UBEC projects

Henry Omunu by Henry Omunu
March 13, 2025
in News
Reading Time: 2 mins read
0
Alleged N5.78bn fraud: Witness narrates how ex-Kwara gov failed to award UBEC projects
0
SHARES
11
VIEWS
Share on FacebookShare on TwitterShare on LinkedinShare on WhatsAppShare on Pinterest

The third prosecution witness, Abdulsalam Sirajudeen has narrated how the former Governor of Kwara State, Alhaji Abdulfatah Ahmed, failed to award the Universal Basic Education Commission (UBEC) projects, after receiving counterpart funding and grants from the commission.

The witness was testifying before Justice Mahmud Abdulgafar of the Kwara State High Court, Ilorin, on Thursday, in the ongoing corruption trial of the ex-Governor by the Economic and Financial Crimes Commission (EFCC).

ADVERTISEMENT

Sirajudeen the former governor, and his Commissioner for Finance, Ademola Banu, failed to award contracts for UBEC projects that were captured, and ratified in the 2013, 2014 and 2015, by the state Universal Basic Education Board (SUBEB) action plans after UBEC had given approval for their award and execution, backed with matching grants and counterpart funding.

The duo are facing prosecution by the EFCC on an amended 14-count charge, bordering on stealing and mismanagement of UBEC funds in Kwara State to the tune of N5.78billion.

Led in evidence by prosecution counsel, Rotimi Jacobs (SAN), the witness, told the court that each of the action plans was prepared by SUBEB in the state and sent to UBEC, Abujaz for review and approval, which was given.

Read Also: NNPCL denies ending naira-for-crude deal with Dangote refinery

Furthermore, he disclosed that the former governor’s failure to award the contracts was after advertisement had been placed for their award, and qualified contractors invited for bidding.

“After approval, an advertisement is placed, inviting qualified contractors to bid. After four weeks, bidding takes place in the presence of all stakeholders, including UBEC representatives.

“Contractors who won the bids are then mobilized to project sites,” he said.

However, the witness disclosed that in all of the three action plans, the projects advertised and bidded for, were never awarded to the successful contractors.

The witness was cross-examined by the defence counsel, led by Jimoh Mumini (SAN), and Gboyega Oyewole (SAN).

The case was adjourned till April 10 and 11, 2025, for further hearing.

Previous Post

Rivers assembly probes chief judge over alleged age falsification

Next Post

DESOPADEC commissioner absolves school principal of conspiracy, bribery allegations

Henry Omunu

Henry Omunu

Next Post
DESOPADEC commissioner absolves school principal of conspiracy, bribery allegations

DESOPADEC commissioner absolves school principal of conspiracy, bribery allegations

About The Trumpet

The Trumpet is a Nigerian based national news media, owned, trademarked and operated by Elomaz Communications Limited with headquarters in FCT-Abuja and regional offices in Lagos and Delta States

Follow Us

Resources

  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition

Recent News

AI Material Exposure

AI Now Drives 62% of S&P 500 Market Value as 218 Companies Join $42.4tn AI Economy

September 3, 2026
I’ve edited this into a fuller newspaper-style technology/business report, with a stronger SEO headline, the primary keyword naturally integrated, key highlights after the opening paragraph, and a clean SEO keyword section. # AI Now Drives 62% of S&P 500 Market Value as 218 Companies Join $42.4tn AI Economy **By The Trumpet News** Artificial intelligence has become a dominant force in the US stock market, with companies that have material exposure to the AI value chain now accounting for **62.04 per cent of the total market capitalisation of the S&P 500**, according to a new analysis by BestBrokers. The analysis of all 503 S&P 500 constituents found that 218 companies across eight categories have a combined market capitalisation of approximately **$42.4 trillion**, highlighting how deeply artificial intelligence has become embedded in the broader US economy and investment market. ### Key Highlights * **AI-exposed companies account for 62.04% of S&P 500 market capitalisation.** * **218 companies** have material exposure to the AI value chain. * AI-related companies have a combined market value of about **$42.4 trillion**. * AI chips and hardware suppliers represent the largest category at **18.14%** of the index. * AI cloud and model providers account for **17.18%**, despite comprising only five companies. * AI software and applications represent **10.82%** of the S&P 500. * AI-related energy, utilities and infrastructure companies collectively contribute billions of dollars in market value. * **285 companies, representing 37.96% of the index, remain outside the AI ecosystem** under the report's methodology. ## AI Exposure Spreads Across S&P 500 The findings suggest that artificial intelligence is no longer limited to a small group of technology companies widely associated with the sector. BestBrokers analysed the 503 companies that make up the S&P 500 and classified them according to their roles within the wider AI economy. The categories include AI chips and hardware, cloud and model providers, AI software and applications, energy and utilities, data centre infrastructure, infrastructure suppliers, and security and trust services. The analysis used market capitalisation data from July 2026 to determine the contribution of each category to the overall S&P 500. According to the report, the result shows that investors are increasingly exposed to the AI economy through a broad range of companies, even when they do not directly invest in businesses traditionally identified as AI stocks. ## AI Chips and Hardware Lead the Market AI chips and hardware suppliers emerged as the largest category, accounting for **18.14 per cent of the S&P 500**. The category comprises 28 companies with a combined market capitalisation of approximately **$12.39 trillion**. Major companies in this segment include **NVIDIA, Broadcom, Micron Technology, AMD and Intel**, reflecting the importance of semiconductor manufacturers and hardware suppliers to the rapid expansion of artificial intelligence. The growing demand for computing power has made semiconductor companies a critical component of the AI investment ecosystem, particularly as businesses and technology providers continue to expand their AI infrastructure. ## Hyperscalers Account for 17.18% AI cloud and model providers make up another major component of the AI economy, accounting for **17.18 per cent of the S&P 500**, according to the analysis. The category consists of only five companies, namely **Microsoft, Oracle, Meta Platforms, Amazon and Alphabet**. Collectively, the five companies are valued at approximately **$11.74 trillion**, making the cloud and model-provider segment one of the most influential components of AI exposure within the index. The findings underscore the growing importance of large technology companies that provide the cloud computing infrastructure and platforms required to develop, train and deploy AI applications. ## AI Software Market Reaches $7.39tn The report also identified AI software and applications as another significant component of the market. The 17 companies classified in this category account for **10.82 per cent of the S&P 500**, with a combined market capitalisation of approximately **$7.39 trillion**. Companies identified in this category include **Apple, Tesla, Palantir and IBM**, which are developing or deploying artificial intelligence across a range of consumer, industrial and enterprise applications. Despite receiving considerable attention because of the growing use of AI applications, the software segment remains smaller by market value than the hardware and cloud categories. ## AI Infrastructure Extends Beyond Technology Companies The analysis found that the AI economy extends beyond semiconductor manufacturers, cloud providers and software companies. Energy and utilities companies are increasingly important because AI data centres require significant amounts of electricity to operate. According to the report, **58 energy and utilities companies account for 6.01 per cent of the S&P 500**. Data centre and infrastructure companies contribute another **3.14 per cent**, while 37 AI infrastructure suppliers account for **2.99 per cent** of the index. Together, these less-visible components of the AI supply chain represent approximately **$8.3 trillion in market capitalisation**. The findings highlight the broader economic impact of AI infrastructure, particularly the demand for electricity, data centres, networking equipment and other supporting services. ## Security Companies Form AI Trust Layer The security and trust segment also plays a role in the expanding AI ecosystem. Seven companies in the category have a combined market capitalisation of approximately **$674.5 billion**, representing about one per cent of the S&P 500. Companies such as **Palo Alto Networks, CrowdStrike and Fortinet** are among those identified in the category. As businesses increasingly deploy artificial intelligence, cybersecurity and trust mechanisms have become important components of protecting data, systems and AI-enabled operations. ## 38% of S&P 500 Remains Outside AI Economy Despite the growing influence of artificial intelligence, the analysis found that a significant portion of the S&P 500 remains outside the AI ecosystem. The report identified **285 companies, representing 37.96 per cent of the index**, as having no material exposure to the AI value chain under its methodology. This means that while AI now accounts for nearly two-thirds of the S&P 500 by market value, more than one-third of the index remains outside the AI investment theme. ## AI Creates Potential Concentration Risk Alan Goldberg, a data analyst at BestBrokers, said the findings demonstrate that AI's influence on financial markets has expanded beyond the companies most commonly associated with the technology. He noted that investors may already have substantial AI exposure through their portfolios even when they are not deliberately targeting AI investments. Goldberg also highlighted a potential concentration risk, pointing to the enormous market values of a relatively small number of companies and their influence on the broader index. The findings come as investor attention increases around the expected initial public offerings of leading artificial intelligence companies, including Anthropic and OpenAI. The broader AI ecosystem suggests that the technology's impact on financial markets extends far beyond frontier AI developers, encompassing semiconductor manufacturers, cloud providers, software companies, energy firms, data centres, cybersecurity companies and other infrastructure providers. The BestBrokers analysis therefore presents AI not merely as a technology sector, but as an increasingly significant component of the wider US stock market and investment landscape. ## SEO Keywords AI economy, S&P 500 AI companies, AI stocks 2026, artificial intelligence stocks, S&P 500 market capitalisation, AI market value, AI investment, AI companies in the S&P 500, AI chips and hardware, AI cloud providers, AI software companies, AI infrastructure stocks, AI energy companies, AI cybersecurity companies, NVIDIA AI, Microsoft AI, Amazon AI, Alphabet AI, artificial intelligence investment, US stock market, AI market exposure, AI investment ecosystem

Cascador Selects 10 Nigerian Companies for 2026 ScaleUp Programme After 1,000 Applications

September 3, 2026
  • Cookie Policy
  • Disclaimer
  • Contact us
  • About Us
  • Cookie Policy
  • Disclaimer
  • Contact us
  • About Us

© 2025 The Trumpet News Papers - Developed by VIS Nigeria.

No Result
View All Result
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition

© 2025 The Trumpet News Papers - Developed by VIS Nigeria.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT