The United States (US) Securities and Exchange Commission (SEC) has charged Olayinka Oyebola, a Nigerian auditor, for allegedly aiding and abetting securities fraud reportedly carried out by Mmobuosi Odogwu Banye, the former chief executive officer (CEO) of Tingo Group, and three companies controlled by him.

In a statement on Monday, the SEC also charged Oyebola’s accounting firm, Olayinka Oyebola & Co. (chartered accountants), registered with the public company accounting oversight board (PCAOB).

“The Securities and Exchange Commission today charged Olayinka Oyebola and his Public Company Accounting Oversight Board-registered accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), with aiding and abetting a massive securities fraud perpetrated by Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three related U.S. companies that Mmobuosi controlled (the Tingo entities),” the SEC said.

“The SEC recently obtained a $250 million final judgment against Mmobuosi and the Tingo entities.”

According to the SEC’s complaint, Oyebola and his firm deliberately failed to act after discovering that Mmobuosi and his companies created multiple fake audit reports which bore Oyebola’s signature and were included in SEC filings as if issued by his firm.

‘OYEBOLA ASSISTED IN CONCEALING FRAUDULENT REPORTS’

The SEC alleged that Oyebola made material misstatements to the then-auditor of one of the Tingo entities and assisted in concealing the fraudulent reports, causing auditors, investors, and regulators to rely on these fake reports to their detriment.

The commission said Oyebola and his firm’s assistance enabled Mmobuosi and the Tingo entities to carry out a multi-year scheme to inflate financial metrics that defrauded investors globally.

Antonia Apps, director of the SEC’s New York regional office, said as alleged, Oyebola and his firm violated the public trust and gave up their responsibilities as public company accountants and auditors by helping Mmobuosi and the Tingo entities effectuate and conceal their fraud.

“We will not hesitate to hold gatekeepers to the public markets accountable when they facilitate fiction rather than truth,” Apps said.

The complaint, filed in the US district court for the southern district of New York, charges Oyebola and his firm with aiding and abetting violations of the antifraud provisions of the federal securities laws by Mmobuosi and three Tingo entities.

The SEC also charged Oyebola with aiding and abetting Mmobuosi in lying to auditors.

The complaint seeks civil penalties as well as permanent injunctive relief including an order permanently barring Oyebola and his firm from acting as auditors or accountants for US public companies or assisting in the preparation of financial statements for SEC filing.

“The ongoing investigation is being conducted by Michael DiBattista, Christopher Mele, Jeremy Brandt, Gerald Gross, and Rebecca Reilly under the supervision of Tejal D. Shah,” the SEC said.

“It is being litigated by David Zetlin-Jones and Mr. DiBattista under the supervision of Alexander Vasilescu, all of the New York Regional Office.

“The SEC appreciates the assistance of the Israel Securities Authority.”

On December 18, 2023, the SEC charged Mmobuosi for providing “false information to investors,” and “orchestrating a staggering fraud”.

Two days later, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO.

A month before he stepped down, the SEC suspended trading in the securities of Tingo Group.

A US federal court, on September 1, fined Mmobuosi the sum of $250 million in monetary relief in a securities fraud suit default judgment.

The default judgment was given by Jesse M. Furman, a US judge, who said Mmobuosi and his companies failed to respond to an SEC lawsuit accusing them of overstating financial results.

[TheCable]

President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

He will use the two weeks as a working vacation and a retreat to reflect on his administration's economic reforms.

He will return to the country after the leave expires.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

Artificial intelligence chatbots have been billed as productivity tools for consumers — they can help you plan a trip, for example, or give advice on writing a confrontational email to your landlord. But they often sound stilted or oddly stubborn or just downright weird.

And despite the proliferation of chatbots and other AI tools, many people still struggle to trust them and haven’t necessarily wanted to use them on a daily basis.

Now, Microsoft is trying to fix that, by focusing on its chatbot’s “personality” and how it makes users feel, not just what it can do for them.

Microsoft on Tuesday announced a major update to Copilot, its AI system, that it says marks the first step toward creating an “AI companion” for users.

 

The updated Copilot has new capabilities, including real-time voice interactions and the ability to interpret images and text on users’ screens. Microsoft also says it’s one of the fastest AI models on the market. But the most important innovation, according to the company, is that the chatbot will now interact with users in a “warm tone and a distinct style, providing not only information but encouragement, feedback, and advice as you navigate life’s everyday challenges.”

The changes could help Microsoft’s Copilot stand out in a growing sea of general-purpose AI chatbots. When Microsoft launched Copilot, then called Bing, early last year, it was seen as a leader among its big tech peers in the AI arms race. But in the intervening 18 months, it’s been leapfrogged by competitors with new features, like bots that can have voice conversations, and easily accessible (albeit imperfect) AI integrations with tools people already use regularly, like Google Search. With the update, Copilot is catching up with some of those capabilities.

When I tried out the new Copilot Voice feature at Microsoft’s launch event Tuesday, I asked for advice on how to support a friend who is about to have her first baby. The bot responded with practical tips, like providing meals and running errands, but it also provided more touchy-feely advice.

“That’s exciting news!” the tool said in an upbeat male voice — Copilot is designed to subtly mirror users’ tone — that the company calls Canyon. “Being there for her emotionally is a big one. Listen to her, reassure her and be her cheerleader … Don’t forget to celebrate this moment with her.”

An AI companion

Copilot’s update reflects Microsoft’s vision for how everyday people will use AI as the technology develops. Microsoft AI CEO Mustafa Suleyman contends that people need AI to be more than a productivity tool, they need it to be a kind of digital friend.

“I think in the future, the first thought you’re going to have is, ‘Hey, Copilot,’” Suleyman told CNN in an interview ahead of Tuesday’s announcement.

“You’re going to ask your AI companion to remember it, or to buy it, or to book it, or to help me plan it, or to teach me it … It’s going to be a confidence boost, it’s going to be there to back you up, it’s going to be your hype man, you know?” he said. “It’s going to be present across many, many surfaces, like all of your devices, in your car, in your home, and it really will start to live life alongside you.”

The earlier iteration of the Microsoft AI chatbot received some backlash for unexpected changes in tone and sometimes downright concerning responses. The bot would start off an interaction sounding empathetic but could turn sassy or rude during long exchanges. In one instance, the bot told a New York Times reporter he should leave his wife because “I just want to love you and be loved by you.” (Microsoft later limited the number of messages users can exchange with the chatbot in any one session, to prevent such responses.)

Some experts have also raised broader concerns about people forming emotional attachments to bots that sound too human at the expense of their real-world relationships.

To address those concerns while still developing Copilot’s personality, Microsoft has a team of dozens of creative directors, language specialists, psychologists and other non-technical workers to interact with the model and give it feedback about the ideal ways to respond.

“We’ve really crafted an AI model that is designed for conversation, so it feels more fluent, it’s more friendly,” Suleyman told CNN. “It’s got, you know, real energy … Like, it’s got character. It pushes back occasionally, it can be a little bit funny, and it’s really optimizing for this long-term conversational exchange, rather than a question-answer thing.”

Suleyman added that if you tell the new Copilot that you love it and would like to get married, “it’s going to know that that isn’t something it should be talking to you about. It will remind you, politely and respectfully, that that’s not what it’s here for.”

And to avoid the kinds of criticisms that dogged OpenAI over a chatbot voice that resembled actor Scarlett Johansson, Microsoft paid voice actors to provide training data for four voice options that are intentionally designed not to imitate well-known figures.

“Imitation is confusing. These things aren’t human and they shouldn’t try to be human,” Suleyman said. “They should give us enough of a sense that they’re comfortable and fun and familiar to talk to, while still being separate and distant … that boundary is how we form trust.”

More new Copilot features

Building on the voice feature, the new Copilot will have a “daily” feature that reads users the weather and a summary of news updates each day, thanks to partnerships with news outlets like Reuters, the Financial Times and others.

Microsoft has also built Copilot into its Microsoft Edge browser — when users need a question answered or text translated, they can type @copilot into the address bar to chat with the tool.

Power users who want to experiment with features still in development will have access to what Microsoft is calling “Copilot Labs.” They can test new features like “Think Deeper,” which the company says can reason through more complex questions, and “Copilot Vision,” which can see what’s on your computer screen and answer questions or suggest next steps.

After some backlash over privacy risks with a similar AI tool it released for Windows earlier this year, called Recall, Microsoft says Copilot Vision sessions are entirely opt-in and none of the content it sees is stored or used for training.

The Federal Competition and Consumer Protection Commission (FCCPC) and the National Broadcasting Commission (NBC) have informed the Federal High Court Abuja about their respective positions on Pay-Per-View subscription requests against Multichoice Nigeria products, GOtv and DStv.

Multichoice Nigeria Limited had asked the court in suit number FHC/ABJ/CS/563/2024 to refuse a plaintiff application seeking to compel it to meter its GOtv and DStv decoders to read customers’ subscriptions only per view or during viewing.

FCCPC and NBC were drawn into the fresh legal dispute by Maduabuchi O. Idam Esq, who sought an order compelling the FCCPC, NBC, and the Attorney General of the Federation to direct every TV network provider in Nigeria to regulate or meter their subscriptions to read per view or during viewing and to roll over unused subscriptions after the expiration of the subscription duration.

Customer/Multichoice Contention 

In the suit, the claimant also seeks an order compelling Multichoice to roll over unused subscriptions upon expiration for Idam and other Nigerian customers, allowing them to maximize their investment in its products.

In this latest suit, Idam alleges that GOtv subscriptions, for instance, are not metered and do not account for viewing time; instead, customers are disconnected from service upon the expiration of their subscription, regardless of usage.

Idam states that apart from the alleged arbitrary price hikes that took effect in May 2024, Multichoice does not allow customers to roll over unused subscriptions, preventing them from fully utilizing their purchased services, citing this development as oppressive.

Multichoice denies the allegations of customer oppression, drawing the court’s attention to prior clarifications from Multichoice and other pay-TV operators during meetings with the NBC regarding the feasibility of the Pay-As-You-Go (PAYG) model, stating that it is not commercially or technically viable in satellite broadcasting due to current technological limitations.

“PAYG has been investigated several times by the National Assembly. In the 8th Assembly, the House Committee on Information, National Orientation, Ethics, and Values, led by Hon. Olusegun Odebunmi, found that allegations of exorbitant Pay-TV subscription charges against Multichoice and the GOtv license holder were unsubstantiated and that the PAYG model is not technically or commercially feasible in the broadcast industry,” Multichoice stated.

What FCCPC Is Saying 

In FCCPC’s counter affidavit dated August 16, 2024, and exclusively seen by Nairametrics, Mr. Adedeji Bankole, an officer in the Department of Legal Services of the Commission, countered the claimant’s submission, maintaining that most of the allegations regarding its Pay-Per-View request are incorrect.

Bankole stressed that the FCCPC’s mandate focuses on promoting competition and protecting consumers, but it does not directly regulate how businesses should be run.

He stated that while the FCCPC sets guidelines and enforces laws related to competition and consumer protection, it does not dictate how businesses should be operated or managed.

“The FCCPC is not in any position to direct or compel Multichoice to regulate or meter their subscriptions to read per view or during viewing and to roll over unused subscriptions after the expiration of the subscription duration,” he stated.

He added that the FCCPC has investigated Multichoice several times before and that other subscribers/consumers have taken Multichoice to court in the past over increases in tariffs, and several of those cases are now on appeal.

NBC’s Position 

Still on the matter, Odoeme N.V., representing the NBC, submitted to the court that it received a complaint from the plaintiff dated September 20, 2023, addressed to the Chief Executive Officer of Multichoice TV.

In response to the complaint, it set up a committee to investigate the matter concerning requests for Pay-Per-View, among others.

He stated that Multichoice, through their letters dated October 30, 2023, and April 23, 2024, informed the NBC of their intention to increase the subscription fee.

He continued that the NBC, in its letters dated November 7, 2023, and April 30, 2024, urged and directed Multichoice to suspend the increase while inviting the pay-TV provider for a meeting for further discussion.

“But Multichoice did not honor the invitation. The NBC, on September 28, 2023, wrote to Multichoice to respond to the plaintiff’s complaint, but Multichoice did not respond or make any representation,” he added.

He explained that before the committee established to investigate the plaintiff’s complaint against Multichoice concluded its assignment, the Federal High Court Abuja delivered a judgment declaring that the NBC, not being either the Nigerian Police or the court, does not have the power to investigate or sanction.

The NBC said it is bound by the judgment of the court and cannot presently attend to any complaint against Multichoice for now.

“This judgment forestalled the implementation of the (NBC)committee’s findings. Owing to the said judgment, the NBC could not take any action in sanctioning or giving directives to Multichoice regarding the plaintiff’s complaint,” the NBC stated in its submission, seen by Nairametrics.

Nairametrics has gathered that the court has scheduled December 5, 2024, for a hearing on this legal dispute.

What You Should Know 

Nairametrics reports that Multichoice has faced accusations of exploiting Nigerian customers.

Over the years, the Pay-TV provider has been scrutinized by lawmakers and consumer protection tribunals over its pricing practices.

The hearing follows the Nigerian Competition and Consumer Protection Tribunal’s decision on July 12, 2024, granting a request from lawyer Festus Onifade to withdraw his case against Multichoice Nigeria concerning a price hike of GOtv and DStv subscriptions.

Initially, the tribunal fined Multichoice 150 million naira and mandated a one-month free subscription for violating interim orders, but Multichoice appealed and filed for a stay of proceedings.

The tribunal rescheduled the case to November, but Onifade chose to withdraw the suit, which the tribunal approved without awarding costs.

Multichoice announced new price adjustments for DStv and GOtv packages on Wednesday, April 24, 2024. An email to subscribers stated, “On Wednesday, May 1, 2024, we will adjust our prices across all our packages on DStv and GOtv. We understand the impact this change may have on you—our valued customer—but the rise in the cost of business operations has led us to make this difficult decision. It remains our mission to provide the best entertainment and viewing experience to you, and we are committed to continuing to deliver high-quality content and unparalleled service.”

[Nairametrics]

Naija News reports that Ndume’s comment comes after Boko Haram terrorists launched a fresh attack in Ngoshe, Gwoza Local Government Area of Borno, where they slaughtered six farmers and abducted five others, including women.

In a statement on Wednesday, Ndume, who hailed the gallant performance of the military and Civilian JTF, said they are ill-equipped to carry out the task of eliminating the remaining insurgents operating within the northern region.

The lawmaker noted that the hired military contractors can also eliminate bandits in the North West.

The statement read, “All across the world, governments hire the services of military contractors to engage in certain places. President Bola Ahmed Tinubu can consider this as a short measure. These contractors will work with our military and Civilian JTF, who understand the terrain.

“These contractors will come with their equipment and military hardware. In a very short time, they’ll eliminate those Boko Haram terrorists. The contractors can also be used to eliminate those bandits operating in the North West.

“Over a period, the federal government can now recruit youths to join the military and raise the number to at least one million. But in the interim, I think the President should consider this option of hiring military contractors.” 

[NaijaNews]

In the Holy Scriptures, Samuel, the revered prophet and leader, stood before the people of Israel and issued a bold challenge. He invited them to bring forth any evidence of his wrongdoing. “Here I am,” he said. “Testify against me in the presence of the Lord and his anointed. Whose ox have I taken? Whose donkey have I taken? Whom have I cheated? Whom have I oppressed?” (1 Samuel 12:3). It was an extraordinary act of courage and integrity, a leader holding himself accountable to the very people he led, daring them to find fault in his governance. Unsurprisingly, the people responded: “You have not defrauded or oppressed us.”

Fast forward to contemporary Nigeria, a country with a rich history of leadership, but one also plagued by the recurring issue of corruption. Nasir El-Rufai, former governor of Kaduna State, recently made a similar declaration to Samuel’s. He proclaimed to Nigerians that throughout his tenure as governor, he had never stolen public funds. El-Rufai, in the same spirit of boldness, invited scrutiny, challenging anyone with evidence to come forward. It was a rare but commendable act in Nigerian politics, a leader opening himself to public judgment with a clean conscience. But can we say the same for other former governors, presidents, and public officials?

Nigeria, often referred to as the “Giant of Africa,” is a country blessed with immense resources. Its people, resilient and industrious, have continued to thrive despite the frequent political mismanagement that has characterized the nation’s leadership. Time and again, the media is flooded with reports of former governors, ministers, presidents, and even lawmakers implicated in corrupt practices. These range from the looting of state coffers to gross mismanagement of funds meant for the development of public infrastructure.

The consequences of such corrupt leadership are all too clear. Nigeria’s roads are deplorable, healthcare is in shambles, the education sector is underfunded, and unemployment continues to skyrocket. Meanwhile, these leaders, past and present, often live in lavish luxury, far removed from the suffering of the common man.

Yet, even in the face of these damning realities, very few Nigerian leaders have come forward with the kind of transparency Samuel demonstrated, or the forthrightness shown by El-Rufai. This raises a critical question: Can any of Nigeria’s past governors or presidents stand before the people, as Samuel did, and say, “I have not stolen. I have not oppressed”? Can they invite scrutiny and confidently state that their hands are clean?

The issue of corruption in Nigeria is not new. From the oil boom of the 1970s to the present day, corruption has been a persistent challenge. Countless investigative reports have revealed the looting of public funds by government officials, many of whom are former governors or presidents. Several of these leaders, after leaving office, have faced investigations by the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices Commission (ICPC), with varying degrees of success in holding them accountable.

But despite the many cases of alleged corruption, only a handful of former leaders have ever voluntarily subjected themselves to the kind of public accountability we saw with Samuel and, more recently, El-Rufai. Most prefer to hide behind the veil of political immunity or manipulate the system to avoid prosecution.

El-Rufai’s challenge to the Nigerian public is a rare example. He invited anyone with evidence of wrongdoing to step forward, confident that his governance record would stand the test. This challenge should be extended to all former governors and presidents. It is time for them to face the people and account for their time in office. After all, they were elected or appointed to serve, not to enrich themselves at the expense of the masses.

Imagine the profound impact it would have on the nation’s moral fabric if every former governor, president, or public official were required to publicly declare their assets and account for the decisions they made while in office. Imagine the change in public perception if leaders openly invited investigations into their financial dealings, as a demonstration of their integrity and commitment to transparency. It would signify a new era in Nigerian politics, one where integrity and accountability become the norm rather than the exception.

Unfortunately, the silence of many former leaders continues to cast a long shadow over Nigerian politics. While Samuel could proudly challenge his people to prove he had stolen from them, the vast majority of Nigerian leaders cannot do the same. The allegations of corruption, whether founded or unfounded, persist because these leaders have never cleared the air. They remain silent, refusing to open their records for public scrutiny, leaving room for speculation and distrust.

This silence is not without consequence. The enduring lack of accountability erodes public trust in governance, making it difficult for even genuinely honest leaders to gain the confidence of the people. As a result, the Nigerian populace has become increasingly disillusioned, often viewing politicians as self-serving individuals who prioritize personal wealth over public welfare.

The silence also encourages the younger generation of politicians to adopt similar behaviors, knowing that they, too, can enrich themselves without facing significant consequences. This creates a vicious cycle in which corruption becomes entrenched, and the political class continues to operate with impunity.

Nigerians deserve better. They deserve leaders who are willing to be held accountable, who understand that public service is not a path to personal enrichment but a sacred duty to the people. It is time for all former governors and presidents to take a page from Samuel’s book, and from El-Rufai’s, by stepping forward to declare their innocence or face the consequences of their silence.

Accountability should not be a foreign concept in Nigerian politics. It is a fundamental requirement of leadership. If a leader cannot account for their actions while in office, how can they claim to have served the people faithfully? How can they lay any legitimate claim to the title of “leader”?

To effect real change in Nigeria, there must be a collective effort to instill transparency and accountability into the political culture. This will require not only the willingness of leaders to submit themselves to public scrutiny but also the establishment of institutions that can effectively carry out such oversight.

The role of civil society organizations, investigative journalists, and anti-corruption agencies like the EFCC and ICPC cannot be overstated. These groups must be empowered to hold all former and current leaders accountable, ensuring that no one is above the law. Equally, the Nigerian public must continue to demand transparency from their leaders, refusing to accept anything less than full accountability.

The challenge has been laid before all former governors and presidents in Nigeria: come forward, as Samuel did, and declare before the people that you never stole, that you governed with integrity, and that your hands are clean. If you cannot, then perhaps it is time to reflect on the cost of your silence and the damage it continues to inflict on the nation.

Nigeria needs leaders who can confidently stand before the people and say, “I have not defrauded or oppressed you.” Anything less is an insult to the very notion of leadership. It is time for a new era of accountability, one where leaders prove their worth not by their wealth, but by their integrity.