A Federal High Court sitting in Port Harcourt has granted an ex parte order to serve the Rivers State chairman of the Action People’s Party, APP, Sunny Wokekoro, the 23 chairmanship candidates of APP in the upcoming Saturday election, and the Rivers State Independent Electoral Commission, RSIEC, through substituted means.

Hart Badom, Destiny Omereji, and four others are in court seeking the reinstatement of Badom as the legitimate State Chairman of APP, while calling for the removal of Sunny Wokekoro from the position.

The plaintiffs are also challenging the legitimacy of the 23 chairmanship candidates, questioning when they became members of the APP in the state.

They are seeking a declaration that all actions taken by Wokekoro be considered null and void.

DAILY POST reports that when the case was mentioned, the plaintiffs’ counsel, Excel Omeghara, applied for an ex parte motion to serve the defendants through substituted means, a request that was granted by the presiding judge, Justice Emmanuel Obele.

APP has gained prominence in Rivers State in recent months, following its adoption as the platform for loyalists of Governor Siminalayi Fubara to contest the October 5 local government elections.

The APP’s chairmanship candidates, many of whom were formerly members of the Peoples Democratic Party, PDP, switched to APP amid internal disputes within PDP in the state.

Although Governor Fubara is expected to automatically assume leadership of PDP upon taking office, as stipulated in the party’s constitution, his predecessor and political benefactor, the Minister of the Federal Capital Territory, Nyesom Wike, has refused to step aside, leading to a leadership crisis within the PDP.

Meanwhile, PDP in Rivers State announced its decision to boycott the upcoming local government elections.

State PDP Chairman Aaron Chikwuemeka reaffirmed this position during a press briefing in Port Harcourt last Monday.

Chikwuemeka and PDP state executive in Rivers remain loyal to FCT Minister Wike.

[DailyPost]

In April 2024, Musiliu Oseni, Vice Chairman of the Nigerian Electricity Regulatory Commission, announced that “the commission has approved a rate review of 225 naira per kilowatt hour, from a minimum of 68 naira per kilowatt hour… for just 15 % of the customer population in the Nigerian electricity supply industry.”

And, in what now seems to be a setting up for a dunk on the heads of the 1.5 million electricity consumers—which a recent report claims to be 2 million―on Band A tariff plan, Adebayo Adelabu, Minister of Power, assured everyone that the 2024 Budget had provision for N1.8 trillion electricity subsidy.

While delivering this coy body slam to electricity consumers, Adelabu also sneaked in a hint that the tariff may still be reviewed upward before the end of the year, because the Electricity Act provides for review of the electricity tariff two times every year.

And, he tried to justify the need to further raise the tariff in 2024, by enumerating the reasons, which include the rising exchange rate, increasing price of gas, and high cost of maintenance of electricity generation, transmission, and distribution infrastructure.

It couldn’t have been anything else, it seemed. But he should have also added inappropriate policy choices—of several generations of governments before the current one―and partial sale and commercialisation of electricity generation and electricity distribution companies by the government of President Goodluck Jonathan to crony capitalists, and the retention of the national grid in the hands of bureaucrats.

One major problem is that those who bought the facilities lack the managerial, financial, and technical capabilities to run the companies, even though they regard their more-or-less sinecure equity in those companies as compensation for their less-than-patriotic service to the country.

To borrow and rework a phrase from Bashorun MKO Abiola, the presumed winner of the June 12, 1993, presidential election that was cruelly annulled by the regime of military President Ibrahim Babangida, “Nigerians held the horns of the cow for the crony capitalists to milk!”

Some observers feel that the minister is probably insisting on raising the tariff because he feels that many consumers rack up high electricity bills. After all, they are usually careless by switching on electrical appliances, like air-conditioners, that they may not necessarily have to use all the time.

Someone asked if the minister takes his own counsel in his office where the electricity bill is paid by the Federal Government, or in his home which may likely be an official quarter.

The minister, who admitted to having given the unsolicited advice to electricity consumers to cultivate what he described as the “culture of managing energy consumption,” has, however, apologised to those who may have been offended by his unsolicited counsel.

NERC has finally come up with the sledgehammer announcement that the government is feeling the weight of about N181.1 billion monthly subsidy bill, and, as a result, electricity tariff would have to be hiked for in Band A, who were promised 20 hours of electricity every day.

And that would, of course, further harm the finances and well-being of these already impoverished consumers who are reeling under the weight of subsidy removal and the floating of the Naira, even though NERC had unilaterally placed them in Band A tariff plan without asking them if they were game for the tariff plan.

What the consumers really need is not the minister’s counsel, but appropriate policies to mitigate their gradually depleting standard of living on top of irregular electricity supply. That is why he was appointed as minister of power. As they say on the streets of Lagos, “The minister should shake a leg!”

Apart from the boast by the minister of power that more than 40 per cent of Nigerians currently receive 20 hours of electricity per day, it is actually too little and insignificant. 100 per cent of Nigerians should be able to get 24 hours supply of electricity every day.

The minister sounded like he expected those Nigerians that he forcibly conscripted into the Band A tariff plan should be grateful for even the irregular electricity supply that they get, a reminder of a former minister of communications who said telephone is not for everybody.

By the way, the minister should stop that nauseating claim that the (less than modest) achievement of the electricity sector is inspired by the Renewed Hope agenda of President Bola Tinubu, a man who has not claimed omnipotence or invincibility.

The current template of the electricity industry can only guarantee shortages and consequent inefficiency that causes the accountant minister to think that inordinately holding down Nigerians for milking by the Gencos, the Transmission Company of Nigeria, and the Discos, is the silver bullet to sorting out the problems of the sector.

One should add, for the umpteenth time, that GenCos, DisCos, and electricity grids that currently operate in silos, should be integrated under one management in each of the markets that have already been demarcated for them.

What this means is that the transmission lines within the Ikeja market, for instance, should be ceded to Ikeja Electric, which will merge with the GenCo which currently uploads electricity to its market. All three components of electricity supply should be under one roof in each market.

If the Minister is not too sure of the expediency of this model being suggested, he could seek clarification from experts, amongst which should be Professor Barth Nnaji, who is possibly Nigeria’s most illustrious minister of power.

The gentleman is a thoroughbred professional who understands the technical demands and the dynamics of the ecosystem of the electricity system. When he was minister of power, electricity supply was very regular.

This matter should be treated expeditiously like that of the man who appeared in a dream to entreat Apostle Paul to “Come over to Macedonia and help us!” Like Paul, Prof Nnaji would likely come to help Nigeria overcome the electricity sector debacle.

It is not fair for the electricity tariff to be raised by about 330 per cent, from N68 to N225 per kilowatt hour, for Band A tariff plan customers in April and to now start hinting at another hike in less than six months, even if the law provides that tariffs can be reviewed two times in one year.

If the government goes ahead with this wicked intention, it may well be the final straw that would break the camel’s back. It will further impoverish the disappearing Nigerian middle class that is barely coping with 34 per cent inflation and they may be easily persuaded to join the lumpen plebeian proletariat as they embark on street protests.

This won’t bode well for a government that came into office with roughly one-third of the votes of less than one-fourth of the electorate. That should not be the testimony of a government that is committed to Section 14 of the Constitution which sets the security and welfare of the citizens as the primary responsibility of the government.

The minister of power needs to understand that inappropriate and ineffectual government policies are the major causes of the inability of the electricity sector to deliver regular electricity to Nigerian citizens at an affordable tariff rate. No other reason.

FORMER President of the Senate, Senator David Mark has taken stock of Nigeria’s tortuous journey to nationhood and submitted that the time calls for sober reflection as the country celebrates its 64th independence anniversary, saying that this is the time for serious introspection by President dent Bola Tinubu and other leaders.

In a goodwill message to Nigerians, Senator Mark reflected on the journey so far and noted that despite the challenges of insecurity, poverty, disease, and general underdevelopment, Nigeria is endowed with human and natural resources capable of changing the tide for good, adding that this is achievable if all citizens are patriotic and united with a common mission and purpose.

In a statement by his Media Adviser, Paul Mumeh, Senator Mark said, “Disappointing as the situation may seem, the shortcomings of the past should serve as useful lessons for progress. We must learn from our past mistakes and work towards a better future.”

The former President of the Senate recalled the 30-month-old fratricidal civil war, occasional ethnoreligious conflicts and the uncertainties surrounding political engagements, saying that all these issues are traceable to inadequacies of leadership and citizens’ failure.

Senator Mark who cautioned against divisive tendencies and inflammatory statements in recent times that tend to exacerbate the already fragmented atmosphere, said, “Those who exploit our fault lines of ethnicity and religious differences to promote hatred are enemies of the country”.

Despite the challenges, Senator Mark noted that Nigeria has made progress in some areas pointing out that, “though we are not yet where we should be, we are certainly better than yester years. This should serve as motivation for us to continue working towards a better Nigeria.”

The former Senate President who emphasized that political leaders should lead by example and strive to put the citizens at the centre of their programmes and policies, said, “Leaders must prioritize the needs and well-being of the people.”

Senator Mark was optimistic that Nigeria could come out of its current challenges if all Nigerians resolved to bury the hatchet of yesterday, “We must unite and work together to address our challenges”.

To further address the challenges of underdevelopment, Senator Mark advocated for huge investments in enterprises and production that would improve income and end capital flights.

He stated, “We need to create an environment where everyone can ply his or her trade in any part of the country without fear of intimidation or molestation. We need to be our brother’s keeper at all times. I wish Nigerians a prosperous nation.”

[Vanguard]

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.