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Newly Announced Appointments from Governor Dr. Alex Otti of Abia State

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Following the election of a new leader, competent and qualified individuals are appointed to fill various positions within governmental organizations. Evidently, this is how governmental democracy operates. The campaign for the state’s new face and development, including infrastructural development in the state her citizen and indigenous are yearning for, is joyful as a new leader emerges in Abia.

The democratic process benefits His Excellency Dr. Alex Otti to accept and designate new watchdogs of the government of these colleagues who are recognized as competent of collaborating with the state government for the expansion and development of the Abia state.
Because He is the driving force behind the state’s growth and development, we firmly believe that the Governor’s list is always a green ticket to support.

This time, democracy speaks for itself, and democratic governments empower and enable citizens and indigenous people to participate in political affairs. The Governor’s appointment list is highlighted here. In conclusion, this list demonstrates the governor’s intention in transforming the government of Abia State from a rural to an urban one. From here, let’s embrace joy and tranquility to create a foundation for future infrastructure development.

The newly appointed colleagues to work in the Abia state community of sectors are listed below in the newly announced appointment list from Abia State Governor Dr. Alex Otti.

NEW APPOINTMENTS

The Governor of Abia State, Dr. Alex Otti, OFR, has appointed the following persons into the underlisted positions, with effect from the date of this publication.

  1. Mr. Ugochukwu Okoroafor – Special Adviser, Monitoring and Evaluation

  2. Hon Iheanacho Obioma – Special Adviser, Political Affairs

  3. Prof Ijeoma Iheukwumere – Senior Special Assistant, Environment

  4. Mr. Odinakachi Eric Eme – Senior Special Assistant, Multilateral and Donor Agencies

  5. Mr. Nwaka Inem – Special Adviser on Trade, Commerce and Industry

  6. Magdalene Ugoanusi – Senior Special Assistant, Local Government and Chieftaincy Affairs

  7. Mr. Martins Okechukwu Justice (J Martins) – Special Assistant on Tourism and Entertainment

  8. Dr. George Chidozie – Senior Special Assistant, Special Duties

  9. Pastor Okorougo Aji – Special Assistant, Lands and Housing

  10. Dr. Obioma Nwogbe – Senior Special Assistant, Transport

  11. Mr. Chukwunenye Alajemba – Senior Special Assistant, Homeland Security

  12. Ven (Dr.) Joshua Onyeike – General Manager, ASOPADEC

  13. Pastor Dike Nwankwo – Director General, Abia State Orientation Agency

  14. Dr. Uloaku Ukaegbu – Director, Abia State Agency for Control of AIDS

  15. Dr. Eric Egwuibe – Senior Special Assistant, Budget and Planning

  16. Dr. Anthony Nwaubani, Senior Special Assistant, Finance

  17. Mr. Ogbonnia Okereke, GM, ASEPA

  18. Mr. Daniel Chinagozi – Special Assistant, Digital Economy

  19. Mr. Chinedu Ekeke – Deputy Chief of Staff (cum Senior Special Assistant on Sports and Youth Development)

  20. Dr. Oluebube Olunna Chukwu – Senior Special Assistant, Due Process

  21. Apostle Kenneth C. Wiper – Special Assistant on Religious Activities

  22. Mr. Ishmael Onuoha – Senior Special Assistant, Cooperative Societies

  23. Col. Ezichi Kalu (Rtd.) – General Manager, Abia State Road Traffic and Safety Management Agency (ARTSMA)

  24. Mrs. Mathilda Anyamele – Special Assistant, Special Duties.

  25. Mrs. Chinwe Kanu Uba – Special Assistant, Women Mobilisation.

  26. Mrs. Chinwe Onyeukwu – Special Assistant, Women Affairs.

  27. Kanu Nwankwo – Chairman, Enyimba International Football Club, Aba

  28. Boniface Alozie Uche – Chairman, Abia Comets

  29. John Sam Obuh – Chairman, Abia Warriors

  30. Dr. Benson Nwaigburu, GM, Abia State Debt Management Office

In the new appointment list from His Excellence Dr. Alex Otti, In the Name of Mr. Daniel Chinagozi – Special Assistant, Digital Economy, we see a technocracy at position number 18.

Mr. Daniel Chinagozi is the founder and CEO of Innovation Growth Hub, which has numerous branches in the southern eastern zone and fosters and supports the development of young people in the tech business by bringing them from both rural and urban areas to educate them on the field. Accept the reality of happiness in the government and welcome this development.

Does this indicate that the Abia state administration will eventually adopt a technocratic system?

If so, His Excellency Dr. Alex Otti’s adoption of technology in his administration represents a remarkable innovation. God bless the nation of Nigeria and the region of Abia State.

What do you think of the recently elected governor’s slate of appointments?
Is the list deserving of support?
Anyone who isn’t on the list is there expected to be?
Please make advantage of the comment area.

Nigeria’s Missing Remittances As Naira/USD Exchange Rate Recalibrates

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Those bogus statistics are becoming bare. Yes, “Diaspora remittances to Nigeria witnessed a huge decline in H1 2023, according to the latest International Payment data released by the Central Bank of Nigeria. Compared to the $10.11 billion recorded in the same period last year, the decline has dealt a massive blow to Nigeria’s hope to boost its forex liquidity with Diaspora remittances.”

(The data quoted here seems not correct since Nigeria received about $20 billion remittances in 2022)

Add that to the bogus petrol consumption (has since dropped by more than 37%), you will see that Nigeria has a deep problem: guesswork policymaking.  Most of those “diaspora remittances” were round-tripped hard currency which agents of “the connected” were bringing back to the nation, at black market rate, after buying them at the original rate.

With the official and the parallel market rates getting to parity, that round-tripping will fade. But do not rejoice: they will invent another trick since nothing is punished in the nation.

As I noted in Tekedia Investment class on Saturday, the optimism in the banking stocks in the Nigerian stock exchange is not due to any fundamental redesign on what banks are doing, rather, people are buying into massive dividends which we expect to happen as banks reclassify foreign currency denominated assets, creating ephemeral > 40% profit overnight (it used to be N415/$, now you can use N700).  My thesis was that diasporas were not wiring money to buy equities (and CBN data just confirmed that, since we dropped from $10b to now $1b).

Until Nigeria begins to punish the connected who mess up the economy, nothing will change.

CBN Directs Banks to Issue FX Remittances in Naira As Diaspora Remittance Declines

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Naira USD

Diaspora remittances to Nigeria witnessed a huge decline in H1 2023, according to the latest International Payment data released by the Central Bank of Nigeria. Compared to the $10.11 billion recorded in the same period last year, the decline has dealt a massive blow to Nigeria’s hope to boost its forex liquidity with Diaspora remittances. (The data quoted here seems not correct since Nigeria received about $20 billion remittances in 2022)

A detailed analysis of the data revealed that Nigeria witnessed a gradual increase in remittances over several months in 2023. In January, the country recorded $79.2 million in remittances, which slightly rose to $83.8 million in February. March witnessed a significant jump in total direct remittances, reaching $138.6 million.

In April, the country received $150 million as direct remittances, followed by a further increase to $202.9 million in May. By June 2023, total direct remittances reached $297.5 million, indicating a consistent upward trend in remittances.

The CBN did not give a reason for the decline, which has raised concerns about the nation’s chances of addressing its forex changes in the short term. However, Partner, Chief Economist, and Head of Research at KPMG Nigeria, Dr. Yemi Kale, attributed the decline to probably “election uncertainty and the CBN cash and forex drama in Q1.” He said he won’t be bothered till he sees “Q3 and Q4” remittance data.

Nigeria’s major source of forex inflow is crude oil export. But the crisis in the oil sector has seen a drastic reduction in the country’s earnings from crude oil export, forcing it to largely rely on Diaspora remittances, which is regarded as its second major source of forex.

In 2021, the CBN introduced the Naira4dollar remittance scheme, as a way to encourage Nigerians living abroad to send foreign currencies back home. Under the scheme, commercial banks were required to pay recipients of remittances the incentive of N5 for every $1 remitted and received.

There was also the RT200 FX Programme launched in early 2022, with a set of policies and plans for non-oil exports. The aim is to use the programme to attain the goal of $200 billion in FX repatriation, exclusively from non-oil exports, in 3-5 years.

In 2022, Nigeria recorded $20.16 billion in Diaspora remittances, augmenting the meager forex proceeds from crude oil sales.

The Naira4Dollar scheme and the RT200 FX Programme have been discontinued following the floating of the FX market last month.

Meanwhile, the central bank has issued a directive to International Money Transfer Operators (IMTOs) to begin disbursing remittances to beneficiaries in Naira, alongside foreign exchange.

The apex bank specified that the exchange rate used for determining the Naira pay-out should be based on the Investors and Exporters’ Window foreign exchange rate.

The directive was outlined in a circular, referenced as FED/FEM/PUB/FPC/001/004, issued by Dr. Ozoemena Nnaji, the Director of Trade and Exchange at the CBN.

The circular, dated July 10, 2023, builds upon a previous circular dated November 30, 2022, which introduced guidelines for the payout policy of Diaspora remittances to beneficiaries in Nigeria.

The November 30 circular facilitated the payment of remittances in U.S. dollars to beneficiaries through IMTOs, providing unrestricted access to their funds via their chosen designated bank.

The new circular emphasizes that the option of Naira payment is an additional choice available to recipients of Diaspora remittances, in addition to United States Dollars and E-Naira.

The CBN’s full circular states, “Further to the circular referenced FED/FEM/FPC/01/011 dated November 30, 2022, in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.

“Accordingly, all recipients of Diaspora remittances through the CBN-approved International Money Transfer Operators (IMTOs) on the attached list shall henceforth have the option of receiving Naira payment in addition to USD and e-Naira as payout options.

“For the avoidance of doubt, IMTOs are required to pay out the proceeds using the Investors’ & Exporters’ window rate as the anchor rate on the date of the transaction.

“The regulation takes effect immediately.”

Tinubu Seeks Legislative Approval for N500bn for Subsidy Palliatives, Writes House of Reps

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During Wednesday’s plenary session, President Bola Ahmed Tinubu submitted a letter to the House of Representatives, requesting a sum of N500 billion for palliative measures aimed at mitigating the impact of the removal of subsidy on Premium Motor Spirits (PMS), commonly known as petrol.

Additionally, Tinubu proposed an amendment to the 2022 supplementary appropriation Act, enabling the Federal Government (FG) to obtain the funds from the N819.5 billion allocated in the 2022 supplementary Appropriation Act.

The letter, which was read by Speaker Tajudeen Abbas, reads: “I write to request the approval of the House of Representatives for the amendment of the 2022 supplementary appropriation act in accordance with the attached.

“The request has become necessary in other to among other things source for funds necessary to provide palliatives to mitigate the effect of the recent removal of fuel subsidy on Nigerians.

“Thus the sum of N500 billion only has been extracted from the 2022 supplementary appropriation act of N819.536 billion for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I hope that the House of Representatives will consider the request.”

The removal of fuel subsidy resulted in soaring costs of goods and services, igniting calls for the government to initiate palliative measures to mitigate the impact.

The government has been working with Civil Society Organizations (CSOs) to develop a framework that will address the concerns. The Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) had asked for an increment in the minimum wage, from the current N30,000 per month to N200,000 per month.

The TUC has called for tax holidays to be granted to employees, both in the public and private sectors, whose monthly earnings are below N200,000 or $500. They also emphasized the need to introduce a petrol allowance for individuals earning between N200,000 to N500,000 or $500 to $1,200 annually, whichever amount is higher.

Additionally, the TUC demanded that the Nigerian government provide mass transit vehicles for all segments of the population and undertake an immediate review of the National Health Insurance Scheme to extend coverage to a larger number of Nigerians.

In the medium term, the labor union urged the government to fulfill its previous commitment by implementing the nationwide deployment of Compressed Natural Gas (CNG).

Tinubu did not explain how the money will be disbursed; raising concern that it will be looted. Against this backdrop, many are calling for the money to be used to subsidize fuel, that way it will benefit all Nigerians.
Socio-Economic Rights & Accountability Project (SERAP), on Wednesday, asked the federal government to publish details of how it intends to use the fund.

“Following his request to the House of Representatives seeking approval to spend N500 billion as Palliative for Subsidy Removal, we urge President Tinubu to immediately publish the details of the spending including names of the beneficiaries,” it said.

OpenAI Rival Anthropic Announces Release of New Text-Generating AI Model Claude 2

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Artificial intelligence company founded by former members of OpenAI, Anthropic, has rolled out the latest iteration of its generative AI Chatbot, Claude 2, which comes with improved safety and coding capabilities.

The Claude 2 is an upgrade of the Claude 1.3, as Anthropic claims that the newly upgraded version is slightly better in math, coding, and reasoning, in addition to being able to construct longer replies.

According to reports, Claude 2 can process up to 100,000 tokens, roughly equal to 75,000 words in a single request. This represents a significant increase over the chatbot’s prior 9,000 token cap.

The upgrade will see Claude 2 now able to respond in a more improved and contextual manner. Anthropic asserts that Claude 2’s behavior is easier to comprehend and easier to modify as necessary when compared to other models because of constitutional AI.

Speaking on the rollout of Claude 2, Anthropic CEO Daniela Amodei said,

“We have been focused on businesses, on making Claude as robustly safe as possible. We really feel that this is the safest version of Claude that we’ve developed so far, and so we’ve been very excited to get it into the hands of a wider range of both businesses and individual consumers.”

Claude 2 will initially only be available as a beta version to users in the U.S. and U.K., as Anthropic plans to expand availability in the coming months.

The improved chatbot model can also produce coherent responses of about 3 000 words, which is much longer than Claude 1.3’s limit of about 400 words. As a result, Claude can write much longer documents in response, including memos, letters, and stories all in one shot.

Unlike other Chatbots like Bard and Bing, Claude 2 isn’t connected to the internet and is trained on up-to-date data.

Claude 2 data includes updates in information from 2022 and early 2023, which means it has a lot more recent context about recent events than before. Its dataset is more recent than that of ChatGPT whose knowledge is only limited to 2021.

However, the company has advised users that the chatbot can still produce errors or generally be confused about topics that they might not be aware of. As a result, the team warned that Claude might still be prone to “confabulations” or “hallucinations” as chatbots can sometimes generate.

Additionally, Anthropic recently expanded Claude’s context window to around 75,000 words. This means that users can upload dozens of pages to the bot, or even an entire novel, for the bot to parse. So if they need a quick summary of a complicated and very long research paper, Claude 2 got them covered.

This feature will no doubt set it apart from other models that have much smaller limits, with ChatGPT, allowing a maximum of around 3,000 words.

Anthropic designed Claude’s large language model to address issues facing the generative AI market, as ChatGPT and other generative Al chatbots, are known to still produce incorrect answers, and bizarre conversational tangents.

With the rollout of a more enhanced Claude 2 version, Anthropic has intensified competition in the generative AI market, as different AI companies will seek to enhance their chatbots to even surpass that of Claude 2.