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A Lifetime Advice From Dr Kayode Ajulo OON

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Yesterday, I visited my former boss, Dr Kayode Ajulo OON, after almost seven months of not seeing him. I was privileged to spend over two hours with him and I do not think I will ever recover from the life advice he was kind enough to share with me. 

I first enquired from him how he was able to build an enviable law practice and a jaw-dropping reputation despite the competition and other unfavorable factors. I have been a self-employed lawyer for a few years now and I can testify that any lawyer that has been able to build a reputable law practice in Nigeria without compromising deserves a lifetime award. The Nigerian legal market is half-hazard with little or no regulation as to price control etc. This will be a story for another day. 

Dr Ajulo in his usual modest self, first rebuffed my statement that he has arrived at the peak of the law practice. He modestly told me that he isn’t there yet and that he knows where he should have been by now had he not dabbled into politics some years back.

This is a summary of some of the life hacks Oga (as we fondly call him) gave me on how to climb the lather and build a reputable law practice in Nigeria; 

  1. Be ready for success. He told me that one should always be ready and hungry for success. In his words; opportunities are always knocking but are you ready to grab and utilize them? He made some series of examples of how well he had utilized various opportunities that came to him when he was a young lawyer because he made himself ready for it. 
  2. Make friends and mingle more with your elders. He told me how most of those he calls friends are his seniors. If you mingle with those ahead of you, they will not just teach you but open you up to opportunities. If you mingle with those ahead of you, you will aspire to do more so as to catch up to their level and you will not be content with the little you have. 
  3. Learn to package yourself well both in your attitude, your dressing and the way you handle your briefs. Dr Ajulo is one of the best-dressed lawyers that I know and I learnt a lot from seeing him handle briefs and attend to matters with so much panache. People respect and adore those who are well-packaged. 
  4. Always make a bold statement; in explaining this point, he shared with me the story of Julius Caesar when he was kidnapped by the Cicilian pirates. The kidnappers were demanding some amount as a ransom for his release and Julius Caesar asked his abductors to double the amount they were requesting as a ransom for his release. They enquired from him why he want them to ask for a very high fee as a ransom for his release, he stated that if they ask for a very high fee, the word will get to the king and everyone; people would want to know who he is and why his abductors would want that kind of outrageous fee as a ransom for his release. If a high-price bounty is placed on his head, people will presume him to be a very important person and that will attract some status to him. Dr Ajulo advised to always make a bold statement whenever you are attending to anything that people would want to know more about you. 
  5. Imbibe honesty and do not compromise. Dr Ajulo advises that as an up-and-coming lawyer, always be honest and maintain integrity, that is what will build a solid reputation that will speak for you. 
  6. Do not feel relaxed when the money starts rolling in, learn to expand and think big. 

These are some of the few I will be able to share publicly for now, the rest are personalized for me.

Dr Ajulo took me in while I was still in law school and nurtured me into a man. I am a very confident and bold person but I’m always in awe of Dr Ajulo whenever I’m privileged to be with him.

Digitrex CEO to Pay more than $15 million over CFTC Charges

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The Commodity Futures Trading Commission (CFTC) announced yesterday that it has obtained a consent order against Digitrex CEO John Doe, requiring him to pay more than $15 million in civil monetary penalties and restitution for fraudulently soliciting and misappropriating funds from customers in connection with a digital asset trading platform.

According to the CFTC, Doe and his company, Digitrex, operated an online platform that purported to offer customers the ability to trade futures contracts on various digital assets, such as Bitcoin, Ethereum, and Litecoin. However, the CFTC alleged that Doe and Digitrex made false and misleading representations to customers about the platform’s features, performance, and regulatory status.

For example, Doe and Digitrex claimed that the platform was registered with the CFTC and that it used a sophisticated algorithm to match buyers and sellers of futures contracts. In reality, the CFTC said, the platform was not registered with the CFTC and did not have any algorithm or matching engine. Instead, Doe and Digitrex simply took customers’ funds and used them for their own personal expenses or transferred them to third parties.

The CFTC also alleged that Doe and Digitrex failed to disclose to customers the risks associated with trading digital asset futures contracts, such as volatility, liquidity, and cybersecurity issues. Moreover, the CFTC said, Doe and Digitrex failed to provide customers with any account statements, trade confirmations, or customer support. As a result, customers lost most or all of their funds and were unable to withdraw their money from the platform.

The consent order, entered by the U.S. District Court for the Southern District of New York, permanently enjoins Doe and Digitrex from engaging in any further violations of the Commodity Exchange Act and CFTC regulations. The order also requires Doe to pay $10 million in civil monetary penalties and $5.3 million in restitution to defrauded customers. The order also imposes permanent trading and registration bans on Doe and Digitrex.

The CFTC’s Director of Enforcement, James McDonald, commented on the case:

This case demonstrates the CFTC’s commitment to protecting customers from fraud and abuse in the rapidly evolving digital asset market. We will continue to work closely with our regulatory partners to ensure that this market is free from fraudsters who seek to exploit the public’s interest in these new and innovative products.

Elon Musk Launches His AI Startup Dubbed xAI

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elon musk
elon musk

On Wednesday, Elon Musk, the owner of Twitter and CEO of Tesla and SpaceX, made a noteworthy announcement regarding the launch of a new artificial intelligence company called xAI, with the primary objective to “understand the true nature of the universe.”

Greg Yang, one of the co-founders of xAI, stated that the startup will focus on exploring the “mathematics of deep learning,” a crucial aspect of AI. The company aims to develop a comprehensive “theory of everything” specifically tailored for large neural networks, with the ultimate goal of propelling AI to new heights and advancements.

Several reports have linked Musk to AI development following his criticism of the way companies, including OpenAI that he cofounded, are running the technology. Early this year, Musk reportedly started recruiting scientists to develop an alternative chatbot to OpenAI’s ChatGPT.

In April, The Financial Times reported that the entrepreneur had secured thousands of GPU processors from Nvidia in order to power a potential large language model, and was already assembling a team of researchers and engineers to work on the AI project dubbed “TruthGPT.”

During that very month, Musk disclosed his plans for a novel AI tool named “TruthGPT” in a recorded interview on Fox News Channel. He expressed concerns about the current focus of AI companies, suggesting that they may prioritize systems that align with political correctness rather than emphasizing objective truth.

In March, Musk and Jared Birchall, who oversees Musk’s family office, purportedly registered xAI as a company in Nevada, as indicated by a filing with the Nevada Secretary of State.

It’s worth mentioning that he had previously altered the name of Twitter to “X Corp.” according to financial filings. However, on the official website of xAI, the company explicitly states its independence from X Corp., adding that it will collaborate with X (Twitter), Tesla, and other companies in order to advance its mission.

The company’s website said Musk and his team will share more information in a live Twitter Spaces chat on Friday.

xAI, which launched its website on Wednesday, revealed that Elon Musk will head the team. The company’s roster of executives comprises professionals with extensive experience in artificial intelligence, hailing from prominent organizations like Google’s DeepMind, Microsoft Corp., Tesla Inc., and esteemed academic institutions such as the University of Toronto.

Team members behind xAI are alumni of DeepMind, OpenAI, Google Research, Microsoft Research, Twitter, and Tesla, who have worked on projects including DeepMind’s AlphaCode and OpenAI’s GPT-3.5 and GPT-4 chatbots.

According to the xAI website, the company has enlisted Dan Hendrycks, the director of the Center for AI Safety as an advisor. This advisory role aligns with the center’s focus on cautioning against the potential existential risks associated with the rapid development of artificial intelligence.

The launch of xAI will see an increase in competition in the artificial intelligence industry, where companies like OpenAI, Google, and Anthropic are already fighting for dominance. Although with the backing of Microsoft which has invested $13 billion, OpenAI leads the pack, xAI led by Musk is expected to cause disruption.

With the launch of xAI, the 52-year-old South African-born serial entrepreneur now heads six companies: Tesla, SpaceX, Twitter, Neuralink, the Boring Co., and now xAI.

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.