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CBN Debunks Reports It Lacks Capacity to Print New Naira Notes

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The Central Bank of Nigeria (CBN) has debunked  reports that its governor, Godwin Emefiele, said on Friday that the apex bank lacks the capacity to print more money due to the incapacity of the Nigerian Security Printing and Minting Company Plc.

The central bank governor was quoted as saying that during the National Council of State meeting held yesterday in Abuja, over the chaotic redesigned naira policy of the CBN.

In a statement issued on Saturday, CBN spokesman, Osita Nwasinobi, said at no time did the CBN governor make such a statement during the Council’s meeting.

According to the statement, Emefiele only told the meeting that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.

The implementation of the policy has been mired in chaos due to the scarcity of the new naira notes. The governor of Kaduna State had earlier alleged that the central bank printed only N300 billion, which significantly falls short, compared to the over N3 trillion outside the banks’ vaults that it is trying to mop up.

The bone of contention, which is the February 10 deadline set by the CBN for the old naira notes to be returned to banks, has triggered nationwide criticism of the policy. Increasing number of Nigerian states has dragged the federal government to the Supreme Court, citing the amount of suffering the policy is causing Nigerians.

Nwasinobi said while the CBN appreciates the concerns shown by all stakeholders about the distribution of the new Naira notes, the financial sector regulator is alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank.

He added that the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007 (as amended).

“We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.

“The bank, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country,” he added.

The NCS had asked the CBN to increase currency supply by printing more of the redesigned N200, N500 and N1,000 or allow the old note to co-circulate with the new notes. Emefiele was quoted as saying in response, that the Nigerian Security Printing and Minting Plc (The Mint), is currently under capacity constraints, which means it cannot print adequate new notes to replace the old naira notes.

Speaking also on a viral voice note alleging on social media that the CBN plans to shut down some banks, particularly in a particular geopolitical region of the country, Nwasinobi dismissed it as a lie. He said the claims were illogical and do not comply with the workings of the Nigerian banking system.

“The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the Bank,” he stated.

Tekedia Live Begins Today with “Mission of Firms, Innovation and Category-King Companies” By Ndubuisi Ekekwe

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It begins at 7pm WAT today.  Welcome to Tekedia Live, the live component of Tekedia Mini-MBA.  The Zoom link is in the Board http://school.tekedia.com/. Let’s co-learn and advance our knowledge systems.  Next week, our faculty from Microsoft and SAP Africa will extend the academic excursion which will run for months.

A man or a woman with Knowledge is a FACTOR because in the 21st century, the most dominant factor of production is knowledge. Tekedia Institute is a temple for mining knowledge.  I thank you and I welcome you; it’s ON.

  • Ndubuisi


Greetings! This is a reminder that Tekedia Live, the live portion of Tekedia Mini-MBA, begins today at 7pm WAT. It runs for 60-90 minutes. The Faculty will make a presentation and then take Q/As.

This may be the only reminder you will receive as we do not send reminders in this program. Tekedia Live takes place on Tuesdays, Thursdays and Saturdays at 7pm WAT. (Put those in your calendar.) The courseware with manuals, cases, written materials, recorded videos, etc go out on Mondays at 12 noon WAT. Everything is in the class board when you log in.

Our Lead Faculty, Prof Ndubuisi Ekekwe, will open Tekedia Live today. Next week, we will have faculty members from Microsoft, SAP Africa, and the academic excursion will continue from there. 

Zoom links and everything are in the Board . Welcome to Tekedia Institute, again. (If for any reason you paid and yet to have access (not likely), please email us here info@tekedia.com)

Regards,

Tekedia Mini-MBA Team

Trade Libel, Defaming a Business is Tortious.

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A Chief Executive Officer of a one-time leading real estate company in Lagos is currently struggling to pay salaries and sustain the company because some hired bloggers constantly made false, defamatory and disparaging posts about the company and they were able to ground the company down. Some of the publications claimed that the CEO of the company is a fraudster, while some claim that the company is a Ponzi scheme, while some post stated that the company is used for money laundering activities by politicians and internet fraudsters.

Trade Libel — a standard peril covered under a media professional liability policy. Trade libel is also known as “product disparagement” and occurs when a product manufacturer makes untrue remarks about a competitor’s product (source: IRMI)

We have seen this happen constantly when a blossoming business is successfully kicked out of the market by a competitor or through sheer hatred of bloggers and publishers who write and publish defamatory things about the business. 

Instagram, Twitter and other social media platforms are flooded with posts of people saying damaging words about the services of a certain service provider or about a product; if that statement or publication is false about the product or services of a company, it becomes a tort known as “trade libel” which is actionable in l court. Some of these things are done in the name of catching cruise or chasing clouts while some of them are sponsored by competitors who want to take over and control the market.

It is tortious and actionable in the law court for you to go online and make disparaging or defamatory publications about the services of a service provider or the products of a company.

If you as a customer have had a one-time bad experience with a business, that does not grant you the right to come online or make a post saying defamatory or publish disparaging things that will make that business lose customers and drive down their sales. The business owners can institute an action against you in tort for what is called trade libel.

Trade libel, therefore, is the publication of a false statement of fact that is an intentional disparagement of the quality of the services or products of the plaintiff’s business and that results in pecuniary damages to the business owner.

The elements or ingredients of a trade libel; ie things that must occur before it can be said that a trade libel has taken place; 

  1. A person made a false disparaging and defamatory statement about the quality of your product or the quality of the services you render
  2. The statement was published either in the print media or social media 
  3.  Your business suffered a loss; loss of money, drop in sales or loss of customers as a result of the false publication.

Once you can successfully establish those three key elements above then you can successfully institute an action against a person for trade libel; be it a blogger, a newspaper editor or a publisher or an online clout chaser or cruise catcher. 

I have seen many good businesses and good products grounded to the ground by bloggers and publishers through false and defamatory posts and articles targeted against the businesses. These business owners need to start holding these bloggers and publishers accountable and make them pay for the damages. 

PDP Expels Chimaraoke Nnamani, Others over Anti-Party Activities

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The Peoples Democratic Party (PDP) has expelled former Enugu State governor Chimaraoke Nnamani and other members over anti-party activities and other grave offences in violation of its constitution.

The decision was announced on Friday through a statement signed by the PDP spokesperson, Debo Ologunagba, in Abuja. According to the statement, other members of the party that were also sacked include Chris Ogbu from Imo State, Ajijola Oladimeji, Olayinka Olalere, Akerele Oluyinka, and Emiola Jennifer, Oluwajomiloju Fayose (former Ekiti State governor son), all from Ekiti State.

Ologunagba said the expulsion of the members, which takes effect from Friday, February 10, 2023, was approved by the party’s National Working Committee (NWC) at its 566th meeting on Friday.

“The decision of the NWC is sequel to the recommendation of the National Disciplinary Committee and pursuant to Sections 58 and 59 (1)(g) of the PDP Constitution (as amended in 2017),” he said.

“The PDP charges all members of our Party across the country to remain united and focused on the mission of our Party to Rescue, Rebuild and Redirect our nation from misrule.”

Nnamani has been openly campaigning for All Progressive Congress (APC) presidential candidate Bola Ahmed Tinubu. In series of tweets in support of his “friend” Tinubu, Nnamani had in January and previously, penned reasons the APC presidential candidate deserves to be elected as president.

https://twitter.com/ChimarokeNamani/status/1616116612158963728?s=20

Nnamani’s continuous support for Tinubu led to his suspension from the PDP last month, a decision he decried, saying that it will collapse.

“My right to fair hearing was consequently violated against the clear provisions of the Constitution of the party, especially in disciplinary proceedings. More importantly the Superior Constitution of the FRN,” Nnamani said after his suspension. He asked the national working committee to “apologize without delay and stop any further antics that cast a negative light on the PDP if they really care about protecting our democracy and the rule of law.”

However, he did not relent in his public support for the ruling APC, even though he is serving as a senator under the opposition party PDP, whose presidential flagbearer is Atiku Abubakar.  Nnamani is also seeking reelection to represent Enugu East senatorial district under the PDP.

In a letter addressed to the PDP National Working Committee (NWC) through his Counsel Olusegun O. Jolaawo (SAN), Senator Nnamani described his expulsion as “nullity.” He told the NWC led by Iyiorcha Ayu, the PDP national chairman, that they have no power to expel him.

“The proceeding and decision reached at the meeting of the National Working Committee of your Party which was held on 20 January, 2023 is therefore, both illegal and a nullity,” the letter reads partly, citing sections of the PDP’s constitution.

The PDP is contesting the forthcoming elections on the wave of internal crises, bordering on the party’s leadership tussle and members’ anti-party activities. Five governors of PDP states; Abia, Benue, Enugu, Rivers and Oyo had broken off from the party, forming the G5 that has refused to support the party’s presidential candidate Atiku Abubakar, unless Ayu is removed as the party chairman.

Nnamani is described as the light of the PDP, his expulsion alongside other party bigwigs is seen as an exacerbation of the party’s crises and a great damage to its chances at the forthcoming elections.

Read Nnamani’s letter to PDP’s NWC:

Press Release:

Sen Nnamani to Ayu led NWC: My Expulsion a nullity. You have no power to do so.

Enugu East Senator Dr Chimaroke Nnamani has pointedly told Senator Iyorchia Ayu led National working Committee(NWC) of the peoples Democratic Party(PDP) that it has no powers to suspend or expel him from the party.

Senator Nnamani stated that the Ayu led NWC did not follow due process and strict compliance with the provisions of the PDP Constitution and therefore lacked the powers to suspend or expel him as a member of the National Assembly.

Senator  Nnamani in a letter to the PDP NWC  through his Counsel Olusegun O. Jolaawo SAN  stated that the NWC has no powers to suspend or expel him except the National Executive Committee ( NEC).

He quoted copiously the relevant sections of the PDP constitution breached by the Ayu led  NWC:

Article 57(7) “Notwithstanding any other provision relating to discipline, no Executive Committee at any level, except the National Executive Committee, shall entertain any question of discipline as may or concern a member of the National Executive Committee, Deputy Governors or members of the National Assembly, Provided that nothing in this Constitution shall preclude or invalidate any complaint submitted through the National Working Committee to the National Executive Committee concerning any person whatsoever.”

Article 59(3)“Notwithstanding any other provision of this Constitution relating to discipline, no Executive Committee at any level except the National Executive Committee shall entertain any question of discipline as may relate or concern a member of the National Executive Committee, President, Vice President, Governors, Deputy Governors, Ministers, Ambassadors, Special Advisers or member of any of the legislative houses.”

On 20 January, 2023, the NWC conducted preliminary disciplinary hearing against our client and approved his suspension from the party for one month, purportedly acting pursuant to Article 57(3) of the Constitution of the PDP.

“It is evident on the basis of Articles 57(7) and 59(3) of the Constitution of your party excerpted above, that no organ of the party, including the National Working Committee, has the competence to entertain any question of discipline against our client, except the National Executive Committee of the party.”

“Quite apart from the obvious and undeniable fact that the purported proceeding of the National Working Committee of your party held on 20 January, 2023 and the decision reached there at, suspending our client from the party is null and void, as our client was neither invited to the meeting nor given the opportunity to be heard before the decision against him was taken; See Article 57(6) of the Constitution of your party, the National Working Committee lacks the requisite powers to entertain any question of discipline against our client to the extent of suspending or expelling him from the party.”

“The proceeding and decision reached at the meeting of the National Working Committee of your Party which was held on 20 January, 2023 is therefore, both illegal and a nullity.”

“However, by virtue of the proviso to Article 57(7) of the Constitution of your Party, the National Working Committee is required to make complaint on any disciplinary matter against a member of the National Assembly only to the National Executive Committee of the Party. Your committee has not claimed to be the National Executive Committee of the PDP and in fact, is not.”

Your committee therefore, has no powers under the Constitution of the Party (under which you claim to be proceeding against our client) to entertain or hear any question of discipline against our client as he is a member of the National Assembly.

Only a properly constituted National Executive Committee of the party can entertain such question of discipline against him.

Google Employees Criticize Leadership Over “Rushed” Bard Release

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Employees at giant tech company Google have recently criticized the leadership following the release of its AI chatbot Bard, which they described as rushed.

These employees took to memengen, Google’s Internal Meme Generator to call out the company’s CEO Sundar Pichai, and the leadership, over the lackluster release of Bard.

They referred to the release of Bard as “rushed,” “botched” and “un-Googley,”. Also, they faulted the company’s layoff of 12,000 workers which is about 6% of the workforce, that affected the company’s stock price.

A meme read, “Dear Sundar, the Bard launch and the layoffs were rushed, botched, and myopic. Please return to taking a long-term outlook.”

Another meme which was accompanied by a photo of a bird doing a facepalm, read “Rushing Bard to market in a panic validated the market’s fear about us”.

Recall that shares of giant tech company Google plunged by 8% which is reported to have wiped out $100 million from the company’s valuation after its AI chatbot “Bard” answered a question incorrectly.

According to reports, Google’s AI chatbot claimed that NASA’s James Webb space telescope took the first image of an exoplanet but was wildly wrong. The first image was reported to be taken in 2003, by the European Southern observer’s very large telescope.

Google used the question and incorrect answer Bard generated via a video GIF on Twitter to showcase how the AI chatbot Bard works.

The company wrote, “Bard is an experimental conversational AI service powered by LaMDA, built using our large language models and drawing on information from the web. It is a launchpad for curiosity and can help simplify complex topics.”

However, the incorrect response given by Google’s chatbot Bard has stirred mixed reactions.

In comparison to what Microsoft unveiled at its AI presentation, some investors feel that Google’s AI presentation was shambolic, noting that it didn’t offer any insight into how the company would compete against Microsoft’s exceptional offerings.

Bard’s blunder highlights the challenge for Google as it races to integrate the same AI technology that underpins Microsoft-backed ChatGPT into its core search engine. In trying to keep pace with what some think could be a radical change spurred by conversational AI in how people search online, Google now risks upending its search engine’s reputation for surfacing reliable information.

Like ChatGPT, Bard is built on a large language model, which is trained on vast troves of data online in order to generate compelling responses to user prompts. Experts have long warned that these tools have the potential to spread inaccurate information.

In an apparent attempt to address that concern, Google previously said Bard would first be opened up to “trusted testers” this week, with plans to make it available to the public in the coming weeks.