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News_Naija
As The Military Vans Move Into Rivers Government House
~5.3 mins read
Following the protracted political crisis in Rivers State, President Bola Tinubu declared a state of emergency on Tuesday. He suspended the embattled Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all the members of the House of Assembly for six months. He also selected Vice Admiral Ibokette Ibas (rtd) as administrator to take charge of Rivers State’s affairs pending the suspension period. It is a crazy situation that culminates the months of crisis that has made Rivers State a centre of chaos and endless political sabre-rattling. Expectedly, there has been a legal debate about the constitutionality of the President’s actions and what is at stake for his political ambitions in the seemingly unending crisis. For the next couple of weeks, we can be very assured that we will be subjected to endless analysis of this development on various media platforms. The interpreters of all maladies will turn this development over and over, scrutinising it to death. As military vans full of armed operatives head toward the Rivers State Government House in Port Harcourt following the President’s pronouncement, some of us are uneasy at this turn of events. One can only imagine what the spectacle of a military takeover even at a mere state level will mean for Nigeria’s fragile democracy. If armed personnel can be brought in to resolve the embattled Rivers State crisis, how many steps before people begin to make another plausible association between a military resolution at the federal level too? Yes, the Rivers crisis is overdue for a resolution, but a state of emergency and an appointment of a uniformed officer seems imprudent. Unlike the previous instances where a state of emergency was declared, we had just passed a moment in our national life where people experiencing severe hardships made some rather loud and feverish calls for a military takeover. It was just this time last year. Those who dared voice out their desire to see the army return to power were scolded for their deliriousness. They said the military has no business in government anymore forever, and we should learn to stop casting nostalgic glances back to the time men in jackboots sashayed freely on the Nigerian political stage. A mere one year later, and it seems the possibility of them returning is not foreclosed. In August, some 90 people were arrested because they had carried Russian flags during their demonstrations against strangulating economic hardship, and some misguided ones among them wanted a coup. In November, they were taken to trial although the authorities had to drop the charges of treason against them following the outcry that saw 30 minors among them being charged to court. These are all very recent developments where the present government demonstrated a high level of intolerance against any suggestion of military solutions to any of the crises facing Nigeria. Those who were looking for a coup might have been guilty of presuming that the military had anything better to offer Nigeria, but their agitation against a government that had grown too malicious against its own people was coming from nowhere. During that protest, the police Inspector General Kayode Egbetokun swore that the demonstrations and the call for a military takeover were financed by some sponsors from “outside the country” and they must arrest those carrying flags to be able to get to the sponsors. He was so sure that “the sponsors of these protests, some of them, have a clear motive to subvert the government of the day; we are not going to allow that; we will defend our democracy”. The same government that promised to defend democracy against interlopers is using the military to subvert a fractious democracy in Rivers State. Do not get me wrong, even though I think the Rivers State crisis has reached a point where something needed to give, the sudden show of resolve on Tinubu’s part starkly contradicts the ethos of a democracy that corrects itself without the intervention of men in fatigues, which this administration has tried to project. In October, Presidential Aide Bayo Onanuga went on a rampage against a media house that dared to give a voice to the agitation of Nigerians who were looking for a military solution to Nigeria’s economic crisis. Onanuga had said, “It is unacceptable…to incite calls for military intervention based on transient difficulties.” Why is it suddenly acceptable for soldiers to take over the Rivers Government House? Have they concluded that what is going on in that region is more than “transient difficulties”? The second thing that comes to the fore is Tinubu’s record on a president’s declaring a state of emergency. Again, this is another instance where the bad faith politics that Tinubu has played for years catches up with him. Like his pre-presidency commentary on fuel subsidies and several other economic policies, Tinubu is once again being revealed as a blowhard with many opinions but very few moral convictions. Now that he is in power, his doublemindedness is being manifested when he takes the very actions for which he condemns his predecessors. From his poor record on human rights to the subversion of the ideals of democracy, Tinubu’s presidency has revealed him to be a man whose loudest pronouncements on issues were never more than cynically exploiting situations. For a man who once said that a state of emergency in Lagos would “kill” democracy, he has sure come a very long way. In 2013 when former President Goodluck Jonathan declared a state of emergency in Borno, Yobe, and Adamawa, Tinubu condemned him saying it was a ploy to manipulate the 2015 election. Just 12 years later, the same Tinubu would go on to state in his speech about a state of emergency that the latest security reports made available to me show that between yesterday and today, there have been disturbing incidents of vandalisation of pipelines by some militant without the governor taking any action to curtail them….With all these and many more, no good and responsible President will stand by and allow the grave situation to continue without taking remedial steps prescribed by the Constitution to address the situation in the state, which no doubt requires extraordinary measures to restore good governance, peace, order and security. So how did he move from reading Jonathan’s action as a ruse of self-perpetuation to now seeing a state of emergency as what a “good and responsible” president should do in a bad situation? It is tempting to think that he has evolved ideologically and politically, and that experience has taught him practical politics, but I am more inclined to believe he was just a loudmouth who never cared about Nigeria. His politics is, and has always been, self-serving. That is why, no matter where his heart might lie in this Rivers issue, it will be virtually impossible for him to convince anyone of his righteousness. His intervention in Rivers State is far more self-evidently about 2027 politics than his projection on Jonathan. Given how much the Rivers electoral figures tilted against him in 2023, he cannot risk losing that state again. Yes, the politics of partisanship that makes people question the actions of a leader they did not vote for will definitely be at play in the cynicism that will greet Tinubu’s declaration of a state of emergency in Rivers, but that will not exhaust the reason people will read meanings in his action. It will also be because this man spent his political opposition years blowing ashes into gusts of wind to taint his opponents. Now that the wind of fate has suddenly reversed direction, he is accumulating the same dust and his true self is being revealed. The same measure with which he judged others is being used to find him wanting.
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News_Naija
Microsoft Reveals Key Approaches CIOs Must Take To Harness AI
~2.2 mins read
Microsoft has outlined four crucial strategies for chief information officers to harness the power of artificial intelligence and navigate its growing influence on the business world. With AI becoming integral to shaping organisations’ futures, CIOs are now at the heart of this transformative change, according to Microsoft’s latest insights from the 2024 Gartner CIO Generative AI Survey. The report reveals that 48 per cent of CIOs are now solely responsible for AI initiatives within their organisations, underscoring the pivotal role CIOs play in driving AI adoption. Yet, the report also highlights the challenges they face, particularly in managing the growing demand for IT services amid increased expectations for innovation. Microsoft suggested that CIOs can navigate this pivotal moment by embracing four key approaches: The report stresses the importance of addressing data hygiene and permissions as foundational steps for AI adoption. Microsoft explained that organisations should look at AI as an opportunity to accelerate efforts to improve data practices. By ensuring that work data, such as emails and meetings, are well-organised, AI tools like Copilot can better support businesses in making smarter decisions and revealing potential data gaps. “Don’t delay AI deployment due to data issues,” the report advised, noting that fixing these gaps now will position companies for long-term success with AI. CIOs are encouraged to foster a learning culture that keeps executives and teams well-versed in AI’s possibilities. Microsoft highlighted how executives at Clifford Chance, a leading global law firm, successfully utilised AI tools to streamline work processes while maintaining compliance and ethical standards. The firm’s Chief Technology Officer, Paul Greenwood, emphasised the importance of educating employees on the benefits and potential of AI, resulting in productivity gains and faster client turnarounds. l. The report emphasised the need for CIOs to experiment with AI on smaller scales and measure the outcomes before scaling the technology across the business. Microsoft pointed to Bank of Queensland, where CIO Craig Ryman and CTO Robert Wilson saw significant time savings by using AI to streamline processes. It also encouraged CIOs to share their successes with the broader organisation to inspire wider adoption of AI tools. “Start with one business challenge, deploy AI, and share the results,” Microsoft suggested. “This will build momentum for AI adoption across the organisation.” Partnerships between CIOs and other business leaders are vital for successful AI deployment, the report states. Microsoft highlights the need for collaboration between IT leaders and Chief Financial Officers to justify AI’s ROI. The report cites Dow’s success in using AI to automate invoice auditing, which helped the company unlock efficiencies and reduce costs. “When CIOs collaborate with other business functions, they are more likely to meet their digital transformation goals,” Microsoft emphasised. In conclusion, Microsoft highlights that CIOs are not merely navigating a period of change but actively shaping the future of their organisations. The strategies outlined in the report are designed to ensure that CIOs can fully leverage AI’s potential and lead their businesses into a new era of innovation and operational efficiency. “CIOs who implement these strategies will be in a prime position to unlock AI’s value and create lasting business transformation,” Microsoft concluded.
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News_Naija
Sokoto PDP Scores State Govt Low On Governance, Security
~1.5 mins read
The Chairman of the Peoples Democratic Party in Sokoto State, Muhammad Goronyo, has launched an attack on the performance of the All Progressives Congress-led government in the state, accusing it of poor governance, mismanagement, and insensitivity to the plight of citizens. Speaking with journalists at the PDP secretariat in Sokoto on Saturday, during a quarterly meeting of current and former party executives, Goronyo described the current administration as “anti-people and anti-progress,” stating that the APC has dragged the state backwards since taking over in 2023. “Since we left office, governance in Sokoto has become worse. Businesses are being demolished instead of supported, employment opportunities are disappearing, and citizens are suffering under rising costs and insecurity,” he said. Goronyo criticised the state government’s handling of local government finances, alleging that despite claims of savings in local councils, no meaningful development has taken place in any of the 23 LGAs. “For two years, there’s been no significant project at the grassroots level. Yet, when allocation was delayed for just one month, they couldn’t pay salaries. That shows the local governments are broke, and funds meant for development have been wasted,” he claimed. He also rejected the Federal Government’s recent assertion that security has improved nationwide. According to him, the situation in Sokoto is deteriorating daily, with frequent cases of killings and kidnappings. “The reality in Sokoto is different from what is being claimed in Abuja. People are attacked almost daily, and there’s no response, no sympathy, no support from the government. Security is their responsibility, and they are failing woefully,” he added. Despite the current political climate, the PDP chairman expressed confidence in his party’s future, assuring all that the PDP is reorganising and preparing to return to power in 2027. “This meeting is part of our efforts to review our progress and re-strategize. PDP remains the most grounded party in Nigeria, and by the grace of God, we will return stronger in 2027 in Sokoto and across the nation,” he said. Goronyo also dismissed speculations about a possible merger with other parties, stressing that the PDP will remain under its original identity as the “last man standing” among the political parties registered in 1998.
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Investopedia
Exxon And Chevron Report Sluggish Profits
~1.2 mins read
Oil-and-gas giants Exxon Mobil (XOM) and Chevron (CVX) surpassed subdued third-quarter earnings expectations Friday. But substantially weaker profit margins for refined products, reflecting lower summer fuel prices, dropped overall net income for both companies from a year ago.
Exxon reported net income of $8.6 billion, or $1.92 per share. That beat the consensus projection as tracked by Visible Alpha. But profits fell 5% from the same period a year ago and 7% from this year's second quarter. Year-to-year profits at Exxon have declined in five of the past six quarters.
Chevron suffered a steeper earnings hit from a year ago. The company reported net income of $4.5 billion, or $2.48 per share. Profits fell 31% from the same period a year ago, though they increased marginally from this year's second quarter.
Chevron's shares were 3% higher in afternoon trading, while Exxon's were off nearly 1%.
Exxon said its "significantly weaker industry refining margins" declined from historically high levels as "supply from industry capacity additions outpaced record global demand."
Indeed, average U.S. prices for all gasoline grades fell to $3.48 per gallon during the quarter, down 10% from $3.87 in last year's third quarter. Average diesel prices dropped to $3.69 per gallon from $4.48, down 18%.
U.S. fuel prices peaked late this winter and early this spring, a seasonal anomaly that helped consumers and the Federal Reserve's fight against inflation. But for energy producers, falling prices of oil, natural gas, and fuel have reduced the historically strong profits they enjoyed in late 2022 and much of 2023.
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