From my non-scientific data, more fintechs collapse in Africa due to cybersecurity, compliance, KYC, and fraud related matters, than competition. Consequently, to ensure businesses and professionals understand this extremely new vector in the market system, Africa’s leading business school for entrepreneurial capitalism, Tekedia Institute, has created a course – Building Resilient Anti-Fraud Systems in Enterprises.

Our Faculty is Oluwatobiloba Ololade, a  leader in this space, and CEO of Africa’s leading digital and identity verification company, Dojah (YC-W22). Dojah is a YCombinator and Tekedia Capital portfolio firm.

Dojah is Africa’s first end-to-end Fraud Prevention and KYC Platform, delivering industry-leading services, from onboarding to ongoing monitoring, and in the process helps businesses fight financial crimes and deliver superior service experiences to customers.

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Tekedia Mini-MMBA >> our product is Knowledge.

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My name is Bitcoin and I am a modern currency which is decentralized and unbounded from governments, my creators posit. However, recently, I seem to track the Dow market index, and global events. So, when the Dow falls, I fall. I cannot explain what is happening to me!

Good People, in Oct 2007, the Dow closed at its pre-recession high of about 14,000. In March 2009, the index had fallen more than 50% to about 6,500. So, from 2009 to now, the DOW has added about 32,000 points to the current 38,700 points. Considering how many decades it took the Dow to get to 14,000 since 1897 when it was established, and how it used less than 15 years to add 32,000, you could agree that the market system has been a financialized system.

Simply, can you point to one thing in the world that has improved by 5X except the Dow stock index in the last 15 years? This is why everyone should pay attention as the current events unfold. Shine ya eyes.

It was a fanatical crusade: bitcoin and the broad cryptocurrency world was decentralized and unbounded from the high voltage searchlights of governments. The hodlers believed that you can live in your hut, your mansion, and anything in between, untethered to any central ordinance.

But here, I had posited that it was all an illusion to think that Bitcoin is not centralized. Indeed, the top 10 global miners possibly control up to 70% of the total coins being created. And what that means is this: only a few people or organizations can  “print” the new currency of Bitcoin and bring it to the world. Sure, many prefer that over central banks because governments are bad!

But with the collapse of FTX and the domino impacts across domains and territories, we can now agree that crypto is not fundamentally decentralized, but centralized outside the powers of government. As FTX goes, it has taken hedge funds, startups, businesses and thousands of global citizens along, financially. From Nigeria to Germany, Canada to Japan, etc, entities have been affected just because one company faded.

Nigerian President Bola Tinubu, on August 4, 2024, delivered a public address aimed at calming the nerves of Nigerians who have been protesting against hunger, suffering, and bad leadership dubbed #EndBadGovernance, for days.

The address, believed to have been prompted by calls by opposition party leaders and the unrelenting clamor by protesters – who have defied all threats by the government, has, however, been said – even by some of Tinubu’s supporters – to lack the real message the people want to hear.

In his address, Tinubu restated his vision for the country, which many believe that his actions and events in his government over the past year have belied.

“My vision for our country is one of a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent and accountable to the Nigerian people,” the president said.

The Speech Given

In the address which was leaked to the public hours before 7 am on Sunday when it was delivered, Tinubu echoed the chorus of his government’s achievements in the past year, repeating what everyone has been hearing from his media aids since the protests plan was announced weeks ago.

Tinubu noted that he took the most significant and yet controversial steps to remove fuel subsidies and abolish multiple foreign exchange systems as part of measures to tackle the systemic inefficiencies and corruption that had plagued the Nigerian economy. He described the removal of fuel subsidies, as “a painful yet necessary” move to stop the siphoning of resources by smugglers and rent-seekers who profited at the expense of the nation.

In addition, he said the government’s revenue more than doubled, reaching over 9.1 trillion Naira in the first half of 2024 compared to the same period in 2023. He noted that the remarkable increase was achieved through efforts to block leakages, introduce automation, and mobilize funding creatively without additional burden on the populace.

Also, according to the president, the non-oil sector also showed signs of recovery, leveraging opportunities within the current economic environment.

Among the things mentioned by the president is debt servicing, which according to him, previously consumed 97% of Nigeria’s revenue, but has been reduced to 68% over the past 13 months. Additionally, he said the government successfully cleared legitimate outstanding foreign exchange obligations of about $5 billion, enhancing financial freedom and allowing for increased spending on essential social services such as education and healthcare. This shift, he said has resulted in unprecedented allocations from the Federation Account to state and local governments.

Speaking on infrastructure, Tinubu noted initiatives such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway. Nigeria’s oil production, increased to 1.61 million barrels per day, thanks to reforms introduced in May 2024. Additionally, he mentioned the government’s housing project across the country, aimed to complete a total of 100,000 housing units over the next three years.

He also spoke about the government’s launch of the Compressed Natural Gas (CNG) Initiative, explaining that the program aims to power the transportation economy with CNG, significantly reducing costs and saving over two trillion Naira monthly.

Talking about education and youth empowerment, Tinubu said his administration launched the student loan scheme, which has processed 45.6 billion Naira for payment to students and their institutions, encouraging more young people to pursue higher education. Also, he mentioned the establishment of the Consumer Credit Corporation, with over 200 billion Naira, which aims to help Nigerians acquire essential products without immediate cash payments, reducing corruption and promoting transparent transactions.

Other government achievements mentioned by the president include the $620 million loan secured under the Digital and Creative Enterprises (IDiCE) program to empower young people, creating millions of IT and technical jobs. Initiatives such as the 3Million Technical Talents scheme, the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).

Also, the president noted that over 570 billion Naira has been released to the 36 states for livelihood support, benefiting 600,000 nano-businesses, with an additional 400,000 businesses expected to benefit soon. He added that the government has also processed 75,000 beneficiaries for micro and small business loans, creating 240,000 jobs through new MSME hubs.

Tinubu said the recent signing of the National Minimum Wage law ensures that the lowest-earning workers will now receive at least 70,000 Naira per month. He added that housing initiatives, such as the Renewed Hope City and Estate projects, aim to provide affordable homes and create thousands of jobs, stimulating economic growth across the nation.

Talking about his government’s agricultural reforms, he said tariffs and import duties on essential food items and pharmaceutical supplies have been removed to drive down prices.

Tinubu said efforts are underway to increase food production, with targets to cultivate over 10 million hectares of land.

“The Federal Government is providing necessary incentives, while states offer land to support this agricultural push. Investments in mechanized farming equipment from the United States, Belarus, and Brazil are expected to enhance productivity and ensure food security,” he said.

He urged the organizers to suspend any further protest and create room for dialogue

The Speech Not Given

While the president made his address, several Nigerians who listened knew what his next line of speech would be – not entirely because they had the leaked version, but because everything he said has been said over and over again – and none of it addresses their concerns or the demands of the protesters.

“I listened 3 times to see if I missed anything and I realized your president Tinubu did not address a single demand of the protesters,” Dr. Folaseye said on X. “Your president has Psychogenic deafness!! Meaning he cannot hear despite having normal audiological factors. That is what I call Danger!!”

The protesters had issued 12 demands to the government, which seeks to address various socio-economic and political issues plaguing the nation. They are as follows:

1. Revert petrol pump price to N100/liter
2. Combat insecurity and hunger
3. Close all IDP camps and resettle the campers.
4. Total electoral reform
5. Independent probe into the electoral budget of N355 billion.
6. Immediate release of ENDSARS protesters still in detention
7. Implementation of a living wage (the minimum wage of N300k)
8. Compulsory free education from primary to secondary school.
9. Children of public school holders must attend public schools in the country.
10. The government must patronize made-in-Nigeria goods.
11. Transition to unicameral legislation.
12. Judicial and constitutional review

In addition to the 12-point demands, Nigerians generally have been expressing concern over the rising cost of governance, which economists say is unsustainable.

“That cost of governance ‘gan gan is the koko’ (is the real deal) and every politician is shying away from this conversation. Even lawmakers don’t want anything to touch their allowances. You can’t be living in luxury when the citizens struggle with daily meals,” a Nigerian wrote on X. 

An analysis of the 2024 budgets reveals that the National Assembly, the 36 state assemblies, and their respective agencies will collectively spend approximately N724 billion this year.

Additionally, the federal government’s personnel costs for the first quarter of 2024 have amounted to N1.15 trillion.

Under President Tinubu’s administration, the following expenditures have been made:

• N57.6 billion on Sports Utility Vehicles (SUVs) for lawmakers.
• N6 billion for the construction of a new car park.
• N5 billion on a yacht.
• N2.9 billion for the procurement of additional SUVs for the presidential villa.
• N2.9 billion to replace operational vehicles within the presidential villa.
• N13.5 billion for the renovation of the President and Vice President’s official residences.
• N12.5 billion was allocated to the presidential air fleet for 2024.

These expenditures come at a time when the nation faces significant financial challenges. Nigeria has a budget deficit of over N9.18 trillion, a public debt profile of N121.67 trillion (approximately $91.46 billion) as of March 31, 2024, and is projected to spend 110.4% of its revenue on debt servicing this year.

In the first quarter of 2024, the federal government experienced a severe budget deficit, falling short of its revenue target of N2.69 trillion by a staggering 745%. The Accountant General of the Federation, Oluwatoyin Madein, reported that total federal government revenue inflows for the first quarter amounted to just N318.5 billion.

These financial allocations for those in public offices, amidst widespread hunger and poverty, have continued to fuel the anger of the general public.

Alas, Tinubu’s address, which centered on what his government has done in the past year, is understood to be in line with the advice of his supporters, who believe that the people are protesting because the government’s achievements have not been publicized enough for them to know. It thus, failed to address the core issues driving the protests.

“A presidential speech on public protest against hunger and hardship that fails to acknowledge ostentation in government, wasteful public-office spending and pilfering of supposedly scarce resources [is red flags],” journalist Fisayo Soyombo wrote.  

Several other Nigerians have expressed the same sentiment that the speech wasn’t meant for the nation’s current situation which triggered the protests.

“President Tinubu’s speech is just a pack of empty words and a time wasting load of irrelevancies. It is a confirmation of my long held view, that we are dealing with a fatalistic political class that is intentionally deaf and willfully blind to the sufferings and yearnings of Nigerians,” human rights lawyer, Inibehe Effiong wrote.

“This President is disconnected from the reality of the everyday Nigerian. He’s living in an imaginary Nigeria that only exist in his head. The speech couldn’t have been more meaningless and aimless.”

He added that “it is appalling that despite what we have witnessed across the country in the last three days, the President did not deem it necessary to speak to the specific demands of the protesters.”

Good People, join me to thank John Hunpatin for donating to Tekedia General Scholarship. As part of celebrating his birthday (Happy Birthday, John), he is sponsoring 10 people to attend free our world-class Tekedia Mini-MBA.

As we wish Mr. John more years in wealth, health and wisdom, we appreciate his generosity. More people attend Tekedia Institute programs free than any university in Africa through scholarships and fellowships.

For these 10 John Hunpatin Scholars, we received this instruction: “We want these scholarships to be gifts that keep on giving through the recipients…impress on the recipients that the provider wants them to freely give whenever they are in a position to be a blessing to others”.

As always, we do not do any scholarship selection here. Ideas Worth Billions IWB Africa, a non-profit run by many young people across Africa, does all scholarship selections. Once they do, they send us the list for enrollment.  If interested, connect with IWB, as you join me to wish John a great birthday.