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Begin a Journey to Knowledge at Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

On Feb 5, we will begin a new academic journey, for 12 weeks. It is a journey to Knowledge. At Tekedia Mini-MBA, we come together to master the fundamental components of business management and leadership, examining the constructs of operations, innovation, strategy, growth and more. We co-learn on what works in Oriendu Market at Ovim, Abia State, and what the zen-masters at Goldman Sachs do to deliver alpha-returns.

Tekedia Institute has become the temple where men and women come  to connect to higher business purposes, and unlock opportunities in markets. I will be the chief knowledge high priest, working with experts and professionals, across all key industrial sectors, from real estate to agriculture, fintech to insurance, technology to consulting, etc. The raw material at the altar is Knowledge – the uncommon type which transforms businesses and careers.

Come and let us co-learn for 12 weeks with me. We have won awards, and professionals from more than 41 countries have voted by attending our programs. Begin a knowledge journey, and register today for early bird discounts here.

Our fees remain uncommonly affordable and payment plans are available if requested.

Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

Banks And Fintechs in Nigeria to Launch Stablecoin in February 2024

By
Ojukwu Emmanuel
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0

A disruptive shift is underway in Nigeria’s financial sector, as a consortium of banks and Fintech companies in Nigeria are gearing up to launch the Compliant Nigerian Naira StableCoin (cNGN) on February 27, 2024.

The launch of the cNGN is coming following the rollout of the recently released regulatory Sandbox by the Central Bank of Nigeria (CBN).

The Nigerian Naira would be pegged 1:1 to the cNGN token and is backed by Naira reserves held in designated commercial banks.

While noting that the stablecoin will transform the Nigerian Naira into a currency for global settlements, the Africa Stablecoin Consulting (ASC) said:

“This (the cNGN) ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade, and investment.

“More than just a currency, CNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost. This breakthrough paves the way for instantaneous financial transaction, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”

A collaboration of Nigerian banks and fintech operators said the NGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The group said it is engaging with the regulators to ensure compliance, consumer protection, and transparency.

The cNGN aims to help Nigerians abroad send money to their families in Nigeria without waiting for remittances to go through. It also aims to eliminate the expensive fees associated with traditional international transactions.

According to the CBN, it wants the financial system to support and facilitate blockchain technology. In a circular sent to banks on Dec. 22, 2023, the CBN recognized the increasing global demand for and adoption of crypto and lifted restrictions on Nigerian banks facilitating cryptocurrency transactions.

To execute the cNGN project, the key partners will include commercial banks like First Bank, Access Bank, Sterling Bank, and Providus Bank; payment infrastructures like Interswitch, Kora (formerly Korapay), and Budpay; and Blockchain consultants like Interstellar (Blockchain infrastructure company) and Convexity (Blockchain consultants).

The launch of a stablecoin in Nigeria no doubt heralds a paradigm shift in financial flexibility, seamlessly connecting the Nigerian Naira to the global financial ecosystem through the utilization of blockchain technology.

Tesla Recalls More Than 1.6 Million Cars in China Over Issues With Autopilot Driving Assistant

By
Ojukwu Emmanuel
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0

Electric Vehicle (EV) giant, Tesla is recalling 1.6 million vehicles in China to fix issues with the autopilot driver-assitance system to reduce the risk of collisions.

This recall was announced on Friday by China’s State administration for market regulation, which saw Tesla shares down 0.3% in premarket trading.

The recall which is happening in Tesla’s second largest market, affects Model S, Model X, and Model 3 sedans as well as Chinese-made model 3 sedans and Model Y SUVs, where drivers can misuse a driving assistance feature, increasing the risk of vehicle collision and posing safety risks.

Additionally, more than 7,500 Model S and Model X cars were recalled over concerns that, during a crash, the non-collision side door will unlock.

Chinese regulator stated that “For vehicles within the scope of this recall, when the automatic assisted steering function is turned on, the driver may misuse the level two combined assisted driving function, increasing the risk of vehicle collision and posing a safety hazard”.

The Issues with these models can be done through over-the-air software updates, which will not require drivers to bring the car for a physical repair. Tesla’s update will include adding controls and alerts to further encourage drivers to adhere to their driving responsibility.

Tesla’s recall in China follows a similar one in the U.S. that the National Highway Traffic Safety Administration announced in December.

The recalled happened after safety regulator, the National Highway Traffic Safety Administration, cited safety concerns with the autopilot, due to the high amount of road crashes, in which the feature was reported to have malfunctioned.

It is worth noting that Tesla in the fourth quarter of 2023, lost its crown as the world’s biggest electric vehicle seller to China’s BYD, however, during the first 10 months of 2023 both companies grew their share of a slowing and highly competitive Chinese EV market.

Tesla sold more than 1,500 EVs in each of its Chinese stores on average in the first 10 months of 2023, up from 1,300 in 2022, data from China Merchants Bank International (CMBI) showed.

BYD in comparison sold under 600 cars per store in the same 2023 period including plug-in hybrids, similar to its 2022 performance, although overall it sold far more EVs than Tesla given its best-selling models cost half as much and it has 11 times as many local distributors.

The Information-Immune Nigeria’s Stock Exchange And Lessons from EFCC Raids in Dangote Group

By
Ndubuisi Ekekwe
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4

Nigeria is a special place. When the news broke that Economic and Financial Crimes Commission (EFCC) operatives raided the headquarters of Dangote Group, as part of investigations into possible misuse of foreign currency, I had expected that during the next trading day on the Nigerian stock exchange, the values of Dangote Cement and other companies in the Group would struggle.

But you know what? Investors did not care. It was similar to what happened when APC named Aliko Dangote as part of Buhari’s reelection committee member in 2019. On that one, investors did not pay attention also.

If this information does not move markets in Nigeria, what are investors trading on then? In the United States, Dangote properties would have suffered huge losses. But in Nigeria, just like in elections, no one cares about anything. 

“We went to the head office of Dangote Group today to look into their books on the ongoing investigation on the abuse of the extant laws that govern the foreign exchange transaction during the tenure of Godwin Emefiele as CBN governor,” one of the sources told Reuters.

“Here, we are talking about multiple exchange rates and others. It is an ongoing investigation and it was the turn of Dangote Group today,”  

Sure, they do not re-price in near-real time, but over weeks and months, they do re-price. That simply shows the level of our stock market development. It is not driven by data and most times, it is all about herding and speculations. Once in, they tune off, and even a possible criminal investigation in a company does not constitute risk! What a nation!

Count yourself lucky of being a Nigerian because you can get away with most things!

Fintech A Critical Driver of Financial Inclusion in Nigeria – NCC

By
Ojukwu Emmanuel
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0
FILE PHOTO: (L-R) Solomon Islands Prime Minister Manasseh Sogavare, Solomon Islands Foreign Minister Jeremiah Manele, Chinese Premier Li Keqiang and Chinese State Councillor and Foreign Minister Wang Yi attend a signing ceremony at the Great Hall of the People in Beijing, China October 9, 2019. REUTERS/Thomas Peter/File Photo

The Nigeria Communications Commission (NCC), has described the Financial Technology (FinTech) industry, as a critical driver of financial inclusion, especially for Nigerians living in the underserved and unserved communities.

This disclosure was made by the NCC boss Aminu Maida in his keynote speech at the Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, which focused on the theme “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”.

Maida who was represented by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was a timely discourse about the financial industry, given the significant rise in digital financial services across the nation.

The NCC boss lauded Fintech startups for revolutionising Nigeria’s financial ecosystem, which represents a positive disruption to the conventional financial system.

He added that the financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

Speaking on the role of the NCC in enhancing financial inclusion in the country, he said the commission will continue to expand and enhance telecoms infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector.

Further adding that the optimal utilisation of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Minister for accelerating the growth of the digital economy sector through technology.

The proliferation of fintech across Nigeria, has continued to play a huge role on financial inclusion in the country.  These fintech companies are using innovative technologies to deliver innovative and affordable financial products and services to Nigerians, who are increasingly embracing digital payments.

Through their technology-driven approach, they are also making financial services accessible to the unbanked and underbanked populations. By leveraging mobile technology and innovative payment solutions, these Fintechs are bridging the gap and extending financial services to previously excluded communities.

Nigeria’s fintech sector is growing rapidly, and it is poised to continue to grow in the coming years, due to the significant usage of smartphone and internet penetration in Nigeria. This is enabling fintech companies to reach more customers and deliver their services more efficiently.

The sector is well-positioned to meet the needs of a large and growing population, and has been predicted to become one of the most important drivers of economic growth in the country.

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