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Nigeria’s BIG Irony As The Stock Market Hits A Milestone

By
Ndubuisi Ekekwe
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1

The record stock market boom in Nigeria is super-amazing: “Last Tuesday (August 29, 20223), the Nigerian Exchange Limited (NGX) witnessed a historic moment as its All-Share Index (ASI) reached a new all-time high of 66,490.34 points, surpassing the previous record of 66,371.20 points that was set on March 5, 2008.

The ASI, which measures the performance of all listed equities on the NGX, rose by 0.51% from 66,151.38 points on Monday, reflecting the bullish sentiment that has dominated the market in recent months.

This remarkable feat was not a fluke or a coincidence, but the result of a series of factors that converged over the last year to create a favourable environment for the capital market.”

My Response:

It is indeed an irony. In the season Nigerian investors recorded these new heights, most Nigerians are leaving the country: ‘“In the first half of the year [2023], we [the UK] granted approximately 132,000 visas, and those are all sorts of visas, which include visit, work and study visas.”‘…to Nigerians. How do you reconcile a season of stock market boom with one where young people seem hopeless? As we discussed during the Investment Course, banks will break all known “profit” records due to the Naira float as they book what they “bought” at N415 to N750 per USD. 

Wow – Nigerians are really going to the United Kingdom: “In the first half of the year, we granted approximately 132,000 visas, and those are all sorts of visas, which include visit, work and study visas. “In the previous full year before that, we issued about 324,000. The UK, in that year, issued about three million visas, and of those three million visas, 324,000 were issued to Nigerians, which is about 10 per cent.”

And that is what is happening. Most of the profits are on currency/FX with minimal growth in lending to manufacturers and other critical players in the economy. Nigeria has always been like this: somehow people will continue to make tons of money even as many struggle. Electricity generating companies are declaring HUGE profits when DISCOS (distributing companies) are going bankrupt or being bought out (Abuja, KD, etc).

How is that possible? You can generate 10 units of energy and be paid for it even if DISCOs can only absorb 3 units to distribute to customers.  So, you see record profits for GENCOs in cities with no electricity. Legendary!

Indeed, we have a lot of work ahead in the nation and part of it will involve creating an economy which works for ALL. The investment dividends will start coming for many of us, and that will also be a reminder that in this season of boom for a very few, many citizens are under stress.  This is not being against the rich, rather, it is a call for an economic system that is fair for all, anchored on shared prosperity for the rise of all.

Comment on Feed

I think you captured this well especially your last sentence. We need to build a system that is fair to all and can support the rise of all. And then leave it to the individuals to determine their paths.

Do this and Nigeria would flourish beyond borders.

This brings be to the attached image. Nigeria is projected to be the 5th largest economy by 2075 at about USD 13 trillion.

Now, the fact that we made it that up the list means that some folks trust that we have what it takes to get there.. There are many things wrong with this projection but I won’t go into that here.

Just wanted to share that if we are to even get close to that, a lot of work is needed. Population growth alone wont cut it.

Mercedes And BMW Make Big Push Into EV Vehicles, to Compete With Tesla, Others

By
Ojukwu Emmanuel
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0

Giant automakers Mercedes and BMW are making forays into the Electric Vehicle industry, as they are making their biggest push with the launch of EV automobiles, to compete with Tesla and other giant EV makers.

Recently, German carmaker Mercedes unveiled its concept CLA class, an electric vehicle built on a new architecture that will underpin future battery cars from the company.

Mercedes disclosed that the newly launched EV vehicle has a range of 750 kilometers (466 miles) as well as an ability to reach a range of 400 kilometers with just 15 minutes of charging.

The company’s CEO Ola Kallenius described the concept CLA class as a “revolutionary development” for the German firm.

In an interview with CNBC, he said, “With those efficiency numbers, that kind of range, that kind of fast charging, I am not aware of any vehicle, in that class that can match that”.

Also, German carmaker BMW,  unveiled its Vision Neue Klasse concept car, as it touts the dawn of a new EV era.

The Vision Neue Klasse is BMW’s new architecture for its EVs, which highlights the company’s EV ambitions. According to reports, the first vehicles based on this platform are set to enter production in 2025.

Speaking on the unveiling of the EV vehicle, the company’s CEO Oliver Zipse said,

“In only two years, these cars will hit the road and with that, overall, we lead BMW to a new era of innovation and sustainability. We believe that electromobility will be the largest growth segment in the world for the automobile industry and we want to be a leading force here”.

He added that BMW is going to double its EV sales this year, and by the end of 2023, 15% of BMW’s global sales will be battery EVs.

Mercedes and BMW will both play in the premium segment of the market where cars like Tesla’s Model S and Model X compete.

Both companies’ announcements of EV vehicle launch will see them wade further into an increasingly competitive electric vehicle market, broadly dominated by Tesla and other top players.

Analysts say that Mercedes and BMW announcements are big steps but might leave them still lagging behind Tesla.

Notably, their entry into the EV industry will further increase Electric Vehicle sales, as the growth is already disrupting traditional combustion engine vehicles.

In 2022, Electric Vehicle sales saw a record year, despite supply chain disruptions, macroeconomic and geopolitical uncertainty, and high commodity and energy prices.

Electric car sales, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) exceeded 10 million last year.

There is no doubt that EVs are the future of driving and mobility, and innovations will keep taking place, as the trend has become irreversible.

Top DeFi Tokens for Investors in 2023 – Stellar (XLM), Axie Infinity (AXS), and Everlodge (ELDG)

By
TI Partners
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0

Analysts have selected three tokens that investors should consider for massive gains in 2023 and they include Stellar (XLM), Axie Infinity (AXS), and Everlodge (ELDG). Let’s look at the price analysis of these tokens and their possible price trajectory.

Join the Everlodge presale and win a luxury holiday to the Maldives

Stellar (XLM) Still Under Bearish Pressure

Despite the current rally of the Stellar coin, its past price patterns still indicate ongoing bearish influence. The daily chart points towards a possible downtrend for XLM in the coming days. According to data from TradingView.com, Stellar’s price suffered a huge decline between August 9-17.

However, a brief rally occurred on August 18th but the bears took over the market on August 21st.  Currently, XLM is trading at $0.122658, a 4.41% price increase in the last 24 hours. Also, Stellar is trading between the 50-day ($0.136854) and 200-day SMAs ($0.103431), which are supporting the price momentum.

If the price of Stellar can maintain this level, it could soar to $0.200 and $0.250. Conversely, the Stellar price could fall to $0.0100 and $0.050 if bearish pressure sets in.

Analysts Bullish on Axie Infinity (AXS) Price Trajectory

The price of Axie Infinity has traded above the $4.50 range over the past week. The bulls have been defending the critical support level preventing bears from causing a breakthrough. As per data from CoinMarketCap, Axie Infinity is trading at $4.93 today.

This represents a 4.57% price increase in the last 24 hours and a 1.12% price increase in the past 7 days. According to DigitalCoinPrice, Axie Infinity’s price could double by year-end, reaching a trading price of $10.71. However, PricePrediction.net gave a cautious prediction, forecasting Axie Infinity to reach $6.14.

Analysts Forecast 30x Price Surge For Everlodge (ELDG)

Although Axie Infinity and Stellar are showing price gains, their price trajectory is nothing compared to that of Everlodge. Analysts have forecasted that Everlodge’s price will soar 30x in the coming months. Besides, Everlodge is tapping into the real estate market that is worth over $280 trillion.

Everlodge’s goal is to introduce fractional ownership of luxurious properties which will democratize access to the real estate market. Everlodge will digitize vacation homes, villas, and hotels into NFTs. With just $100, users can enter the realm of real estate ownership through Everlodge’s innovative ecosystem.

This will pave the way for affordable real estate participation among low-income individuals. This encompassing platform will include a marketplace, rewards club, launchpad, and lending platform. Meanwhile, members of Everlodge’s Rewards Club can enjoy complimentary stays at diverse properties and hotels.

Additionally, those possessing free nights can opt to resell them within the Everlodge marketplace. Moreover, the platform’s smart contract has been scrutinized and approved by InterFi Network and BlockAudit. Currently, the cost of the Everlodge token stands at $0.012 per token. Promisingly, analysts foresee an impressive 30x surge in its price over the forthcoming months.

Find out more about the Everlodge (ELDG) Presale:

Website: https://www.everlodge.io/

Telegram: https://t.me/everlodge

Attending Tekedia Mini-MBA is music for the grand orchestra

By
Ndubuisi Ekekwe
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0
music streaming

Attending Tekedia Mini-MBA is music for the grand orchestra. Here, we take a 360-degree viewpoint on how we develop and create our courses. This development is anchored on Symphonic Innovation which we conceptualized in the Institute,  and do teach its framework.

Symphonic innovation is a unified and harmonious approach to innovation that is not domain-specific. For example, with symphonic innovation, you don’t deploy and launch for one technology area, like blockchain, only to be tripped by AI. Rather, you launch with a mindset that these systems  are like extended musical compositions which must be carefully organized to make the orchestra an unforgettable experience.

Aneke the bird was seen dancing by the roadside, but check well, something is beating the drum.  From the sound of music, to the knowledge of markets, let’s sing the orchestra of business success at Tekedia Mini-MBA which begins Sept 11. Dance the profit style. Move up on that career ladder. Come to the #best school. $170 or N90,000 for the 12-week program; Register here 

Uwerx Maps Recovery Strategy To Overcome Flash Loan Attack

By
TI Partners
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0

Crypto experts were not surprised when Uwerx recorded a successful launch. This was because the project has been impressive since the start of its presale, surpassing trader’s expectations at each presale stage. The project’s successful launch added a new chapter to its book of achievements.

However, a dark time came for the project when it was hit with a flash-loan attack a day after launch. The question on investors’ lips now is, can Uwerx pull through this trying time? Let us find out.

Uwerx’s Successful Launch

The 5-phased Uwerx presale ended on July 31, 2023, with investors earning a 27.5% purchase bonus. Due to its impressive presale, the project joined the cryptocurrency with support from its 2,291 Telegram members and 2,098 Twitter followers.

Having launched its Alpha version, Uwerx was ready to compete in the cryptocurrency market. The Alpha version came with core functionalities like Message Search, Contract Preview, Unlogged view for Agency, Application Preview, Chat System within job postings, Freelancer role, Agency role, and Client role selection. It also featured the Login, Finished Payments, Settings, Forgotten Password, Create Account, Help Center, Privacy Policy, and Security Sections.

The Uwerx development team is currently putting the finishing touches on the Freelancer Dashboard, Agency Dashboard, Client Dashboard, Additional Settings Page, and Management of Ongoing Projects pages. They will also design the premium functionalities of the Uwerx platform once the above features are finalized.

Following the poll where 84% of voters stated they can’t wait to start saving with the Uwerx Vault, Uwerx developers are happy to announce that the Vault is ready and will be launched after its audit.

Uwerx’s launch on August 1, 2023, came with the introduction of a 3% sell tax, 2% marketing, and 1% token burn. The project’s development team also delivered on their presale promise to lock deployed liquidity for 25 years. Additionally, they reiterated their plan to give up smart contract ownership once the CEX listing is done.

Finally, the development team introduced the Buyback program that should run every week. However, due to the recent hack, the team has decided to use the buyback funds to provide for the next Uwerx launch.

Uwerx’s Uniswap Launch Gets Attacked

As reported on Twitter PeckShield Alert and CertiKAlert, Uwerx was prey to a flash-loan attack that saw a hacker steal 176 ETH (approximately $327,000).

To carry out the theft, the attacker flash-loaned 20,000 ETH and swapped it for 5,053,637 WERX tokens. Then, they moved 4,429,817 WERX tokens into the Uniswap pool. This caused an imbalance because the sent amount far exceeded the pre-existing balance within the pool.

Exploiting the imbalance, they used the skim() function of Uniswap, and with 0x00…1 as the “to” address, they exploited the UniswapPoolAddress” template, causing a 1% burn of the initial token. The hacker carted away with $327,000 worth of ETH.

Uwerx Developers Respond Swiftly To The Hack Attack

After the attack, the Uwerx team quickly contacted SolidProof and InterFi Network, informing them of the attack. They also sent a public message to the exploiter, asking them to consider keeping 20% of the stolen funds as a “white hat bounty” and returning the rest.

Furthermore, the team decided to relaunch Uwerx on Polygon, and on August 22, they deployed Uwerx on the Polygon mainnet.

The team promised to ensure the new contract address is meticulously audited. They have engaged two established auditors and one independent auditor to carry out the audits.

The official new WERX contract address is 0x24BCc05a01CB9AEA91195F6624D08333a17a7377. Uwerx developers advise users to add the new contract address to their chosen wallet(s) on the Polygon Network.

Furthermore, the team conducted polls for community members to vote on the vesting period and the sliding sell tax percentage. After the polls, it was decided that the sell tax will start at 30% and decrease to 0% at the end of the 10 week vesting period. In addition, 100% of the sell tax proceeds will be used as Uwerx’s liquidity pool.

There are plans to introduce a Minimum Viable Product (MVP) similar to the final product. They have also been diligently working on the Uwerx Vault. They intend to simultaneously deploy the token and Vault to create a comprehensive launch strategy.

The team recognizes the need to maintain awareness; however, they want everything verified and good to go before they release their announcements. As the deployment draws closer, they will release YouTube media and explainer videos to make it easy for the community to understand the relaunch.

While the recent hack is a setback, the Uwerx team remains undeterred. They promise to set everything back in place and restore trust in the Uwerx project. They also encourage community members to send their suggestions through their feedback email feedback@uwerx.network.

As for users who bought WERX tokens during the presale, the team assures them that their tokens are safe. They added that minting and airdrops will not happen until a complete audit has been carried out.

Due to the swift response of the Uwerx team to the attack, experts believe Uwerx can still attain prominence in the coin market.

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