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Nigerian Senate Rejects Tinubu’s Request to Deploy Military Action in Niger Republic

By
Samuel Nwite
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0

The Nigerian Senate has largely rejected the move by President Bola Tinubu to use military action to restore the democratic government of Niger President Mohamed Bazoum, ousted by a military junta on July 26.

The leaders of the Economic Committee of Western African States (ECOWAS), led by Tinubu, were exploring a military option in their quest to reinstate Bazoum, as their earlier diplomatic approach failed.

Following the expiration of the seven-day ultimatum issued to the military junta four days after the coup, the regional bloc’s leaders have been touting military force as a viable option in restoring Bazoum.

Based on this, Tinubu had on Friday, written the Senate, seeking approval for the deployment of troops and approval of a series of sanctions, in addition to cutting off Niger’s electricity supply and closing the borders with the former French colony.

However, at an executive session on Saturday, the senators rejected the request by the president. The senators reportedly overwhelmingly ruled out military options.

“Almost all the senators spoke and totally ruled out the military options because of many factors and also because of the harmonious relationship that Nigeria and Niger have always enjoyed.

“Senators instead urged President Tinubu to intensify negotiation with the coup leaders by again sending a high-powered delegation to Niamey. Someone suggested that elder statesmen like Obasanjo, Gen Ali Gusau, and Abdulsalam Abubakar should be sent as special envoys to dialogue and seek a diplomatic solution.

“Senators opposed to military action pointed out that our military is highly ill-equipped and not prepared to fight any war. They said that we have fragile peace in Nigeria and that Niger is the highest arms market in Africa.

“Senators believe that the Federal Government should focus on solving the Boko Haram, banditry and ESN/IPOB menaces ravaging the country instead of contemplating going to war in a foreign country,” a Senator said.

The Senate also issued resolutions urging the President of the Federal Republic of Nigeria, who serves as the chairman of ECOWAS, to take proactive steps in rallying fellow ECOWAS leaders. The objective is to enhance political and diplomatic strategies, alongside other available approaches, aimed at effectively addressing the ongoing political deadlock within the Niger Republic.

Additionally, the Senate entrusted its leadership with the responsibility of initiating a constructive dialogue with the President, who also holds the role of Commander-In-Chief. This dialogue is intended to collaboratively explore optimal methods for resolving the matter, considering the historically amicable relationship between the people of Niger and Nigeria.

Over 90 percent of senators who spoke were said to be vehement against military action. Their resolve also came against the appeal of the President of the Senate to consider Tinubu’s requests.

The development has drawn loud cheers from Nigerians, who have in large numbers opposed the idea of military action in the neighboring country.

On Friday, ECOWAS leaders also announced that they are reconsidering their earlier plan to deploy troops to the troubled country. They said they’re now prioritizing a diplomatic approach.

Global X Refiles Spot-Bitcoin ETF Application; SushiSwap Integrates Base Network

By
Paul Ugbede Godwin
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0

Global X, a provider of exchange-traded funds (ETFs), has refiled its application to list a spot-bitcoin ETF product on the New York Stock Exchange (NYSE). The fund, named Global X Bitcoin Trust, aims to offer investors exposure to bitcoin with important protections that are not always available to investors that invest directly in bitcoin, according to the filing.

A spot-bitcoin ETF is a type of investment product that tracks the price of bitcoin, the leading cryptocurrency by market capitalization. Unlike a futures-based bitcoin ETF, which uses contracts that bet on the future price of bitcoin, a spot-bitcoin ETF holds actual bitcoins in custody and allows investors to buy and sell shares of the fund on a regulated exchange.

Global X first filed for a spot-bitcoin ETF in July 2021, but withdrew its application in August 2021, without providing any explanation. However, the company did not give up on its ambition to launch a bitcoin ETF, as it also filed for a futures-based bitcoin ETF in September 2021.

The reapplication of Global X for a spot-bitcoin ETF comes at a time when the U.S. Securities and Exchange Commission (SEC) has yet to approve any bitcoin ETF proposals, despite receiving dozens of applications from various firms. The SEC has repeatedly delayed or rejected bitcoin ETF applications, citing concerns over market manipulation, fraud, and lack of investor protection in the crypto space.

However, some industry observers believe that the SEC may be more open to approving a futures-based bitcoin ETF than a spot-bitcoin ETF, as the former would rely on regulated futures markets rather than unregulated crypto exchanges. In fact, the SEC Chair Gary Gensler has hinted that he would look favorably on a futures-based bitcoin ETF under the Investment Company Act of 1940.

In its refiled application, Global X has named Coinbase Custody Trust Company as its custodian and Coinbase Global Markets as its surveillance-sharing partner. Coinbase is one of the largest and most reputable crypto platforms in the U.S., offering both custody and trading services for institutional and retail investors.

By partnering with Coinbase, Global X hopes to address the SEC’s concerns over the security and transparency of the bitcoin market. According to the filing, Coinbase Custody Trust Company will hold the bitcoins for the fund in cold storage, meaning offline wallets that are protected from hacking or theft. Moreover, Coinbase Global Markets will provide market data and surveillance tools to detect and prevent any fraudulent or manipulative activity in the bitcoin market.

A spot-bitcoin ETF could offer several benefits to investors who want to gain exposure to bitcoin without having to buy, store, or manage it themselves. Some of these benefits include:

Access: A spot-bitcoin ETF would allow investors to buy and sell shares of the fund on a regulated exchange, using their existing brokerage accounts and platforms. This would lower the barriers to entry and increase the liquidity and accessibility of bitcoin for mainstream investors.

Diversification: A spot-bitcoin ETF would enable investors to diversify their portfolios with an alternative asset class that has low correlation with traditional assets such as stocks and bonds. This could potentially enhance their risk-adjusted returns and hedge against inflation and currency devaluation.

Transparency: A spot-bitcoin ETF would provide investors with clear and accurate information about the fund’s holdings, performance, fees, and risks. The fund would also be subject to regular audits and regulatory oversight, ensuring compliance with applicable laws and standards.

However, investing in a spot-bitcoin ETF also involves significant risks that investors should be aware of before making any decisions. Some of these risks include:

Volatility: Bitcoin is known for its high price volatility, which means that it can experience large and rapid fluctuations in value. This could result in substantial losses for investors who are not prepared for such swings or who have a short-term investment horizon.

Regulation: Bitcoin is still subject to uncertain and evolving regulatory frameworks in different jurisdictions. This could pose legal and operational challenges for the fund and its service providers, as well as affect the availability and pricing of bitcoin. Moreover, any adverse regulatory actions or changes could negatively impact the demand and value of bitcoin and the fund.

Competition: Bitcoin faces competition from other cryptocurrencies and blockchain projects that may offer superior features, functionality, or adoption. This could reduce the market share and dominance of bitcoin and affect its long-term viability and growth potential.

SushiSwap Integrates Base Network, Supports Cross Network Trading

SushiSwap, one of the leading decentralized exchanges (DEXs) on Ethereum, has announced its integration with Base, a new Layer 2 (L2) network that aims to bring the next billion users to web3. This integration will enable SushiSwap users to trade across multiple networks with low fees, high speed, and enhanced security.

Base is an Ethereum L2 network that leverages the underlying security of Ethereum, along with Coinbase’s best practices, to offer a secure, low-cost, and developer-friendly platform for building decentralized applications (Dapps). Base is built on Optimism, a rollup-based scaling solution that provides full compatibility with the Ethereum Virtual Machine (EVM). Base also supports cross-network trading, allowing users to move assets across different L2s and L1s, such as Solana, using bridges.

SushiSwap is a community-driven DEX that offers a variety of features and products, such as liquidity pools, yield farming, lending, borrowing, and more. SushiSwap has been expanding its presence on multiple networks, such as Polygon, Fantom, Binance Smart Chain, and others, to provide more options and opportunities for its users. However, moving assets across different networks can be costly and complex, especially for new users who are not familiar with the different protocols and interfaces.

Base Network is a decentralized platform that allows users to trade across different blockchains without intermediaries. It supports cross network trading, which means that users can exchange tokens from different networks, such as Ethereum, Binance Smart Chain, Polygon, and more. This enables users to access a wider range of liquidity and opportunities in the crypto space.

Base Network uses a novel technology called Base Bridge, which connects different blockchains through smart contracts and relayers. Base Bridge ensures that the trades are secure, fast, and cheap. Users can also create their own custom bridges and earn fees from facilitating cross network transactions.

Base Network aims to become the ultimate cross chain solution for the crypto community. It offers a user-friendly interface, a variety of trading pairs, and low fees. Users can also benefit from the Base Token, which is the native utility token of the platform. Base Token holders can enjoy discounts on trading fees, governance rights, and rewards from staking and farming.

By integrating with Base, SushiSwap aims to simplify the cross-network trading experience for its users and offer them the best of both worlds: the security and decentralization of Ethereum, and the scalability and interoperability of Base. Users will be able to access SushiSwap on Base using their existing wallets and tools, such as MetaMask or Coinbase Wallet. They will also be able to trade across multiple networks with low fees and fast confirmation times, thanks to Base’s gasless transactions and bridges.

The integration of SushiSwap and Base will bring several benefits for users, such as:

Lower fees: Users will be able to trade on SushiSwap on Base with minimal gas fees, compared to trading on Ethereum L1 or other L2s. This will make trading more affordable and accessible for everyone.

Faster speed: Users will be able to trade on SushiSwap on Base with near-instant confirmation times, compared to waiting for minutes or hours on Ethereum L1 or other L2s. This will make trading more efficient and responsive for everyone.

Enhanced security: Users will be able to trade on SushiSwap on Base with the same level of security as trading on Ethereum L1, thanks to Base’s reliance on Ethereum’s consensus mechanism and Coinbase’s expertise. This will make trading more reliable and trustworthy for everyone.

More liquidity: Users will be able to trade across multiple networks with SushiSwap on Base, thanks to Base’s bridges that connect different L2s and L1s. This will make trading more flexible and profitable for everyone.

To start trading on SushiSwap on Base, users need to follow these steps:

  • Visit SushiSwap website and connect their wallet of choice.

  • Select Base network from the network dropdown menu.

  • Deposit their assets from Ethereum L1 or other networks using the xSwap feature.

  • Trade their assets across multiple networks using the Swap 4 feature.

B2B Business Model Is Winning Nigeria’s Ecommerce, Logistics, etc for Startups

By
Ndubuisi Ekekwe
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1

In ecommerce, logistics and many sectors, the B2B business model has outperformed across many metrics in Nigeria. With the B2B model, your marginal cost positioning improves while the B2C model in some of these sectors is hopeless.

Do not waste your time starting a B2C ecommerce right now in Nigeria; focus on the B2B business model! You are likely going to run out of cash and fold on a B2C model because you are unlikely going to be profitable, no matter how hard you try.

In 2018 I wrote: “The easiest way to waste money and destroy value in Nigeria is to start an ecommerce business with B2C model. As I have noted many years ago in a seminal piece in Harvard Business Review, making money on ecommerce in Africa would happen but would take a really long time… But before then, it is putting good money in a value-destroying venture that would bleed cash until the owners give up. Ecommerce today in Africa at B2C is simply a loss-making online endeavor only people with deep pockets can do. You can be in it if you do not care for profitability.”

But B2B has shown to be superbly amazing and many innovators are  unlocking value therein. Remember: your business model determines to a large extent how successful you could be. So, think deeper before you launch that business.

Comment on Feed

Comment 1: Interesting take but my experience is totally different with B2C ecommerce I am currently the director of ecommerce at 9 figure ecommerce store, I have worked with ecommerce businesses and I am in multiple communities with other ecommerce business owners and I can tell you that ecommerce is a very successful venture if you know how to do it right. I have seen people lots of people that started with less than a #100,000 and their businesses are currently worth over 50 million and some as much over a 100 million.

An e-commerce business natural girl wigs just expanded into the US market and has done over 14,000 orders in her US website alone under the space of 4 months

So it depends on where you are beaming your touch light, let me give you 2 places to point your touch light

Instagram Vendors

Facebook COD vendors

My Response: I wrote “Startups”, not “small business store”. Selling a wig online is a small business. That is different from running a startup. A startup grows and ramps up fast. A small business does not grow, and you do not start a startup with N100k. Also, a business worth N100m is great but that is just a small business. In startups, you are looking at billions of naira to start.

That wig seller after two years may have just 10 staff but a startup may have 400 staff. I did not say that an online B2C  store is not a good idea, I said a B2C ecommerce startup which means it is designed and built to scale rapidly serving millions of users, not not 500 people or so.

“14,000 orders in her US website alone under the space of 4 months “ – that is nice for an online small business. But a startup with that data has not started. You want to see 50,000 orders in a week. And also, this 14k is in the US, not in Nigeria which is the focus of the piece.

Comment 2: I believe it’s not accurate to claim that running a B2C e-commerce is a waste of money and time. It depends on the approach and the tactics used. There are some B2C platforms that make strides with limited funds, while some B2B e-commerce ventures still spend heavily to sustain their models. The key factor isn’t whether it’s B2B or B2C, but rather the underlying business model and strategy employed.

My Response: “but rather the underlying business model and strategy employed’ – could you share

“There are some B2C platforms that make strides with limited funds,” -any names? I can share many B2B like Tradedeport, Allerzo, Cinderbuild, Tradegrid, etc. These are big companies which have executed B2B at scale.

Meta Set to Roll Out Search And Web Function on Threads in The Coming Weeks

By
Ojukwu Emmanuel
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0

Giant social media company, Meta, is set to introduce the search and web function on the Threads app, in the coming weeks.

This was announced by Meta’s CEO Mark Zuckerberg, who took to the platform to announce the proposed development on Threads.

Zuckerberg wrote,

“A good week for Threads. The community here is on the trajectory I expect to build a vibrant long-term app. Lots of work ahead but excited about the team’s pace of shipping. Search and web coming in the next few weeks”.

Since the launch of Threads by Meta on the 5th of July 2023, the platform recorded so many sign ups of users within the first few hours of launch, which saw it reach over 100 million registered users within four days of launch.

Meanwhile, the platform’s steam visibly declined, which saw users’ engagements drop over the past weeks. Third-party data suggested that Threads may have lost many more than half of its active users.

Daily active users for Threads on Android dropped from 49 million on July 7 to 23.6 million on July 14, and then to 12.6 million on July 23, web analytics company Similar Web reported.

Despite losing over half of its initial users, Meta CEO Zuckerberg told employees that user retention was better than Meta executives expected. He said he considered the drop-off normal and expected retention to grow as the company adds more features to the app, including a desktop version and search functionality.

During Meta’s earnings call, Zuckerberg disclosed that he is quite optimistic about the future of Threads and that it was built by a small team. He noted that Meta is not going to monetize the app until it is much bigger and more established.

Advertisers and creators have suggested that in order for Threads to become an important service, the real-time messaging app needs to have features that make it easier to search for trending topics and to find previous posts. Also, they added that being able to access Threads on the web is particularly important if Meta wants to truly compete with X, which has long been popular on desktop for people at work.

Notably, Meta did not intend to launch Threads at the time it did. It all came down to a window of opportunity due to the disarray that happened on Twitter, following Musk’s incessant changes on the platform.

As a result, the social media giant decided to launch Threads with a limited number of features, but the company is proactively working on many features to improve the platform and address the pain points of users.

Threads has already introduced a following tab that will make it easier for users to see who is following them. Users will also be able to access a translate button to read the text in other languages and more easily read posts from people they don’t follow.

Also, it has rolled out a feature that enables users to subscribe and receive notifications from accounts a user doesn’t follow, and a “+” button that lets users follow new accounts from the replies on a post, as well as bug fixes and other improvements.

Last month, Meta promised to roll out 10 new features on Threads, although it remains unclear when these and other features will roll out to users.

Here is a round of features expected to roll out soon for Threads users;

  • Only people you follow view to prevent displaying posts from people users don’t follow.
  • Hashtags similar to Twitter.
  • Direct messages.
  • Post sorting with the chronological option.
  • Posts translations.
  • Edit option for posts.
  • Recommendation improvements in the feed.
  • Robust search within Threads.
  • Support for multiple accounts.
  • Full web view since the current web experience is extremely limited.
  • Ability to delete Threads profile without deleting Instagram.
  • ActivityPub (open social networking protocol) support, which allows Threads to be interoperable with other apps that also support the ActivityPub protocol, such as Mastodon and WordPress.

The rollout of new features on Threads is coming ideally on the app to improve functionality and enhance users’ experience. 

Five Action Points to unlock Innovation and Entrepreneurship in Osun State: A Review of Osun ISN Hub Meetup

By
Rasheed Adebiyi
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0
Osun local government

The recently concluded Osun ISN Hub Meetup, organized by Opolo Global Innovation Limited in collaboration with the Innovation Support Network (ISN), has ignited discussions and laid out crucial action points to unlock innovation and entrepreneurship in Osun State. Held on Monday, July 31, 2023, at Opolo Global Innovation Hub, UNIOSUN Campus, Osogbo, the programme, titled “ISN Osun Hub Meetup: Unlocking Innovation and Entrepreneurship in Osun State: Building a Thriving Ecosystem,” attracted innovation stakeholders from various sectors, including the government, private sector, and academia. The programme had experience sharing and panel sessions yielding a number of action points aimed to make the innovation and entrepreneur ecosystem thrive in the state. Here are five action points derived from the meet up.

Commendation of State Government’s Efforts

Participants at the meetup lauded the state government for its commendable initiatives aimed at promoting innovation and entrepreneurship in Osun State. Notable projects, such as Google Mapping, the Registration of Startups, and the waiver of right-of-way for fiber optic cable laying, were acknowledged for their potentials to smoothen the path for emerging entrepreneurs and startups in the region. However, attendees urged the government to ensure the successful completion of these initiatives to further catalyze the growth of startups in the state.

Reviewing the State Ministry’s Name

Discussions at the meetup highlighted the need for a review of the name of the State Ministry of Science, Information, Communication, and Technology. Participants noted that the current nomenclature could lead to confusion as there is already a Ministry of Information and Public Enlightenment in the state. To foster innovation as a core driver of development within the technology ecosystem, stakeholders proposed renaming the ministry to the Ministry of Innovation, Science, and Technology, in alignment with the National Policy on Science, Technology, and Innovation.

Attracting Infrastructural Support from Multinational Organizations

Addressing infrastructural challenges faced by technology and digital innovation startups was a key concern. Participants advocated for the state government to engage international organizations like Amazon, Microsoft, and Google to invest in the state and provide startups with free or subsidized access to their bulk infrastructure facilities. Access to services like cloud storage space, low-latency networks, virtualization, and other essential tech tools would facilitate the growth of real problem-solving innovations and infrastructural developments.

Empowering Startups through Funding and Collaboration

The importance of funding and collaboration in empowering startups to thrive was emphasized by participants. Capacity-building before startups receive funding was stressed to ensure efficient resource utilization. Furthermore, fostering collaboration between startups and stakeholders, including local media outlets like OSBC, Rave FM, and Fresh FM, was seen as a catalyst for accelerated growth and an effective means of showcasing entrepreneurs and businesses.

A Continuous Plan to Address the Knowledge Gaps

Stakeholders emphasized the need for a well-organized ecosystem and government accountability to support the growth of innovative technology in Osun State. Participants proposed practical meeting sessions addressing the challenges faced by startup founders, including marketing and sales training, as essential steps to bolster their success.

As the ISN Hub Meetup concluded, participants pledged to actively engage with the state government and other ecosystem players, articulating the demands of the innovation and entrepreneurship ecosystem through the Innovation Stakeholder Dialogue and media channels. The collective commitment to driving innovation and entrepreneurship in Osun State was palpable, and attendees vowed to carry forward the momentum and spirit of collaboration to create a thriving ecosystem that unlocks the full potential of innovation and entrepreneurial talent in the state.

In conclusion, the action points derived from the Osun ISN Hub Meetup lay a strong foundation for the state’s journey towards becoming a thriving hub of innovation and entrepreneurship, ultimately fostering economic growth and development in the region.

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