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Zuvy Raises $4.5 Million to Expand Invoice Financing in Nigeria and Beyond

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Nigerian fintech startup Zuvy has raised $4.5 million seed to expand its reach and meet the growing demand from Nigerian vendors.

The funding round included investments from TLG Capital, Dunbar Capital, David Mussafer, chairman of Advert International, Next Chymia Consulting HK, Khalil Osman from Vicus Ventures, and several others.

Zuvy, which provides loans to customers, is changing the vendor-buyer relationship by offering cash upfront to vendors to meet their business needs and invoice management software for buyers to eliminate inefficiencies tied to traditional and pen and paper.

Speaking on the funds raised CEO OF Zuvy Angel Onuoha said, “Millions of small businesses on the African continent are hindered by their capital being tied up in receivables. Despite their economic significance, these enterprises remain strikingly underserved financially. Our primary goal is to empower businesses with the liquidity that they need when they need it. This flexibility ensures that these SMEs can better manage cash flow, expand their customer base and take on new contracts. We firmly believe that credit availability is the most potent growth catalyst for early-stage businesses, and as such, we strive to be the pre-eminent provider of accessible, tailored credit solutions for Africa’s SME factor”.

Also commenting on its investment in Zuvy, TLG Capital CEO Isaac Marshall said, “Factoring invoices represents a massive opportunity to bring capital to these small businesses, but only if you can build the tech stack to make it scalable. This problem is exactly what Zuvy is solving, building the capital capillaries to fund small businesses”.

Founded in 2021, by Angel Onuoha and Ahmad Shehu, Zuvy began as an invoice factoring company for small, and medium-sized enterprises, providing upfront cash for unpaid invoices.

The startup offers free invoice and purchase order management software that enables large businesses to streamline their procurement processes.

For small businesses in Nigeria, getting a loan from the bank is very difficult, as there are millions of these SMEs in the country that do not have access to formal financing. While these challenges prevent these businesses from obtaining loans from banks to cover their business needs, Zuvy offers more convenient access to funds by giving advance payments to vendors.

The startup aims to bridge this gap by offering a user-centric platform that connects buyers with their vendors, streamlining the invoice reconciliation process and coordinating payment schedules.

Zuvy’s platform enables vendors to liquidate outstanding invoices and access immediate capital when needed. This innovative solution provides SMEs with the liquidity necessary for growth expansion. The startup believes that credit availability is the most potent growth catalyst for businesses, and as such, strives to provide accessible and affordable credit solutions.

In addition to invoice financing, Zuvy offers free invoice management software that empowers businesses to create, manage, and send invoices to customers instantly. This software streamlines the invoicing process, enhancing efficiency and accuracy for SMEs.

With its user-centric platform, innovative solutions, and significant funding, Zuvy is poised to amplify invoice financing across Nigeria and provide SMEs with the necessary capital to thrive and contribute to Africa’s economic growth.

Notably, Zuvy operates within the fast-moving consumer goods (FMCG), health care, and supply chain sectors. The startup endeavors to provide essential invoicing software and working capital to enable its vendors to secure new contracts, digitize their operations and regulate their cash flow.

As its business continues to expand, Zuvy has since built a full suite of invoice creation, management, and payment tools that aid the process of procurement for small and large organizations.

Tesla Records Impressive Second Quarter of 2023, Surpassed Analysts’ Expectations With A Delivery of 466,140 Vehicles Globally

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Giant Electric Vehicle automaker Tesla has recorded an impressive second quarter (Q2) of 2023, surpassing analysts’ expectations, after it delivered 466,140 vehicles globally from a production of 479,000 units.

Tesla’s Second quarter report, saw it up by 10% from the first quarter (Q1) report of 2023, where it delivered a total of 422,875 and up 83% year-over-year. Wall Street was expecting Tesla to report deliveries of 445,924 for the period ending June 30, 2023, while several other analysts expected deliveries of 448,000.

Analysts at Wedbush Securities said the delivery figure was a massive step in the right direction for Tesla, noting that the company maintained a $300 price target on the stock and said the numbers would put the bears back into hibernation mode.

Wedbush analysts Dan Ives wrote,

“We believe the sum-of-the-parts story for Tesla is another step towards coming into play with its newly released supercharger network OEM deals, energy business, Al- driven autonomous path, unmatched battery ecosystem, and increased próduction scale/scope globally adding to the Tesla golden EV success story”.

The second quarter of 2023, marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries. This saw the EV maker top Wall Street delivery estimates in Q2 of 2023.

Notably, Tesla delivered more of its Model 3 and Y vehicles. As disclosed in the company’s report, about 96% of the deliveries were more of its Model Y crossover and Model 3 entry-level sedan.

The EV maker produced a total of 460,211 Model 3 and Y Vehicles and delivered a total of 446,915 vehicles. Also, on its Model S and X vehicle models, it produced a total of 19,489 vehicles and delivered a total of 19,225 vehicles.

Data from the China Passenger Car Association (CPCA), revealed that half of Tesla’s deliveries came from its Shanghai gigafactory, which has for a long time played a significant role in the company’s production and sales, accounting for 50% of its output.

Tesla’s remarkable increase in vehicle delivery is attributed to the discounts and other incentives it implemented to boost sales of its cars. Recall that the EV maker repeatedly changed the prices of its vehicles this year, starting 2023 off by cutting prices, which some analysts said appeared to be the start of an EV price war, between Tesla and other automakers that have jumped on the EV bandwagon.

Some experts disclosed that Tesla’s price cuts appeared to be working, as demand was increasing for its cheaper vehicle models. The company’s sales rose 5 percent in the first three months of the year after it cut prices on its electric cars, helping to compensate for slowing economic growth and rising interest rates.

Tesla’s first-quarter vehicle sales rose 36 percent after the company cut prices twice in a bid to stimulate demand. The company is set to deliver more vehicles in the next quarter after its CEO Elon Musk said it will deliver its first cyber truck pickups this year.

He also revealed that Tesla is developing a new kind of drive unit and other technology that should allow it to deliver a more affordable electric vehicle in the future.

Tesla closed at $261.77 on Friday ahead of the second quarter deliveries report. The company said in a statement that it will post its financial results for the second quarter of 2023 after market close on Wednesday, July 19, 2023.

Also, it noted that it will issue a brief advisory containing a link to the Q2 2023 update, which will be available on Tesla’s investor relations website.

Tekedia Unveils Affiliate Program [JOIN]; Opens Registrations for Next Tekedia Mini-MBA (Sep 11 – Dec 2, 2023)

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Tekedia Mini-MBA Opens Registrations for the next edition (Sep 11 –  Dec 2, 2023). Please go and register, beat the early bird deadline and save with awesome benefits.

Tekedia Institute offers Tekedia Mini-MBA, 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.

Similarly, Tekedia brands have launched an affiliate program for all our products and services. Yes,  Tekedia Hub for Affiliates and Resellers is an ecosystem where people and organizations work and earn, for promoting and closing sales on Tekedia products and services. Simply, your social media accounts, email contacts, etc can bring needed incomes and revenues via commissions.

I invite people and organizations interested to apply. If we approve you, you can earn up to 25% commission for digitally promoting and closing sales on Tekedia Mini-MBA, Tekedia Startup Masterclass, etc via your social media handles, emails, etc. Our technology tracks everything to give you credit as all sales therein are electronically executed. Begin here .

We will also give an additional N100,000 to the highest July affiliate/reseller by earnings. If you have questions, contact our team. Win with Tekedia.

Politics and Ethics of Manipulating JAMB’S Results

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The Joint Admissions and Matriculation Board (JAMB) conducts entrance examinations for students seeking admission into tertiary institutions in Nigeria. Recently, an incident involving the manipulation of JAMB results for personal gain has sparked conversations about the intersection of politics and ethics in the education system.

A certain Ejikeme Mmesoma from Anambra state was awarded a prestigious scholarship after allegedly achieving the highest score in the JAMB examination. However, it was later revealed that Mmesoma had manually inflated her results, suggesting possible withdrawal of the scholarship offer by Innoson Vehicle Manufacturing Company. This incident has raised concerns about the integrity of the education system and the moral character of individuals involved in such manipulations.

The manipulation of JAMB results undermines the education system’s credibility and raises ethical concerns. Many tweets express disappointment in the individual’s actions, emphasizing the importance of honesty and integrity in academic pursuits. The incident highlights the negative consequences of unethical behaviour, including the loss of trust, reputation damage, and the denial of opportunities for deserving candidates.

One significant consequence of this manipulation is the potential harm caused to other students who worked hard and achieved genuine results. By falsely claiming the top score, Mmesoma not only deprived a more deserving candidate of the scholarship but also discredited the efforts of other students. This incident underscores the need for fair assessment and the importance of upholding ethical standards to ensure that deserving candidates are rewarded.

The JAMB withdrawal of Mmesoma’s scholarship sends a strong message about the consequences of unethical behaviour. However, it also raises questions about the effectiveness of the system in detecting and preventing such manipulations in the first place. The incident calls for stricter measures to safeguard the integrity of examination processes and ensure that scholarships are awarded based on merit and not through fraudulent means.

The manipulation of JAMB results for personal gain exposes the complex interplay between politics and ethics in the education system. This incident serves as a reminder of the importance of maintaining ethical standards in academia and upholding the integrity of examinations and scholarship programs. It is essential for educational institutions, policymakers, and society as a whole to work together to create a transparent and fair system that rewards genuine achievements and discourages unethical practices.

Nigerian Govt. Rejects EU EOM’s Report on the 2023 General Election, Says it Was Credible

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The federal government of Nigeria led by President Bola Tinubu, has rejected the final report of the European Union Election Observation Mission (EU EOM) on the recently concluded general elections that saw Tinubu emerge as president.

The EU EOM had last week, released a damning 94-page report on the conduct of the election, calling for reforms to enhance transparency and accountability.

The mission said the elections were marred by problems that reduced public trust in the electoral processes.

“Shortcomings in law and electoral administration hindered the conduct of well-run and inclusive elections and damaged trust in INEC,” the EU EOM said.

“A lack of transparency and operational failures reduced trust in the process and challenged the right to vote.”

The mission made the following key recommendations: Removing ambiguities in the law: Protect the interests of voters through certainty of law for all stages and aspects of electoral processes by eliminating from electoral law and regulations errors and ambiguities to avoid potential for conflicting interpretations, and ensuring the revision processes are inclusive.

Establishing a publicly accountable selection process for INEC members: Establish a robust operational framework for the independence, integrity, and efficiency of electoral administration through an inclusive and publicly accountable mechanism for selecting candidates to the posts of INEC commissioners and RECs based on clear criteria of evaluation of merits, qualifications, and verified non-partisanship.

Ensuring real-time publication of and access to election results: Protect the free expression of the will of the voter and integrity of elections by establishing a robust, transparent, and easily verifiable results processing system with clear rules. These include uploading polling unit results from the polling unit only and in real-time, at each level of collation results forms to be uploaded in real-time, and all forms to be published in an easily trackable and scrapable database format.

The mission, which had earlier, during its preliminary report, said that “INEC lacked efficient planning and transparency during critical stages of the electoral process,” also noted that the election “exposed enduring systemic weaknesses.”

However, in a statement dated July 2, 2023, signed by Dele Alake, Special Adviser to the President on Special Duties, Communications, and Strategy, the federal government said the EU EOM report has “unfounded bias.”

The statement further described the report as an “assault on the credibility of the electoral process, the sovereignty of our country, and on our ability as a people to organize ourselves.”

It said the election which saw the INEC declared Tinubu winner, was credible, peaceful, free, fair, and the best organized general elections in Nigeria since 1999.

Read the full statement:

STATE HOUSE PRESS RELEASE
WE REJECT EUROPEAN UNION’S CONCLUSIONS ON 2023 GENERAL ELECTIONS

Sometimes in May, we alerted the nation, through a press statement, to the plan by a continental multi-lateral institution to discredit the 2023 general elections conducted by the Independent National Electoral Commission. The main target was the presidential election, clearly and fairly won by the then-candidate of All Progressives Congress, Bola Ahmed Tinubu.

While we did not mention the name of the organization in the said statement, we made it abundantly clear to Nigerians how this foreign institution had been unrelenting in its assault on the credibility of the electoral process, the sovereignty of our country, and our ability as a people to organize ourselves. We find it preposterous and unconscionable that in this day and age, any foreign organization of whatever hue can continue to insist on its own yardstick and assessment as the only way to determine the credibility and transparency of our elections.

Now that the organization has submitted what it claimed to be its final report on the elections, we can now categorically let Nigerians and the entire world know that we were not unaware of the machinations of the European Union to sustain its, largely, unfounded bias and claims on the election outcomes.

For emphasis, we want to reiterate that the 2023 general elections, most especially the presidential election, won by President Bola Tinubu/All Progressives Congress, were credible, peaceful, free, fair and the best organized general elections in Nigeria since 1999.

There is no substantial evidence provided by the European Union or any foreign and local organization that is viable enough to impeach the integrity of the 2023 election outcomes.

It is worth restating that the limitation of EU final assessment and conclusions on our elections was made very bare in the text of the press conference addressed by the Head of its Electoral Observation Mission, Barry Andrews. While addressing journalists in Abuja on the so-called final report, Andrews noted that EU-EOM monitored the pre-election and post-election processes in Nigeria from January 11 to April 11, 2023, as an INEC-accredited election monitoring group. Within this period, EU-EOM observed the elections through 11 Abuja-based analysts, and 40 election observers spread across 36 states and the Federal Capital Territory. With the level of personnel deployed, which was barely an average of one person per state, we wonder how EU-EOM independently monitored elections in over 176,000 polling units across Nigeria.

We would like to know and even ask the EU, how it reached the conclusions in the submitted final report with the very limited coverage of the elections by their observers who, without doubt, relied more on rumors, hearsay, cocktails of prejudiced and uninformed social media commentaries and opposition talking heads.

We are convinced that what EU-EOM called the final report on our recent elections is a product of a poorly done desk job that relied heavily on a few instances of skirmishes in less than 1000 polling units out of over 176,000 where Nigerians voted on election day.

We have many reasons to believe the jaundiced report, based on the views of fewer than 50 observers, was to merely sustain the same premature denunciatory stance contained in the EU’s preliminary report released in March.

We strongly reject, in its entirety, any notion and idea from any organization, group, and individual remotely suggesting that the 2023 election was fraudulent.

Our earlier position that the technology-aided 2023 general elections were the most transparent and best-organized elections since the return of civil rule in Nigeria has been validated by all non-partisan foreign and local observers such are the African Union, ECOWAS, Commonwealth Observer Mission, and the Nigerian Bar Association.

Unlike EU-EOM which deployed fewer than 50 observers, the Nigerian Bar Association which sent out over 1000 observers spread across the entire country for the same election gave a more holistic and accurate assessment of the elections in their own report.

NBA, an organization of eminent lawyers and an important voice within the civic space, reported that 91.8 percent of Nigerians rated the conduct of the national and state elections as credible and satisfactory. Any election that over 90% of the citizens considered transparent should be celebrated anywhere in the world.

It is heart-warming that INEC, through its National Commissioner for Information and Voter Education, Mr. Festus Okoye, has come out to defend the integrity of the election it conducted by rejecting the false narratives in the EU report.

It is also gratifying that the electoral umpire, as an institution that is open to learning and continuous improvements, has also committed to taking on board more ideas, innovation and reforms that will further enhance the integrity and credibility of our electoral process.

As a country, we have put the elections behind us. President Tinubu is facing the arduous task of nation-building, while those who have reasons to challenge the process continue to do so through the courts. In just one month in office, Nigerians appear satisfied with the decisive leadership of President Tinubu and the manner he is redirecting the country to the path of fiscal sustainability and socio-economic reforms. We urge the EU and other foreign interests to be objective in all their assessments of the internal affairs of our country and allow Nigeria to breathe.

Dele Alake

Special Adviser to the President

(Special Duties, Communications and Strategy)

July 2, 2023