This email went to Tekedia Mini-MBA edition 11 learners
Hello,
Greetings! We’re providing this update to assist your planning as we begin Tekedia Mini-MBA edition 11 (June 5- Sept 2, 2023) tomorrow.
Complete Your Account Setup:Go here and complete your account setup if you have not done so. You MUST do STEP 3 to have access to the courses. Use the email you received your account setup invitation as another email will not work.
Start Date and What to Do: Tomorrow, June 5, is the start date. The pre-recorded courseware and written materials for Week 1 will go live before 12 noon WAT on Monday. All you need to do is to login into the class board, then look under LESSONS for Week 1.
Live Zoom: We have selected Tuesdays, Thursdays and Saturdays at 7pm WAT for the Live Zoom sessions; they typically last for 60 minutes. Please we do not send reminders; make sure to update your personal calendars. When logged in, under Lesson, click “Board11: Program News, Zoom Schedules & WhatsApp Link”for the weekly Zoom links and the class WhatsApp group.
First Zoom Session: That would be on Saturday, June 10, at 7pm WAT. You will see the Zoom link on Monday also.
A Legal Opinion on the Mass CBN Microfinance Bank License Revocation
The Nigerian Financial Services subsector and the Nigerian public were surprised to receive news of a Federal Government Gazette dated the 22nd of May,2023 (Nos 93 & 94) under the former Mohammadu Buhari administration announcing the revocation of Banking and Finance company licenses issued by the Central Bank of Nigeria (CBN) to about 128 businesses.
This article will be in the form of a legal explanation on why the CBN took this disciplinary action.
The CBN is by virtue of the Central Bank of Nigeria Act in charge of issuing and revoking business licenses for almost banking and almost financial licenses in Nigeria and regarding Microfinance Banks, is empowered to provide further regulations, in this case the Revised Guidelines For the Supervision & Regulation of Microfinance Banks, that govern everything from licensing to operations and regulatory compliance requirements.
As a result, the CBN highlighted and revoked the licenses of Microfinance Banks that were discovered to be in breach of the guidelines which prescribe license revocation for :-
– Business Inactivity.
– Insolvency.
– Failure to render regulatory compliance returns to the CBN.
– Closing shop (not actually carrying out any business operations).
– Failing to carry out any type of banking activity for which they were licensed for more than 6 months.
– Operating or carrying out financial services beyond the scope of their licenses e.g. International/Diaspora remittance support services (Digital Banks are most guilty of this practice).
This however does not mean that directors or owners/members of banks with such revoked licenses cannot reapply for new Microfinance licenses or other business licenses from the CBN except where they have committed an infraction of the guidelines warranting a restriction by the CBN from acting as directors in any business licensed by it.
Finance Law/Dispute Resolution :- The CBN Guide on How to Lodge a Customer Complaint
The Central Bank of Nigeria CBN, pursuant to an Automated Teller Machine (ATM) Helpdesk Expansion circular, outlined a new procedure for dealing with and lodging complaints by customers and members of the public against banks, Other Financial Institutions (OFIs), Primary Mortgage Institutions, and/or discount houses.
This article will be focused on outlining this procedure which goes this :-
Step 1– First report the complaint at the bank/branch where the dispute originated & then allow 2 weeks for the issues to be resolved.
Step 2– Where a resolution still has not been reached or the complaint has not been resolved by your bank, you can escalate your complaint by sending (through your lawyer preferably) a petition to The Director, Consumer Protection Department, CBN.
This step is also necessary when your bank fails to acknowledge your complaint within 3 days or issue a tracking number, or where the bank fails to attend to your complaint within the timelines stated by the CBN Consumer Protection Regulations (CPR).
You can only approach the CBN upon the failure of your bank to attend or resolve your customer complaint.
Step 3 – Your bank or Financial Institution will be contacted by the CBN and an investigation will be conducted into your complaint.
Step 4 – At this point you can then commence further legal proceedings against your bank in a supplementary capacity.
It should be noted that the steps outlined above will not apply when seeking to make a complaint or take legal action against the CBN itself.
Every industry has its own terminology used to describe the scheme of things, that isn’t limited to the crypto industry. Understanding these concepts and terms help shape one’s knowledge of the industry. We will try to explain some basic terminologies used while engaging in crypto trading.
Bitcoin or BTC A decentralized digital currency that uses cryptography to secure transactions and control its creation.
Blockchain: A distributed ledger that records all bitcoin transactions in chronological order and is maintained by a network of nodes.
Node: A computer that participates in the bitcoin network by validating transactions and blocks.
Block: A batch of transactions that is added to the blockchain after being verified by nodes.
Mining: The process of creating new bitcoins by solving a complex mathematical problem that requires a lot of computing power.
Miner: A node that performs mining and receives a reward in bitcoins for each block it creates.
Halving: An event that occurs every 210,000 blocks (approximately every four years) and reduces the mining reward by half.
Wallet: A software or hardware device that stores the private keys that allow users to access and spend their bitcoins.
Address: A string of alphanumeric characters that represents a destination for sending or receiving bitcoins.
Transaction: A transfer of bitcoins from one address to another that is recorded on the blockchain.
Fee: A small amount of bitcoins that is paid to the miners for including a transaction in a block.
Confirmation: A measure of how many blocks have been added to the blockchain after a transaction, indicating its security and finality.
BIP: A Bitcoin Improvement Proposal, a significant proposal to change Bitcoin at the protocol level.
ASIC: An application-specific integrated circuit, a computer chip customized for Bitcoin mining.
Atomic Swap: A smart contract-enforced exchange of cryptocurrencies across different blockchains.
Batching: The practice of combining multiple bitcoin payments into a single transaction with multiple outputs.
BTO: Buy to Open, buy in order to establish a new long position.
STO: Sell to Open, sell short in order to establish a new short position.
BTC: Buy to Close, buy in order to cover an already-open short position.
STC: Sell to Close, sell in order to exit an already-open long position.
Fork: A split in the blockchain that occurs when different nodes follow different versions of the protocol or rules.
Hard fork: A type of fork that creates a permanent divergence in the blockchain and results in two incompatible networks and currencies.
Soft fork: A type of fork that creates a temporary divergence in the blockchain and can be resolved by upgrading all nodes to the same version of the protocol or rules. – Bitcoin candlestick and chart movement are tools for analyzing the price action of bitcoin in different time frames. A candlestick is a graphical representation of the open, high, low and close prices of a bitcoin trading session.
A chart is a collection of candlesticks that show the historical and current trends of bitcoin price movements. Candlestick and chart movement can help traders identify patterns, trends, support and resistance levels, and potential entry and exit points for their trades.
Some common types of candlesticks and chart movement are:
Bullish and bearish candles: Bullish candles indicate that the price increased during the session, while bearish candles indicate that the price decreased. The color and size of the candles can show the strength and momentum of the price movement.
Doji candles: Doji candles have very small or no bodies, meaning that the open and close prices are very close or equal. They indicate indecision or uncertainty in the market and can signal a reversal or continuation of the trend depending on the context.
Hammer and inverted hammer candles: Hammer candles have long lower shadows and small or no upper shadows, meaning that the price rejected lower levels and closed near the high. Inverted hammer candles have long upper shadows and small or no lower shadows, meaning that the price rejected higher levels and closed near the low. They indicate a potential reversal of a downtrend or an uptrend respectively, especially if they occur near support or resistance levels.
Shooting star and hanging man candles: Shooting star candles have long upper shadows and small or no lower shadows, meaning that the price rose to a high level but then fell back to close near the low. Hanging man candles have long lower shadows and small or no upper shadows, meaning that the price fell to a low level but then rose back to close near the high. They indicate a potential reversal of an uptrend or a downtrend respectively, especially if they occur near support or resistance levels.
Engulfing candles: Engulfing candles are composed of two consecutive candles of opposite colors, where the second candle completely covers the body of the first candle. They indicate a strong change in sentiment and momentum in the market and can signal a reversal or continuation of the trend depending on the context.
Morning star and evening star patterns: Morning star patterns are composed of three consecutive candles: a bearish candle, a small candle of any color, and a bullish candle that closes above the midpoint of the first candle. Evening star patterns are composed of three consecutive candles: a bullish candle, a small candle of any color, and a bearish candle that closes below the midpoint of the first candle. They indicate a reversal of a downtrend or an uptrend respectively, especially if they occur near support or resistance levels.
We begin on Monday, June 5, 2023. Our classroom is unbounded and unconstrained in capacity, and we have a seat for YOU. From Nvidia business strategy to Indomie noodleS playbook, from Airbnb growth drivers to Okomu Oil Palm Company Plc innovations, etc, and across 14 modules, over 100+ courses, we deliver unparalleled value for N60k or $140.
The #best school begins the next edition of Tekedia Mini-MBA, a festival of innovation & knowledge, tomorrow. Go and register before the early bird registration discount ends
Tekedia Institute >> winning the future with knowledge; come here.
Back to my ‘old skool’ way of penning Tekedia articles. I make an article heading, and then start it off talking about something completely unrelated… well yeah.. but not all is as it seems!
The feature image… ‘WRONG SEQUENCE’ from Port Harcourt is central to the thesis, although this post is nothing about Music!
This is the end of an era in Nigeria. One Muhammadu Buhari ruled Nigeria from 29 May 2015 – 29 May 2023.
Much reflection and introspection has happened in the media, much of it scathing, some few have been supportive.
In an intro to his post on LinkedIn, Samuel Nwite said Buhari’s manifesto pledged – ‘Make Nigeria one of the fastest-growing, emerging economies in the world with a real GDP growth averaging 10% annually; eradicate state of origin, replacing that with state of residence to ensure Nigerians are Nigerians first, before anything else; creation of 720,000 jobs by the 36 states (20,000 per state) in the federation per annum; generate, transmit and distribute at least 20,000 MW of electricity within four years and increasing to 50,000 MW with a view to achieving 24-7 uninterrupted power supply within 10 years’.
Different people have different perceptions of to what extent these promises were realized, with some feeling it fell somewhat short, while many think it never really began.
My own recollection is of a reactive rather than a proactive regime, with individual reactions or decisions often exhibiting policy conflicts.
The one that baffled me the most, was a restriction placed on Forex to import about 50 products. This effectively bans those products without officially doing so. The Nigerian Naira is a restricted currency, so lack of access to ‘hard currency’ at official rates of exchange just renders a business based on importing those currency-restricted commodities ‘not viable’. This was intended to create market for local suppliers.
The problem was that separately, the administration brought out a grazing rights law. This gave nomadic herders priority over settled farmers on land. Nomads cattle grazed on crops. Countless agrarian families livelihoods were decimated. FMCG manufacturers with no feedstock from imports on the one side, or local farmers on the other side, were incapacitated.
This is one of many cases in point, but lets move on…
Excerpts from ‘Dear Mr. President, Please Don’t Tax It, Fix It First’ – Michael Ango, Partner – Tax Advisory & Regulatory Services – Andersen NG Consulting – 4th Floor, Karaa Place, 5 Acacia Drive, Osborne Phase 2, Ikoyi 23401 LAGOS NG.
The next area of disjoint I would like to mention is Education. Far too often in Nigeria we have under-trained teachers.. teachers barely finished their NYSC… teachers being teachers because it is the only thing they can find.. or those using it as a stepping stone to what they see as greater things.
How can a nations children build intellect if they are being trained by the rejects or future novices of other professions?
In a utopian education for Nigeria, after a dazzling corporate career, Aliko Dangote, Tony Elumelu, Mike Adenuga and Austin Okere would only after all that, be deemed adequately prepared to serve the educational needs of Nigeria’s children. – But where on earth can you find utopian conditions?
“Teachers are sinequanon to educational growth and development and in any field, even in vocational studies, you need teachers. Teachers these days are technically disoriented, poorly motivated … In those days, teachers were the kings of the village, but today teachers are seen as the hoi polloi…Everybody wants education, but without a proper teaching capacity development, the growth of education will be in danger and it has been in danger anyway…. – Alhaji Laid Tella.
Do we see a trend here?
And finally, on to writing about Web 3 in Nigeria – When practiced for online platforms (such as LinkedIn) this is, in itself, a form of education. One common thread of Political Leadership, Classroom Education, and Online Platform Authoring is that they all have mass reach and mass impact.
Getting the details wrong, evading the core technical issues, or creating content unprepared, has the potential for mass misinformation.
Simply put, it is mis-educating.
We all have to start somewhere, but growing in a space must be practiced with efforts to limit consequences.
There’s no room here for ‘fake it till you make it’. We need to create content from the perspective of being technically well informed, because the stakes for not doing that, are just far too high.
‘ …when it comes down to basic knowledge of a task or responsibility, feigning expertise isn’t going to help you. In fact, it will likely hurt.’ – Avery Augustine – ‘When You Should Fake it ‘Til You Make It (and When You Really Shouldn’t)’
Or as the article heading reads:
Greatness needs to lead to writing, rather than a hope that writing will lead to greatness.
9ja Cosmos is here…
Get your .9jacom and .9javerse Web 3 domains for $2 at:
