It is a new age and a new king is here: Tesla is leading the future. Yes, “For the first time ever, an all-electric vehicle — specifically the Tesla Model Y — is now the world’s bestselling car. According to analyst data from Jato Dynamics, the Tesla Model Y has surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023. That’s especially impressive given pricing for the 2023 Model Y starts at $47,490, considerably more than the 2023 Corolla ($21,550) and RAV4 ($27,575).”
This is a validation that innovation must not necessarily result in cheaper or lower cost within a product category. In other words, we are wrong when we posit that in a consumer business, that innovation must lead to a reduction in price.
The overriding theme is that disruptive innovation must come with a better price model even at a superior product performance. What Tesla has done here is clear: pricing, while important, is not the only factor to win a market. Tesla Model Y is outselling old products even though it is about twice their prices.
Rethink your #strategy and deliver products beyond Needs, Expectations, and aim at Perceptions of customers. At perceptions of customers, you create fandom, turning customers into fans. And that means, you have set a new basis of competition, totally orthogonal to what your competitors do. Being cheap cannot guarantee a market share; you must move beyond Needs to at least meet the Expectations of your customers.
The interesting thing is that all products that succeed at the level of perception are usually disruptive in their sector or industry. Google search cannot be considered to fall in the category of perception because many people already craved for better search because neither Microsoft nor Yahoo was offering a good one. So a product could be disruptive and yet not a percepting product. However, all percepting products are disruptive.
Comment on Feed
"…innovation must not necessarily result in cheaper or lower cost within a product category."
But in an African market this may not work because development as factor would cripple the effort.
Telsa buildingthe super charger network is an EV adoption kicker or enabler.
My Response:Absolutely, products vary. Yes, if Elon Musk had submitted his pricing model for winning a market share, for an MBA thesis, he possibly might have received a D. It is not common to be 2X mean cost and still win market share in a consumer business where many things are against you. The non-EVs have the whole world but EVs are just a few markets with electricity. Yet, in those small markets, Tesla outsold all.
Believe it or not, President Bola Ahmed Tinubu GCFR is the current president of the federal republic of Nigeria as he was duly sworn in earlier today into that office and he will continue to be the president of Nigeria unless he is sacked by the court, he dies or he is impeached by the lawmakers. We can all wake up now, accept this as the new reality or keep living in denial.
These shenanigans going around in social media where they are declaring another person the president of the federal republic of Nigeria is a treasonable felony. When you say that another person is your president other than who has been sworn in by the Chief Justice of Nigeria it then appears that you want to form a parallel government that will run side by side with the lawfully constituted one and that amounts to the offence of treason.
Treason when loosely defined is the crime of betraying one’s country, especially by attempting to kill or overthrow the sovereign government or a duly constituted government or form a parallel government and this is treated as a serious offence.
We cannot have two presidents of the federal republic of Nigeria at the same time. Obidient should not allow their emotions and sentiments to take the better part of them or becloud their sense of reason as that will lead them to cause a serious problem for themselves.
Yes, we know that there were numerous pronounced challenges with the past presidential elections that ushered in President Bola Ahmed Tinubu, yes we have heard that there are allegations of rigging of the election and stealing of mandate but who are we to impose until the court makes pronouncement on it. If you want to act as a jury and executioner you will best get yourself arrested, detained and charged for incitement and breach of peace.
As much as I hate to say it, Peter Obi is not the president of the federal republic of Nigeria as of this day, he was not the person that was sworn in today at eagles square by the Chief Justice of Nigeria as the president of the federal republic of Nigeria, therefore, all these social media trends of “Peter Obi is our president” is treasonable.
We have laws and the constitution in place and every action and reaction must be in accordance with the constitution or we will turn this country into a banana republic.
FIRST INAUGURAL ADDRESS BY PRESIDENT BOLA AHMED TINUBU 29 MAY 2023
THE NIGERIAN IDEAL
My Fellow Citizens,
I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.
This day is bold and majestic yet bright and full of spirit, as is our precious nation.
As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.
The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.
For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.
This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.
We have endured hardships that would have made other societies crumble.
Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.
To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.
The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.
Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.
For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.
Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.
Our burdens may make us bend at times, but they shall never break us.
Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.
As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.
Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.
We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.
Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.
We are here to further mend and heal this nation, not tear and injure it.
In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.
They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.
They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.
Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.
We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.
Let us take the next great step in the journey they began and believed in.
Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.
My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.
May we uphold these fitting and excellent notions as the new Nigerian ideal.
My fellow compatriots,
The Nigerian ideal which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.
Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.
Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.
The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.
Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.
In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:
The principles that will guide our administration are simple:
Nigeria will be impartially governed according to the constitution and the rule of law.
We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.
We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
In our administration, Women and youth will feature prominently.
Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.
SECURITY
Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.
To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.
We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.
THE ECONOMY
On the economy, we target a higher GDP growth and to significantly reduce unemployment.
We intend to accomplish this by taking the following steps:
First, budgetary reform stimulating the economy without engendering inflation will be instituted.
Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.
We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
JOBS
My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.
AGRICULTURE
Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.
Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.
Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.
INFRASTRUCTURE
We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.
FUEL SUBSIDY
We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
MONETARY POLICY
Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.
FOREIGN POLICY
Given the world in which we reside, please permit a few comments regarding foreign policy.
The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.
As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.
CONCLUSION
This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.
On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.
The course of our past and the promise of the future have brought us to this exceptional moment.
In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.
With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.
May God bless you and May He bless our beloved land.
Company Registrars are corporate entities that are in the business of maintaining the record of security holders for the outstanding securities of a listed company.
This article will be focused on outlining the requirements for the registration of registrars which is regulated by the Securities and Exchange Commission (SEC) and which is grouped into :-
– Payment Requirements.
– Documentary Requirements.
– Sponsored Individual Requirements.
– Company Requirements.
Payment Requirements
– A filing/application fee of 50 Thousand Naira.
– A processing fee of 200 Thousand Naira.
– A registration fee of 500 Thousand Naira.
– A sponsored individual fee of 50 Thousand Naira per individual.
– A minimum paid-up capital of 150 Million Naira.
– A current fidelity insurance bond covering at least 20% of the minimum paid-up capital as stipulated by SEC rules and regulations.
– Form SEC 2 & 2D – Directors of the company (to be completed in duplicates).
Sponsored Individual/Director Requirements
– A minimum of 3 sponsored individuals, one of whom shall be a compliance officer.
– The sponsored individuals must have among others a legal practitioner with a minimum of 5 years post-call experience, a first degree or its equivalent with a minimum of 7 years relevant working experience in a registrar’s establishment registered by SEC, a school certificate holder with a minimum of 15 years working experience in a registrar’s establishment duly recognized by SEC.
– The managing director of the company to be among the sponsored individuals.
– Full postal addresses of immediate and previous employers, bankers (with current account number) & nominated referees of sponsored individuals.
– Detailed CVs of sponsored individuals and directors which should include details of activities and awards from secondary school to date with details (all gaps in employment and educational history should be explained).
– Copies of credentials of sponsored individuals and including secondary school & NYSC discharge certificates, with originals required for sighting purposes by SEC.
– Evidence of having the minimum post-graduation experience to perform the function as stipulated by SEC rules and regulations.
– Police clearance reports for sponsored individuals. Each sponsored individual is to report at the SEC Head office in Abuja or the Lagos zonal office with 2 recent passport photographs to commence the process.
– Copies of valid identification means.
Company Requirements
A profile of the company should include among other details the brief history of the company, organizational & shareholding structure, principal officers as well as details of past and current activities.
The names and addresses of the company’s subsidiaries/associated companies, type of business, and percentage holding.
Evidence of payment of shares allotted to the shareholders.
Information on facilities including fire proof cabinets, filing cabinets, registers, information systems and other back-up facilities.
Copies of information relating to control measures.
Operational manual & organizational chart of company.
Business plan.
Bank statement of accounts operated by the company for the last 6 months.
Latest audited accounts or audited statement of affairs of the company.
A sworn notarized undertaking to keep proper records and render returns as may be specified by SEC from time to time signed by a director or the company secretary.
A sworn notarized undertaking by a director of the company or its company secretary to abide by SEC rules and regulations as well as the Investment and Securities Act (ISA).
Japan has been one of the most supportive jurisdictions for crypto assets, recognizing them as legal tender and establishing a regulatory framework for their exchange and custody. We will explore some of the key features of Japan’s crypto-asset regulation, as well as the challenges and opportunities that lie ahead for this innovative sector.
One of the main pillars of Japan’s crypto-asset regulation is the Payment Services Act (PSA), which was amended in 2016 to include provisions for crypto-assets. The PSA defines crypto assets as “property value that can be used for payment to unspecified persons, that can be transferred using an electronic data processing system, and that is not denominated in any legal currency”.
Under the PSA, crypto-asset exchange service providers (CESPs) are required to register with the Financial Services Agency (FSA), the main regulator of crypto-assets in Japan. The FSA imposes various obligations on CESPs, such as capital requirements, segregation of customer funds, anti-money laundering measures, cybersecurity standards, and disclosure of fees and risks.
Another important piece of legislation for crypto-assets in Japan is the Act on Settlement of Funds (ASF), which was also amended in 2016 to accommodate crypto-assets. The ASF regulates the issuance and sale of prepaid payment instruments, such as gift cards and vouchers.
Crypto assets that are issued by a specific entity and can only be used within a limited network of merchants who fall under this category. These crypto assets are subject to different rules than those under the PSA, such as lower capital requirements and less stringent reporting obligations. However, they are also subject to more restrictions, such as a maximum issuance amount of 100 million yen and a prohibition on resale or exchange.
In addition to these two laws, Japan has also introduced other regulations and guidelines for crypto assets, such as taxation rules, accounting standards, self-regulatory codes of conduct, and consumer protection measures. Japan has also been actively involved in international cooperation and coordination on crypto-asset issues, such as participating in the Financial Action Task Force (FATF) recommendations and the G20 discussions.
Japan’s crypto-asset regulation has been praised for its clarity and comprehensiveness, as well as its balance between innovation and protection. Japan has also been able to foster a vibrant and diverse crypto-asset ecosystem, with many domestic and foreign players offering various products and services. According to a report by Coinhills, Japan ranked second in the world in terms of crypto-asset trading volume in 2020, behind only the United States.
However, Japan’s crypto-asset regulation also faces some challenges and limitations, such as adapting to the fast-changing and complex nature of crypto-assets, ensuring effective supervision and enforcement, addressing cross-border issues and conflicts of laws, and enhancing public awareness and education. Japan also needs to cope with the increasing competition from other jurisdictions that are developing their own crypto-asset frameworks, such as Singapore, Switzerland, and Malta.
Japan has been one of the most supportive jurisdictions for crypto assets, but it is not resting on its laurels. Japan is constantly reviewing and updating its crypto-asset regulation to keep pace with the evolving market and technology trends, as well as the emerging risks and opportunities. Japan aims to maintain its leading position in the global crypto-asset landscape, while ensuring the safety and soundness of its financial system and the protection of its consumers.
Marketplaces are a crucial part of the crypto ecosystem. This is because they provide an avenue for users to invest in crypto markets. To this end, Binance and Crypto.com are two of the most popular centralized exchanges (CEXs). OpenSea, on the other hand, is the world’s largest NFT marketplace in Web3.
However, a new marketplace that blows the above out of the water has entered the market. Called HedgeUp, this platform does something totally different from Binance (BNB), OpenSea, and Crypto.com. And according to experts, it is well on track to redefine the meaning of on-chain investments.
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Traditional investment marketplaces in the crypto space
For most people, investing in the crypto space generally means buying cryptocurrencies. This is why exchanges account for the vast majority of marketplaces in the space.
Binance (BNB) and Crypto.com are two of the most used crypto exchanges.
Binance (BNB) was launched in 2017. Since then, it has grown to become the largest crypto exchange on the planet. The marketplace serves millions of users worldwide, providing a platform to buy and sell cryptocurrencies for fiat or to swap between crypto assets.
Binance (BNB) traders can execute all kinds of trades. There are margin trades, spot trading, futures, derivatives, etc.
Crypto.com is also a centralized exchange. It’s smaller than Binance but it lets traders do more or less the same thing with cryptocurrencies. The platform is available for users in more than 200 countries.
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Decentralized finance and NFTs
Toward the end of the last decade, people needed a trustless and permissionless way to invest in cryptocurrencies. This led to the development of a new financial sector. Called decentralized finance (DeFi), this sector lets people anonymously trade and invest in crypto assets.
Non-fungible tokens (NFTs) have emerged as a popular investment instrument in DeFi. This is where platforms like OpenSea come in.
OpenSea is an NFT marketplace. Here, users can buy and sell NFTs using ether (ETH) as the main currency. NFTs are valued in and paid for in ether (ETH).
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HedgeUp (HDUP) is redefining on-chain investments
HedgeUp (HDUP) is unlike any other investment platform built since the birth of cryptocurrencies.
Unlike Crypto.com and Binance, HedgeUp (HDUP) users won’t be investing in crypto assets. Instead, the platform serves as a marketplace for alternative assets like valuable jewelry, rare beverages, precious metals, and exquisite artwork.
HedgeUp says its goal is to provide an avenue for investors in the crypto space to diversify into less volatile assets. This is why it is designed as an alternative assets investment platform.
To work, the platform leverages tokenization. This involves converting alternative assets into NFTs that can be traded and stored on the blockchain. The use of asset-backed NFTs is what sets apart HedgeUp (HDUP) from OpenSea.
HedgeUp’s asset-backed NFTs will allow for fractional investments. This means users can make investments starting with as little as $1, something that’s impossible to do on other platforms.
The project is currently running a presale of its token HDUP. Currently, in its third stage, this presale is the perfect opportunity to invest in the project for a cheap price of $0.020 per token.
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