My team sent this email today; resharing here as many members get info here.

Dear Sir/Madam,

Greetings! We are happy to note that the exit which we announced last month for one of our startups* has officially closed. Though it is just a 5X exit, Tekedia Capital along with our invested members agreed that it was the correct decision. We had modeled the potential terminal value of the startup, with more data from the industry, and we concluded that getting out was the right call. We will contact all invested members, on this startup, from next week.

Meanwhile, for the other startup* which we polled for a potential exit within the last two weeks, the data is clear: “NO, let us not exit”. We have dozens of members in this startup. From the 51 members who voted, 86.3% voted “No, let us not exit”. As a result, Tekedia Capital will not change our earlier “No” entry. (The data is attached above).

To our members who feel that exiting is the right thing, we want to assure you that staying, based on all indicators today, is the right call. Typically when we think an exit is necessary, we present reasons before members. In this case, a little patience will be strategic. More so, some members in the WhatsApp group have indicated interests to buyout others. All shares are restricted which means they cannot be transferred. For this, though, we can seek approval from the company Board to allow transfer since it does not change anything in the cap table since everything will happen within Tekedia Capital.

Finally, the free course for all Tekedia Capital members – Venture Investing and Portfolio Management (VIPM) – will now be held from July 3 to 29, 2023. Tekedia Institute, a sister company, which focuses on business education, will lead that. This postponement is necessary to understand why current learners in Tekedia Institute who are taking a similar course struggled with some analytical homeworks. The plan is to integrate the lessons learned to make sure VIPM delivers impact. All members would be updated accordingly.

*Go to the Board, and login for the startups here.

Regards,

Tekedia Capital Team

Apple on Tuesday announced a multibillion-dollar deal with Broadcom to produce new 5G radio frequency components in the US, marking a significant shift from the tech giant’s production expansion overseas.

The announcement follows Apple’s plan to spend more than $400 billion on domestic manufacturing, which will significantly curtail its manufacturing in foreign markets, especially China.

Per Qz, the Broadcom deal covers a range of 5G wireless connectivity components that include FBAR filters and acoustic resonators that enable iPhones to connect to 5G networks. As part of the plan, Apple will invest in production across a number of US cities, including Fort Collins, Colorado, where Broadcom already has a major facility, Quartz noted.

“We’re thrilled to make commitments that harness the ingenuity, creativity, and innovative spirit of American manufacturing,” Apple CEO Tim Cook said in a statement. “All of Apple’s products depend on technology engineered and built here in the United States, and we’ll continue to deepen our investments in the U.S. economy because we have an unshakable belief in America’s future.”

Apple is understood to have mapped out as much as $430 billion for investment in the US for the next five years.

Apple’s statement announcing the deal stressed the importance of 5G connectivity in consumer electronics, adding that the company is spending billions of dollars to develop the technology domestically, according Qz.

Though the US remains a huge manufacturing base for Apple with California alone holding more than 30 sites, the electronic device maker still does most of its manufacturing outside the US, with China being its largest base. The world’s most valuable company has also been expanding production of iPhone and Macbook hardware in India and Vietnam as secondary markets.

However, as noted by Qz, Apple’s move is part of a bigger plan by the US government to promote domestic manufacturing as the economic war between Beijing and Washington deepens.

US manufacturers have been under intense pressure to move most production back home from China. But in addition, Apple has blamed Chinese pandemic-era policies and riots at Foxconn factories for supply chain issues, according to Qz.

Apple’s move to India and Vietnam is understood to be in response to those concerns.

The $430 billion will include investment in silicon engineering and major chip manufacturing.

However, investment in 5G infrastructure is a significant move for Apple, as it may put the company in line to lead the 5G roll out in the US after it axed China’s Huawei. Apple has notably built devices compatible with 5G since 2020.

The move also underscores the willingness of big US tech companies to commit to Washington’s plan to boost domestic manufacturing of everything as the US-Chinese rivalry heightens. Qz noted that Cook announced last December that Apple would start sourcing its chips from a Taiwanese-owned Arizona factory as soon as 2024.

China is also implementing new policies that will hurt US companies operating in its market.

On Sunday, The Cyberspace Administration of China (CAC), declared the products of US memory chip company, Micron Technology, “a national security risk.” Micron’s products were thus banned from being used in critical infrastructure products.

The decision is understood to be in response to Washington’s recent policies geared toward protecting US semiconductor technology and national security. Given this development, there is no assurance that a major US company operating in China will not become the next victim of China’s retribution.

After Wednesday’s federal executive council meeting which happens to be the last cabinet meeting of this political dispensation, Mr. Festus Keyamo SAN, the minister of state for labour and employment in his closing address to President Muhammad Buhari raised a very controversial point which has got everyone talking. He after thanking President Buhari for appointing him and affording him the opportunity to serve as a minister educated President Buhari that though he is grateful to have been appointed and designated as a junior minister but “minister of state is an aberration to the constitution of the federal republic of Nigeria”. Mr Keyamo relied on section 147 of the constitution in driving home his point that Mr. Buhari committed a constitutional blunder by appointing Ministers of state.

Here are the  provisions of S147(1);

147. (1) There shall be such offices of Ministers of the Government of the Federation as may be established by the President.

Mr Keyamo insisted that according to sub 1 of this quoted section, the provision mentioned particularly that there shall be “Ministers of the Government of the Federation” and never Ministers of states or minister of the government of the Federation and ministers of the states hence where he is basing his argument that the appointment of some ministers as ministers of states is totally never provided for in our constitution. 

Well, reading S 148 together with S147 you will see that the constitution accords the president the discretion to appoint a minister and designate any portfolio he deems fit on that minister be it the portfolio of a full-fledged ministry or the portfolio of a junior minister. 

Section 148 provides thus; 

148. (1) The President may, in his discretion, assign to the Vice-President or any Minister of the Government of the Federation responsibility for any business of the Government of the Federation, including the administration of any department of government.

Mr. Keyamo, just in the bid to win his argument, tactically focused on S147 of the constitution but intentionally avoided making mention of S148 which gives the president the power to designate any minister to any portfolio that the president wants. 

It is as well important to note that we share similar arrangements with a country like the USA but in the USA instead of the moniker “Ministers” which we chose to call our executive cabinet members here, the USA call theirs “secretaries” and in the place of Ministers of state, the USA call theirs “undersecretaries” and it is all constitutionally provided and never unconstitutional as Mr. Keyamo claims.

Maybe Festus Keyamo is just giving a heads-up to the incoming administration that he was never happy to be appointed as a junior minister clamped under a senior minister by the Buhari administration, hence if this incoming administration is having the intention of appointing him a junior minister again they should die the idea or he is genuinely protecting the constitutional provisions as he claimed but if he is fighting for the constitution as he claimed and not for his personal interest, then the question will be why didn’t he raise this assertion four years ago when he was appointed as a “minister of state”, he would have turned down the appointment on the grounds that “Minister of state” is an aberration to our constitution then we could have taken him serious but he waited till his last official executive council meeting to make this known.