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Home Blog Page 4414

The Tony Elumelu’s “One African Entrepreneur’s Journey” Inspiring Message

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I had made a nice presentation in a Harvard Business School program, and students in Wharton Business School invited me to join a panel. As I traveled from Boston to Philadelphia, my mind was set to listen to the keynote speaker for the event. Then, the moment came, and Tony Elumelu began to speak. He had titled his keynote “Perception & Reality: One African Entrepreneur’s Journey”.

The title of the presentation was not typical. He was a businessman, a banker, a magnate, but NOT an entrepreneur, I reasoned. Yes, the word “entrepreneur” had been built under the construct of an aspirational vision of overcoming challenges, in the process of building businesses, to fix frictions in markets. But when a man or a woman becomes super-successful, a new nomenclature becomes necessary.  But the man is still using “entrepreneur” as he chronicled his beginning (the cowboy-34 year-old bank CEO), his ascension, and non-gravitational acceleration into the pinnacle of African business.

In Secondary Technical School Ovim (Abia State), we were taught Isaac Pitman shorthand (not offered in WAEC but my village heads hired outside tutors who taught us just in case for the future). I did not put a lot of effort into it, but nonetheless, I picked one skill: the ability to summarize any speech on the fly.  This was my summary of TOE presentation:

(1) You need a vision (2) Match that vision with strategy (3) Hire the right people (4) Test, validate and scale (5) Confidence (6) Be open-minded (7) Build a brand (8) Have balance (9)Think broad, Take Risks (10) Society matters:  “… he kept reminding the full-packed auditorium that if he could do it, that any of us could certainly do what he had done.” Read here.

(I will follow up later what happened after the publication and another lesson on business leadership)

Comment on Feed

Comment 1: So, a time comes when one outgrows being an entrepreneur?

My Response: Not really. But you would not expect a bank owner to say he is an entrepreneur. You never overgrow it of course. but I was not expecting it since most times, we use the word “entrepreneur” on the path to ascension, but when you have succeeded, we drop it. But when he used the word for himself, he reshaped my understanding of the practical real meaning of being an entrepreneur. Most times, we look at it to break at the attainment of financial success. But from his angle, it is usable as the pursuit of value through enterprise continues. Indeed, you can find success in banking, but you can become an entrepreneur in oil & gas and other sectors, as you begin to build to fix frictions in that space.

Comment 2: Entrepreneur for me is the business guy who refuses to acknowledge his ascension. Attaining business goals require periodic realignments, new business targets, new milestones to be met, new products to be tested. Thats why only men and women who consistently strive to better yesterday’s business accomplishments are termed Entrepreneurs.

My Response: Great insight there. This was indeed what TOE had in mind as he used “entrepreneur” instead of “businessman” which is typical

Ethereum Slightly Declines in Price After Release of January CPI Reports

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Since last month, the Ethereum Price has resonated in the fixed range spread from $1680 to the $1500 mark. With the recent sell-off in the crypto market, the Ethereum price has returned to $1500 support, trying to replenish the exhausted bullish momentum, $ETH is currently trading around $1549 per Ether.

However, the U.S. Bureau of Labor Statistics released January CPI as 6.4% causing mixed sentiment in the crypto market, with Ethereum declining in Price following Investors reactions on the latest CPI data.

The Ethereum coin daily time frame chart showed the formation of a cup and handle pattern. This is one of the famous bullish reversal patterns that showcase a sign of sustained recovery in the market. Under the pattern influence, the coin price managed to surpass a crucial horizontal price level that bolstered further price recovery.

This pattern formation consists of a U-Shaped Recovery which is the cup, followed by a minor consolidation or retracement called the handle. Thus, the ongoing consolidation in Ethereum price is the handle portion getting ready. By the pressure time, the Ethereum price trades at the $1509 mark with an intraday gain of 0.29%. However, over the past five days, the altcoin is hovering above the $1500 support trying to recuperate bullish momentum.

On a contrary note, a daily candle closing below $1500 will trigger a longer correction. However, The daily RSI Slope rising above the midline indicates the buyer’s confidence is returning to Ethereum. The long lower price rejection candle at $1500 indicates the buyers are obtaining storing support. The Ethereum price will trigger the aforementioned bullish pattern upon the breakout of the $1680 barrier. The intraday trading volume in Ether is $10.8 billion, indicating an 18% gain.

Apparently, The U.S. Bureau of Labor Statistics just announced January CPI as 6.4%, which is higher than the expected 6.2%. Just after CPI data was released, the Ethereum price showed huge price fluctuation, but by press time registered a 3.3% intraday gain.

Mike Konczal, Macroeconomic Analyst at RooseveltINST opines that the Jan ‘22 CPI report is Fascinating, lot going on under the hood you might not see from the headline numbers. After seasonal revisions, Inflation looks stuck in a 4-5% range, between where it was (6-7%) and its target, but there are cautious and optimistic signs underneath.

Over last several decades, core goods inflation is basically near 0 percent over time. This was a big argument, even from Powell, for ‘transitory’ in 2021 and onion now – with time, core goods inflation would settle back near zero. But what if it doesn’t, at least in 2023?.

However, as long ETHEREUM’s price sustains above $1500 support, the above-mentioned bullish pattern will remain valid, and so does its potential to raise a bullish rally above $1680. Interestingly, Polygon zkEVM Mainnet is the next chapter of Ethereum scaling, the Mainnet Beta for Polygon zkEVM is set to launch on March 27th, 2023. Polygon zkEVM is suitable for various use cases; DeFi applications, NFT, GameFi, and Enterprise applications, as well as payments any Dapp that is compatible with EVM can be deployed on zkEVM.

Trespass as established in Entick V Carrington

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On 11 November 1762, the King’s messengers; James Watson, Thomas Ardran, and Robert Blackmore led by Nathan Carrington, while acting on the instructions and orders of Lord Halifax, the secretary of state to the king broke into the home of Sir John Entick, a famous writer, who constantly write and publish seditious and defamatory things about the government.

The messengers broke into his home with “force and arms” and spent over four hours ransacking through his properties and searched all the rooms and destroyed some of his personal belongings in the process and then took away 100 charts and 100 pamphlets.

John Entickson sued the king’s messenger for trespass claiming £2000 in damages. In the king’s messengers’ defence, they claimed that they were duly sent by the government through the written warrant issued to them by the secretary of state to go and conduct a search in the plaintiff’s house, hence why they cannot be held liable for trespass.

The court held in the favour of the claimant holding that the secretary of state, Lord Halifax had no statutory rights to issue warrants of search, therefore, the warrant purportedly issued to the defendants was invalid and their action of breaking into the claimant’s house amounted to trespass.

The matter was presided over by Lord Camden, the Chief Justice of the common plea, while in his obiter the Lord justice made the famous pronouncement which has come to found the grounds and the rule of law as relating to trespass in the English common law, he stated inter alia, thus;

The great end, for which men entered into society, was to secure their property. That right is preserved, sacred and incommunicable in all instances, where it has not been taken away or abridged by some public law for the good of the whole. The cases where this right of property is set aside by private law, are various. Distresses, executions, forfeitures, taxes etc are all of this description; wherein every man by common consent gives up that right, for the sake of justice and the general good. By the laws of England, every invasion of private property, be it ever so minute, is a trespass. No man can set his foot upon my ground without my licence, but he is liable to an action, though the damage be nothing; which is proved by every declaration in trespass, where the defendant is called upon to answer for bruising the grass and even treading upon the soil. If he admits the fact, he is bound to show by way of justification that some positive law has empowered or excused him. The justification is submitted by the judges, who are to look into the books; and if such a justification can be maintained by the text of the statute law, or by the principles of common law. If no excuse can be found or produced, the silence of the books is an authority against the defendant, and the plaintiff must have judgment”

The above obiter by Lord Camden also later became viewed as a general principle of restrictions of the powers of the government, hence; “the state may do nothing but that which is expressly authorised by law” this implies that the government must have the legal authority to interfere with the rights of an individual and cannot simply assert state necessity as a justification.

As a rule, established by the above case, if a defendant enters a claimant’s property without being invited by the owner of the property or lawful excuse or legal warrant, that defendant has committed a trespass against the claimant which is actionable in tort; it does not matter if the defendant is a law enforcement agent acting in the authority of the government, once it is established that the person in question has entered a property without a lawful excuse or a legal warrant, trespass has taken place.

Reviewing Past Crypto Airdrops and How to Position for Future Gems

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Crypto Airdrop is a promotional activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. ENS Probably was the first airdrop that really kicked things off in the land of NFTs. The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS’s job is to map human-readable names like ‘alice. eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes and metadata.

A crypto airdrop is a promotional activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to spread awareness about the cryptocurrency project and to get more people trading in it when it lists on an exchange as an initial coin offering (ICO). (investopedia)

Before the airdrop, most people thought securing a name on the blockchain was reserved for overly passionate ETH maxis, this changed on November 8th 2021. Anyone who registered an ENS domain name before the 31st of October, 2021 was able to claim ENS tokens. The airdrop was worth around six figures depending on your allocation size and exit price— there have been discussions about a second airdrop on their forum.

The SOS claim went live on Christmas Day, everyone was talking about it on twitter as it was a much-needed morale boost during a boring time for NFTs. The way it calculated the size of your airdrop was by looking at your Opensea activity.

It took two key metrics into account:

  1. i) Amount of dollars spent on Opensea
  2. ii) Number of Opensea transactions

As you can see, for many this was a significant amount of money.

LooksRare was an attempt to take down the 500 pound gorilla in the land of NFTs, Opensea. They came onto the market Jan, 2022 blazing with new features like collection offers and lower marketplace fees.

On top of that, you could also stake your $looks to earn a portion of the platform fees. User, creator and platform incentives aligned, sounds good right. The airdrop’s value wasn’t bad either —Many people received $looks worth north of $10k.

Here’s your 3-step game plan for all future airdrops

i) Airdrops usually peak a few days after release (maybe don’t sell right away)

ii) Airdrops go to 0 long term (don’t hold long term)

iii) Profits are rotated into NFTs (buy NFTs with upcoming catalysts).

As always the most valuable thing you can gain is experience. Take the trade, test every theory and try to learn something each time. Ultimately, developing your gut instinct will be more valuable than anything you have read.

Falana Scolds CBN for Disobeying Supreme Court Order on Naira Swap Policy

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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

Human rights lawyer, Femi Falana, SAN, has called the Central Bank of Nigeria (CBN) out for disobeying the ex parte order issued by the Supreme Court last week, restraining it from enforcing the February 10 deadline earlier set to phase out old N200, N500 and N1,000 notes, following their redesign.

The central bank had on Tuesday announced that the old notes have ceased to be legal tender despite the Supreme Court’s order, prompting questions about the application of rule of law in Nigeria.

The CBN governor Godwin Emefiele said on Tuesday there is no need to shift the deadline because the over-the-counter payment adjustment made early this month is mitigating the scarcity that has characterized the naira swap policy.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

“There is, therefore, no need to consider any shift from the deadline of February 10,” Emefiele said during a visit to the Ministry of Foreign Affairs to discuss the monetary and currency redesign policy.

Emefiele said this despite the assurance of the Attorney General of Federation (AGF) Abubakar Malami that the federal government will obey the ex parte order in respect for the rule of law.

In his response to the CBN decision to disobey the Supreme Court’s order, Falana scolded the apex bank, saying things like that only happen in banana republic. He said that during a live interview on Channels TV’s ‘The 2023 Verdict’ on Tuesday, adding that the central bank wouldn’t disobey the Supreme Court where rule of law exists.

“In a country where the rule of law operates, once the Supreme Court has determined a matter or given an order, it is expected that all and sundry – everybody – will comply with the order.

“[A] statement was credited to the Central Bank that since it was not a party to the case, it’s not going to comply with the order. I thought that could only happen in a banana republic.

“I expected the Central Bank to have issued a statement following the order of the Supreme Court: ‘all actions are stale until the 15th of February,” he said.

The federal government is notorious of flouting court orders, setting a precedent believed to have emboldened others.

Falana said that the law needs to be invoked to deal with those who are deliberately flouting the orders of the court and sabotaging the rule of law in Nigeria.

“For me, an example has to be made this time around, so that nobody will feel that he’s above the law in our country,” he said.

Recently, Nigerian courts have committed several prominent persons heading big institutions in the country, including the Inspector General of Police and the head of the anti-graft agency EFCC, to prison for contempt of court. Though their committal was later set aside, the development signals a shift from the culture of impunity that has ridiculed rule of law in Nigeria for years.