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Home Blog Page 4420

Nigeria Must Fix The Public Sector To Advance Economically

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When an industry cannot attract some of the finest young people in a nation, that industry fades over time. In the 1960s and 1970s, the public sector in Nigeria attracted some of the brilliant young people in the country – and those minds architected a vision for the nation. By the 1990s, the banking and oil & gas sectors had taken over, sapping the public sector dry as they cornered the bests. In the 2010s, the telecom sector finished the game.

Today, you will struggle to see most top 5% graduating students from  any major university in Nigeria working in the public sector. Check your graduating class and compare!

Our challenges are multifaceted. Do not think we can just overcome them with new policies. Nigeria has great policies but we struggle on implementation and execution. And the reason is clear: the government does not have the capacity to execute most of its policies because the government does not have A-teams.

Have you visited your local government headquarters? What of the state secretariats? Can those offices compete for top talent? If they cannot, the implication is that your roads, clinics, and everything they’re to supervise will underperform.

I maintain this position: until Nigeria can elect a leader who can inspire young people to see a future in working for the government, we will not reverse this fading trajectory. You do not abandon the bottom of the class for the government, and tomorrow complain that nothing is working (this is not to say that the government does not have brilliant minds; I am using statistics here: the bulk of the workers do not offer value).

Get the point: Nigeria needs a leader who will inspire the future and attract that future to execute the right policies.

Comment on Feed

Comment 1: Unfortunately, for me, it was the A team in the 70s that ruined this country. The system trained them to feel entitled to public resources, they wanted more and more until everyone was hustling for his/her own shares. Nigeria produces one of the worst educated people on earth.

The same A team started sending their children abroad to get education, seeing it cost more, and wanted more public funds to fund the fees. These children get educated and refuse to come back, except of course they see opportunity here to continue to milk the system.

The A team of the 60s and 70s killed the country and blamed the GenZ for not being successful.

Given, they were smart individuals but morally bankrupt. They ripped a system that was innocent. I know a bank that went bankrupt in this country because the executives stole it dry and started their own bank that still exists till today. I know this because my father worked in the bank that went bankrupt. He was without a job for years.

Same way this generation is also making victims of innocent Americans and will make it difficult for future ones to even relate easily with them. The difference was that Nigeria was green then with so much potential.

It was a generation that got education basically to survive and not to provide solutions, or impact their world positively.

They got into the public sector and crippled it.

Leadership, as you have opined, is desired now to manage the not so educated ones who at least can be manipulated to achieve desired results.

My Response: The 1970s did not destroy Nigeria. What destroyed Nigeria is that Nigeria is unable to attract its smartest people to the public sector. In a graduating class of electrical and mechanical engineering from Ife, UNN and ABU, the Nigerian Railways was sure of getting quality 80% ready to serve -and the corporation was sure of attracting the top 5%. From Nitel to Waterboard to NEPA, etc those guys delivered. And we ran rail systems which worked.

But later, those agencies could not attract the best and suddenly those systems could not be maintained and they collapsed. Without picking your comments one by one, statistically, less than 0.1% could afford to send their kids abroad because Nigerian universities were just good and the money required was not there (one director sending a son to the UK when 1,000 staff under him had kids studying in Nigeria). When I was in FUTO (1998), I had schoolmates who were Indians, Europeans, etc. So, while some sent their kids abroad, that was insignificant.

There is no doubt that coups distorted the equilibrium system. There is no doubt that the next generation could not maintain systems manned by the former (see railway, roads, etc). Over time, there was an inflection point: the best went into banking, oil & gas and telecom. The implication is that Nigeria still produces great people. The issue is that most have no interest in the public sector. In my class in FUTO, none of the top 5% is working for the public sector (check your own class); that is the issue. Yes, I am not saying we’re not producing smart guys, my point is that most are not working for the public!

Comment 2:You don’t need the best minds. You need the best systems.
Public sector need consistent and stable administration.
You don’t have to best accountant to teach in a universtiy.
But, the university must be the place where you can create good accountants.
If you focus your strategy on getting the best talent. Especially in Nigeria, you would lose out on the competition because the public sector is not designed for top performers.
That is like putting gifted children in a regular school, it’s a disservice to not only the student but to the school as a whole.

My Response: you point is convoluted. Your assumption is that the systems are static. Understand that every generation has to build its systems, including supporting already existing ones. The public sector cannot build great systems without talent. When the public sector was attracting the best, banking, etc struggled. But when the inflection happened, those minds went to build the banks, telcoms and oil & gas systems. And with the public sector left without A-teams, it folded. Nigerian Railways did not collapse because of lack of train cars; it collapsed because the best engineers left!

Check the top 5% of your class, check where they work today. It is unlikely that more than 50% of them work for the public. If that is the case, building the systems for today will become challenging for public.

Yes, I am not saying we’re not producing smart guys, my point is that most are not working for the public!

Comment 3: Prof Ndubuisi We’re yet to see your analysis on Nigeria election.

My Response: We decided not to make it public. So, I am not making it public. But those in our private client services have copies already to drive their business decisions and risk modeling. Largely, I have realized that sharing intellectual things here may not help many. Unlike in the past where people asked for clarifications on things they did not understand, Nigerians have changed: they just curse, abuse, etc.

Comment 3R:  It is true. I remember you promised to make your prediction open and to be made opened around December. Is there any hint for us here that we can just run with as a guide? We will appreciate it. ?

My Response: I stopped sharing deep intellectual things on Facebook because most of the users surprise! I deleted the post where I “apologized” to Buhari for my non-understanding of his political philosophy. I shared the same post on LinkedIn and there are close to 416 comments (close to 90,000 impressions) and largely 100% are constructive even though some do not agree with me (but no abuse on the President).

But on Facebook, 29 commented and more than 16 were abusing the president: “you did not live in Nigeria to understand our suffering”, “Buhari is evil”, “Buhari is wicked”, “you support evil on people”, etc. I deleted the post because the comments made no sense. Buhari demands respect and people cannot use my feed to abuse the president. If you have issues with him, handle those on your feed and none mine.

Our progress in Blockchain and Web3, and why we are not nearly as ‘still early’ as we like to say we are.

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A mellow ramble for a Friday Evening (from where I sit) that isn’t going to break any brains!

Increasingly, I am becoming bemused by a common construct that proponents of Blockchain and Web 3 follow, when creating content.

Usually a shallow few lines, thin on detail ending ‘We are still early’.

So, I started to think about that a bit, because it doesn’t get a hammering or meet criticism, so it must be a fairly commonly held view.

Blockchain was invented by a University of California at Berkeley doctoral candidate named David Chaum.

He outlined a blockchain database in his dissertation, “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups.” That was in 1982: 27 years before Bitcoin.

In my feature illustration, you will notice there is nothing about blockchain at all. I’ve depicted a few significant milestones in the development of the ‘automobile’.

The building block of the automobile was the Internal Combustion (Gasoline) Engine. So we have three steps of progression – from the engine, through to a handmade car, (Karl Benz) and on to the first mass produced car, the Ford Model T.

The equivalent trajectory to Web 3 is first Cryptography – sort of the ‘engine’ of Blockchain, then Blockchain, and on to Web 3.

Bear in mind that this comparison is enormously slanted to benefit Web 3. Automobiles manufacture is an energy intensive, space intensive, material intensive physical process. Web 3 infrastructure is achieved through computing and virtual networks.

It is a little bit like trying to compare the lifespan of a human with the lifespan of a fly. The significance of a day in the life of a fly profoundly exceeds the significance of a day in the life of a human.

Its conservative to say we should expect 10 years worth of development advance in blockchain technology in each one year of development advance of automobile.

The first known evidence of the use of cryptography was found in an inscription carved around 1900 BC, in the main chamber of the tomb of the nobleman Khnumhotep II, in Egypt.

An exasperating factor is there were no supporting technologies in the early part of automobile development. Between Chaum 1982 and Bitcoin 2009 we have seen the arrival of PCs, The Internet, and the Smartphone.

We have seen the appearance of ‘higher level’ (particularly ‘OO’ and scripting) languages making coding a lot easier, which has included C, C++, Visual Basic, C#. Java. Javascript, PHP, Swift, Python, Ruby and Objective -C.

 

Newer languages have grown from them post Bitcoin, but it is clear Blockchains didn’t miraculously arise amidst a technology vacuum.

CEXs in particular have shown us the dangers of centralism in the mix… the problems  with FTX, Luna, Celcius, Three Arrows Capital etc, and now the SEC is taking interest in Binance.

Chart shows the contagion and vulnerability dynamic in the wake of the collapse of Three Arrows Capital

So what is supposed to deliver us ‘Web 3’ has an excess of 4000 year development path, and a 10/1 minimum time value advantage over the automobile trajectory. The automobile has got from ICE invention to Mass Production in 101 years (10/1 adjustment = 10.1 ‘Blockchain’ years!)

4000 years vs. 10.1 years, Web 3 as an ‘end to end decentralized UX’ nowhere in sight and probably more hurt to come from points of centralization in user journey.

Perhaps if the combination of ‘communities’ and corporate actors can’t get in agreement and get things done, we will have to bring in Chat GPT and finish the job!

Because…No…. We are ANYTHING BUT still early!

 

9ja Cosmos is here…

Get your .9jacom and .9javerse Web 3 domains  for $2 at:

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All reference sites accessed between 17/02/2003

redhat.com/en/blog/brief-history-cryptography

kriptomat.io/blockchain/history-of-blockchain

www.timetoast.com/timelines/119691

i.pinimg.com/originals/75/66/14/756614b545c0a0b7da65910bf18dd223.jpg

mark-havens.medium.com/the-top-programming-languages-of-the-2000s-a-retrospective-a14c894f1d42

Tekedia Capital Works With Many Financial and Investing Clubs; Join Through Them

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We get this question a lot: I do not have the minimum  required amount to invest  in startups via Tekedia Capital, how can I still participate? Answer: many investment clubs, financial clubs, angel clubs, etc pool resources from members, and invest as a unit via Tekedia Capital Syndicate. Through that process, even with $500 or Naira equivalent, you can participate, and co-own a piece of Africa’s finest startups. There are many of these entities in our business; ask.

We are starting the next cycle very soon; learn more about Tekedia Capital here .

Tekedia Capital provides a trusted and secure platform for individuals, institutions and investment groups anywhere in the world to invest in technology-anchored companies with focus on Africa.

 

Ojebode, UI Foremost Communication Don, Retires from the University After 23 Years

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Professor Ayobami Ojebode, the University of Ibadan’s foremost development communication scholar, has retired from the university. Professor Ojebode communicated his voluntary retirement after 23 years of service to a group of past students and mentees who are members of the African Early-Career Researchers’ Academy. Professor Ojebode established the Academy for the purpose of scouting early-career academics and independent researchers for sustainable mentorship.

“On 15 February this year, I clocked 23 years on my job in the University of Ibadan. Roughly ten of these 23 years I had the privilege of spending as full professor, and 9 of it I spent heading my department,” Professor Ojebode said.

Professor Ojebode added that “In November 2022, I notified the University of Ibadan authorities of my intention to voluntarily retire from the university, thus commencing the mandatory 6-month notice I had to give my employers.”

During his tenure as the head of the Department of Communication and Language Arts, 41 PhD graduates were produced while 13 undergraduate students graduated with a First Class.

On September 5, 2019, Professor Ayobami Ojebode delivered his inaugural lecture titled “In search of muted voices for the mirage named development.” Our analyst reported the lecture and established his academic life from 2000.

Apart from his significant contributions to the academic community, Professor Ayobami Ojebode won individual and group grants for the conduct of research that led to significant impacts in Africa and other continents. Professor Ojebode was part of a team of researchers that won a £150,000 grant for the production of reports that enhance Africans’ digital rights.

“When I picked up the job in 2000, I realised I had around 40 years of working life ahead of me. And I started nursing this quiet ambition of splitting my career in two: spending the first half in UI and the second half elsewhere. As time grew, the ambition took root and momentum, and I started sharing it with some of you – sometimes in the form of jokes.”

“For now, I will be working as a researcher and research manager in the development sector and will be based in East Africa,” he announced.

“I am grateful to you all for being part of my story and to God for all I accomplished. I surveyed the last 23 years and what stand out is not publications, salaries, trips, public lectures but faces – faces of people who enriched me and sharpened me in diverse ways – especially my students. And suddenly the things we thought mattered no longer do; only humans last.

I want to apologise to anyone on whose toes I stepped while I literally hurried my way through the university and academic system. The trespass, most likely, was not deliberate.”

Select Encomiums from Past Students and Mentees

Gifty Appiah- Adjei, Ghana

Coming from Ghana to study at Ibadan, I was filled with many uncertainties. However, my first encounter with you erased lots of my “unfounded ” uncertainties. I can’t thank you enough for making me a “Ghagerian”.

Abiodun Adefioye, Nigeria

This is a double on tongue, as they say! But one cannot but be happy that your moving on is to chart a new course, which will help make the grazing field wider, broader, and richer for the many budding scholars you’ve been mentoring over the years. And so, for the sake of us, we can only bid you God’ speed in this new endeavour, while we revel in the fact that you’re only an email, a phone call or a WhatsApp message away! Congratulations, Sir!

Ogunlade Steve, Nigeria

People like you are mobile academia. You can’t just remain at a point. You’ve got to move. Our paths crossed when I came for Master’s at UI. You made research methodologies so simple that up till now, I still consult my CLA 701 for further research. You are a teacher per excellence. Human relations, superb. To you, giving out fish is never in the best interest of students but teaching how to fish. When i first met you during our CLA class, I was attracted to your class and was always looking forward to the next.

Congratulations as your plans are working out. It is indeed good to plan. May God make your second half of your career more glorious than the first.

Larissa Schulte Nordholt, Holland

Congratulations on this new and important journey! Very grateful to have been a part (albeit a very small one) of your time at Ibadan – you certainly made my PhD journey that much more enjoyable.

The end of an era and the beginning of another incredibly exciting journey. Which I have no doubt will be filled with astonishing success, breaking down barriers, and blazing a trail of empathy and competence.

Nwachukwu Egbunike, Nigeria

Many thanks, Professor Ayo Ojebode for being a fantastic human being. A man who has consistently nurtured and built others, by bringing out the very best in them. Thank you for being a quite dependable and witty mentor. A man with a large heart. God’s speed, grace and ineffable blessings on your new career path. Only God almighty can reward you for investing a great portion of your life in moulding many generations of communication students in Ibadan.

Oba Amoyinmade Aikurawo Aniyi, Obaleo, Nigeria

Congratulations, Professor. I have always feared we will lose you to the global community some day because it has always been clear Nigeria can’t contain the magnitude of your essence.

I thought I could see you yesterday after about five years but you had moved.  God bless your new endeavour.  The good legacy is that, for all of us your mentees, we are all Ojebodes because you are etched in our hearts forever.

Thank you for your humanity, humility and honour.

Platypusdefi Hacked on a $41.5M Smart Contract Exploit

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Platypusdefi new stablecoin has been hacked for approximately $8.5 million dollars plus another $33 million $USP today. In the two hour old Platypus hack, the attacker deposited 44 million, borrowed 42 million, and then used the emergencyWithdraw() function which happily gave the attacker the full original deposited funds back – no deductions for the borrow.

However, PlatypusDefi confirmed the hack on a recent Twitter post. Platypus Defi offers two main products:

AMM where users can deposit stable coins and receive LP tokens.

Algorithmic stablecoin that’s pegged to the US dollar.

In 2021, bEarn Fi on the BSC chain lost $11M dollars on exactly same function emergencyWithdraw(pid). It’s a pity that people made the same mistake again in 2023. However, on chain sleuth ZachXBT posted on microblogging platform Twitter, that he’s traced the recent Platypusdefi hack funds to Retlqw a known scammer.

Hi retlqw since you deactivated your account after I messaged you.

I’ve traced addresses back to your account from the Platypusdefi exploit and I am in touch with their team and exchanges.

We’d like to negotiate returning of the funds before we engage with law enforcement.

ZachXBT was able to trace this hack exploits with ENS ‘retlqw.Eth address linked to Opensea and Twitter. Apparently, following intense community calls— Tether USDT blacklisted the stolen Platypusdefi funds with many degens asking how truly decentralized is the USDT stablecoin. In my honest opinion Tether is trying to secure the space and redeem itself from various allegations of auditing imbalances in the past and also not to have a face off from regulators for not taking appropriate measures to securing investors funds.

OxCygaar, a Software and Blockchain Engineer explains in-depth how the scammer exploited the USDC pair, he wrote “The hack starts by taking a flash loan out from Aave for 44 million USDC. For those that don’t know, a flash loan is a temporary loan that needs to be paid back in the same txn.

The exploiter then deposits this $44M into the Platypus USDC pool. This is one of the pools that makes up the Platypus AMM. In return, they receive $44M of Platypus’ LP token called LP-USDC”.

They then take the 44M LP-USDC and deposit that into a staking contract called MasterPlatypusV4 (based of Sushi’s MasterChef contract). Platypus allows LPs to borrow against their staked LP tokens (docs below).

The hacker used their deposit to borrow ~41.8M USP tokens. The 41.8M figure is the max amount they’re allowed to borrow against the 44M LP-USDC they put up. So the exploiter now holds 41.8M USP tokens and has 44M LP-USDC staked in the MasterPlatypus contract.

Everything up to this point has worked as intended. However, the hacker then calls the emergencyWithdraw function in the MasterPlatypus contract. This is where things break. You’ll notice on line 583 that the master contract calls PlatypusTreasure to see if the user is solvent and allowed to withdraw their staked LP-USDC.

The PlatypusTreasure code will in turn call MasterPlaytpus to get the amount of tokens staked to determine solvency. However, because the user’s staked amount is not yet set to 0 (line 599 of master), it appears that the user will still have 44M LP-USDC staked. This makes the PlatypusTreasure contract think that the user is solvent, which allows the emergency withdrawal to go through.

The rest of the exploit is straightforward: they swapped the LP-USDC back to USDC and returned the 44M USDC back to Aave. They then swapped as much of the 41.8M USP token for other stable coins as they could ($8.5M USDC/USDT/BUSD/DAI). The hacker still has 33M USP tokens.