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Home Blog Page 4428

Nigeria in the Age of Japa-Driven Demarketing Strategy

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Our analyst has repeatedly stated that Nigeria will not end as a country if God is not ready to end the world. Nigeria, like other countries that have gone through pre- and post-independence eras, will survive any challenge thrown its way as long as resources are available and patriotic citizens are collectively elected to be leaders to manage the resources wisely. Our analyst has also stated that Nigerians have the right to migrate both internally and externally in search of better opportunities. Those who have left the country, on the other hand, should stop marketing and promoting the country using negative strategies and tactics.

Demarketing, as defined by Kotler and Levy in their 1971 publication in the Harvard Business Review, is the management of excess demand for goods, services, experiences, and other products by their current or future markets. According to the scholars’ definition, the term is not necessarily negative in the field of marketing. However, in the industry, it has come to represent downplaying qualities, benefits, and other values found in a product in order to drive existing and potential customers away.

As previously stated, migration is an unavoidable part of human life. However, as demonstrated by the two hypothetical cases presented below, demarketing one’s country while living in another country for a better life is a strategic threat to national security and a breach of loyalty. Promoting Nigeria’s values and available opportunities would help those who remain to advance their fortunes.

The First Scenario

Yusuf Ade Ebuka is a Nigerian who has recently moved to a developed country. While his experience in his new country has been positive, he has been dismayed by the negative views he has heard about Nigeria. Many of his new acquaintances have made assumptions about his homeland that are largely inaccurate and outdated. This has caused Yusuf to become somewhat defensive about his country and to speak out against any demarketing of Nigeria.

When asked about his homeland, Yusuf is quick to point out that Nigeria is a vibrant and diverse country with a rich culture and history. He is eager to share stories about the food, music, and people of Nigeria, and he challenges the stereotypes that people have of the country. Yusuf also uses his personal experiences to paint a picture of a Nigeria that is much more than what is portrayed in the media. Yusuf is passionate about marketing Nigeria and does so through social media, blog posts, and personal conversations. He is determined to show the world that Nigeria is a beautiful and welcoming country with a lot to offer. Yusuf is also an advocate for Nigerian immigrants living abroad, as he knows all too well the struggles, they face in adapting to life in a new country.

The Second Scenario

Danladi Emeka Adebayo was born and raised in Nigeria, growing up in a small village in one of the poorest states. Despite the difficult circumstances, Danladi was determined to make something of himself and worked hard to get an education and eventually earn a scholarship to study in the United States.

At first, Danladi was filled with excitement and optimism when he arrived in the United States. He had the opportunity to experience a new way of life and was thankful for the chance to improve his prospects. However, after a few years of living in the US, Danladi began to experience something of a culture shock. Everywhere he looked he was confronted with the stark contrast between his home country and the developed nation he now lived in. The more time Danladi spent in the US, the more he began to feel frustrated and angry with his homeland. He would often compare the two countries and find himself shaking his head in disbelief at the state of Nigeria. He began to express these feelings publicly, criticising the country and its people. He even went so far as to suggest that those living in Nigeria were better off staying where they were and not trying to leave for a better life abroad.

SEC Classifies Binance Stablecoin ‘BUSD’ as an ‘Unregistered Security’

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The SEC has labeled BUSD as an “unregistered security”, and is suing its issuer, Paxos. But how on earth is a STABLECOIN considered a security, when it clearly doesn’t meet the Howey Test criteria. No one has ever had “the expectation of profit” when buying $BUSD.

The SEC’s lawsuit against Paxos, the issuer of $BUSD, highlights the ongoing regulatory uncertainty in the cryptocurrency space and the need for clarity and consistency in the treatment of cryptocurrencies and stablecoins. Regardless of whether stablecoins like BUSD meet the criteria of the Howey Test, it is important for the industry to work with regulators to establish clear guidelines and regulations for the use and issuance of stablecoins.

Adam Cochran tweeted on microblogging platform Twitter that; Howey test = precedent for investment contracts. “Securities” is a much broader category defined by the 1933 Securities Act.

Honestly, if the SEC wants to, with how vague the Act is, it’s fairly easy to put anything under it. note, debenture, evidence of indebtedness, certificate of interest, collateral trust certificate, certificate of deposit, rights, or in general any interest or instrument known as a security, or certificate of interest or participation in, or right to.

The fact that these assets hold underlying treasuries, makes them a lot like a money market fund, exposing holders to a security, even if they don’t earn from it. Making an argument (not one I agree with, but a reasonable enough one) that they can be a security.

However, Changpeng Zhao, CEO at Binance, insisted on Twitter that “BUSD, even though called Binance USD, is NOT issued or redeemed by Binance. BUSD is issued and redeemed by Paxos. And funds are”. Paxos has been directed to cease minting new BUSD by the New York Department of Financial Services (NYDFS).

Paxos is regulated by NYDFS and BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, and manage redemptions. Paxos also assured us the funds are SAFU, and fully covered by reserves in their banks, with their reserves audited many times by various audit firms already.

“IF” BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such. Binance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc. Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm.

What about the reserve funds of binance, There are more BUSD allocated in the exchange than that of BNB so what happens if BUSD dumps? More than 16% of Binance reserve was allocated to BUSD the PoR was earlier displayed on CoinMarketCap but not anymore.

In a different twist, the Legendary “Bullish DTMP Pattern” has just appeared for the first time on the charts since 2020. The BDMP Pattern is characterized by;

  1. A large dump usually preceded by months of declining price

  2. Complete reduction of volatility that appears as near perfect sideways or crab price action

  3. A large pump that engulfs the previous dump price action that came right before volatility obliteration

  4. A slight pullback that does not breach below original dump pattern

  5. If 1,2,3 and 4 hold true, the next phase of this pattern is a breakout to the target (for this setup specifically, is around $27,000 per Bitcoin.

BNB, Matic and Cosmo Plummet as BUSD Depegs following SEC’s Overhang

Meanwhile, following the recent Security and Exchange Commission [SEC] fiasco classifying BUSD as an unregistered security, the price of BNB the native token of Crypto Exchange Binance has tanked in the red, few hours after the news of SEC suing Paxos Issuer of the BUSD Stablecoin. Currently BNB is trading at $288, a negative of -10% compared to its early Monday price of $321 while the Binance Stablecoin BUSD Depegs to $0.96/7 range on the four hours chart stretch.

Circle, the issuer of USDC, ratified the Binance-pegged USD— BUSD months ago. Blockchain is transparent they say Zhao knows it and allowed the opposite anyways, the outburst on Paxos is precipitating a bank run on Binance.

Polygon (MATIC) dropped by as much as 10% to start the week, as the global cryptocurrency market cap plunged on Monday. Following a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 earlier today. Today’s move saw the token fall to its lowest level since February 1, when MATIC was trading at a bottom of $1.06.

Cosmos $ATOM was another notable mover on Monday, as it also dropped to a multi-week low. ATOM/USD fell to a floor of $12.85 earlier in the day, which comes less than 24 hours after trading at $13.94. Monday’s drop in price sees ATOM trade at its weakest point since January 30, when the token bottomed out at $12.78.

Interestingly, the ATOM Prop95 proposal has passed, the proposal introduces a Grant Program for the Cosmos Hub —ATOMAccelerator. The primary goal of the Program is to drive value to ATOM by providing an alternative source of funding.

Tekedia Live topic- design thinking and innovation

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At 7pm WAT on Tuesday, we will continue our academic festival with the zen-master of design thinking and #innovation when our Faculty, Aderinola Oloruntoye, of SAP, takes us into an excursion on how to design and innovate. Zoom link in the Board.

Tekedia Institute Mini-MBA >> learn from the best

Registration continues here.

Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc, and is delivered by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from Feb 6, 2023 to end May 6, 2023. Tekedia Institute, Boston USA, awards certificates of achievement at the end of the program.

2023 Nigerian Elections: The Three Boys and Propagandistic Discourse Game

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When I laid my hand on Boy George, a special magazine produced by unknown Lagos politician(s), in 2003, I was not sure of what I was reading for many days. Then, my understanding and how to detect propaganda as a student of Mass Communication were limited. For days, I wondered how people or organisations could so be coordinated in producing a magazine primarily to construct and deconstruct someone’s personality and previous activities for gaining a large share of public mind ahead an election.

The magazine was packaged to the extent that uncritical minds would absolutely believe every word, image and illustration employed to demarketing Chief Olabode George of the People’s Democratic Party.

Several years later, with improved knowledge and skills on how to detect polluted messages associated with politics and governance, I realise that propaganda and politicians as well as their supporters are inseparable. Ordinarily, if children were asked in an English essay writing to talk about the boy George, they would have used different flowery words, images and illustrations to portray personality and activities of the man who was severely battered in the magazine.

While I a magazine with over 50 pages was produced to manipulate people’s perception about Chief Bode George 20 years ago, more advanced tools are now being used for creating and disseminating similar messages about the three leading presidential candidates. Manufacturers of propaganda messages about Senator Bola Ahmed Tinubu, Mr Peter Obi and Alhaji Atiku Abubaker are more succeeding their trade because of improved Internet penetration and high social networking users, which were not in existence in 2003.

A typical submission from propagandists is like Nigeria is a nation with a rich history, deep culture, and a bright future. However, the nation faces many challenges, from poor infrastructure to corruption. Now, the nation is faced with the challenge of choosing its next leader, and Senator Bola Ahmed Tinubu, Alhaji Atiku Abubakar and Mr Peter Obi have stepped forward to take on the challenge. Unfortunately, Tinubu is not the right choice for Nigeria. Unfortunately, Atiku is not the right choice for Nigeria. Unfortunately, Obi is not the right choice for Nigeria.

They are puppets for the elite, with their policies closely aligned with the current government. They have proposed policies that will benefit the wealthy and powerful, but will do little to improve the lives of the average Nigerian. Their economic policies are aimed at benefiting the rich and powerful, while neglecting the needs of the poor and middle class. They all have a history of supporting policies that are detrimental to Nigeria’s environment. They all have a history of cronyism and nepotism.

From September 28, 2022 that campaign activities have started till February 13, 2023, the candidates’ competencies and capabilities to govern Nigeria have been discussed using these discourses. For the people who have little understanding of how politicians, political parties and their supporters use propaganda as a tool during campaign, it would be difficult to make informed decision on February 25th, 2023.  In the words of Garry Kasparov, “The point of modern propaganda isn’t only to misinform or push an agenda. It is to exhaust your critical thinking, to annihilate truth.”

PDP Cancels Campaign Rally in Rivers State

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Amid incessant attacks on supporters of Atiku Abubakar’s presidential bid in Rivers State, the Peoples Democratic Party (PDP) has called off its campaign rally billed to hold in the state on Tuesday, February 14, 2023.

The chairman of the PDP Presidential Campaign Council in Rivers State, Senator Lee Maeba, made the announcement on Monday while addressing the media. Maeba said the decision was necessitated by growing violence attacks on supporters of Atiku, masterminded by the state governor, Nyesom Wike, who he said had already declared members of the campaign council and Atiku supporters in the state as enemies of the State.

Since the conclusion of its presidential primary election that saw the emergence of Atiku as the party’s flagbearer in May 2022, the PDP has been dealing with internal crisis that has seen five governors break away, to form the G5 that has refused to support its presidential campaign due to leadership tussle. The group has insisted that the PDP national chairman, Iyiorcha Ayu, must step down for peace to reign.

Maeba said that the situation has deteriorated to the point that the supporters of Atiku have become targets of violence attacks.

“It is therefore instructive to note that this directive has direction in the vituperation of overt act of Governor Nyesom Ezenwo Wike. In this instance, he has openly branded members of the PDP Presidential Campaign Council and all supporters of the presidential candidate as enemies of the state and vowed to crush them. Video evidence abounds to support our assertion.

“He admitted carrying out that attack on Dr. Abiye Sekibo and Senator Lee Maeba in his earlier statement at Eleme during a gubernatorial campaign rally on Friday, February 10, 2023.

“He boasted that the two armed robbers, Dr. Abiye Sekibo and Senator Lee Maeba were chased away when they came to take a land belonging to the Rivers State government and they are lucky they ran away before his arrival at the scene. He tried to make an unimpressive denial which does not hold water the next day.

“In the light of the above submission, we the state campaign council, in total constructive engagement with the National Presidential Campaign Council, the candidate and the party, haven seen and evaluated the bodily harm and potential death threats, believe that no lose of life can be tolerated, accepted before, during and after the presidential election and agree with our principals on the need to shelve and or cancel the rally to avoid any death because the victory of Atiku Abubakar does not deserve spilling of the blood  of even one citizen of Rivers State.

“This may be painful, but is the best decision to take as no human death can be excused on the insistence of hosting a rally due to the brigandage which the security agencies have not been able to break in and restore confidence, security wise, on the populace and our members.

“Finally, we pray the President and Commander-in-Chief, President Muhammadu Buhari, act decisively as the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria by instructing and making sure that the security agencies do their job in an impartial manner that will restore confidence and buy into free and fair election as he has variously mentioned that he will ensure that no thug, no government will stand in the way of free and fair election. And to also ensure that nobody use his resources to purchase Nigerians to get into the Presidency,” he said.

The infighting in the PDP has significantly impacted its chances in the 2023 presidential race. Rivers State had yielded a large number of votes for the PDP in the past and the party is counting on the state to win the February 25 election. With peace yet to return to the party, Atiku’s hope of securing Rivers State votes has become shattered.

The G5 governors led by Wike had said they would announce the presidential candidate they will support, killing hope of reconciliation.