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Home Blog Page 4599

Newly Designed Naira Notes Faced With Widespread Rejections as Many Seem Unaware

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According to multiple reports, the newly designed naira notes which are gradually going into circulation have been surrounded by tales of widespread rejection.

Some reports reveal that several businessmen and women are reluctant to accept the new notes as legal tender, as they have decided to stick with the old notes pending the deadline given by the Central Bank of Nigeria (CBN) to phase out the old notes.

Some have expressed concerns about the authenticity of the new notes, stating that it will be very difficult to identify fake ones.

In a recent viral video, a trader refused to collect the newly designed N1,000 naira note from a customer, insisting that the money is a fake note which is often used by internet fraudsters commonly known as “Yahoo boys”.

The confused customer had to call the attention of passersby to help convince the trader that the money presented to her was legit.

Despite persuasion from onlookers, she remained adamant that she is not familiar with the new note. It however had to take the intervention of a truck driver who called the customer to give him the old note in exchange for the new note.

In another video, a traffic cold drink vendor was reluctant to collect the new naira note from a customer, as he was spotted staring at the new note in awe for a few seconds before rejecting it.

This spurred other passengers in the moving vehicle to convince him to accept it, stating that it was the newly designed naira note. But the hawker persisted that he wasn’t going to accept it. In his words, “No o please, I can’t take the money”.

Reacting to the viral videos, some Nigerians have disclosed that the CBN has failed to conduct a proper sensitization on the introduction of the new notes, which is the reason for the widespread rejection.

Recall that the CBN in October introduced the newly designed naira notes, as the CBN governor Godwin Emefiele disclosed that the introduction of the new Naira banknotes marked a major milestone in CBN’s efforts to solve the numerous challenges facing the management of the nation’s currency.

However, the release of the newly designed notes was followed with mixed reactions as a lot of Nigerians have expressed concerns over the poorly designed note, with a major concern about the circulation of counterfeits.

However, the president of the Federal Republic of Nigeria Muhammadu Buhari doused the worry of counterfeit notes by stating that the newly redesigned notes have unique security features which makes it difficult to counterfeit.

On the other hand, barely two months and a few days to the January 31, 2023 end date for the high-denomination old bank notes, the Central Bank of Nigeria (CBN) have expressed worry over the low response by Nigerians and commercial banks towards the return of the old notes.

The bank director in charge of currency, Ahmed Bello Umar said at a post-Monetary Policy Committee media briefing in Abuja, “Up to now, there is no serious uptick in the deposits that customers are doing”.

My Life in a Software Society

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Nobody anticipates it. Nobody genuinely accepts it. Nobody is aware of how access to the public sphere will be restricted for a number of days, months, and years (s). Everyone was restricted when the virus arrived. It took longer than expected for it to be given the name COVID-19. Not that viruses have never existed in the world. However, because human movement was completely restricted, it became the most talked-about and feared virus. People’s freedom was constrained, and a number of previously unknown or underutilized hardware and software technologies became lifesaving tools. Many people came to understand the value of the mobile and stationary technologies they own or have access to during the time.

System, application, and utility software became useful for everything from communication to business. During the pandemic, I was forced to use some of the forgotten mobile applications, just like the rest of the world. For example, after years of ignoring Zoom meeting and only using Skype infrequently, the two applications became dominant tools as well as instruments for business and interpersonal communication.

However, living in a society where there is no pandemic opens up new perspectives on how to interact with people and move around using locally developed applications. My experience has taught me that we should always be grateful to God for endowing some people with the ability to create software.

As I previously stated, various technologies aided us prior to and during the pandemic, and they continue to do so in the post-pandemic era. Therefore, when we benefit from software-enabled technologies, we should remember that the first piece of software was written by Tom Kilburn, a computer scientist, and was run at 11 a.m. on June 11, 1948, at the University of Manchester in England.

Tom Kilburn and other software developers have made our lives easier in a variety of ways. For example, my recent experience demonstrates that a society without technologies and utility software is difficult to live in. Arriving in a society that is completely different in terms of language and culture forces me to consider voice recognition and navigational technologies as indispensable companions.

When I need to communicate with locals who do not speak English, I must use locally developed voice recognition software. They converse with the application, and their voices are easily translated into English. This is absolutely necessary if I do not want to be isolated for several hours.

Because the majority of publicly displayed communication channels contain information in the local language, it is critical to use the application’s translation feature. The channels must be snapped and the information in English must be waited for a few minutes. Aside from interpersonal communication, map applications are useful for navigation. These applications are not only popular among foreigners.

There is hardly any citizen who does not have the applications on their mobile phone or other gadgets such as a laptop. As I continue to live in this society, I ask myself every time I use an application; what would life be like without these apps?

Nigeria Needs To Prevent The Incessant Fires In Our Open Market

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TEHRAN, IRAN - JULY 19: (RUSSIA OUT) Russian President Vladimir Putin leaves his presidential plane during the welcoming ceremony at the airport, on July 19, 2022 in Tehran Iran. Russian President Putin and his Turkish counterpart Erdogan arrived in Iran for the summit. (Photo by Contributor/Getty Images)

What is going on in Onitsha Main Market these days: “At about 1.02 a.m. on Saturday [Dec 17, 2022], the Anambra State Fire Service received a distress call of a fire outbreak at No 4 Ajasa Street, Ose Main Market, Onitsha, where they sell chemicals”?

There is hardly a month that we do not have a fire outbreak in Africa’s largest open market. Just before the pandemic, I was with His Imperial Majesty, Ezeuzu of Awka, and we discussed extensively how to deepen knowledge in this market along with traders in Awka. It was on that strength that Tekedia Institute signed the strategic partnership we have with Nnamdi Azikiwe University.

In that market, many proudly wear our Tekedia Mini-MBA t-shirts because they come here to take a course we specifically created with them in mind – “Personal Finance and Wealth Management”. Yes, we want that paralysis where Eze Ego (the king of money) becomes a beggar, just years after retirement, because he did not plan ahead, to end. We also went ahead and developed the Igba BOI (Igbo apprenticeship system) course to deepen best practices and strengthen operations.

I like containers, trading and I am calling the federal and state governments to find a lasting solution to these incessant fire outbreaks in this market. Help these open markets; Kano is also having its dose of fire outbreaks.


  • The statement reads, ‘’At about 1.02 a.m. on Saturday, the Anambra State Fire Service received a distress call of a fire outbreak at No 4 Ajasa Street, Ose Main Market, Onitsha, where they sell chemicals.
  • “We immediately deployed our fire trucks and our ever-ready and fearless firefighters to the fire scene. We swift into action, battling the fire, controlled and fought it to a standstill.
  • “The cause of the fire was unknown as nobody was there when it started. Although, the fire destroyed about three shops no life was lost during the heavy fire”, he said.
  • ”A lot was saved as we prevented the fire from spreading to other shops around the fire incident scene.
  • “It is important to know that we must always switch off of our electrical and electronic appliances especially when it is not in use.
  • “We must also know that we are at the peak of the harmattan. Avoid anything which can cause fire outbreak at this season.” 

Director/Fire Chief of Anambra Fire Service, Mr. Martin Agbili

Comment on Feed

Comment 1: Poor electrical maintenance and installation with I don’t care attitude of chops owners are the major causes of fire ? outbreak 

My Response: I do not buy that argument. A market is owned by the state/LGA and there is no reason that the government cannot enforce standards. Do we need regular inspections then?

Comment 2: Most of the chemical traders are not aware of the reactivity of the chemicals when they are put together, they don’t understand it is not all chemicals that should be parked together, they need a good awareness, it breaks my heart anytime they loose money through avoidable fire outbreak. Safety must be put first.

Comment 3: Once we realize that anything can be a fuel, we must then take heed.

Fire needs three conditions

1. Fuel. A burning material (fuel, meaning anything can be a fuel. Some are more better than others. For example a bed mattress with foam is highly flammable more faster than some wood). Sure, in dry season the moist content is less, so easier to burn or get heat up.

2. Oxygen. (mostly in the air, but other material like water can easily or slowly by heat reaction produce more oxygen to add more flame).

3. Ignition/Heat . A single spark. A single increase in temperature. A single collision or pressure.
All of these go together in complex ways cause fire. (If not intentionally caused).

Firstly, periodic electrical systems check are needed, and rules must be complied by all users, from main to consumer point.

Second. A regulation or survey based on the inventories of different shop members is needed to sort the arrangement and organization of possible ignition and easily flammable material.

Thirdly, we don’t only need security guards, but also FIRE GUARDS (constantly to be stationed with technical knowledge of flames and it’s safety). For example, they might be always checking the quality of extinguishers, hose.. etc.?

Five things great startups and entrepreneurs do!

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Digital Startups

In most spheres, some businesses become great, some break even, and some that barely manage to survive. Business owners define success. Differently, some describe it as a boom in their revenue while others may look at it more in terms of impact on their community and world. No matter what success means to you, there appears to be something familiar to great startups that others may be lacking.

Most of these things do not come up later in the business. They are applied from the first day the company hits the ground and sustains growth.

Delegating and outsourcing

As you well know, the entrepreneur always has a lot to do. Sometimes even after hiring staff to get the same thing done. It would help if you kept delegating on the front burner to build a great startup. When hiring, remember that you may someday have to trust your CEO duties to those staff, so make sure they are capable.

Outsourcing is the second face of delegating. Expertise and competence are things great startups take seriously. Feel free to outsource the task if you need more staff with the competency required in a particular area. The important thing is that you should have experts handling different functions at every point. This can be difficult for some CEOs and founders as they struggle with guilt over not supervising each task independently. At some point, you will have to step back from the business to scale; you might as well start preparing for it early enough.

They empower staff with precise functions and directions.

For great startups, there is a structure around hiring staff, so they are empowered to deliver the right results right from the resumption. Clear expectations are set, roles are defined, and instructions are given. With this kind of structure, you will hardly have underperforming staff, and when you do, it is pretty easy to spot them and address the issue.

The not-so-great startups hire staff even when they have yet to clearly define the expectation for that role and end up with the team wandering about the office, unsure exactly what they should be doing. They usually would have big titles without clearly spelled out duties and responsibilities. They would also have much underperforming staff, resulting in a bloated budget without corresponding results.

They maintain a two-way communication flow with staff.

As against the one-way communication flow among other businesses, great startups build two-way communication with staff. So, instead of firing staff for not meeting expectations, great startups have a process of finding out why and where they are struggling with their functions and empowering them to succeed. To build a great startup, be ready to teach your staff how your business operates. They may come to your company with their technical skills, but you have to teach them the peculiar operations of your business.

They take data security seriously.

Successful entrepreneurs run a tight ship in data security for their business, and they enforce all the necessary protocols to maintain it. Please be sure to protect the sensitive proprietary data that comes to your employees through their work email inboxes. You don’t want to find out later that data that should have been protected was being compromised, perhaps by employees who save, forward, or text them.

Suppose your employees lose control of their email accounts, forward emails to the wrong person, or intentionally share an attachment against your wishes. In that case, it can tremendously damage you, your customers, and your business partners.

This should be done from the first day because if you fail to define the data security protocols early enough, it gets easier to do so when the firm has scaled. It might require training existing staff on data security protocols and implementing specific security measures.

They maintain a work-life balance.

It is exciting to note that the startups that produce the best results are only sometimes the ones overworking their staff to the bones. A 2014 study by John Pencavel at Stanford University shows that a 55-hour workweek produces the same results as a 70-hour workweek. Overworking yourself and your staff may not result in more productivity, and more hours may translate to less productivity. Maintain a work-life balance and allow your team does the same.

UN Condemns Twitter Decision to Suspend Journalists’ Accounts, EU Threatens Sanction

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Twitter CEO Elon Musk has come under heavy criticism over his decision to suspend the accounts of some journalists over doxxing – which means to release private information about individuals online.

Reporters for the New York Times, CNN, NBC and the Washington Post, who cover Twitter, were among those whose accounts were suspended on Thursday after Twitter updated its policy to make doxxing one of its don’ts.

Concerned about the implication the decision will have on free speech, world leaders have condemned the development. The United Nations and the European Union have issued statements criticizing the decision as a threat to press freedom.

The UN tweeted on Friday that ‘Freedom of expression and freedom of the press are fundamental rights” while the EU has threatened to sanction Twitter.

The UN’s under secretary general for global communications, Melissa Fleming, said she was “deeply disturbed” by reports that journalists were being “arbitrarily” suspended from Twitter.

“Media freedom is not a toy. A free press is the cornerstone of democratic societies and a key tool in the fight against harmful disinformation,” she said.

On Friday, EU commissioner Vera Jourova, citing Europe’s new Digital Services Act, threatened to sanction Twitter. She said the rule requires “the respect of media freedom and fundament rights”.

“Elon Musk should be aware of that. There are red lines. And sanctions, soon,” she added.

The journalists were locked out following the suspension of an account that tracks Musk’s private jet, a situation he had previously expressed concern about. Musk said earlier this year that tracking his jet poses a security concern and offered $5,000 to the youngster behind the account to stop.

In response to the criticism, a Twitter spokesman said the bans were related to the live sharing of location data. Musk said that it poses a threat to his safety and that of his family, following an incident where he said a “crazy stalker” had used live location sharing to find and accost a vehicle carrying his children in Los Angeles.

“Criticizing me all day long is totally fine, but doxxing my real-time location and endangering my family is not,” he tweeted, adding that accounts that engage in doxxing will receive a temporary seven-day suspension.

“Same doxxing rules apply to ‘journalists’ as to everyone else,” he added.

But like others, the German Foreign Office has warned Twitter that “press freedom cannot be switched on and off on a whim”.

Musk threw $44 billion on Twitter acquisition deal that he was forced to close in October. The billionaire had said his intention wasn’t to make profits but to promote free speech. But he has been caught several times suspending the accounts of many Twitter users for their views.

The reporters whose accounts were suspended said they only cover Twitter, they don’t engage in doxxing. Musk didn’t provide any evidence to prove that the journalists track his live location.