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Oyetola, Adeleke and Post-Aregbesola Sensibility in Osun

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On November 26, 2010, Ogbeni Rauf Aregbesola succeeded Prince Olagunsoye Oyinlola as the fourth Executive Governor of Osun State after more than three years of contesting the results of the election in various courts. In his Green Book, Ogbeni Rauf Aregbesola included a six-point agenda. The book outlined programs and potential steps for making them a reality. Reorientation of the state’s residents and citizens was one of the book’s main themes. This was essentially captured by his government’s rebranding initiative.  Several initiatives for the development of the state brand portfolio were carried out between 2012 and 2013, costing several billion naira. All sectors underwent significant facelifts during this time, including name, color, and symbol changes.

Ogbeni Rauf Aregbesola noted during one of his media appearances with the public that when he assumed office, governance was paralyzed and the populace was demoralized, nearly hopeless, sceptical, and even cynical. He concluded that a comprehensive reorientation program was therefore required. The process of rebranding was sparked by the need for reorientation, which involved creating an identity for Osun that the people could identify with, be proud of, and that would inspire them.

He added that he came with the State of Osun official crest, a slight modification of the crest of the old Western Region, a glorious era under the leadership of Chief Obafemi Awolowo, which feat his government intended to repeat.

“Osun was in an ethical mess.  We badly needed rebranding to re-develop the human consciousness of our people, so that they could appreciate the infrastructure transformation to come.  We needed to re-orient them, so that they would ‘own’ the roads and other public infrastructure to come, and take full charge of them, so that they don’t decay.  It was an ethical revolution, after so many years of serious doubt that government was still there.  I am happy to inform you that we are getting results.”

In addition to giving the state government a facelift through rebranding, Ogbeni Aregbesola reorganized its ministries, departments, and agencies. However, less than two years after succeeding him as governor, former governor Gboyega Oyetola asserted that he had held extensive consultations with associations, communities, citizens, and professionals in the state and discovered that some of his predecessor’s restructuring initiatives weren’t beneficial for the growth of the state. As a result, the state must go back to the previous classification, particularly in the area of education. His position was made known to principals and heads of public elementary schools in 2020, asking them to revert to the names that were in use prior to the 2013 reclassification.

The new governor, Senator Ademola Adeleke, issued an executive order to restore all previous elements associated with state identity during the administrations of Chief Bisi Akande and Prince Olagunsoye Oyinlola, despite the former governor Gboyega Oyetola not restoring “Living Spring,” the state’s previous appellation, and canceling the new coat of arms. With the actions of the two governors, our analyst observes that the state’s post-Aregbesola sensibility has developed, highlighting the need to make up for his administration’s mistakes in the areas of identity and physical restructuring.

The new governor must, however, respond to a number of queries at a time when he is facing serious financial difficulties. Recently, he disclosed that his predecessors left over N400 billion in debt. Given these and other difficulties, it is appropriate to inform the public of the funding sources for the upcoming “revert rebranding” effort.

If we rely on public perceptions of Ogbeni Rauf Aregbesola’s rebranding, as our 2013 study revealed, the new governor’s move appears unnecessary. In the study, which was conducted in three senatorial districts of the state, 73% of 243 residents preferred the change of Osun state’s appellation from ‘living spring’ to ‘state of virtue,’ which represents the good character typically displayed by citizens and residents in their daily activities (a position shared by more than 82% of 241 sampled residents). Over 75% of the 241 residents also stated that the change in the state’s name positions the state as a new political entity within Nigeria’s federation.

The Olokun head, cowries, coca tree, log, and elephant on the new coat of arms represent the state’s culture and heritage (78.50% of 241). The use of the Head of Olokun, cowries, cocoa tree, log, and elephant as objects for the new coat of arms establishes the state as a distinct political entity within the South-west (67.60% of 240). The new name, anthem, flag, and coat of arms present the state as a product in a political environment (78.70% of 230). Prospective investors (77% of 235) are made aware of the state’s socio-cultural resources by the new name, anthem, flag, and coat of arms.

In addition, we asked residents how the rebranding led to benefits from projects initiated between 2010 and 2013. We discovered that 53.50% of people see rebranding as a factor in initiating and carrying out projects that benefit people in the state. Then, our analyst concluded that the outcome was above average and that Ogbeni Aregbesola’s administration should focus more on inclusive and beneficial projects for the people. This also applies to the new governor. To avoid unnecessary waste of human and scarce capital resources, statewide research into retaining the existing state identity and physical restructuring would be beneficial.

Musk Risks Investors’ Revolt As His Fortune, Tesla’s Value Decline Because of Twitter

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Last week, Tesla and Twitter CEO Elon Musk dropped to second spot behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac, in Forbes’ list of “Real-Time Billionaires.”

The decline currently puts Musk’s net worth at $176.8 billion, below Arnault’s $188.6 billion, according to Forbes. It is a significant drop from Musk’s November 2021 $320 billion fortune record.

Though Forbes noted that Arnault’s leap to the number spot is as a result of LVMH’s stock being mostly flat this year, the key to his elevation is mainly tied to the collapse of Tesla stock. Tesla shares have seen more than 56% drop in 2022, a dramatic decline from its 2021 performance that shot Musk’s fortune way above others in the billionaires’ league. Above all, including supply chain disruption induced by China’s zero-Covid policy, which hampered electric vehicles’ deliveries, Tesla and Musk’s misfortune has been largely attributed to his Twitter adventure.

“The Twitter nightmare continues as Musk uses Tesla as his own ATM machine to keep funding the red ink at Twitter which gets worse by the day as more advertisers flee the platform with controversy increasing driven by Musk,” wrote Dan Ives, analyst at Wedbush Securities. “When does it end? This remains the worry on the Tesla story as Musk has managed to change the narrative of Tesla from the fundamental EV transformation story to a ‘source of funds’ funding the Twitter turnaround which we believe will go down as the most overpaid tech acquisition in the history of merger and acquisitions and remains a train wreck situation.”

Musk threw $44 billion on Twitter acquisition, an overvalued bid he was forced through lawsuit to close in October. He made his first sales of Tesla stock early November, selling 19.5 million shares to fund the Twitter acquisition. On Thursday, Musk sold another 22 million shares of Tesla; worth $3.6 billion – which he intends to use to fund the loan interest and upcoming payments due for Twitter or potential restructure of loan. The total stock sold by Musk since April when he moved to buy Twitter now stands at $22.9 billion.

Twitter stock has been on decline since Musk got himself entangled in the acquisition deal. Also, the social media company has faced apathy since he took over and began to implement some changes that will form Twitter 2.0. Advertisers left the platform as concerns mount over the direction it’s heading under Musk. He said that Twitter had “a massive drop in revenue” due to the advertiser losses.

But the greatest loser has been Tesla. The world leading EV company, having been starved of Musk’s attention as he micromanages his newly-purchased social media platform, has lost more than half of its value this year and is poised to lose more.

“Musk is the heart and lungs of Tesla, but his attention is solely focused on Twitter, and that and selling stock on a continual basis is not a good combination for Tesla,” Ives told CNN. “While 20% of the Tesla stock decline is due to concerns about demand and growing EV competition, 80% is because of his focus on Twitter. Twitter needs to have a CEO who’s not Musk.”

Besides this, uptick in production by rival companies has stoked competition in the electric vehicles’ market, challenging Tesla’s leadership. Tesla shareholders are increasingly worried that Musk’s focus on Twitter will further harm the company, and they are likely going to confront him on the issues soon.

“The nightmare of Musk owning Twitter has been an episode out of the Twilight Zone… a train wreck situation… We believe… more activism and growing investor frustration will force the Board of Tesla to confront some of these issues head on,” Wedbush wrote in a note.

With Tesla stock recording further decline this week, investors are concerned about the speed of the crumbling, calling it a “shocker given the fundamentals.” On Thursday, an investor tweeted: “Elon is digging his own and our graves.” Investors who have been bullish are now worried that Musk’s continuous sale of Twitter shares will hurt their expectation.

“While we remain bullish on the long term thesis for Tesla and believe the stock is oversold, Musk continues to throw gasoline in the burning fire around the Tesla story by selling more stock and creating Tesla brand deterioration through his actions on Twitter – Board needs to act,” Ives said.

But Musk said Wednesday he will make sure Tesla shareholders benefit from Twitter long-term.

Tekedia Institute Unveils Investment and Portfolio Management Program

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Updated: This program is now available for registration. Go here.


We have met a critical milestone at Tekedia Institute and we will be moving to the next phase. On Monday, we will unveil a new program in our school:  Investment  and Portfolio Management. Through the program, we will educate, inform, and prepare learners on the mechanics of investing.

We plan to connect learning with practice even as we provide tools to deepen people’s understanding of investment. As our learners get into this process, they will understand in the practical domain what it means to do investments, how to do them and more. At the beginning, only equities, ETFs, etc in the Nigerian Stock Exchange* and US stock exchanges will qualify.

Register here.

Nigerian Federal Government Opens the Second Niger Bridge

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The Federal Government has temporarily opened the Second Niger Bridge on Thursday, December 15, 2022 for use by vehicle owners. This is a big one and certainly a 3-point added to the score card of the president Muhammadu Buhari’s administration, 2015-2023.

Earlier, last week, the Minister of Works and Housing, Mr Babatunde Fashola had disclosed that the 1.6 kilometers Bridge linking Anambra and Delta states would be open to traffic from December 15, 2022, to January 15, 2023, to ease the experience of travellers during the festive period.

Inspecting the new Nigerian bridge on Thursday, Mr Fashola in the company of his team advised road users plying the bridge to drive safely and responsibly in order not to defeat the purpose of its construction

Report by Vanguard states the history of the Second Niger Bridge as follows:

“The Second Niger Bridge was first proposed during the 1978/79 political campaign by then-candidate Shehu Shagari of the National Party of Nigeria (NPN).

“In August 2012, the Federal Executive Council under then-President  Goodluck Jonathan’s approved a contract worth N325 million for the final planning and design of the bridge.

“The project continued under President Muhammad Buhari, who had first cancelled the earlier contract in August 2015 to resume the contract on September 1, 2018.”

Kevin O’Leary Claims Binance Masterminded FTX’s Bank-Run

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Canadian entrepreneur and “Shark Tank” star Kevin O’Leary slammed crypto exchange Binance— and claimed it caused the collapse of FTX on purpose.

Speaking at the Senate Committee on Banking, Housing and Urban Affairs hearing, the celebrity businessman also said Binance is a “massive, unregulated monopoly now.”

FTX, once one of the biggest digital asset exchanges on the planet, last month collapsed spectacularly— prompting lawmakers to think more than ever about how to regulate digital assets. The title of today’s hearing was “Crypto Crash: “Why the FTX Bubble Burst and the Harm to Consumers.”

O’Leary— who was heavily invested in FTX—told the hearing: “I have an opinion, not the records. One put the other out of business—intentionally.”

Binance, the world’s biggest cryptocurrency exchange, played an early part in the collapse of mega exchange FTX last month. Binance CEO Changpeng “CZ” Zhao announced that he would be selling the exchanges holdings of FTX’s native token, a move that triggered a liquidity crisis. Days later, FTX filed for Chapter 12 bankruptcy.

The exchange’s bankruptcy trashed the crypto market—including several companies with exposure to the behemoth.

O’Leary also argued for stronger regulation, noting that FTX-owned derivatives trading platform LedgerX was the “only entity that didn’t go to zero” following the crash because it was regulated by the Commodity Futures Trading Commission. 

And he wasn’t the only one: Sen. Cynthia Lummis (R-WY) told the hearing that it was time to “separate digital assets from corrupt organizations.”

FTX is good old fashioned fraud,” she said. “Mismanagement, failure of people, inadequate controls is what’s on trial. We need to regulate this business and lay digital assets on top of our existing financial framework.

FTX’s ex-CEO and founder Sam Bankman-Fried was arrested in The Bahamas over the weekend after U.S. feds requested his extradition from FTX’s home country. He is now under investigation and faces eight criminal charges.

The disgraced crypto mogul had been billed to testify at House hearing before his arrest— despite agreeing to participate in a House committee hearing that took place without him yesterday. He previously said his testimony was likely to be “underwhelming.”

FTX Was An Utter Failure, Acting CEO John Ray Reviews