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The Manifestos are Ready from Obi, Atiku and Tinubu. Can We Get Blackboards for My Questions?

By
Ndubuisi Ekekwe
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1

Peter Obi and Yusuf Datti Baba-Ahmed have released their 2023 Presidential Manifesto for Nigeria:  “Our Pact with Nigerians: Creating a New Nigeria” [pdf]. It is  a nice document, just like others released by the PDP and the APC candidates, respectively Atiku Abubakar and Bola Tinubu. It is a 72-page document with seven core priorities (see below).

Now, the campaign 2.0 has started. From Obi, Atiku and Tinubu, we have received the vision documents. The next phase is to ask questions on executions of these documents. And that is why we need Debates.

I understand that some of the candidates do not want to debate because debates are not enshrined in the constitution of Nigeria. There is no problem: I am available to come with a blackboard for them to teach. I will give each of these men a chalk and ask them to draw a flowchart on how to fix some issues in the nation. Execution and implementation are important since Nigeria has always been presented with nice manifestos which are usually abandoned after elections, from the local government to the federal levels.

In engineering PhD programs, there is what is called the GBO Exam where you walk into a room with 7 professors waiting to drill you. They can ask you questions on any topic. In most top PhD engineering programs, more than 50% drop at this phase. Why? There is nothing to prepare and that means you must “have it” to scale through. Nigeria, can we get these men to pass through real tests.

Sample Questions

Question 1: Mr. Atiku, draw a flowchart on how to fix a problem where a kid in Abia State needs to score 130 to be admitted into a government school another kid from Yobe needs just 2! Your execution cannot exceed ten years.

Question 2: Mr Obi, opportunities are harder these days in Nigeria partly due to insecurity and inadequate electricity. Share on a flowchart what needs to happen to realize your priority #1 “To secure Nigeria, end banditry and insurgency”  and #5 “Build expansive and world-class infrastructure for efficient power supply”. Your flowchart should include how youth unemployment will be fixed. Also indicate how you plan to overcome previous failures on these domains.

Question 3: Mr. Tinubu, rural Nigeria has been cut-off from urban Nigeria with the collapse of NIPOST and decent road networks. Draw a flowchart how we can boost the economy of rural Nigeria and connect it to the urban by revitalizing the postal system and supply chain. Sir: your flowchart should include how to fix NIPOST to work again in 3 years.

Obi 7 priorities:

  1. To secure Nigeria, end banditry and insurgency, and unite our dear nation, to manage our diversity such that no one is left behind.
  2. Shift emphasis from consumption to production by running a production-centered economy that is driven by an agrarian revolution and export-oriented industrialization.
  3. Restructure the polity through effective legal and institutional reforms to entrench the rule of law, aggressively fight corruption, reduce cost of governance, and establish an honest and efficient
    civil service.
  4. Leapfrog Nigeria into the 4th Industrial Revolution (4IR), through the application of scientific and technological innovations to create a digital economy.
  5. Build expansive and world-class infrastructure for efficient power supply, rail, road and air transportation, and pipeline network, through integrated public-private partnerships, and entrepreneurial public sector governance.
  6. Enhance the human capital of Nigerian youths for productivity and global competitiveness through investment in world-class scholarship and research, quality healthcare, and entrepreneurship education.
  7. Conduct an afro-centric diplomacy that protects the rights of Nigerian citizens abroad and advances the economic interests of Nigerians and Nigerian businesses in a changing world.

People, let us have these flowchart debates on NTA, AriseTV, etc LIVE. It will be fun. I do not care what is written in manifestos; I want to interrogate the aspirants as that is the living manifesto. How many blackboards do we order in case the one I have is not enough to contain all their answers?

Comment on Feed

Comment: Prof, Even the US has not reached this level of debate ? for it’s presidential candidates. May the free volition of the majority prevail!

My Response: That is actually my goal. US politics is matured. A Republican candidate has an agenda he will follow. The same for democrats. But in Nigeria, we have no party, we have just humans. Obi was Atiku’s running mate just 4 years ago. Tinubu battled Atiku in 2015 with Buhari. In other words, there is no party in Nigeria, what we have is a club. With that, you need to focus on the human element and ignore the party since all the parties in Nigeria are the same (no core ideological differences).

Ankr Protocol Smart Contract Hacked; Suffers $5M Loss

By
Paul Ugbede Godwin
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0

On the 2nd of December, 2022, the Ankr Protocols suffered from an exploit. The wallet of the Ankr contract deployer got compromised, which was the root cause of the attack.

The malicious contract allowed unlimited minting of tokens, which was the main cause of the attack. The attacker then minted 10 trillion tokens to his address by calling 0x3b3a5522 the function of his malicious contract.

More than $5 million was stolen by hackers. The attacker quickly moved assets to Tornado Cash and bridged tokens to other chains like Ethereum and Polygon.

The Ankr liquid staking service provides integrators and stakers a flexible way to stake and earn from blockchains. Typically, staking involves locking up your tokens for some time, during which they can’t be used.

With liquid staking, Crypto asset holders can stake their assets on Ankr and receive liquid staking tokens to access numerous DeFi opportunities.

The deployer’s wallet’s private key was hacked, which led the attacker to gain full control of the wallet and upgrade contract implementation with his malicious contract.

On-Chain Details:

The attacker compromised the deployer’s wallet and created a new implementation contract.

Then the attacker replaced the $aBNBc contract’s implementation by upgrading the implementation contract.

Next, he called the 0x3b3a5522 function and minted 10 trillion aBNB tokens into his wallet.

After minting tokens, the attacker sent 1.125 BNB from the deployer’s compromised wallet to his wallet which was used as gas fees for further transactions.

Then, the attacker started swapping tokens and transferring amounts to tornado cash and other bridges like Ethereum and Polygon.

The Ankr Team announced the hack on Twitter and immediately halted trading on exchanges. Additionally, Binance froze stolen cryptocurrency worth $3 million.

Cryptocurrency :- All You Need To Know About VASP licensing in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

The Securities and Exchange Commission (SEC) Rules on the Issuance, Offering Platforms & the Custody of Digital Assets in Nigeria, otherwise known as “The SEC Crypto Rules“, changed the Cryptocurrency service sector (for worse as reasonably believed in many quarters) by basically eliminating the Start-up niche area, turning certain components of the Cryptocurrency Value Chain such as Digital Asset Exchange (DAX) services into a glorified gathering of monopolies capable of complying with the rather humongous 500 Million Naira share capital requirement imposed by SEC.

However, the focus of this article is on a certain area of Cryptocurrency services which was relatively left untouched by SEC and which constituted a large part of the feedback from my last article on Cryptocurrency – The Virtual Asset Service Provider or VASP.

This article will be looking at this type of Cryptocurrency service which serves as a ray of hope for Cryptocurrency start-ups by dealing with the topics of :-

– What virtual assets are under the SEC rules.

– What VASPs actually do under the SEC rules.

– The registration requirements for VASPs in Nigeria.

– Obligations of VASPs under the SEC rules.

– Exceptions to the SEC rules on Cryptocurrency Business license acquisitions if they exist.

What exactly are virtual assets under the SEC rules?

Virtual assets are digital representations of value that can be transferred, digitally traded and can be used for payment or investment purposes.

Under the SEC rules, virtual or digital assets DO NOT include digital representations of fiat currency (like Stablecoins) or digital representations of securities or other financial assets.

Digital assets are NOT virtual assets because a digital asset under the SEC rules is defined as a digital token that represents assets such as a debt or equity claim on the issuer.

What exactly do VASPs do?

VASPs under the SEC rules are entities that conduct one or more of the following activities or operations FOR or ON BEHALF of another person :-

  1. Facilitating exchanges between virtual assets and fiat currencies.
  1. Exchanges between one or more forms of virtual assets.
  1. The transfer of virtual assets.
  1. The safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets.
  1. Participating in and/or providing financial services related to an issuer’s offer and/or sale of a virtual asset.

What this means is that VASPs are Cryptocurrency service professionals that facilitate the trading it safekeeping of VIRTUAL assets (not Digital Assets) strictly on behalf of other people in exchange for a fee. 

A VASP would thus be a licensed Cryptocurrency digital virtual asset trading facilitation, adminstration and safekeeping/escrow agency.

What are the requirements for the registration of VASPs under the SEC Crypto Rules?

To register a VASP under the SEC rules you need to satisfy a number of requirements that include the following :-

– A company limited by shares registered with the Corporate Affairs Commission (CAC).

– A completed SEC VASP licensing application form accompanied by the following :-

  1. A sworn undertaking that the applicant company will be able to operate in an orderly, fair & transparent market in relation to the securities including derivatives that are offered or traded through its platform.
  1. Evidence that the applicant company’s directors, officers or anybody responsible got its operations or financial management are fit & proper taking into that they are suitably qualified to assume the position and are well versed in Cryptocurrency operations.
  1. A business model with a clear or unique value proposition capable of significantly contributing to the overall development of the capital market.
  1. Evidence of no circumstances likely to cause improper conduct of business operations by the applicant.

It should be noted here that VASPs are NOT under the 500 Million Naira share capital requirement imposed on Digital Asset Exchanges (DAX) and Digital Asset Offerings Providers (DAOPs) or the requirement for SEC-accredited officers in its management board or board of directors.

It should also be noted that the requirements mentioned above do not constitute the exhaustive list of requirements outlined by SEC. As a result, any group of persons planning to set up this type of Cryptocurrency service business need to consult a lawyer going forward.

What are the obligations imposed on VASPs by SEC?

Some of the obligations imposed by the SEC rules on VASPs include the following :-

  1. That all VASPs shall obtain and retain self-declared risk acknowledgement forms from its clients prior to investing in an exchange.
  1. That VASPs ensure that all of its disclosures are accurate, clear and not misleading.
  1. That all VASPs ensure fair user treatment.

Do any conditions for exemption or a variation from the requirements of the SEC rules exist?

Yes, they do. If you are planning to set up any Cryptocurrency service, you need to consult your lawyer on what these conditions are and if they apply to your business.

Naked in new campaign video: Cancelling Olaiya Igwe or Bola Tinubu?

By
Mutiu Iyanda
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0

Mr Lukmon Ebun Oloyede, also known as Olaiya Igwe, has been called out yet again by Nigerian netizens. In the first instance, he was seen prostrating before Alhaji Musiliu MC Oluomo, the chairman of the National Union of Road Transport Workers, in a viral video after receiving a car from him (MC Oluomo). The incident was reported by news media, and netizens rebuked him several times on digital platforms, claiming that he disrespected himself by prostrating for the chairman of the ‘ordinary transport union’ out of materialism.

The most recent call came after netizens discovered a naked video of him praying for the victory of Senator Bola Ahmed Tinubu, the All Progressives Congress presidential candidate for the 2023 presidential election. As our analyst stated in the previous piece, cancelling is one of the concepts associated with cancel culture, which indicates the continuous call out of prominent people or brands as the culture’s object continues to unfold.

Similar to how Olaiya Igwe’s prostration event was extensively covered by the news media, in recent days, both legacy and new media outlets across the nation have been reporting the nude video using various frames. The Nollywood actor has damaged the reputation of the film industry for some organizations. He has also reiterated that his true goal is to receive financial compensation from the candidate. Olaiya Igwe, however, has defended his “nude campaign” for the candidate, according to a national newspaper, by claiming that Tinubu’s wife, Senator Oluremi, assisted him when he was ill and even offered to fly him abroad for treatment.

Our analyst looks at public interest in the past 24 hours (December 4, 2022) to determine the level of interest that netizens have had in the issue, as media attention to issues like this encourages public interest and eventually cancel culture practice. Analysis shows that there were 10,118 searches during that time. Senator Bola Ahmed Tinubu received over 52% of the volume, while Olaiya received 39.50% of the searches. There were over 3% and 5% of searches on cancelling and cancel culture, respectively. With these outcomes, our analyst concludes that Nigerian netizens appear to be uninterested in learning about cancelling and cancel culture before seeking information about the duo. For example, analysis shows that the more they (netizens) searched about Senator Bola Ahmed Tinubu, the more they sought information about cancelling. In particular, 1% interest in the candidate resulted in 16.2% interest in cancelling, compared to 5.4% for Olaiya Igwe.

This implies that netizens would rather cancel the candidate than the actor. If the principles of cancel culture produce the expected results, Senator Bola Ahmed Tinubu should anticipate a loss of votes during the election. At the same time, Olaiya Igwe should lose fans and potential revenue if he continues to produce films. However, recent information suggests that Olaiya Igwe did not suffer an immediate loss, as proponents of cancel culture predicted. He announced on Instagram that he had signed an endorsement deal with a real estate company after the video went viral.

We need to ask: Is cancel culture doing us more good by exposing prominent celebrities, politicians, and social media influencers and their sins?

David Onaolapo Makes $7,000 Donation To Support Priests, Imams, etc to attend Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

Good People, it is Sunday and good things do happen on this day. Tekedia Mini-MBA is excited to announce a generous donation of $7,000 from David Onaolapo.  This donation will go specifically to support priests, imams, etc who want to attend Tekedia Institute to deepen their capacities to run their religious organizations more efficiently. 

A few days ago, I noted how Rev Fr. Dr. Chidiebere Obiodu of Catholic Diocese of Okigwe and Rev Fr. Patrick Oluwafemi of St. Patrick USA have sent priests to our program. Our next edition will have many priests.  Of course, we have many Pentecostal church pastors already; one of the pastors has paid for the next 7 editions of our program.

[That reminds me: while we have many Men Fellowship members coming in a group, we are yet to host Women Fellowship members from any church.  Pastors, please adjust, we also want to welcome members of the Women fellowship.]

We are very confident that this donation will help these leaders to understand important elements on managing factors of production even in churches, mosques, etc. Our program has broad appeal; we welcome medical doctors here in dozens. Institutions like Lily Hospital have sent more than 40 doctors to co-learn with us. 

We want to thank David for his generosity, and also thank others who continue to support our vision to make business education accessible to all. Thank you.

If you run and manage a religious organization in your community, and want to improve your capacity to be efficient on it, please email Tekedia Institute here.

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