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Home Blog Page 4767

As NFT Fades, Building Business Models for Fetching Water, Not Firewood

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In the Igbo Nation, when a person dreams of going to fetch water, that person is dreaming of life, and plenty, because the road to the stream is never covered by weeds since in seasons and out of seasons, humans need water. But when someone dreams of fetching firewood, it is a bad dream since the road to fetch firewood is always abandoned when the firewood has been harvested!

That takes me to the business of NFT (non fungible tokens) which exploded recently. You buy a virtual dog, a virtual meat, a virtual school, a virtual river, etc – and you feel happy.

Not sure about that happiness. What is happening is that you have excess money and are just entertaining yourself as you spend it. But when the cheap money is out, we can see the dance steps clearer.

People, the NFT market is dying: “OpenSea, the world’s largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in its daily trading volumes. Data from DappRadar revealed that the marketplace processed nearly $5 million worth of NFT transactions on August 28, approximately 99% lower than its record high of $405.75 million on the 1st of May.”

In other words, OpenSea trading volume plunged by 99% in just weeks, and that is to say that there are many ephemeral business models in this world. Your model must focus on how to get to the stream to fetch water and not going to the farm for firewood!

TradeGrid Is Growing Massively B2B e-commerce Energy Platform

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What a quarter and the power of innovation. Thank you TradeGrid team. You have demonstrated the power of innovation and how unveiling of category-king products can unlock new vistas of growth. Team TradeGrid,  I just finished reading your Q3 2022 quarterly report; you made my day.

Tekedia Capital is very proud to have invested in you guys: “The product enjoyed instant fandom, has recorded ~N1.4Bn in transactions value YTD and still growing 380% (QoQ avg.) – on track to hitting N1Bn+ in monthly recurring transactions in less than 6 months out.”

People, Nigeria is a great place to do business. You just have to THINK and INNOVATE. In TradeGrid, a leading energy trader is emerging out of Nigeria.

To learn more about the TradeGrid, go here 

To learn more about Tekedia Capital, go here 

Is it a crime for a woman to collect money from a man with the promise of visiting him but failed to fulfill the promise?

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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

A netizen called out a lady during the week. The gist was that he met the girl on TikTok and they started bonding together, they decided to meet in person and get to know each other better, but unfortunately, they live in different cities, so the girl asked the guy to book a flight for her or send her transport fare so she could come and see him. The guy booked the flight for the lady only for the lady to reroute the flight to another destination and ghosted the guy. 

The guy said he has been calling the girl to refund him the flight money since it became obvious that the girl does not want to come and see him but the girl refused to reply to his messages. The guy is threatening legal action against the girl, he boasted that if the girl didn’t refund him the flight money in 24hours he will make sure that the girl rots in jail. 

The legal issue here is; is the action of the girl asking the guy to book a flight for her or to send her transport fare to come and see him only to ghost the guy a criminal offense? 

In section 418/419 of the criminal code, it is provided that obtaining money or property of another by false pretense or fake promise is a crime punishable with at least seven years imprisonment term. 

On this note, the guy can file a petition against the lady for obtaining from him under false pretense and fake promise that she will come and see him BUT in another section of the criminal code, specifically, S.223(2), it is a criminal offense for a man to pay or send money to a woman money for sex. It is called procurement. 

This section provides thus; S.223(2) Any person who procures a woman or girl to become a common prostitute either in Nigeria or elsewhere is guilty of a misdemeanor and is liable to imprisonment for two years.

On this note, the lady can argue in her defense that the man sent her money to visit him for sex thereby committing the crime of procurement. Maybe the man can as well argue that he was just inviting the lady out on a date and not for sex hence have not committed the crime of procurement by booking a flight for the lady. 

Both of them have a case and whoever presents a more solid argument wins. 

Protecting and Growing Wealth During Era of Inflation and Currency Deterioration

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Let us discuss inflation and currency deterioration and how we can build financial defenses for our wealth.  In this presentation, I will explain how you can build a resilient economic playbook that mirrors Nigeria 1994 World Cup team.

I will explain how you can have Eguavoen, Keshi, Iroha  and Okechukwu in your defense with Rifai controlling at the goalpost of money. Chidi Nwanu, Ezeugo, Okafor and Emenalo will ensure you have the best economic defense possible. But it is not going to be defense only, I will explain how you can score financial wins with Yekini,  Siasia, Okocha, Finidi and Ikpeba. With Adepoju and Oliseh, you will score and defend; balance and you will have the best team ever in the history of Nigerian football. But here, it is finance!

Register for the next Tekedia Mini-MBA which begins Feb 6 and ask for access to the Zoom link to join this important session tomorrow (Saturday). Begin here 

Join me and I will explain a winning playbook that depicts the incomparable Super Eagles Fifa 1994 World Cup team; the all-time greatest team for Nigeria. We will discuss inflation and currency deterioration on a topic I have titled “Protecting and Growing Wealth During Era of Inflation and Currency Deterioration”.

(This team won the Africa Cup of Nations in 1994; I watched the game in hostel C while in FUTO. The next day, students declared celebration day. It was magical because Amuneke, the hero of the game, is from the village which partly hosts the university. Nigeria needs more wins)

Children at Risk of Water Borne Diseases Due to Recent Flood in Nigeria – UNICEF Warns

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The United Nations Children’s Emergency Fund (UNICEF) has warned that the recent flooding witnessed in Nigeria puts about 60 percent of children at risk of waterborne diseases, drowning, and malnutrition.

According to UNICEF, it reports that the recent flooding in Nigeria has so far affected 34 out of the 36 states in the country. A total of 1.3 million people have been displaced, over 600 people have lost their lives and over 200,000 houses have either been partially or fully damaged.

UNICEF Communication Specialist Geoffrey Njoku in a press release said that cases of diarrhea and water-borne diseases, respiratory infection, and skin diseases have already been on the rise. 

Mr. Njoku said the North -Eastern states of Borno, Adamawa, and Yobe alone had a total of 7,485 cases of cholera and 319 associated deaths were reported as of 12 October, as rains are expected to continue for several weeks which calls for the increase in humanitarian needs.

Also, UNICEF Representative in Nigeria Cristian Munduate said,  “Children and adolescents in flood-affected areas are in an extremely vulnerable situation. They are particularly at risk of waterborne diseases and emotional and psychological distress. UNICEF is working closely with the Government and other partners to provide life-saving assistance to those who are most in need.

“The floods are adding another layer of complexity to an already precarious humanitarian situation in the country. Immediate priority needs for children include health, water, sanitation, and hygiene; as well as shelter and food”.

Additional funding and resources are required to respond to growing needs and to sustain ongoing humanitarian interventions, with a focus on the most vulnerable, including children with disabilities.”

According to UNICEF’s Children’s Climate Risk Index (CCRI), Nigeria is considered at ‘an extremely high risk of the impacts of climate change, ranking second out of 163 countries.

Children in ‘extremely high risk’ countries face a deadly combination of exposure to multiple climates and environmental shocks combined with high levels of underlying child vulnerability, due to inadequate essential services, such as water and sanitation, healthcare, and education.

The recent flooding witnessed in Nigeria lately has been severe which has led to the loss of lives and properties without showing any sign of stopping.

As regards the effect of the flood on the country’s economy, businesses in the country have lost over N1 trillion in two weeks to the flooding crisis.

The National Emergency Management Agency (NEMA) had earlier stated that the increase in rainfall and the release of excess water from a dam in neighboring Cameroon was what contributed to the recent flooding in Nigeria.

In a bid to effect the recent flood, the federal ministry of water resources is currently working toward the construction of about two dams.