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The August Meeting, Igbo Women Leadership And Igbos’ Centuries-Old Democracy

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August meeting is an annual congress held by the Igbo women in August. It is a massive homecoming whereby Igbo women in the diaspora and the cities travel back to their matrimonial villages to meet with their local counterparts to discuss matters about community development, conflict management, human development, and other socio-economic and cultural initiatives. The meeting is a three-day ritual, and it is divided into three parts, the first is held at the village level, the second within the community, and the third is held in churches where thanksgivings are held to mark the end of the meeting” – Wikipedia

Growing up in an Igbo home, one of the things we looked forward to was village meetings, which parents had to attend at least once a month. It afforded us relaxing Sundays free of our bickering parents. With time, we noticed that the women’s wing of the meeting was a lot more serious than the menfolk — they had uniforms which were diligently followed, fines for latecomers and absentees, and most important to us, post-meeting debates that usually kept my mother busy on the phone. But all these monthly meetings could not compare to the August meeting which held once a year. It was a time when select members of the branches abroad travelled home to make decisions with the women in the village on issues concerning the growth of the women’s community. (Source: from the Guardian)

Igbos have practiced democracy for centuries. I can say that because kingships and thrones are rarely inherited. In Ovim, Abia State, the Eze (the king) is not inherited and that means it can move to any family, based on the decisions of the elders and councils.

Igbos empowered women well before the Western world picked the memo. Nneka – “mother is supreme”- is more than a word in the Igbo Nation. In Ovim, the Ojengwa women are like police officers in enforcing the ordinance of the local community. They can excommunicate and punish by seizing and confiscating assets as punishment. 

Umu-ada [daughters, usually married, of a clan] have enormous influence in their fatherlands. When they visit, everyone takes notice. That Uwu-ada was captured well when Chinua Achebe  in Things Fall Fall, wrote: “The following day, Uchendu gathers together his entire family, including Okonkwo. He points out that one of the most common names they give is Nneka, meaning “Mother is Supreme”—a man belongs to his fatherland and stays there when life is good, but he seeks refuge in his motherland when life is bitter and harsh.”

I can go on. The issue of gender equity built on the Western thesis is not the whole story. Most African cultures enthroned women even though men are usually more visible. In short, colonialism weakened the positions of women in Igbo Nation and other African societies as the Europeans exclusively recruited men who imposed many things through district officers. In the Aba Women riots of the late 1920s, women pushed back to the British because the new tax was affecting them more, atypical of the local ordinance.. Yes, unlike in the old culture, they were not being consulted and carried along.

When a young boy arrives at his mother’s birthplace, he automatically assumes rights over most. If you check, as elders break kola nuts and drink palm wine, they first ask “do we have nwaada here?” If there happens to be nwaada, they will acknowledge him, and once after taking the palm wine, they will give him, over the sons of the soil. The idea is this: no matter what brought you to your mother’s birthplace, you are welcome! We will feed you before we eat. You are protected from any harm.

As mothers, wives, daughters, etc return to Igbo Nation for the August Meeting, I want to wish everyone safe journeys. Deliberate in peace and continue to improve your lands. IJE OMA.

Nneka – “Mother is Supreme”

How Youniverze Can Become The Next Gen Swapping Protocol As Dogecoin and Ethereum Continue To Perform

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A Dive Into Yuniverze

Yuniverze (YUNI) aims to become the next-generation swapping protocol that prioritises the user rather than the exchange. The platform has identified key issues within DeFi swapping that currently need addressing, especially for newer users who often find it problematic to navigate hot wallets and DEXs.

For this reason, Yuniverze is creating a swapping protocol that is easy to use through a simple UI and taking away much of the jargon and complexities with the swapping service. The barrier for new users to DeFi is currently quite high, especially as there is a distinct lack of education available for new users to find. Whilst education around crypto is growing, often this education can still be too complex for the average new user.

However, whilst prioritising user experience, Yuniverze will also offer the best prices for trading in the ecosystem by scanning the market for the best liquidity and lowest slippages. This will not only make the overall exchange and swapping market more competitive, as Yuniverze will show the cheapest price, but it will also promote the usage for even experienced traders who now will have a consolidated service.

To use the platform simply connect your wallet to Yuniverze and you have access to its swapping mechanism. For those who are interested in the project, Yuniverze is currently in its presale stages for its native coin YUNI, and will reward early investors through schemes and reward programs at a later date.

Dogecoin Remains Green

After many coins hit a 10% gain on the day yesterday it was expected that a slight downturn would persist the following day as many tokens were oversold and the RSI over-burned. However, Dogecoin (DOGE) has maintained an upward trend, debunking the wider market.

The community behind Dogecoin must be accredited for this, as they are some of the most reliable HODLers across crypto markets and arguably even stock markets. The belief that they are looking out for each other and holding for each other to present the opportunity for financial freedom down the line is stoic and empowering.

For this reason, Dogecoin has been able to see a slightly closer trading pattern than even some utility coins amidst the volatility in the markets since the fall of LUNA and high levels of inflation. With this in mind confidence for many has never been stronger within the DOGE community and many retail investors are adding to their position continuously.

It will be interesting to see how Dogecoin plays out as the market rebounds and if whales, institutions, or even celebrities decide to enter the protocol.

Ethereum Continues To Impress

Ethereum (ETH) has continued to perform well in the market since the start of July. The Layer-1 behemoth has entered its final stages of testing before the Merge occurs and while it is controversial for some ETH lovers, it has been well received across the wider community due to the benefits Proof-Of-Stake (POS) brings.

Notable, the environmental benefits are most apparent as POS is historically greener and more efficient from energy usage, helping lower the overall carbon footprint of the project. Nevertheless, ETH miners have lamented the Merge and have actively campaigned against it as they will lose a significant revenue stream when the switch occurs.

Still, Ethereum is the most influential project for the development of Web3 in the blockchain ecosystem to date and the Merge can propel ETH forward, particularly if regulation comes in to ensure certain environmental standards are met.

With the Merge approaching, expect to see much speculation around the price of ETH as a smooth merger may see strong gains for the protocol, while one that has speed bumps could cause volatility in the short run.

Royal Bank of Canada’s Evolve Summit 2022 in Toronto, Canada – Ndubuisi Ekekwe Presentation [Video]

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My submitted presentation for Royal Bank of Canada’s Evolve Summit 2022 in Toronto, Canada today.  Due to scheduling conflicts, I spoke remotely. My topic was “Technology and Fixing the Frictions of Nations.” Watch the 30-minute presentation.

Comments on FB Feeds

Comment 1: Thank you so much my Prof. Very insightful and interesting. Let’s begin the journey of making Africa a continent of Numbers. Let’s take advantage of cloud computing technology to enhance our computational capabilities. Let us rise to fix the market frictions, ramp up our GDP and make Africa the continent of Abundance. Thank you once again Prof.

Comment 2: Great insight….well done Prof. “When you are in Canada you don’t pray for food because they are in abundant, but in Nigeria they prayed for food because they don’t even know where the next meal will come from” this got me thinking. Most of the things we tagged miracle in African, are failure of infrastructures and innovations.

NBC Suspends the Shutdown of 52 Erring Broadcast Stations, Says Stations Have 3 Days to Pay Their Debts

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The National Broadcasting Commission (NBC) has suspended the shutdown of the broadcast stations whose licenses were revoked on Friday over unpaid dues.

The commission made it known in a statement released on Saturday that the stations now have up to Tuesday August 23 to pay their debts.

According to Balarabe Shehu Ilehah, the director-general of the commission, the decision was motivated by the intervention of concerned groups and visible efforts by some of the defaulting stations to clear their debts.

The statement went as follows:

“Following the intervention of concerned groups and visible efforts by some of the defaulting licensees to offset their debts, the National Broadcasting Commission hereby serves this notice of an extension of deadline to shutdown to 6:00pm on Tuesday August 23, 2022”

“All affected broadcast stations who fail to defray their debts on or before August 23, 2022 are directed to shutdown by 12 am on August 24, 2022”.

NBC Revokes Licenses of 52 Nigerian TV and Radio Stations and Demands their Immediate Shutdown

Overcoming Deathtraps in Investment Financing: Insights from Andrew Stotz, A Financial Expert

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Financial intelligence is a scarcely developed skill in most individuals which is often responsible for their likelihood of success or failure in their personal, social and professional lives. A fundamental aspect of this skill is the ability to recognise and utilize opportunities even amidst scarcity. Remember the three motive of wanting money according to Maynard Keynes which include; transactionary, precautionary and speculative? The speculative motive embodies the idea of investment financing, and it is mostly accepted as the basis of wealth building.

Invariably, investment financing is often thought or learned from the perspective of what desirable skills to possess. However, it has been observed that an equally rewarding or even more rewarding approach looks at the subject in terms of the undesirable things we often take for granted in our day to day lives.

Financial investment expert and writer, Andrew Stotz, in his personal account of his financial investment failures titled My Worst Investment Ever identifies the key markers of a prone-to-fail investment and how a potential investor can circumvent these errors. The short book started out from the sampled opinions of the author’s friends and acquaintances, detailing their worst investment experience. It occurred that each respondent had such a vivid story to tell. The author describes the inspiration of the book as follows:

“In the world of finance, we are always talking about our winnings, about the story of our returns. But we so rarely talk about failures. Thus, the book is about investment failures.”

Stotz dissects the key drivers of a successful investment in four broad levels. In each level are decision errors that often cause the investor to lose out in the investment.

The first thing to consider is to deal with the basics. This involves thoroughly understanding the business venture; both its outlook and internal realities including its operating models, management team, and culture. According to Stotz, to avoid failure at the early stages of business, one must endeavor to put the basics in place.

The following decision errors emanates from not being able to deal with the basics:

  1. Buying into an illiquid investment that is hard to sell
    According to Stotz, investing in unlisted private companies poses a unique challenge because it is very difficult to exit when you are no longer satisfied with the management.
  2. Buying into an illiquid investment where you lack influence over management
    Here, it is stated that owning a minority stake is highly risky because as a minority you have little or no influence over the way the business is running. For example when you are an employee, there are times when management offers you your own shares in the company. In this case, you are better off when you avoid it since you will have no control over the management of the company. Moreover, you will have deferred your compensation, and if things go wrong, there may not be a buyer for your shares. Hence, the investor suffers due to lack of control.
  3. Putting faith in an unproven management team
    Here, Stotz contextualizes a common belief that the familiar devil is much better than the unfamiliar angel. According to Stotz, the changeover of the management is crucial to the survival of the venture. This was a case of new management taking over a family-run business. In such cases, investors expose themselves to the risk that the new management is unable to make the business successful. Hence, the lesson here is to stick to proven management if possible.
  4. Investing in people you don’t know and not revising their past and references
    Though this is similar to the previous case, it is however different because it goes beyond simply trusting on management to other things that informs our biases and irrational decisions. For example, some individuals make investment decisions based on how gracefully a pitch appeals to them or based on the culture, class or race of the people they are investing with. One must endeavor to carry out a thorough research or do what is called due diligence about the person’s past decisions and relationships.

The second driver is keeping an open mind such that you can easily overcome hureustics. Businesses evolve along with major and minor changes in the mode and social relations of production. A combination of macroeconomic and microeconomic forces could disrupt the market and set in a new ordinance. Therefore, the rational investor must keep an open mind and be ready to forego their favourite endeavour when necessary. This is simply “knowing when you must kill your darling” according to Stotz.

The following decision errors develop from failing to get past one’s residual knowledge:

  1. Being oblivious or deliberately disregarding major shift in an industry      One major risk of investing in an individual stock is the risk that something major changes in the industry in which the company is operating. These changes can start small at first and can seem to have little impact. But they can gather steam. For example, during the Covid19 lockdown, investment in real estate, particularly office space financing, and transportation went down due to remote working.
  2. Relying too much on professionals Author noted that one of the lessons of his career is that financial professionals are driven by many different factors than the the investor’s concern which is simply the performance of their investment. Also, it is often the case that brokers are cheerleaders for stocks rather than thoughtful analysts. Therefore, one must never eliminate the conflict of interest in the financial world. You must seek financial advice from people who disclose their conflicts of interest.
  3. Buying the dip without a second thought
    You definitely will be facing a high risk when deciding which course of action to take when the price of stock is falling. Referencing the prospect theory by economist and Nobel price winner, Daniel Kahneman and Amos Tversky, Stotz proposes that when for example you, as an investor,  buy a stock at 100 and it goes to 110, you feel great, but when it goes to 90 you feel about two times worse than you felt great when it went up by 10. This will cause you to make mistakes when prices are falling.
    Also due to overconfidence, when the share prices start to fall we think if we liked it at 100 we should like it even at 90. However, a better way to think of this is that while the analysis may be correct, the timing may be wrong. The author argues that if a stock falls by 20 percent to 25 percent in most market, you’d be better off selling it and hold cash.
  4. Ignoring the reality that things change for companies. Sometimes we are blinded by love– we like companies and their management so much and we know them so well that we think they will always be successful and be a good investment. But things change for companies. One must understand that previous glories do not guarantee success in the future.