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Home Blog Page 5187

On Chris Ngige And His Presidential Ambition

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Nigeria’s Minister of Labour and Employment, Sen. Chris Ngige has formally declared his intentions to run for the country’s 2023 presidential election.

The Minister, who declared his Presidential ambition while addressing a mammoth crowd at St. Mary’s Catholic Church Alor, Idemili-South Local Government Area (LGA) of Anambra State on 19th April 2022, stated that he had a ‘burning desire to see a prosperous, united and equitable Nigeria’.

The former governor of Anambra State notified that he was well equipped as an administrator due to his 40 years of experience in the public service, saying he possessed a huge wealth of experience, capacity and energy as well as a large heart to accommodate the differences among Nigerians.

 It would be recalled that Sen. Ngige disclosed a few days ago that God had spoken to him about his presidential ambition and he would declare on Tuesday.

He made the statement when members of the All Progressives Congress (APC) welcomed him at the junction between Anambra and Enugu states.

Speaking on Holy Saturday to the crowd, who had earlier asked him to declare for the presidency, Sen. Ngige informed them that he had consulted and prayed, and God had spoken back to him.

“I want to assure you that the period of Lent ended last night, and throughout the period, we communed with God. We did spiritual exercises and fasted. We talked to God and His Angels and God has talked back to us. God has spoken to me. I want to assure the people that I will not disappoint you. I will speak to you in the language you will understand,” he said.

 According to him, as governor of Anambra for 34 months, he achieved more than those who spent eight years in office, adding he would replicate that at the national level, if given the opportunity.

He said it was a great mistake for people to compare him with Peter Obi and Willie Obiano, noting within the 34 months, he did better than the duo.

He went further to state that he did not only lay the foundation of the new Anambra but built houses, edifices, schools and other facilities in the State, adding that pensions were paid as and when due during his tenure as governor.

“I want to be your ambassador in Nigeria. We will work as we did in Anambra if the Nigerian people give us a chance. I will work as I did in the Senate if Nigerians give us the chance. We will also work as I have been working as a minister of labour and productivity over the years,” he said.

According to Sen. Ngige, he had met all the governors in the South-East zone and they had accepted to support his presidential ambition.

It was indeed laughable and annoying for Sen. Ngige to promise Nigerians that he would replicate what he did as Labour Minister if given the mandate to serve as the country’s President. Was he actually kidding Nigerians?

Under his watch as Labour and Employment Minister, it has unabated been one ugly story or the other as regards issues pertaining to labour in Nigeria.

Since he assumed duty as Minister, the staff of the various tertiary institutions in the country have invariably embarked on industrial actions. As I write, the same set of workers are still on strike, yet nothing tangible is being done by the government to resolve the unending impasse.

Ngige may have other expensive jokes to crack concerning his presidential ambition, but he ought to desist from reminding the electorate that he is the current Minister of Labour in the country as he goes about campaigning for victory.

Google Opens First African Product Development Center in Kenya

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Google has continued to implement its digital transformation investment plan in Africa. The web search giant has been picking different African countries to establish each of the initiatives tied to the transformation plan.

On Tuesday, Google announced the launch of a product development center in Nairobi, Kenya’s capital – its first in the continent. The new hub is designed to build “transformative” products and services for the African market and the world.

The center is Google’s second major research and development investment in Africa.

The burgeoning African fintech has further exposed digital opportunities in the African tech ecosystem that Google appears to be positioning itself for its digital economic boom. By 2030, Africa will have 800 million internet users and one-third of the world’s under-35 population.

In 2019, Google launched the first AI and research center in Ghana. In October last year, the tech giant announced plans to invest $1 billion in Africa over the next five years. It will focus on four key areas; enabling affordable access to the internet and building products for every kind of African user, helping businesses with their digital transformation, investing in entrepreneurs to spur next-generation technologies and supporting nonprofits working to improve lives across Africa.

Google said it will hire over 100 tech talent including software engineers, researchers and designers over the next two years to help solve difficult and technical challenges, such as improving the smartphone experience for people in Africa, or building a more reliable internet infrastructure, according to Google VP for products, Suzanne Frey.

There is growing interest in Africa from American tech giants, who, in the past five years, have been setting up digital and innovative hubs across the continent. Lagos, Johannesburg, Accra and Nairobi are all getting their investment share.

Two weeks ago, Visa announced that it had set up its first innovation center in Nairobi, to co-create payment and commerce solutions with partners. This came shortly after Microsoft launched a research and development center in Nairobi.

“Africa has been at the forefront of innovation, and we believe that we are going to continue to develop and innovate right here from the continent,” said Google’s policy lead for Sub-Saharan Africa Charles Murito.

Google said it plans to continue building partnerships, products and services to get more people connected to the internet, support small and medium-sized businesses and non-profit organizations.

“We have 300 million people on the internet in the region [Africa] today. We also know that in the course of the rest of this decade, we’re going to have another half a billion people who will experience internet for the very first time, which is why it is incredibly important that we build products and experiences that are helpful to these people that are going to be experiencing the internet just in Africa,” said Google in Africa managing director, Nitin Gajria.

Africa’s internet economy is expected to leap 56% to $180 billion in gross merchandise value by 2025, buoyed by massive digital transformation. This is as the world pushes to sustain the pandemic-spurred shift to digital life.

Nigeria’s Profit Race for Publicly Traded Companies

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My home state of Abia has a budget of N147.28 billion for 2022; Dangote Cement made a profit after tax of N364.4 billion in 2021.  Who should be His Excellency? The one managing N147 billion or the person generating N364 billion.

Like Hamlet answered Lord Polonius “Words, Words, Words”, in Hamlet, by William Shakespeare, at this moment, it is “Profit. Profit. Profit”. Like Samuel Taylor Coleridge’s “The Rime of the Ancient Mariner”  where those lines were dropped:  “Water, water everywhere, / Nor any drop to drink”. Turns of profit in Nigeria, yet, many are seeking for the home of abundance.

Good People, Chinua Achebe said it all,  “an adult does not sit and watch while the she-goat suffers the pain of childbirth tied to a post”; shine ya eyes for Naija. Yes, opportunities remain because frictions abound. Sure, we can do better. But note this – abundance LIVES here.

Credit: from Chukwuemeka Nwagwu Bsc, Msc

Comment on LinkedIn Feed

Comment: It tells you where true value lies, that government is not the answer but entrepreneurship. Check every person who has blamed the government for his/her misfortunes and lack of success, there’s always a glaring capability gap.

We have not achieved sufficiency in anything, but most people can’t still see the opportunities therein. Between developed and developing country, which should hold greater opportunities? But again, you need that visioning capability to make sense of unharvested abundance.

Entrepreneurs lead, governments follow, but when you expect governments to lead in wealth creation, poverty and miseries abound.

The social media everyone enjoys today wasn’t a creation of governments, but after its emergence, governments started coming into the space to assert their relevance, that is government for you. What would have happened if governments were tasked with creating social media for all peoples? It would have been unusable.

Worry more about your lack of capacity and foresight, not government inefficiencies. Anything you want to see happening, get to work, and once you create big activities there, government will take notice and work with you to make it better.

Those who create wealth are the true excellencies.

SEC Regulates Capital Market And Not CAC

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SEC Nigeria

Most times when i advise some clients to make sure they carry out due diligence before investing on any platform they are quick to point out that they have done their homework and that they have checked if the company they want to invest in is registered with the corporate affairs commission (CAC) and it is registered, therefore the company been registered with the CAC must be genuine.

This line of thought that every company registered with the corporate affairs commission is genuine and legit is marred with ignorance.

For the record, not every company or business registered with the CAC is genuine; some fraudsters register their businesses or companies with the corporate affairs commission too.

It should be noted that although CAC is expected to make sure that every business or company registered with them is legit, their main function as a governmental body as set out in section 7 of the Companies and Allied Matters Act, includes: administering the Act, the regulation and supervision of the formation, incorporation, management and winding up of companies.

But when it involves investment companies, that the company is registered with the CAC does not prove the authenticity of the company. CAC documents and certificates that the company holds mean nothing when it comes to proving their authenticity.

It is the Securities and Exchange Commission (SEC) that is a body that regulates all capital market operators including investment platforms. The Securities and Exchange Commission (SEC), is the Apex Regulator of the Nigeria Capital Market and they are responsible for developing and regulating the capital market.

Some of the functions of the Security and Exchange Commission include;

To Develop and Regulate a Capital Market that is Dynamic, Fair, Transparent and Efficient, to Contribute to the Nation’s Economic Development.

The Securities and Exchange Commission is mandated to Regulate and Develop the Nigerian Capital Market.

The Securities and Exchange Commission oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds in an effort to promote fair dealing, the disclosure of important market information, and to prevent fraud.

If you want to confirm or verify if an investment platform is genuine, first you will need to confirm if they are registered with SEC or licensed by SEC to carry out the business of crowdfunding, capital investment, capital market, etc, SEC is the right body to approach, you can go to their website and you will see the list of all licensed capital market operators.

The SEC maintains surveillance over licensed capital market operators and investment platforms with the mandate of ensuring orderly and equitable dealings and protecting the market against fraudulent activities.

You can always contact them or write to them for your inquiries.

Their Contact details are:

SEC TOWERS,

Plot 272, Samuel Adesujo Ademulegun Street, Central Business District

P.M.B:315, Garki, Abuja

+234 (0) 94621100; +234 (0) 94621168

Email: sec@sec.gov.ng

Website: sec.gov.ng

Tekedia Live: Starting A New Company – Case of HRTech, Ropay

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Join Tekedia Mini-MBA Live tomorrow as we examine a case study on how to build a new company. HR technology startup, roPay, will be the case study. The company helps organizations manage payroll and other HR matters. It offers many HR technologies to organizations of all sizes. Ropay CEO Adedokun Agunbiade will lead the session. Zoom link in the Board.

To register for the next edition of Tekedia Institute Mini-MBA before the price increases after the early bird deadline, go here