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Oscars Film Academy Bans Will Smith From Oscars Ceremony For 10 Years

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Following the controversial drama that occurred at the just concluded Oscars Award, which saw American Star actor Will Smith slap comedian Chris Rock on the face after the comedian made a joke about his wife Jada Pinkett Smith’s hair loss. The drama trended worldwide and was on the lips of many, with a large number of people criticizing Will Smith’s despicable action for going so low at a prestigious awards ceremony.

Having regretted his actions, the Men In Black actor tendered an apology to the Oscar Academy for his action, as well as publicly apologizing to comedian Chris Rock via a lengthy Instagram post. Just recently, the Board of Governors for the Academy of Motion Pictures Arts and Sciences convened to discuss the consequences of actor Will Smith’s unpleasant action at the 94th Oscars Awards and concluded with the decision to ban the actor from the Oscars award ceremony for 10 years.

According to information gotten from reliable sources, it was disclosed that there were several calls from industry insiders and movie fans for Will Smith’s Oscar award to be taken back from him.

Even though the actor had earlier announced his resignation from the Oscars Academy after the slap incident, he was however handed a ban by the Academy. The ban will however see Will Smith restricted from attending any Academy events or programs, in person or virtually, but not limited to academy awards. Although his resignation and ban will not preclude him from being nominated or winning a future Academy award.

The Academy statement reads;

“The 94th Oscars was meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage.

During our telecast, we did not adequately address the situation in the room. For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers, and our Academy family around the world, and we fell short unprepared for the unprecedented.

Today, the Board of Governors convened a meeting to discuss how best to respond to Will Smith’s actions at the Oscars, in addition to accepting his resignation. The Board has decided, for 10 years from April 8, 2022, that Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards.

We want to express our deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters, and winners for their poise and grace during our telecast.

This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted.”

There are so many lessons to learn from Will Smith’s slap saga, as it is a wake-up call to everyone to always put their emotions in check and not let it get the better part of them. It is often said that ‘talent will get you in a door, but character will keep you in the room. A talented person without a good character is just like a ticking time bomb waiting to explode because one day such a person will let hell loose that will cost them so many things.

We all need to think twice before taking any action because there are certain actions one can take that will be the end of a person’s career. Just like Will Smith, despite all the beautiful career he has built over the years, one careless mistake plunged his career into a mess.

Egoras – Merging Fintech and Engineering

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Everything in this video has been refurbished and buyers receive months-long service guarantees. Egoras has created a new business model where we merge lending and engineering to make life easy for citizens.

Our goal is to become the largest retail chain for refurbished items. We know that the United Nations will like it to fight global warming, and most especially, our fellow citizens will appreciate the cost efficiencies. Learn more about Egoras here.

Consider Egoras in your next shopping trip.

Buhari Seeks Approval for Fresh Loan As Nigerian Budget Deficit Increases to N7.5 trillion, 3.99% of GDP

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As the negative implication of petroleum products importation bites harder, the federal government of Nigeria is once again seeking to upset the resulting budget deficit through loans.

On Thursday, the Speaker of the House of Representatives Femi Gbajabiamila, read a letter sent by President Muhammadu Buhari, requesting approval for a fresh loan and a review of the 2022 Appropriation Act.

The president said the total budget deficit is expected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP. This is mainly due to the surge in oil price that has significantly shot above Nigeria’s $62/barrel 2022 budget oil benchmark.

Buhari said the incremental deficit will be financed by new borrowings from the domestic market. He also requested the review of the 2022 Medium-Term Expenditure Framework (MTEF), upon which the budget was hinged.

“As you are aware, Mr. Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.

“The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion, representing 3.99 percent of the GDP.

“The increment of the deficit will be financed by new borrowings from the domestic market.

“Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request,” he said.

The speaker referred the letter to the house committee on finance for further legislative action.

Last month, Nigeria’s public debt profile hit a new height of N41 trillion, according to data from the Debt Management Office. The federal government’s borrowing was recently accelerated by the need to fill the budget deficit buoyed by fuel subsidy payments.

Exacerbated by the outbreak of Russia-Ukraine conflict, Nigeria’s government is grappling with the economic headwinds emanating from the rise in crude oil price. Though an oil-based economy, Nigeria has no functioning refineries, a situation that has made it dependent on importation of petroleum products refined outside its shores. This means, like in non-oil producing countries, pump prices in Nigeria will be determined by the activities in the international market.

The situation is further compounded by the West African country’s lack of capacity to increase its oil output amid the burgeoning global demand. Nigeria is Africa’s largest producer of oil and sixth largest exporter in the world, with a maximum crude oil production capacity of 2.5 million barrels per day. But as of February, the Africa’s largest economy could only put out an average of 1.417 million barrels per day, a decline of 10,000 barrels per day when compared to the 1.427mb/d produced averagely in the month of January 2021, according to data published by Organization of the Petroleum Exporting Countries (OPEC).

The only time Nigeria had come close to its maximum production capacity was in November, 2005, when it recorded an all time high production output of 2475 mb/d.

The Nigerian National Petroleum Corporation Limited (NNPC), has attributed the poor output to vandalism of oil pipelines and other installations. The Minister of State for Petroleum Resources, Chief Timipre Sylva, said it’s due to the withdrawal of operation by multinational oil companies and investors from Nigeria.

“The rate at which investments were taken away was too fast. Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us,” Sylva said in a statement by his media aide, Horatius Egua, in March.

Nigeria’s production output has stagnated around 1.4mb/d for 11 years now, which greatly falls short of the 1.8mb/d quota set by OPEC.

These backdrops have set Nigeria up to the self-sabotaging economic choice of borrowing to fund its fuel subsidy, as the timeline of total removal of the subsidy has repeatedly been adjusted forward due to unforeseen changes in the oil market.

This is not the first time in the year the federal government is making a request for the review of the 2022 Appropriation Act. In January, the Minister of Finance, Zainab Ahmed asked for the amendment of the budget to accommodate the increase in oil price.

With the global oil price still on the rise, experts believe that more borrowings and further amendments of the 2022 Appropriation Act are inevitable.

Tekedia Live – First Scaler Advantages, Optimizing Uncertainty, Speed & Growth

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Join me tomorrow at Tekedia Live as we discuss first-scaler advantages and how to optimize uncertainty, speed and growth in young companies. The world focuses on first-mover advantages (the first to market largely wins); I dwell on first-scaler advantages because the stable state sector-winners are not just those who pioneer sectors, but rather those who scale first, improving marginal costs and unit economics on the way.

The greatest reward in digital businesses is attaining near-zero marginal cost where marginal cost over time in the finite time becomes asymptotic. In Further mathematics in secondary school, in the Series section, you can say that let x be a continuous variable tending to a limit. If you have a real function f (x), and positive function g(x), you can have an asymptotic equivalence if f/q ? 1 as the limit is taken (you can also use Landau symbols and express all with infinity over a discrete space).

Good People, I will not bring any calculus tomorrow. But note this, the best pricing models in Lagos in logistics startups deploy a lot of calculus. Distribution cost, a key component of marginal cost, remains extremely unbounded where you have no postal service, and that means you have to use calculus to determine certain things using your operating variables. Mathematics graduates are hired to build those pricing systems.

Tekedia Mini-MBA >> come for a mindset. Registration for the June edition continues here 

UPS Enters Into Partnership With Jumia To Expand Delivery Services In Africa

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One of the largest and most trusted global shipping and logistics companies in the world, UPS recently entered into a new partnership with one of Nigeria’s number one online shopping sites Jumia, to grow its reach on the African continent. This new partnership will give UPS access to the e-commerce firm’s last-mile delivery infrastructure. Leveraging on Jumia infrastructure in Africa, UPS plans to offer its customers an extended range of delivery solutions, which includes door-to-door package delivery and collection, with a large variety of payment options.

This new partnership will ensure that UPS customers can pick up or drop off packages for sending across the world at Jumia’s stations in Africa (Kenya, Nigeria, Morocco). They also have plans of expansion to Ghana and the Ivory Coast and thereafter to other African countries where Jumia operates.

According to Apoorva Kumar, Senior Vice President of Logistics, Jumia, in his words, “At the beginning of our journey, 10 years ago, logistics infrastructure was one of the most challenging aspects of our operating environment. This challenge was a catalyst for us to build an unparalleled logistics platform in Africa offering our sellers and consumers reliable, convenient and cost-effective delivery services.

“Today, we are helping other businesses overcome these infrastructure challenges by giving them access to our logistics platform. We are delighted and humbled by the opportunity to partner with UPS, a global logistics leader, to offer the last mile solutions in Africa. We view this as a validation of the strength of our logistics platform as well as an incentive to double down on our efforts to further enhance our services and build a world-class logistics business in Africa,”

This partnership will be of great benefit to businesses in Africa, most especially the small and medium-sized businesses because it will offer them the channel to quickly and effectively connect to new customers around the world through the UPS global network. According to statistics small and medium-scale businesses which are believed to be the backbone of the African economy make up 90 percent of businesses on the African continent, which require delivery, and logistics services to deliver value, grow and break even. With this new partnership, their business will definitely experience a turnaround.

This partnership is no doubt a significant step for Jumia in Africa, as the market is projected to reach $180 billion in trade by 2025. The partnership has already started paying off already. According to reliable sources, the American depository receipts of Jumia jumped to 30% on the New York Stock Exchange, which saw Jumia rise from $934.6 million to $1.2 million. There’s still a lot to explore in the African e-commerce market, as e-commerce on the continent is still about five percent of the total retail.