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Home Blog Page 5241

Nigerians And The Awaited Polls

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It’s popularly cited that ‘It’s better late than never’. Believe me, most of us are yet to know the prime essence of that citation.

For some of us who know the essence or significance of the famous quotation, how would you throw more light on it if you were asked to do so?

As for me; ‘it’s better late than never’ simply means that it is better one comes late to an event than being marked absent. In other words, it means, it’s better you’re being known by your colleagues as a latecomer than being recognized as a regular absentee.

Please, pardon my preamble. I just decided to commence with such analysis. But as we proceed, you will acknowledge its relevance.

Barely three nights ago, at exactly eleven O’clock, I was faced with a serious and thorough meditation as regards the present state of the Nigerian society in respect of her socio-political sector.

At the end of the said meditation, I concluded that one thing was missing in Nigeria’s polity in its entirety, and that had been the root of her people’s collective plight. Till date, that thing is still missing.

Without mincing words, that “thing” remains sincerity coupled with transparency. Please, I’m just thinking aloud. Therefore, I’m humbly letting out my opinion which can be countered by any interested person.

For crying out loud, Nigeria is of age. Sixty one years is neither sixty-one days nor sixty-one weeks. It beats my psyche to realize that most Nigerians are yet to know that Nigeria is truly of age, going by the manner they treat the country in question.

Most pathetically, they’ve turned the ‘giant of Africa’ to a thing of mockery. Isn’t it wickedness? Well, still thinking aloud; though sooner or later, I would be communicating loudly.

The fancy fact remains that Nigeria has been abused greatly by her subjects. How can we be repeating just one issue, which is corruption, on a daily basis; does it imply we don’t know the actual remedy to stop such cankerworms? As far as I’m concerned, this is simply insincerity. Let’s ride on!

The polity has been filled with enormous uproar in regard to the forthcoming elections. The funniest part is that, lately, even the ‘touts’ have been speaking as if they own this country.

The aforementioned pandemonium has abruptly become ubiquitous, which implies that no one is safe if we decide to remain mere onlookers as the days unfold.

It’s no longer news that the Independent National Electoral Commission (INEC) has announced to the public the dates for the awaited elections. This signifies that Nigerians are presently damn prepared to once again walk to the polls come 2023.

But for the impending national ritual to be successful as expected by all well-meaning individuals both home and diaspora, the electorate must acknowledge that the country is seriously in need of cleansing as regards elections and allied matters.

Ceaselessly, the teeming electors in Nigeria are being reminded of the same thing, as if their memories aren’t longer functional. This is to say the collective plight of Nigerians is self-inflicted. This is the reason the citizenry must go back to the drawing board for holistic review towards making amends where need be.

For crying out loud, we can’t continue to repeat exactly the same thing on a daily basis. The good news is that time has come for every Nigerian to get it right.

At this juncture, everyone is urged to search their respective consciences because, I’m of the view that we’ve all derailed tremendously. Mind you, ‘it’s better late than never’.

I can’t see how someone born with a silver spoon could be dining with a rotten one even as a grown-up. Isn’t it absurd? 

Bitcoin, Ethereum Surges As Russia Considers Accepting Bitcoin As Payment For Its Oil And Gas

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Following the invasion of Russia on Ukraine, the country has been faced with strict sanctions being pelted at them by Western countries. These sanctions have kept Russia’s economy in shambles as the country now finds itself increasingly isolated from global trade. Despite being one of the largest exporters of gas, accounting for about 45% of the European Union’s imports, the country has been facing difficulty in finding buyers for its oil.

According to information gotten, due to the difficulty Russia is facing with selling its oil, the country is now considering accepting Bitcoin as a means of payment for its oil and gas exports. According to Russia’s chair of the Duma committee on energy, Pavel Zavalny, he disclosed that when it comes to their allies such as China or Turkey, Russia is willing to be more flexible with payment options as alternative ways to pay for Russia’s energy exports and also accept Bitcoin as a means of payment. After Russia made the statement of accepting Bitcoin as a means of payment, there was a rise in Bitcoin of about 4%, which saw the price move up to $44,000.

Not only did Bitcoin rise, but the price of other cryptocurrencies also spiked around that time. The president of Russia Vladimir Putin disclosed earlier that he would require “unfriendly” countries to pay for oil and gas in rubles. Although his demand was frowned at by European leaders, especially those who are still purchasing the Russian oil and gas stating that such a requirement would breach existing contracts, which typically specify the currency should be in Euros or Dollars.

When sanctions were being pelted out at Russia by the Western countries, for their forceful invasion of Ukraine, I pondered if Russia could survive all of it. I also imagined if they could thrive as a pariah state, knowing full well that most European countries have cut ties with them. Well, I guess they are gradually feeling the heat, which is why they are seeking alternative payment options to the purchase of their oil and gas. Each of these sanctions bears a weight of devastating impact on its economy. Recall that President Joe Biden and the European Union earlier announced the expulsion of Russian banks from the society for worldwide interbank financial telecommunication.

The expulsion ensured that Russian banks were disconnected from the International Financial system as well as harmed their ability to operate globally. Russia’s switch to payment through Bitcoin would be a strategic move deployed by them to bypass sanctions since cryptocurrency doesn’t flow through the International banking system. Although this alternative route might look like they have found a solution, albeit it is complicated due to how volatile cryptocurrency can be.

With its value swinging by 50 percent or more over the past year, it could be favorable to Kremlin, yet it may further undermine Russia’s economy. This period seems to be an unfavorable one for Russia because despite considering accepting Bitcoin as a means of payment, one of its strong allies and trade partners China, has for long banned the use of cryptocurrency in their country. Another challenge that potential buyers of Russia’s oil and gas might likely face after purchasing the oil, would be how to get it out from Russia. One of the constraints would be getting a ship to carry the barrels of oil from Russia as not many shipowners will be willing to take the risk to avoid their ship from getting impounded.

Tekedia Capital Q1 2022 Investment Cycle

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Update: This is to update that the video sessions of all Tekedia Capital Demo Day pitches are now available in the Board. Login here and watch the presentations.


Greetings. We are very happy to update that the deal flow is live in Tekedia Capital Q1 2022 board. We made a special video for each startup and also attached their respective pitch decks. The Demo Day Zoom link is also included. The startups will come and pitch live to members as indicated. To join this dealflow, join our Syndicate here

Join our syndicate, and co-build the foundations of the next African economy. Tekedia Capital charges $1,000 annual fee to include an investor in Tekedia Capital deal flows for 12 months or 4 investment cycles.

Here are the key dates and deadlines for Q1 2022 investment cycle:

  • Publication of the startups: March 16
  • Demo Day: Demo Day is scheduled for March 26 at 4pm-6.30pm WAT (Zoom link will be provided later)
  • Tell us how much and startup you’re investing: April 6
  • Fund Transfer: Between April 8 and April 20. Transfer could be in US Dollars or local currency; bank details will be provided.
  • Master Agreement Signing: upon payment

 

Do not make the path to success to become The Success

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He was paralyzed for 38 years. He expected healing at a pool in Bethesda. Typically, an angel would arrive at the pool, stir the water, and the first to get in would be made whole. That has been the method for years; nothing else matters for many.

Then one day, a Messiah came. He asked the man, “Do you want to get well?” “Sir,” the man replied, “I have no one to help me into the pool when the water is stirred. While I am trying to get in, someone else goes down ahead of me.”

Notice his answer: he had no one to get him into the water. Simply, he had no connection to Aso Rock, White House or the U.S. Embassy for visa. Apparently, his healing must come via the same way – stirring water and jumping in, and the process must wait until the next angel arrives. Too bad, he did not know the grand commander of angels was before him.

We have the same problem. Someone asks you “Do you need a job?” Then you quickly remind him that “Sir, I made a 2.2 …, read “Typing”, etc”. It is natural; I desired to be a Naval officer because my kinsman, Rear Admiral Ndubuisi Kanu (RIP), was a great one. But one day, he came to the community school and told us “you must be educated and pass exams with great grades”. We got the message; the only path was not military.

People, do not make the path to success to become The Success. There are many routes. Not many would be as lucky as the man who despite his way-off answer received healing from Christ. Communicate better on the big picture.

Happy Sunday.

EU Reaches A Landmark Agreement On A New Legislation That Will Scuttle Big Tech’s Dominance

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Big tech companies operating in Europe will have a new challenge in the markets as a new set of rules designed to alter the operation of internet companies as we know it, is getting ready to be unveiled.

The European Union has been working on a digital legislation that will check the excesses of the big players in the online industry, holding the “gatekeepers” such as Google, Meta and Amazon, accountable like never before. The AP reports below that the bloc is a step closer to finalizing the landmark digital rules.

EU officials agreed late Thursday on wording for the bloc’s Digital Markets Act, part of a long-awaited overhaul of its digital rulebook. The act, which still needs other approvals, seeks to prevent tech giants from dominating digital markets, with the threat of whopping fines or even the possibility of a company breakup.

For instance, they face tighter restrictions on using people’s data for targeted online ads — a primary source of revenue for Google and Facebook — while different messaging services or social media platforms would be required to work together.

The new rules underscore how Europe has become a global pacesetter in efforts to curb the power of tech companies through an onslaught of antitrust investigations, stringent regulations on data privacy and proposed rules for areas like artificial intelligence.

“What we have been deciding about yesterday will start a new era in tech regulation,” the European Union’s lead lawmaker Andreas Schwab said at a press conference Friday.

The same day, however, the European Union reached a preliminary agreement with the U.S. that paved the way for Europeans’ personal data to be stored in the U.S.

In its crackdown on tech giants, the EU also has another set of rules, the Digital Services Act, that aim to ensure online safety for users through stricter requirements to flag and remove harmful or illegal content or services like hate speech and counterfeit goods. Both are expected to take effect by October, EU competition chief Margrethe Vestager said.

The European Consumer Organisation, or BEUC, welcomed the agreement on the Digital Markets Act, saying it would help consumers by creating fairer and more competitive digital markets. Digital rights group EDRi said it will “narrow the power imbalance between people and online platforms.”

Tech companies were less enthusiastic.

Apple said it was concerned that parts of the Digital Markets Act “will create unnecessary privacy and security vulnerabilities for our users while others will prohibit us from charging for intellectual property in which we invest a great deal.”

Google said it will study the text and work with regulators to implement it.

“While we support many of the DMA’s ambitions around consumer choice and interoperability, we remain concerned that some of the rules could reduce innovation and the choice available to Europeans,” the company said.

Amazon said it is reviewing what the rules mean for its customers. Meta, which also owns Instagram and WhatsApp, didn’t reply to a request for comment.

The Digital Markets Act includes a number of eye-catching, groundbreaking measures that could shake up the way big tech companies operate.

They wouldn’t be allowed to rank their own products or services higher than those of others in search results. That means Amazon, for example, wouldn’t be allowed to list its own brand of goods ahead of rival offerings from independent merchants.

Essential software or apps such as web browsers can’t be installed by default along with the operating system, in the same way Google’s Chrome comes bundled with Android phones. There’s also a measure aimed at loosening Apple’s stranglehold on iPhone apps through its App Store.

A user’s personal data also couldn’t be combined for targeted ads unless “explicit consent” is given. That would prevent Google from collecting information on YouTube viewing, online searches, travel history from Maps and Gmail conversations to build a profile to serve up personalized ads, unless users agree to each one.Messaging services and social media platforms must work with each other to avoid the domination of a few companies that have already established big networks of users. That opens up the possibility, for example, of Telegram or Signal users being able to exchange messages with WhatsApp users.

Online services would have to ensure that users can opt out just as easily as they can sign up.

That’s “aimed at services where it’s super easy to sign up — boom, you’re a customer — but unsubscribe is hidden under three levels of menus,” such as Amazon Prime, said Jan Penfrat, senior policy adviser at EDRi. “They push it on to you with big, colorful buttons, but getting out of it is really difficult.”

Criteria for defining a gatekeeper under the rules have been tweaked to include companies that earn at least 7.5 billion euros ($8.3 billion) in annual revenue in Europe in the past three years, have a market value of 75 billion euros, provide services in at least three EU countries, and have 45 million users and 10,000 business users each year in the bloc.

Violations could be punished with whopping fines: up to 10% of a company’s annual income. Repeat offenders could be fined up to 20% of worldwide revenue, which could amount to billions of dollars for wealthy Silicon Valley companies.

Negotiators from the European Parliament and European Council, which represents the 27 EU member countries, reached the deal after months of talks. It now needs to be endorsed by the Council and the European Parliament.