DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5282

Federal Government Considers Mandatory Savings Scheme For Nigerians

2

Just recently, the federal government of Nigeria is considering making savings compulsory for Nigerians and introducing new inflation-resistant investment products that will incentivize savings. The scheme will be strictly for Nigerians between the age of 18 – 50 years, as the government seeks ways of mobilizing funds to boost the national economy. However, the working group, displeased with this initiative, presented a report to the Minister of finance, budget, and national planning advising the government to desist from making it mandatory for corporate bodies to save.

Dr. Ore Sofekun, CEO foothold advisors, who presented the report on behalf of the committee chairman, Mr. Fola Adeola, said implementing mandatory national savings was feasible but noted that it has to be driven by incentives, primarily tax. According to the Federal Government, they stated that the absence of inflation-resistant savings and investments products has been identified as one of the driving forces behind the continuous emergence of Ponzi schemes and other unsafe products with dubious claims to high returns.

The proposed national savings scheme is conceived as an open-ended scheme, applicable to various categories of Nigerians with various investment products that provide depth and variety for risk levels. As an open-ended scheme, the savings scheme is proposed to allow anyone to continuously invest through the scheme. According to the government, the proposed savings scheme has been structured in a way that loopholes and disincentives will be properly addressed, also providing reasonable rationales for the average Nigerian to embrace the scheme.

The actual goal of the scheme is to incentivize the population to save, have access to various savings-investment products, and provide a pool of funds to finance capital investments. According to the minister of Finance, budget, and national planning, Mrs. Zainab Ahmed, she stated that savings is very important as it aids in capital formation and sustainable investment, which are critical success factors for harnessing the true growth potential of any economy.

Seeing reactions from Nigerians on Social media, I can deduce that this initiative is heavily frowned at, and doesn’t sit well with them. Considering the high cost of things in the country, the minimum wage alone does not even cover the cost of feeding for a lot of Nigerians. Pelting out such initiative seems out of place. The scheme is seen as ridiculous because a third of Nigerians are unemployed and therefore the government saying that the scheme will be a tool to boost the country’s economy seems like a misplaced priority.

Looking at these mandatory schemes mulled out by the government, I have got two questions that have been on my mind.

  1.  If the government can mismanage and borrow from its pension funds, how can we count on them to regulate private funds effectively?
  2. If the government regulates the scheme, won’t they eventually end up either controlling or bailing out these funds?

Considering the high level of corruption and lack of transparency the government has shown over the years, it will be very difficult for the citizens to entrust their savings to a government that has shown gross incompetence for the past years. Of course, some working-class Nigerians save, but I don’t think they would ever want to consider the government mandatory savings scheme as an option. Also looking at the meager pay a large majority of Nigerians earn, savings will be very impossible, as the funds are not even enough to cater for certain basic needs.

Amidst the high cost of living, without the increase of minimum wage, the savings scheme shouldn’t even be considered, but jettisoned. This is a case of the government putting the cart before the horse. The needs of the people have not properly been met, yet they expect the same people to save. It is not possible! Considering the fact that China has refused to give Nigeria loan, one can only imagine if this initiative is a strategy mapped out to extort helpless Nigerians in the guise of a mandatory savings scheme.

Entrusting one’s hard-earned money all in the name of savings to a country that constantly borrows is very unsafe.

Jettisoning All Forms Of Discrimination As The World Marks Zero Discrimination Day

0

1st of March annually, the global community marks World Day of Zero Discrimination. This signifies that, today, the world is commemorating the 2022 edition of the laudable event.

The Zero Discrimination Day is an annual worldwide event that promotes diversity and recognizes that everyone counts. The first commemoration of the Day took place on March 1, 2014 by the effort as well as the mandate of the United Nations (UN).

The celebration came in consequence to the launch of Zero Discrimination Campaign on World AIDS Day in December 2013 by the UNAIDS – the UN arm on Human Immunodeficiency Virus (HIV) and Acquired Immune Deficiency Syndrome (AIDS).

Discrimination is simply the unjust or prejudicial treatment of different categories of people or things. It can also be referred to as the practice of treating one person/thing or group of persons/things less fairly or less well than other persons, things or groups, as the case may be.

This biased behaviour known as ‘discrimination’, which is an action that denies social participation or human rights, has in the recent times caused a severe harm or succeeded in placing millions of lives across the globe in a state of jeopardy or agony.

Indeed, it has made several mindsets to be preoccupied with skepticism when it calls for one seeking for what he/she deserves, especially when the bearer of the said mindset considers him/herself as a less-privileged.

Discrimination, which is widely recognized by the civil society as an inhuman behaviour/act, could be as a result of such various reasons or factors as gender, language, ethnicity, race, deformity, health condition, age, marital status, religion, retaliation/revenge, educational background, and social status, among others.

For instance, in a political terrain especially in a less-civilized country like Nigeria, someone might be discriminated against by others simply because the person is a woman or belongs to the womenfolk. On the other hand, someone may be denied a job or employment opportunity because he/she is too young or old for the job, or due to his/her ethnic or religious affiliation.

In the same vein, a person or group stands the chances of missing a certain opportunity as a result of their marital status, class or racial heritage.

More so, discrimination might be experienced by someone or a group of persons owing to their educational background even if they are mentally and intellectually qualified to fit in the cycle, or simply in order to punish them for what their predecessors or parents as the case may be, did to the potential benefactor sometime ago. This aspect, which is known as retaliation, is not just unreasonable but childish.

Recently, the most devastating form of discrimination experienced by people or some members of the public is in the case where the applicant or seeker is physically challenged or suffering from a certain illness such as HIV/AIDS, hypertension, diabetes, or even tuberculosis that is curable. This aspect of discrimination, which is globally addressed as ‘stigmatization’, has called for the concern of various international societies including the UN.

It’s no longer news that several prospective students, particularly of private-owned institutions, had been deprived of admission spaces because they are sufferers of any of the aforementioned diseases, or are suffering from one form of deformity or the other.

Most times, it doesn’t even have to do with when the carrier or the affected person is seeking for a favour, contract or job as the case may be; in some quarters, he may not be allowed to enroll for membership in any social group he is meant to belong to.

Such an intimidating or humiliating act, as outlined above, is liable to cause the death of the affected person, or it could even make him/her become violent or a monster in the society he/she belongs to.

To be realistic, the only reasonable or acceptable way someone could be discriminated or denied of his or her right, privilege or opportunity in any society, is in a situation where the person is affiliated to a certain vice or illicit social activity, to include robbery, cultism, rape, drug/human trafficking, prostitution, admission racketeering, examination malpractices, and what have you.

Other than these or any other related act, anyone in any given society or country has the right or privilege to be treated equally like others, since he/she is a bona-fide citizen of the said country or society.

In view of this obvious fact, there is a compelling need for every right thinking individual across the globe to ensure that his or her quota as regards fighting this scourge is immensely contributed. On this note, I call on all concerned bodies or authorities to intensify their awareness crusade regarding total elimination of this societal menace that has eaten deep in our bone marrow.

As the global community marks the annual World Day of Zero Discrimination, I enjoin the entire members of the Nigeria’s legislative arm to enact a strict and stiff law that would bring a holistic end to any form of discrimination taking place in the country at large.

The teeming members of the public are also expected to assist in the proper implementation of the proposed law by ensuring that anyone around them that indulges in the uncalled and nauseous act is brought to book without much ado.  

Rebranding: MTN Purchases 144 Plots of Virtual Land in Metaverse

0

Days after South African telecom giant, MTN changed its logo, stirring speculation, Africa’s largest telco has announced the purchase of a digital land in the Africarare metaverse dubbed Ubutuland.

The announcement released on the company’s website said it now owns 144 plots of virtual land with an overall area of 12x12m, becoming the first African company to venture into metaverse. The cost of the virtual property was not disclosed.

Africarare, which houses digital houses of African origin, is arguably the biggest African metaverse company. It was launched in October 2021, becoming the first African VR metaverse to launch. The platform uses UBU as its native token. Ubutuland is being developed by Africarare and Mann Made Media. The companies said it will be open to the public later this year to showcase some of the best of African art, fashion, entertainment, sports, tech and creativity. In addition, the company will serve as a platform for artists across the African continent looking to showcase their talent.

MTN’s Group Executive for Marketing, Bernice Samuels said the move is part of the telco’s digital tech-focused Ambition 2025.

“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace. This is exactly what our Ambition 2025 strategy is premised on – leveraging trends that amplify consumer’s digital experiences and engagement. We have always been at the forefront of technological and digital changes and we remain alive to the exciting opportunities the metaverse presents for us and our customers,” she said.

MTN unveiled its rebranded logo last month, hinting at a plan to pivot fully to emerging technology, especially metaverse and fintech.

“MTN Group’s Ambition 2025, aimed at ‘Leading digital platforms for Africa’s progress’, has ushered in a new look that is aligned to our evolution from a telecommunications company to a technology company underpinned by one simple, consistent, yet striking brand. Our commitment and focus to accelerate Africa’s progress sees MTN revealing a refreshed brand identity and campaign from February 27,” the company’s teaser said last month.

Global metaverse market is expected to reach $758.6 billion by 2026, growing at Compound Annual Growth Rate (CAGR) of 37.% over the projected period, according to an analysis report by Report Linker. Similarly, the global fintech market is expected to reach a market value of approximately $324 billion by 2026, growing at a compound annual growth rate of about 25.18% over the forecast period, according to data from Market Data Forecast.

Compared with the African entertainment and telecom market, which is expected to register a CAGR of 11.2% by 2026, growth opportunities in both metaverse and fintech, where MTN is already grabbing a share with its MoMo payment product, seems irresistible.

Moreover, the traditional telecom industry is facing increasing threat from the Big Tech’s move to provide faster, affordable internet to consumers around the world. And there is also Elon Musk’s Starlink and Jeff Bezos’ Kuiper satellite internet services bracing rapidly to be rolled out globally. With the telecom industry’s future packed with fierce competition, MTN appears to see diversification as a way out.

Follow up on the Abba Kyari’s case: BAIL REFUSED

0

A Federal High Court sitting in Abuja, on Monday, the 28th of February, 2022 flung out the bail application made by the suspended Deputy Commissioner of Police (now demoted to the rank of  Assistant Commissioner of Police), ACP Abba Kyari, the controversial super cop of Nigeria through his lawyer.

His Lordship, Justice Inyang Ekwo, the presiding judge in his ruling on the bail application, said the application have been “overtaken by other events” following an order made by another court, granting the National Drug Law Enforcement Agency’s (NDLEA) prayers to further detain ACP Abba Kyari for another fourteen (14) days to enable the agency continue and conclude their ongoing investigation on the drug related case that the senior police officer was accused of.

Justice Ekwo held that the sister court which gave the order in favour of the NDLEA on 22nd of  February is a court of coordinate jurisdiction and a court cannot overrule, overturn or upturn an order granted or ruling given by another court of coordinate or concurrent jurisdiction. It is only on appeal that a higher court can overrule or overturn an order granted or a ruling given by a lower court on a matter.

Recall that the controversial famous super cop was declared wanted by the National Drug Law Enforcement Agency (NDLEA) two weeks ago for his alleged involvement in drug trafficking and drug distribution in Nigeria and attempting to bribe an NDLEA investigator in order to quench the ongoing investigation on him. He was later that day arrested by the police and handed over to the NDLEA for full investigation.

He has since been in the NDLEA detention facility and he applied to be granted bail through his lawyer on medical grounds; he claimed to be hypertensive and diabetic and needed an urgent medical treatment outside the walls of the detention facility before his health condition  got worse.

The bail application was heard today and my Lord refused to grant him bail; by this implication, he will continue to be in NDLEA detention for another 14 days and cooperate with the ongoing NDLEA investigation on him.

Mitigating Risk from Financial Contagion from Russia-Ukraine Conflict

2

Greetings. There is a high likelihood of a financial contagion if the Russia-Ukraine hostility does not end this month of March. As the European Union ships weapons to Ukraine, and Russia moves more arms towards Ukraine,  many bad things will happen.

“The European Union agreed Sunday to … spend hundreds of millions of euros on buying weapons for Ukraine … EU officials said.” Associated  Press reports.  They have started the African playbook in Ukraine instead of addressing the root cause of this problem. Before you know it, some smart men will model how much profit & loss statements will improve if the war continues for an extra hour. And just like that, the evil party continues. The war is seen from balance sheets and how much dead weapons to be sold.

But understand one thing: if Russia, the world’s second largest oil producer, decides to strike back, oil prices will hit the ceiling and that may put pressure on most economies. Russia is a very small country on its share of global GDP – about 3% – but its energy position is HUGE. So far, the sanctions have been muted on its oil and gas, but nothing stops it “sanctioning” the world.

Look at your market positions and take action. Do not rely on the promises of politicians and press releases; this is a really big matter because it is not happening in Ethiopia, Iraq, Mali and Afghanistan but EUROPE. Yes, there is panic because it is home!

In a webinar this morning evaluating the potential financial impact of this war, I made the point that economic sanctions on Russia will not be as devastating as the “military sanctions” in Ukraine which are ongoing across Ukraine. So, for any sanction on Russia, Ukraine is experiencing 100x more since they are not just experiencing infrastructural destruction, but the lives of their citizens. If anyone thinks that the impact will not hit markets, that model is faulty.

Do not underestimate fast-growing madness because I have even seen that CNN, BBC, Fox, etc are not reporting facts. Everyone has taken a patriotic position which is great but markets do not run on such. So, shine your eyes and do not be taken unawares. 

Tekedia Mini-MBA will run a session during our Live session on Saturday to discuss what we could do to protect our assets. We’re a living school and do change our program with real market moving events. During covid-19, we ran many sessions to help our members.

We pray for peace.  They need to stop this madness fast.

The Russian military said Tuesday it will carry out strikes against the facilities in Kyiv, warning civilians living near the areas to leave.

The Russians will target the Security Service of Ukraine (SBU) and the 72nd Main Center for Information and Psychological Operations (PSO) in Kyiv, the Russian defense ministry said in a statement Tuesday via Russian state news agency TASS.

“In order to suppress information attacks against Russia, the technological facilities of the SBU and the 72nd main PSO center in Kyiv will be hit with high-precision weapons,” the statement said, according to TASS. “We call on Ukrainian citizens attracted by Ukrainian nationalists to carry out provocations against Russia, as well as residents of Kyiv living near relay nodes leave their homes.”

Speaking about the “relay nodes,” CNN’s Clarissa Ward said, “we understand that to mean communications towers. So large antennas, things of that nature.”

President Zelenskyy of Ukraine, Call President Putin And Stop The Madness