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See Tekedia Capital’s Next Startup Deal Flow

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We now have more than 60 of them in the portfolio; great startups from around the world. Many are category-kings in their domains. In two weeks, I will open the next deal flow as the next investment cycle of Tekedia Capital Syndicate begins. If you are not co-investing with me, you are missing many things.

Yes, the empires of the future are being created – and I invite you to join us here. Register today and go into an excursion of building empires with us.

Tekedia Capital invests in technology-anchored early stage startups and companies. Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop.  We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations. At Tekedia Capital, we fund the foundations of the NEXT African economy.

Customers are always right: The Air Peace and Emir of Kano saga

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Prince Isa Bayero, cousin of the Emir of Kano, Alhaji Aminu Ado Bayero, has given Air Peace airline a 3 days ultimatum to offer an apology to the Emir of Kano and by extension the Kano Emirate for disrespecting the Emir by causing a delay to his flight.

Isa Bayero had earlier written a petition to the Nigerian Civil Aviation Authority (NCAA), praying the aviation authority to sanction Air Peace for being disrespectful to the Emir and his royal entourage.

Air Peace in their defense stated that they never disrespected the revered Emir and had no intention of doing that and that they only acted in good faith by not delaying the flight just to wait for the emir and his people and to save the emir’s majestic name from ridicule from other customers already on board.

In the words of Prince Isa Bayero who doubles as a cousin to the emir and the emir’s chief protocol office while issuing the 3 days ultimatum: 

“I wrote to the DG NCAA, to complain but if someone claimed my statement is inciting, well, they are entitled to their opinion. But come to think of it, inciting who? Kano people not to fly Air Peace anymore because the airline insulted their emir and refused to apologise? That I have no regret if anybody claims or interprets my complaint that way”. 

He said the airline delayed their Banjul to Lagos flight for over an hour and should as a compensation at least delay the Lagos to Kano flight for 30 mins for the emir and his entourage to be able to catch up with Lagos to Kano flight but the airline couldn’t wait for them.

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Come to think of it, Air Peace delays, reschedules and sometimes outrightly cancels flights with no just cause, no remorse and apology to the customers or sometimes no explanation and when they do explain,  their reasons are always flimsy and does not  justify the action. 

If you are a constant flyer of the Nigerian airlines then you can fully appreciate the anger and the reason for the outburst of Prince Isa Bayero. Flights are delayed for hours for no just cause, remorse or apologies from the airline. Air Peace is the number one champion in delaying flights. Who knows how many times they have previously delayed the flight of the emir before this incident which made the prince feel the Emir is entitled for at least 30 mins for the emir for just once for the emir to catch up.

Flights are always delayed for incessant and unnecessary reasons, so delaying the flight for at least 30 mins for the revered first class emir and his entourage to catch up won’t cause any harm. 

Enough of the tribalistic twist, being a king  or a traditional ruler; one of the honors and privileges attached to it is that protocols are suspended for your sake; governmental protocols and societal protocols are bent for you, it’s an honor to your royal office and that’s how the African society have accepted it to be.

If a mere flight cannot be delayed for a king (after wasting the emir’s one hour in the prior flight which is the reason the emir is needing 30 mins to catch up) then Air Peace really owes the king apologies. I’m quite sure that if it’s a state Governor or a federal officer holder that demanded the delay, Air Peace will definitely delay the flight for the fear of governmental sanctions but since the king has no government power to sanction the airline they feel they could just zoom off.

Again, Air Peace is a business and in business, customers are always right so if Air Peace is really towing this line of media trial with the emir’s aide then Air Peace’s business principle really need to be questioned and this will only end badly for the airline as they will definitely lose customers and flyers for not just disrespecting the emir but also engaging in this kind of bad publicity.

The least the airline can do is to step down from their ego, treat the airline as a business with the business principle that customers’ are always right and tender an apology to the emir as a highly respected customer as the  emir’s aide is demanding.

Locally Made Drinks, Palmwine, To Be Served At Anambra State Government Functions – Prof. Charles Soludo

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Governor-elect of Anambra state Prof. Charles Soludo who during his electoral campaigns stated his vision of supporting Nigerian/Anambra-made products. Just recently, he reiterated his plans to promote local brands (drinks). He further disclosed that as a policy to promote local brands, he will serve only locally made drinks and palm wine at the government house and government functions.

According to a report, Nigeria spends up to $50million on imported champagne every year. In 2020, it was disclosed that Nigeria’s imports of Beverages, spirits, and vinegar was $317.26 million. Such an exorbitant amount shouldn’t be spent when the country is richly blessed with natural palm wine, coupled with professional palm wine tappers who are rarely patronized.

With Soludo’s plan to ensure that palm wine is served at government functions, with the help of biotech, he can harness the sector and create opportunities for teeming youths. The palm wine business will receive a boost and thousands of millionaires will be made out of this innovative mindset. With better branding and packaging, I strongly believe that palm wine will be a great match for foreign drinks. It has the potential to generate millions of dollars every year if done properly and supported with the necessary marketing efforts.

The palm wine drink, if properly packaged, has the possibility of going beyond local consumption to exportation to other foreign countries. If only we can look inwardly to know that there is an impressive range of African drinks with strong potential to become major global brands. The need to patronize made-in-Nigeria goods can not be overemphasized, as it is one major way to economic growth and development. The economy of any nation grows rapidly when locally made goods are promoted, first by its people, then through export.

Indeed Soludo’s plans and commitment to patronize made in Anambra products will massively improve the economy of the state as well as ultimately improve the input-output matrix of the Anambra agro value chain. Instead of having to import different clothing brands, drinks, shoes, cars, etc wasting billions of naira on things that could be locally produced in the state. This initiative by Prof. Soludo will build and improve what the state already has by increasing the income and revenue of the state rather than spending it elsewhere.

This plan, if properly executed, will give the rise to many entrepreneurs in the state. There will also be an increase in the creation of jobs which will reduce the rate of unemployed people. Indeed “Soludo solution” as fondly called by the people of Anambra state is indeed ready to walk the talk. Professor Soludo continues to exude the exuberance of an intellectual reformist, with his impeccable ideas that are believed to transform Anambra into an industrial hub.

Soludo also stated during his campaign promise to revive the local clothing in Igboland popularly known as Akwete clothing which is produced by Akwete women in Abia state. He further disclosed that the demand for Akwete clothes has gone up in Anambra state because of his decision to always wear the fabric.

It is however disheartening to know that Nigeria as a whole has been growing other countries’ economies through our over-dependence on imported goods, especially those that have local substitutes. The truth is Nigeria can easily experience a breakthrough in the quest for local development and a stable, strong, and advanced economy if Nigerians would patronize made in Nigeria goods.

Help me thank BusinessDay for supporting Tekedia Institute

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They gave me a major hand in Nigeria’s corporate world when they began re-publishing some of my Harvard Business Review’s articles under license. With that visibility, I connected with some of the most influential business leaders in the nation. Boards extended invitations, and a village boy who used to beg for an opportunity to speak now has to figure out how to decline paid invitations because of time.

In 2019, I flew from US to Nigeria 11 times. One was to make a 45-minute presentation!

It did not stop there: when we began Tekedia Mini-MBA, they brought the weight and pedigree of Africa’s finest business journalism to it. That reputational validation has unlocked massive opportunities. We truly appreciate the opportunity to be under the wings of an iconic brand. Thank you.

Good People, help me thank BusinessDay for supporting Tekedia Institute. And please read BusinessDay.

CBN Introduces N65 Per A Dollar Incentive to Boost the RT200 Scheme

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About two weeks after the Central Bank of Nigeria (CBN) launched the RT200 scheme, the apex bank has issued guidelines detailing the operation of the scheme, which includes the payment of N65 for every $1 repatriated and sold at the Investor and Export (I&E) Window.

This was disclosed in a recently released circular titled, “OPERATING GUIDELINES FOR RT200 NON-OIL EXPORT PROCEEDS REPATRIATION REBATE SCHEME.” The RT200 is part of CBN’s rebate programmes designed to tackle insufficient dollar liquidity in Nigeria.

Last year, the CBN introduced the Naira 4 Dollar Scheme in a bid to encourage diaspora remittance, boosting Nigeria’s forex inflow. The Naira 4 Dollar scheme means Nigerians get N5 for every dollar remitted through regulated financial institutions.

In the same vein, the CBN’s objective with the RT200 Programme is to raise $200 billion in Foreign Exchange (FX) earnings from non-oil proceeds over the next 3-5years.

The RT200 rebate scheme focuses on the non-oil sector as the N65 for a dollar incentive is designed to encourage exporters in the sector to repatriate export earnings using the Import & Export window.

Highlights of the Guidelines

The CBN said its (Trade & Exchange Department) will be responsible for the day-to-day administration of the RT200 rebate Scheme. This rebate for dollars brought into the country only applies to exporters of finished and semi-finished goods.

According to the guideline, only exporters that repatriated export proceeds and sell it at the Investors & Exporters Window will qualify for the scheme. But the exporter must successfully have completed the e-Form NXP, Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC) to be eligible for the rebate.

However, in order curb sharp practices, the central bank warned bank that “any attempt to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership licence of the ADB for 24months.”

It also stated that any exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.

To encourage exporters who use the I&E window, the CBN stated that the scheme shall pay “N65 for every US$1 repatriated and sold at the I&E Window to ADBs for other thirty party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only. However, the spread should not be more than 10 Kobo.” In addition, the payment of the incentive shall be made on quarterly basis.

“The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter,” the CBN said.