DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5303

Nigeria’s Rising Public Debt: We Are Borrowing for Consumption – Peter Obi

0

Nigeria’s public debt stock, which has risen unprecedentedly in the past six years, has remained a concern for every Nigerian, especially as its end appears not to be in sight.

On Thursday, former governor of Anambra State, Mr. Peter Obi shared his view on the rocketing debt profile that is threatening Nigeria’s economic future. In a Twitter thread, Mr. Obi decried Nigeria’s borrowing sentiment, saying the country is borrowing for consumption.

While he didn’t condemn borrowing by the government, he said how the borrowed funds are used has become a cause for concern.

“Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.

“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested,” he said.

Mr. Obi added that the level of development in Nigeria does not in any way commiserate the amount of money it has borrowed so far. He said that visionary leadership is needed to ensure that borrowed funds are strictly invested to stimulate economic growth.

“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today.

“There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth.

“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership,” he said.

Nigeria’s public debt stock is expected to hit N50.22tn by 2023, with domestic debt at N28.75tn and external debt at N21.47tn. Last year, Chairman of President Buhari’s Economic Advisory Council (EAC), Dr. Doyin Salami, said that Nigeria’s debt service-to-revenue ratio, which is at 98%, has made the country’s debt unmaintainable.

Though there is a recent rise in oil prices, putting extra cash into the government’s purse as Brent Crude nears $100 per barrel, about $40 more above Nigeria’s $60 oil benchmark for 2022 budget, Nigeria is nearing the threshold of the stipulated borrowing limit. The rule is that Nigeria should not borrow more than 40% of its GDP. But now at 36.9%, and 3.2% to go, Nigeria’s economy could be facing its most challenging future.

My enemies are after me ~ Simon (Abba Kyari) Leviev

4

If you have watched the current trending Netflix Documentary “The Tinder Swindler” you will be very much familiar with the phrase “my enemies are after me”. This line happens to be everyone’s favorite including the admirable suspended  super cop, Abba Kyari. This is the line used by Simon Leviev, the main character in the documentary whenever he wants to defraud his victims. 

The story of Simon Leviev is an interesting one that Netflix had to make a documentary out of.  Simon Leviev is a serial fraudster who uses fake affluence and “borrow pose” material things to entrap his victims who are mostly women; he will make them to fall in love with him and his faked affluent lifestyle, afterwards he will start demanding money from  the unsuspecting women using different tricks like “his enemies are after him”, his enemies are out to kill him and his bodyguard, his bodyguard have been shot, etc and this will force his victims to be sympathetic and worried about him and give him whatever he asks for. 

Little did we know that the erstwhile commander of the IRT is a huge fan of Simon Leviev for him to have been heard to quote the same line after he was arrested and handed over to the National Drug Law Enforcement Agency (NDLEA) for the offense of cocaine trading and drug trafficking which he was caught red handed.

During one of the interrogations, he was heard to have quoted the famous Simon Leviev line: my enemies, the eastern security network (ESN) are after me, they are out to destroy my life and my reputation, they are the ones setting me up and making traps for me. 

The suspended senior police officer was not detailed enough to share with his interrogators how far the Eastern Security Network (ESN) his so-called enemies have gone in chasing after him. Are they the ones that gave him wraps of cocaine to sell for them? Are they also the ones that asked him to try to bribe an NDLEA Officer, he also didn’t give out details for the public to know if the ESN are the ones that linked him up with the international fraudster, Hushpuppi for them to become business partners and collaborators.

The suspended DCP should do well and give more details about all these to the public if he really wants the public to be sympathetic with him that he is a pious man but his enemies are the ones that are actually after him to destroy him and his super cop’s legacy.

Recall that the super cop was first linked with the Hushpuppi’s fraud empire which led to his suspension from the police force, on Monday, the 14th of February 2022,  he was declared wanted by the National Drug Law Enforcement Agency for drug related offenses. He has since then been arrested and in detention.

What are you building?

0

Here is the deal: this is one of the few periods in the African continent where the combinatorial powers of digital technologies are meeting innovators with capabilities to fix market frictions at scale. For all the technologies which have come, none has this massive low barrier of entry, enabling young people  to not just dream but live in reality.

In the 1990s, the new generation banks emerged and they did well. In the 2000s, voice telephony transformed Africa with better communication. In the 2010s, it was the age of the mobile internet. In this 2020s age, this is the application utility age where market frictions would be fixed and technologies will redesign the architectures of African economies. The fusion of software and cloud computing, piped via mobile internet will redesign a continent, across industrial sectors and market territories.

But you know what? We are still at infancy. This will be decades-long; anything you think that is big today is nothing. Begin to #build because abundance is in the future. Do not just talk about the problems, fix them – and capture your moments.

What are you building?

Join Tekedia Live on Saturday to discuss this and more.

Today’s session on Design Thinking from an SAP business leader was super-amazing. On Saturday, I will continue the excursion into the mechanics of markets in another session, focusing on how to build category-king companies. Zoom link in the Board school.tekedia.com

Experience Vetifly – Arrive in Style, Move Different

0

We’ve opened the playbooks for all people, all companies, and all communities. We’re expanding in the continent and handling some of the most critical assets in banking, mining, agriculture and more. At Vetifly, we’re redesigning logistics and transportation by deploying new assets (helicopters, Boeing aircrafts, etc) to serve you,  your company and your community.

Visit Vetifly.com and ask our team on how to offer these services:

  • a. Intracity flights from VI to Ikeja airport and vice versa (10 minutes or less travel time)
  • b. Intercity flights to any destination in Nigeria
  • c. Private jet charters
  • d. Cargo airlifting logistics; both local and international

With clusters of companies operating at the last-mile, we deliver end-to-end services at scale. I also welcome all our bank partners.

Vetifly – air freight across Africa | helicopter services | More

Ndubuisi Ekekwe

Member of Board

Art+Com Vs Google Case: What every inventor should know about patent rights

19

In 1993, a set of German University students who doubled as artists and computer hackers led by Jachim Sauter and Juri Muller developed a 3D world mapping software program which they called “Terravision”. It was an offshoot of their tech and art  company;  ART+COM in Berlin as a “networked virtual and graphical representation of the earth in 3D graphics. Juri Muller was the Chief programmer of the software  and inventor of the algorithms for the software,  while Joachim Sauter focused on the designs and the art of the Terravison program and It was an incredible fusion of art and technology.

This software program blew the mind of the whole world in the early 90s as there’s no thing like it as at that time in the world of technology and internet. An example includes Zintego Google Docs Receipt Maker and many other software solutions.

The Terravison program  gave the young students the spotlight and fame they needed and it gave them the opportunities to get invited to science and technology exhibitions around the world to present their 3D masterpiece  program.

During the course of their  traveling for exhibitions, they visited Silicon Valley in California, the world renown home of tech and startups. In Silicon Valley, they met Brian McClendon; an American software engineer who worked as the chief engineer in Silicon graphics at that time. The German programmers quickly bonded with the American silicon graphics engineer and at the cause of their friendly discussions, Juri Muller, the Chief programmer of the Terravison program got carried away and divulged everything there is to know about the algorithms of the Terravison software program  to Brian McClendon.

Brain McClendon, being a smart programmer, picked up the information about the Terravison algorithms, went ahead and designed something very similar to Terravison in collaboration with Google, the program which they called “Google Earth”. Yes, the famous google earth you know of.

In 2014, ART+COM, the company for Terravison filed a lawsuit against Google, claiming its product called Google earth and other related software products made in 2001 infringed on the patent rights of their product Terravison which was invented in 1993 .

Two years later, the case was decided in favor of Google as the jury of the United States District Court for the District of Delaware said that after diligent  consideration of the case, they found that Google Earth did not in any way  infringe on the patent rights of Terravison. The German programmers lost the case to the tech giant, Google.


Intellectual property theft and “copycatting” are words that are quite familiar to the invention world. The tech and invention world, as exciting as it could be, is smeared with a lot of cases of intellectual property theft, patent right infringements, copying of inventions and passing off of inventions.

Counterparts are always stealing and copying algorithms for computer programs, softwares, inventions and ideas in the tech world.

…and this is why you need to get a patent right on every one of your inventions before you share the idea or disclose information on the invention to anybody.

To better understand patent law, you need to hire professionals who have studied law at university. To study law, you need to work very hard, so students often seek property law assignment help by EduBirdie. This does not prevent them from doing their job well in the future and can advise you on patent and property law so that cases similar to Terravison do not arise.

No matter how much you cry foul that your invention or algorithm was stolen by your competitor(s), it will be difficult for you to prove that the stolen invention or algorithm was actually yours unless you can show that you have a patent right to those inventions. So the way to protect your inventions and algorithms is to get patent rights on them:

A patent is a right granted to an inventor by the government that permits the inventor to exclude others from making, selling or using the invention for a period of time. It grants  the inventor the monopoly on the product for a specific number of years.

It should be highly noted that being the first person to invent the product doesn’t count; neither does it matter in law; what counts is who is the first person to apply for the patent of that product. This collaborates the legal principle that says “the first  in time takes priority in law”.

This is also the provision of S.2 (I) of  the Patent and Design Act, 1971 which reads:

Right to patent

(l) Subject to this section, the right to a patent in respect of an invention is vested in the statutory inventor, that is to say, the person who, whether or not he is the true inven- tor, is the first to file, or validly to claim a foreign priority for, a patent application in re- spect of the invention.

This section of the law is to the effect that a statutory inventor is the one that is recognized by law as the legal owner of the invention; whether or not he is the original inventor of the product is not the business of the law but inasmuch as he is the first to file for patent on the product, he is thereby deemed to be the statutory and rightful owner of the product.

Finally, inventors should take note that, you cannot protect or patent an idea, you can only protect or patent an expression of an idea; this means that mere ideas are not patentable, you can only get a patent right when that fabulous idea of yours have been expressed to become an original or a new invention or product.