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Live session of Tekedia Mini-MBA begins this Saturday

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The Live session of Tekedia Mini-MBA begins this Saturday. I will anchor it. Next week, our Faculty members from Access Bank Plc and SAP Africa will anchor the Tue and Thur respectively.

The upper week, two faculty members from Microsoft USA and Barry Callebaut Group Belgium will drive respectively. All details and Zoom links will be in the Board.  We’re truly honoured for the opportunity to co-learn with you all.

Welcome to the Institute.  We continue to welcome new members for this edition here.

Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from Feb 7, 2022 to end May 7, 2022.

Is there a right time to raise funds?

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Collection of vintage clock hanging on an old brick wall; Shutterstock ID 561021889; Purchase Order: ccg

“This is not the right time to raise funds. You should be focused on other parts of the business”

A statement like the one above made me ask the question of timing. When is the right time to raise funds? Is there such a thing as a right time or wrong time for fundraising?

Like the line from Chris Burgh’s song says “timing is everything in life”. If the rule of timing applies to every other thing in life, I believe it should apply to business even more. So, if I have to answer the question asked, I would say Yes, there is a right time to raise funds.

When?

Generally, investors would require that you should have figured out what the market opportunity is and who your customer is, at the very least. In addition, you should have a product that is already being adopted. The higher and more consistent the adoption rate is, the better your chances are for raising funds.

I have recently talked about raising funds from day 1, so not much will be said about that here. The funds being raised can be towards the launch of a new product, expansion of operations, scaling your market, marketing, growth, etc. Whether you are raising seed funds, Series A, Series B, and so on, here is one thing that can help you better time your fundraising expedition.

Milestones

What have you just achieved? What do you want to achieve?

Surely, you can’t wake up from sleep with the idea of the ‘next big thing’ and start looking for financiers. You want to ensure that you have achieved a milestone, based on specific metrics before you go looking for people to commit their funds. It could be that you have just launched your Minimum Viable Product (MVP), or you have acquired a certain number of customers or users. There should also be a clear milestone you want to achieve with the funds you are bringing in. Do you need the funds to scale up operations, to fund further research, to launch in a new country, or/and to get your product to the market?

The point here is that the milestone convinces your would-be investor that you have done something worthwhile, and so, require significant capital to take your product or solution to the next stage/milestone.

Valuation

Before you go on to raise funds, you need to have something that can be properly valued. Why? This is because you generally cannot raise more funds than the value of the startup. If, for instance, you are bringing in an equity investor, the amount invested should entitle the investor to a part of the business and you can only determine how much when you have valued the business. I will talk better about proper valuation subsequently but keep in mind that if you are raising $5 million in funding for a business that is valued at $5 million, you will be trading away 100% ownership.

What many startups do is to give a maximum of 20% equity when raising seed funds, and a maximum of another 20% equity for Series A. This is a way to maintain a reasonable ownership percentage especially where you have co-founders.

When you embark on fundraising, try to keep the sum within a range that would not dilute ownership, but is still sufficient to get you to your next phase of growth.

Imo State Nigeria Coping Without Substantive LG Chairmen

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The last time I checked, Imo State – the Eastern Heartland – was still earnestly yearning to witness an era when the twenty-seven Local Government Areas (LGAs) in the state would boast of substantive chairmen who are expected to emerge via an electoral process.

The unabated quest has made many concerned onlookers to presume that the 1999 Constitution of the Federal Republic of Nigeria, as amended, no longer has provision for a Third Tier government otherwise known as ‘Local Government Council’.

It’s noteworthy that the lingering anomaly has existed for countless years ranging from 2007 till date. Under his reign as the State Governor, Chief Ikedi Ohakim came up with a façade that seemed like an LG election towards the end of his tenure in 2011.

Subsequently, the administration of Chief Rochas Okorocha, having understood the foul play displayed by his predecessor, thought it wise to disengage the elected officers who happened to be the product of the said façade as soon as it assumed duty in 2011.

Under Okorocha’s reign as Imo Governor, little or none was heard as regards LG election in the State. Once or twice, the citizens learnt of an arrangement targeted at the awaited electoral process all to no avail, in spite of all the wails from various quarters.

The current Government headed by Senator Hope Uzodinma is equally apparently toiling the same line, going by the body language. Two years have successfully gone under his watch, yet nothing tangible is being heard regarding the State’s LG polls.

Rather than substantive/elected caucus, what Imolites have invariably been witnessing at the local government level is transition or caretaker administration, whereby some certain individuals under the auspices of ‘Transition Committee’ would be empowered to be at the helm of affairs in the respective LGAs.

We are not unaware of the dangers inherent in suchlike practice, especially in a democratic system like ours. A transition-committee chairman or councilor, who can be disengaged or asked to leave by the sitting governor at any time, is no doubt surrounded with limitations.

There’s certain limits to which he/she is bound to operate as long as his/her reign lasts. Such an administrator is obviously acting directly in line with the directive of the governor who he sees as his boss; suffice it to say that he’s equally one of the aides of the governor.

The Nigerian Constitution wasn’t daft when it considered creating a provision for the third tier government. This is the government that directly touches the lives of the electorate; it’s the government that understands the true need of the people.

An LG Chairman, through the elected councilors, hears the overall views of the electorate in regard to governance. Thus, the Third Tier government is an intermediary between the citizens and the State Government.

It’s noteworthy that this tradition of using the caretaker committee in the LGAs isn’t peculiar to Imo State. Hence, no state across Nigeria is exceptional. Overtime, these governors invariably come up with frivolous excuses as regards the awaited conduct of the LG polls in their respective jurisdictions.

Under Okorocha’s reign, during a parley between him and Imo based journalists, he categorically revealed that he would only conduct election for the Local Government Councils if the legal barriers hindering the awaited polls were withdrawn by their sponsors or plaintiffs.

According to the then governor, some individuals in Imo had filed suits against him over the local government administration in the State, thus he was of the view it was unconstitutional or an insubordination to conduct an election regarding the LGAs with a view to upholding the Rule of Law which his administration had ‘vowed to protect’. He further stated it was more worrisome to notice that those who were sponsors of the aforesaid legal actions happened to be the people persuading him to conduct the election.

Such an excuse tendered by Okorocha was indeed laughable. If he was genuinely ready to conduct the awaited polls, he was required to take all the needed actions toward ensuring the election was duly conducted. Needless to say; the above excuse ought not to be regarded as a tangible reason for the inconsequential delay. We must endeavour to call a spade a spade whenever we’re leading, for posterity’s sake.

If truly there were existing legal barriers as claimed, I the then governor was meant to create a harmony between the government and the aggrieved minds. He ought to had set up a platform that would bring every warring party together, therein let them know the reason they must withdraw the legal suits for the interest of the State at large.

Since the suits in question were filed over LG election, the plaintiffs wouldn’t hesitate to withdraw them if given an obvious and genuine reason to do so, or if they are told that the polls would be conducted thereafter without further ado.

Towards the expiration of his eight-year tenure in Imo, Okorocha once again conducted a façade, which appeared like an LG election, thereby producing purport elected chairmen and councilors just not unlike in the case of Ohakim’s administration.

At the moment the people are looking up to Senator Uzodinma to do the needful. Who knows if he would also cite an instituted legal action as an excuse or barrier?

As a Constitution and Civil Rights activist, I want to remind the sitting governor that the people’s rights are being shortchanged, and the Nigerian Constitution isn’t finding the lingered atmosphere friendly. Hence, the needful ought to be done headlong.

Besides, the governor equally needs to acknowledge that suchlike loophole is liable to mess up any commendable effort he had recorded so far since the inception of his ‘3R administration’. We can’t afford to continue robbing Peter in order to pay Paul.

Spending about fifteen years without Substantive or elected LG Chairmen and Councilors is seriously telling on the State, just to say the least. Hence, those instigating this quagmire are henceforth expected to count their teeth with our tongues. 

Sexual advancement towards a married woman

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A guy by name Andrew (last name intentionally withheld) was arrested yesterday by the police in Delta state, before he was arrested, he was first beaten by touts, tied to a tree and his clothes shredded into pieces and they left the guy almost naked. The worst of the worst of jungle justice melted on him before he was handed over to the police authorities.

No, he didn’t steal in the market place and no he wasn’t caught with human body parts for rituals  neither did he rape some minor as you may be thinking right now; his offense was that he made an arrangement for a sex date with a married woman who accepted to go on the date with him without him knowing that the woman has set him up. 

At the agreed location point of him picking up the woman, he was accosted by some youths that the woman had arranged with and the rest was hell for him yesterday. 

Netizens and interlopers are clamoring that the guy should be jailed, that the police should make sure he didn’t leave their custody until he is charged to court and jailed for having the effrontery to make sexual advances toward a married woman. 

Unfortunately, those clamoring that the guy should be jailed for what some of them called “trying to sleep with a married woman” are really ignorant of what the Nigerian law says in this regard: Adultery is not an offense under the Nigerian criminal justice system which Delta state as a jurisdiction falls under, neither is making sexual advances toward a married woman a crime. He can only be jailed if he was caught having a “forceful” carnal knowledge of the woman or sexual harassing the woman physically; but that is not the case, he only arranged a sex date with the woman. 

For the guy to have been beaten, tied to a tree with ropes and his clothes shredded amounts to unwarranted jungle justice and the guy has a right of legal action against the youths who attacked him and also against the police who arrested him afterwards. 

While I’m not here to talk about the morality or otherwise of making sexual advances toward a married woman rather I’m here as a lawyer to discuss it’s legality or otherwise, but for what its worth, making sexually advances toward not just a married woman but to someone who is not sexually interested in you on who is clearly not into you is morally  bad and In in some cases illegal and you could be sued for sexual harassment but this is not the case here. 

According to the press report, the guy and the lady were friends on Facebook and he decided to spice things up by arranging a sex date with the lady who is married, the lady in turn set the guy up to be beaten. 

For the guy to be subjected to such inhuman and degrading treatment of not just been beaten and tied up and also his pictures circulated in the internet space and all round mental and psychological torture and trauma, he (paradoxically) have a right of action against his maltreaters because he didn’t break any law neither did he commit any crime by setting up a sex date with a lady who is married and let’s assume he broke some laws (which he didn’t) jungle justices are illegal and have been highly condemned in all cases by the court and those found melting out jungle justice have been punished even with jail term by the court in numerous occasions.

Let’s not forget that justice is a three way street, it’s tripartite; justice for the victim, justice for the accused and justice for the society and justice won’t be said to have been done or manifestly be seen to be done if any of the three parties here suffers any form of hardship.

House Of Reps Declares National Emergency Over Ritual Killings In Nigeria

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Lately, there has been a surge of ritual killings in the country. A day hardly passed without the news of ritual killings happening in the country. It has indeed raised eyebrows with various people and bodies proffering solutions and also calling for an end to it. Recently, the house of reps swung into full action to ensure that this menace is stopped. The house of reps while sitting yesterday declared a national emergency on the increasing state of ritual killings in the country. They urged the inspector general of police to bring to book and persecute all those involved in the act.

In their bid to find the root causes and eradicate things that encourage ritual killings. The house of reps have asked the Nigerian film and video censors board to increase monitoring of videos produced with ritual killing contents, and ensure that such contents are deleted in line with its mandate.

In one of my previous articles, I talked about the issue of the high cases of ritual practices going on in the country. I wrote on how the film industry also played a part in the increase of ritual killings. They display scenes glorifying ritual coupled with flamboyant living without depicting sad endings of people who engaged in such.

While adopting a motion, Mr. Okechukwu also said that scenes containing ritual practices have become rampant in home videos, adding that if not checked such movies can negatively impact the mind of the youths in Nigeria. The deputy minority leader has tasked the National orientation Agency (NOA), the media, school owners, and parents to carry out enlightenment campaigns to curb the rising cases of ritual killings in the country.

Mr. Okechukwu raised concerns about the rising cases of missing persons, which he said is happening at an alarming rate. This law passed is very commendable because if this issue is not nipped in the bud, it will degenerate into something worse. Aside from the fact that most ritual killers have ladies as their prime target, it has finally gotten to the stage where males and females are no longer safe in society. This is the time for all hands to be on deck to ensure that this menace is eradicated. From top government officials to the bottom, all actively have a role to play.

Knowing how powerful the media is, there should be massive media campaigns against rituals and their falsehood on TV Series. The Nollywood industry should also join the campaign by displaying movies revealing the falsehood and deception of ritual practices. Also, not only youths who engage in ritual acts should be arrested, but also the native doctors and human parts dealers who are demanding decapitated body parts. Each time every ritual suspect is apprehended, they usually claim that it was an instruction given to them by herbalists and native doctors.

Those native doctors/herbalists should be traced because they are also accomplices who are aiding and abetting these practices. A well-mapped-out strategy should be launched to go after all those who call themselves herbalists or native doctors. If they can go to graves to disengage human parts, they can as well do it to the living. It is indeed worrisome that while youths in other climes are embracing science and technology as a way of maintaining pace with the dynamic evolving world, some youths in the country are stuck in the mistaken belief that sacrificing humans is the surest route to wealth.

I commend the house of reps for swinging into full force to deal with those involved in ritual killings, but then I believe that a solution should also be proffered. The growing rate of unemployment in the country and the moral decadence in the society has promoted the get rich quick syndrome among youths. The youths need something that will shift their focus from these evil practices. More jobs need to be created that will keep them busy, and I believe that when the youths are actively engaged the rate of ritual will reduce drastically.