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Home Blog Page 5401

Condemning the act of Lagos CP Odumosu at the new year eve

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The narrative that the outgoing commissioner of police of Lagos state who was just elevated to the rank of Assistant Inspector General of Police (AIG), Mr. Hakeem Odumosu can enter any place at will with unhindered access, be it privately owned or publicly owned property is fallacious, illogical and unfounded by any legal standpoint.

Mr. Odumosu despite the fact of being a high ranking police officer is still a police officer, hence a public servant and when a police officer is operating or going about officially to carry out his official duty as provided by the police act and other enabling statutes, he must first identify himself and the law is to the effect that when a police officer is to enter a place even if for the discharge of his official duty like search or arrest he must first be subjected himself to he searched by the owners of the place he’s to enter so not to plant incriminating objects in the place.

Therefore, even if Mr. Odomusu with is security details are entering the Magodo estate to carry out official duties which he claimed (he claimed that he’s attending a strategic meeting in the estate), the security guards of the estate are still within their power and duty to ask the police officers to identify themselves and confirm with them the particular house in estate they are visiting.

This security check carried out is estate entrance where visitors are to call their hosts from the gate to confirm with the security guards before the guards can grant them access into the estate are for security reasons and so the security guards can give the visitors the proper direction to where they are heading to so the visitors don’t end up loitering around the estate searching for their way.

Be it as it may, according to the reports obtained from the estate authorities and residents, the AIG was visiting the estate to attend a social event  hosted by a friend and not for official reasons. Therefore, the act of the commissioner of police ordering the arrest and detention of all the estate security guards for not granting him uninterrupted access into the estate is abuse of power as a police man and abuse of office as the commissioner of police of the state.

The police officer and the police service commission owes an unreserved apology to the residents of the estate and compensation to the security guards as the security guards are only carrying out their duties and are clearly within their bounds. The commissioner only felt embarrassed because his high-horsed ego was bruised by the estate securities by conducting a stop and search on him, hence he decided to use his power to punish the guards. 

For the sake of emphasis, according s.37 of the constitution of the federal republic of Nigeria, 1999 (as amended), citizens have right of privacy to their homes, premises, properties and the reasoning or thought that any individual be it a police officer acting in official capacity or personal capacity can have an uninterrupted access to people’s homes is not just fallacious but logically unsound and undoubtedly an argument from an irremediably half-baked rookie student of the law.

For a police officer to enter a home without being hindered, he must first obtain a search warrant to enter and search the home or estate and any act of any individual to interrupt the officer entering the home or premises will be tantamount to obstruction of the cause of justice which the law frowns against….but the Cp was not conducting a search neither was he in possession of a warrant in lieu of the estate, hence he is to be treated like every other private citizen and be subjected to the estate security protocol that every other visitor is to be subjected to.

The constant abuse of power by the high class public servants and public figures should always be called out and the act of the outgoing commissioner of police of Lagos state in the eve of the new year is a no no and should be highly be condemned by all and sundry and the senior police officer should be duly cautioned by his superiors and the police service commission.

Tesla Beats Q4 Expectations, Records 936,172 Annual Deliveries

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American electric vehicle company Tesla said on Sunday it delivered 308, 600 vehicles in the fourth quarter of 2021, marking a single quarter record-breaker that CEO Elon Musk attributed to the hard work of the company’s employees worldwide.

The Q4 delivery, which took Tesla’s total for the full year to 936,172 delivered vehicles, an 87% increase compared with 2020 when it reported its first annual profit on deliveries of 499,647.

The leading EV automaker produced 305,840 fully electric vehicles total in the fourth quarter of 2021, defying production hindrances presented by global chip shortage. Tesla Shares jumped more than 7% in premarket trading Monday.

Compared with the previous quarters in 2021, the overall production and output for Tesla beat expectations, setting new records. Tesla reached its previous best quarter of 241,300 vehicles in the third quarter of 2021.

According to a consensus compiled by FactSet, quoted by CNBC, Wall Street analysts had expected Tesla to deliver 267,000 vehicles in the fourth quarter and 897,000 vehicles for all of 2021.

CNBC analyzed below the impact of sales of Tesla models on the overall annual growth.

Tesla combines delivery numbers for its higher-priced Model S and X vehicles, and lower-priced Model 3 and Y vehicles. The company does not break out sales or production numbers by region.

Deliveries of its flagship Model S sedan and Model X falcon wing SUV represented just under 3% of Tesla’s total deliveries in 2021. Model 3 and Model Y deliveries amounted to 296,850 in the final quarter of 2021, and 911,208 for the full year.

Tesla makes Model 3 and Model Y vehicles at its factory in Shanghai and in Fremont, California, but only produces the Model X and S in Fremont.

Tesla’s magic wand

Like every other automaker, Tesla was greatly impacted by the global chip shortage that forced many of them to shut down production. Musk had at Tesla’s 2021 annual shareholder meeting, expressed concern about pandemic-induced supply chain challenges that made it difficult to obtain enough microchips.

However, unlike other companies forced to curtail production or shut down at some point, Tesla devised a means to beat the challenge.

“Throughout the second year of a global coronavirus pandemic, Tesla was able to increase vehicle deliveries by ramping up production at its first overseas factory in Shanghai, and by making technical changes to the cars that it produces in Fremont, California, so that it could ditch some parts altogether,” CNBC said.

A notable example of Tesla’s prodigious maneuver was in the removing of radar sensors from Model 3 and Model Y vehicles built for customers in North America. The decision was announced in May. According to CNBC, those cars now rely on a camera-based system to enable Tesla’s driver assistance features such as traffic-adjusted cruise control or automatic lane-keeping.

While the pandemic remains a big challenge to production and global supply chain, Tesla’s unprecedented growth in 2021 sets it on the path of uninterrupted growth.

Musk said he hopes to increase Tesla’s production to 20 million vehicles annually over the next nine years. His push to achieve that aim is seen in the expansion of Tesla’s factory to Texas, where the company is planning to start the production of the Model Y this year. There is also the Berlin-Germany giga-factory, which the EV leader hopes will serve as a base for its competition with European rivals.

Tesla’s global EV leadership is expected to be greatly challenged this year as more automakers join the net-zero emission cause. Toyota, Ford, Volkswagen and others are all gearing up for production. By 2030, about 24% of new vehicles sold worldwide are likely to be fully electric, according to forecasts from Alix Partners.

Governments in Europe and the US are enacting pro-green legislations, encouraging more companies to make a switch to electric vehicles. But it will take more than a few years for other companies to catch up with Tesla. Deutsche Bank says that Tesla’s strong fourth-quarter deliveries may signal a big year ahead.

Add Shareholder Letters In Your Reading List

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How do you get insights on markets? Personally, I read dozens of annual reports in addition to quarterly reports. As I read them, I see patterns on what is working and not working. If you want to understand markets better, find avenues to read annual reports especially those prepared by startups and young companies.

The big banks, insurers, cement firms, etc are macro and largely offer nothing but top-overview. But annual reports of startups give you monthly customer growth, views, conversions, etc which the big boys have no time to bug you with.

Sure, those reports are proprietary but if you can have access to them, go for them. Validation of market patterns does not come from reading non-quantitative blogs. They come from insights gathered on companies in which people have invested money. Those insights are hard data.

In the Tekedia Mini-MBA which begins next month, we will be introducing a Homework on creating Annual Shareholder Letter or Annual Report for SMEs/new startups.. We already have one for Business Concept Note,  Investment Brief, etc which have served many of our members. Yes, before you hire the experts, you may be the person to write the first Shareholder Letter for your firm. We want to make sure you are prepared to do that.

Meanwhile, let me wish Happy New Year to two of our portfolio companies which engaged me yesterday via shareholder letters: AjoMoney and TradeGrid. Happy new year to both and more open doors; so proud. And to all our portfolio companies, Happy New Year.

“Tekedia Institute is a place for everyone that is futuristic..”, says a 20-year veteran of the United States Army

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A testimonial from an officer and a gentleman; a 20-year veteran of the United States Army, on the quality and impact of Tekedia Institute. As the Lead Faculty of the Institute, I ask you to listen to Adebayo Adeleke and register for Tekedia Institute programs.

We run a new model of business & entrepreneurial education where a school has a venture investing sister company. Yes, through Tekedia Capital, we’ve invested in some of the most amazing startups in Africa. We understand the patterns through data and those help us to deliver “fresh”, “quality” and “pragmatic” education.

The next Tekedia Institute Mini-MBA class begins Feb 7 and now is the time to register for yourself, your staff and your associates. It is a totally re-engineered curriculum from the best in the business.

Check all our programs here and pick one 

Think up possible revenue streams fast in new companies

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At the beginning of a startup, many founders will have a long list about how they will spend any fund that comes into their business in the first couple of years. For the most part, they are not thinking about how to make money, except, of course, their big idea. With so much emphasis on expenditure and less on revenue, many businesses will get choked in their first year. This is probably one of the reasons statistics say 60 percent of businesses fail in their first year.

From my earlier article on zero-funding, you probably understand by now that I am not a fan of heavy spending at the start of a business. Leave out those things that could gulp funds first and focus on using the free resources available to get some cash flow. For instance, why would you want to spend $1000 on building a robust website in your first month of operation when you know that you will make a lot of changes over the first year? Why not start with having robust and professionally done social media handles? At least, you will not spend $1000 to create a Facebook, Instagram, or LinkedIn profile for your business?

Stop thinking about the ways you will spend the money (whether you have it or you are still expecting it) and start thinking about how to make the money come. Get your cash flow running.

In my first year in business, I put out a tricycle on hire and used the weekly returns to keep operations running till I got my first client. Hiring out a tricycle certainly had nothing to do with the services my business was rendering, but it was a little something that gave me some cash flow.

Forget that thought that says you need money to make money. You do not need money to make money. You need to work. You need to get out there and start talking to people, offering your service, selling your solution. You need time and effort to make money. And for as long as possible, I would say that you don’t start investing money until you are making some money, however little the revenue might be.

Some people have an idea and the next thing is that they are on the search for investors’ funds to build a prototype. How do you expect an investor to put his funds into something when you have not invested any fund of yours? How is the investor sure that your big idea is not just another overhyped solution that crashes as soon as it hits the markets.

You do not need investors’ money to get a prototype. You can start with using your money, or offer some products or services to some clients and use the money to build your prototype. You are most likely to build the prototype right the first time when you are using your own funds, then when you are using investors’ funds.

Well, not everyone might agree with that statement but it is mostly true. My point is that you should get creative in thinking up possible revenue streams while your business gets on its feet. Like in my case, it could be something totally unrelated to the business. It can also be something in line with the business, but it should be something that will generate some revenue on a regular basis starting immediately. It should also be something tested. Something sure.