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Nigeria’s eNaira to be Unveiled on Monday – CBN

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Three weeks after missing its scheduled launch, the Central Bank of Nigeria (CBN) has said that President Muhammadu Buhari will unveil the e-Naira on Monday, October 25.

The unveiling of e-Naira, the much touted Nigerian Central Bank Digital Currency (CBDC) was shelved on October 1, after the CBN said the launch could not possibly go alongside key Independence Day activities.

The financial regulator cited Independence Day for the cancelation, although a cease and desist letter issued to the central bank over the name, e-Naira, later surfaced, suggesting that there could be another reason while the e-Naira launch was postponed.

Enaira Payment Solutions Limited, a business entity incorporated since 7th April 2004, had approached the court alleging infringement of trademark and violation of corporate name. The company had prayed to the court to stop the apex bank from unveiling the digital currency.

However, the Federal High Court, presided over by Justice Taiwo Obayomi Taiwo, ordered that the unveiling should proceed in national interest and economic advancement. The court had expressed the view that the aggrieved company stands the chance to be adequately compensated in damages.

With the dust settled, a statement signed by CBN’s Director of Corporate Communications, Osita Nwanisobi, said the e-Naira is now expected to be activated on Monday.

“President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja.

“The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

“Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and indeed, a cross section of Nigerians, the CBN designed the digital currency, which shall be activated on Monday, October 25, 2021.

“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone.

“Given that the eNaira is a journey, the unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities and enhancements to the platforms.

“The CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population.

“Since the eNaira is a new product, and amongst the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.

“Accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders as we enter a new age consistent with global financial advancement.

“The theme of the eNaira is: “Same Naira, more possibilities,” the statement said.

Femi Otedola Ascends With First Bank; Nigeria Should Pause NYSC Until Land Is Safe

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Femi Otedola has emerged as a key shareholder of First Bank Holdings, the holding firm of First Bank Nigeria, after acquiring a 5.07% equity stake: “that Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791. Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%”.

The Nigerian billionaire, Femi Otedola, has emerged a major shareholder of First Bank Holdings, owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake, the company confirmed Saturday.

The holding firm had earlier denied knowledge of the takeover saying it had not received a notification of a significant holding by Mr Otedola.

In a follow-up communication to the Nigerian Exchange Limited Saturday, the firm said it received notification from APT Securities and Funds Limited that its client, “that Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791.”

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, company secretary, said.

First Bank is a prime target due to its history but over the next five years, assets will exchange hands in Nigeria. I am hoping that dews will fall in Nigeria from June 2023 and a nation will begin to rise again. More deals will happen. The news of kidnapping NYSC members today stresses me because I see no reason why these graduates should be exposed to these risks in places where soldiers are not even safe!

Pause NYSC until the land is safe! Meanwhile, congrats Otedola. Please let us keep and preserve the First.

Panic has set in among prospective corps members in Zamfara State following the abduction of some of their colleagues on their way to their orientation camp in Tsafe Local Government Area of the state.

Although the police confirmed the abduction of two prospective corps members along the Sheme-Tsafe highway in the state, witnesses said about six others were missing from the incident that occurred on Tuesday.

The Tsafe hosts the National Youth Service (NYSC) orientation camp in Zamfara.

#believe with a plan because the future is full of abundance.

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Good People, thanks for the kind words and congratulations. Most times, I write to inspire and encourage young people. While things are certainly tougher, specifically in Africa, I continue to challenge young people to look at areas which are opening up. You may not believe it  there are many opportunities young graduates have today that many of us did not experience many years ago.

Sure, we got jobs easily – but there was no investor writing a cheque of $50,000 to develop ideas. So, your season is different and I encourage you to live in your time. And get it from me – this is the best time to be a young person in Africa.

#believe with a plan. You will rise because the future is full of abundance.

EndSARS was not a protest, it was a …. movement

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One year on, I am still reminiscing on the protest that happened this time last year. It was quite different from the various protests that the country had ever witnessed. It started slowly and quickly ramped up. It went from Lagos to Abuja and from there on every city caught up in the euphoria. Yes, it was euphoria: youths were happy and excited to speak their minds. The nation was going through bad times, but the youths were not bothered– initially. Many youths were already oriented that survival was an individual thing–OYO (On Your Own). But, Police Brutality was a bane. And, many who were not beneficiaries of police brutality, but witnessed the brutality gladly joined. It became a movement.

The movement seems to have been written in the stars. Organizations, companies, religious bodies were wowed by the maturity of the protesters though. Despite having no leader; no harm, no robbery or thievery, and no accidents were witnessed nor recorded. No doubt, many heroes arose at different points in time, yet the crowd rejected them. Yes, they were heroes; some had started the fight before the protest started at all, while others worked behind the scene: some worked pro-bono, others sponsored with cash and other necessities, and others were organizers in different capacities. Yet, the crowd decided no one person will own the glory alone–an amazing situation that puzzled many detractors.

New leaders were born, new talents arose. Someone exclaimed in the crowd–this protest is unbelievable. He became a fan, yet he was an unbeliever– of protests. The older generations have never believed there could be a new thing, their old idea reigned supreme, and it was evident. They could not react quickly, their thoughts were we have done it before, they will soon get tired. The fire burned till it reached a higher elevation. They were stunned! I was too. The Elders, who truly believed in One Nigeria came in to support the movement. Something told them Nigeria is about to become better in their times. Some encouraged their kids to join. Many adults who had never seen their parents encourage such were shocked.

According to CNN, an international media company, a 32 year old man left his two kids –14 and 9 years respectively– to protest. He never came back alive. Why? Some decided enough was enough. They decided to crush it. Their egos were already bruised. People, who were hungry, got food during the movement. People termed hooligans became holy fans during the movement. People who were locked up unjustly for protesting had lawyers fighting to release them. Some got new legs. There was joy, something some people could not fathom. Threats were made, but people did not deter, people were committed. Then, they struck! People fell by the way, but became martyrs. The 32 year old man was one, many were too, even if many were unknown.

I have seen things, but I have never witnessed such. I woke up to watch TV, after a stressful day sorting out some issues, it was 6pm. People held Nigerian flags; they were pictured singing the Nigerian anthem, some holding hands. I thought there was going to be rapture. I quickly held my bible and moved closer to ascertain what the problem was. Calls started coming in, my phone was vibrating with messages, I was alarmed. The messages were the same. Just a question, did you hear what the rumours were? I quickly checked the media. I waited patiently to ascertain if the rumours were true. That night was an impromptu vigil.

Social media was agog. A well-known DJ was used to playing recorded songs for her teeming fans; little did she know her job for the night was to stream chaos–live. The night was full of chaos and blood. The rest will be left to history. Many claimed the protesters looted, some claimed they were destroyed; others said there was no death at all. Posterity will decide. One thing remained constant: EndSARS was not a protest, it was a movement.

Facebook’s Name Change – A Solution Far From Its Problems

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Since 2004 when it was founded, Facebook has grown from a campus network app to a formidable behemoth, holding a huge influence on the lives of billions of its users around the world. The social media app, which originally was built to help people stay connected, has grown eventually to become a giant of many faces – but that has come with a mammoth of problems.

Facebook has become a parent to many rival social media companies. It purchased Instagram for $1 billion in 2012, and WhatsApp, for $19 billion in 2014. There have been other standalone companies like Oculus and Messenger that have become part of Facebook’s growing conglomerate. While each of them has contributed in making Facebook a multi-billion dollar company it has become, they have as well, added to its problems.

Since the past five years, Facebook has been in the news for many wrong reasons that have not only stirred the anger of a large section of users, but also have attracted antitrust scrutiny from the authorities around the world – and in most cases, heavy penalties followed.

“Facebook is the world’s foremost social media network, it has extraordinary reach and influence, and it impacts billions of consumers worldwide. It is therefore held to a higher public standard, and opinions, expectations and reactions are so much greater than for other enterprise or consumer companies,” said Kirsten Wolberg, chief technology and operations officer at DocuSign.

For a behemoth with the goldfish status, Facebook has been spotlighted at every corner for moral and technical shortfalls. In 2019 alone, Facebook paid about $6 billion in fines for various antitrust offenses, with the record $5 billion Cambridge Analytica data breach penalty being the highest in its history.

It is 2021, and the story has not changed. It has continued in the same setting and narrative style, with the latest leak of Facebook’s internal research findings by the platform’s former product manager, Frances Haugen, being the latest. Haugen had alleged that Facebook knows about the harm its platforms cause, especially for young people, but chooses profit over public safety.

As the issues around Facebook and its products compound over the years, CEO Mark Zuckerberg, has been on a wild-goose chase to whitewash his darling company and what it stands for. But as each effort fails, new ideas are developed. So it was not surprising, when in July, Zuckerberg announced the formation of a metaverse product group, as part of an effort to rebrand Facebook and build something brilliantly new and different from what everyone used to know.

Earlier in the week, The Verge reported that Zuckerberg is expected to announce a new name for Facebook. But the identity baptism that is expected to wash all Facebook’s sins clean has prompted some questions about where the solution to the social media’s many problems lies.

In June, US Congress had touted breaking up Facebook as a way to tame the wildling monster that has apparently slipped out of control. But Haugen, in her testimony to Congress, argued that a breakup wouldn’t eliminate the concerns, and instead, she recommended regulation.

“I’m actually against the breaking up of Facebook. Right now Facebook is the internet for lots of the world,” she said.

After 16 years, 90 acquisitions, and billions of dollars – Facebook has become one of the most popular names in the world. While the name over the years has been characterized by ‘misinformation, ‘misuse of private data’, ‘promotion of hate’ antitrust inquiries and heavy fines; branding experts believe that changing it wouldn’t make all that go away.

“Everyone knows what Facebook is,” says Jim Heininger, founder of Rebranding Experts, a firm that focuses solely on rebranding organizations. “The most effective way for Facebook to address the challenges that have tainted its brand recently is through corrective actions, not trying to change its name or installing a new brand architecture.”

Facebook is expected to announce its new name next week, amidst concern of its would-be impact on the vast majority of the platform users, who overtime, have fallen in love with the name. However, the real challenge lies on the other side of the concern – the components that make up the dirt on the name are in the algorithm, powered by decisions made in Facebook offices. Therefore, for many, the name Facebook is not what the US Congress and antitrust regulators around the world are after – and it should be left alone.

“A new name might give the company a facelift. But a name change is not a rebrand,” says Anaezi Modu, the founder and CEO of Rebrand, which advises companies on brand transformations. Branding comes from a company’s mission, culture, and capabilities, more than just its name, logo, or marketing. “Unless Facebook has serious plans to address at least some of its many issues, just changing a name is pointless. In fact, it can worsen matters.” Renaming a company can create more mistrust if it comes off as distancing itself from its reputation, he added.