Nations matter and people are nations. The passport you hold could open and close many futures. A few years ago, I was in Moscow to keynote an important event. The Mayor of Moscow and the Minister of Economy had both invited me (see one of the invitation letters below). I had just written a book which received the IGI Global Book of the Year Award.

I went to Russia, they put me in the best hotel in Moscow. Then, when I was coming back, at the airport, their special agent stopped me, and wanted to know how Russia could have bestowed all these niceties to a Nigerian. The problem was not my capabilities but my passport. Needless to note that I made it back to the US, and the next day went for a US passport.

That takes me to the story of Meng Wanzhou, Huawei’s CFO who was detained in Canada for the US Government. The US  Department of Justice closed a deal with her and she has been released. Meng has been detained in Vancouver since 2018 on accusation that she worked to evade U.S. sanctions against Iran. 

The case against Huawei’s chief financial officer — one that triggered diplomatic tensions between the U.S., China and Canada — is finally coming to an end. The Department of Justice reached a deal with Meng Wanzhou in which she admitted “some wrongdoing” in the multiple charges of fraud against her, The New York Times reports, a move that will allow her to leave Canada (though her charges will not be dropped until December 2022). The Chinese tech giant’s CFO, who has been detained in Vancouver since 2018, was accused of conspiring to evade U.S. sanctions against Iran.

People, if Meng had not been travelling with a Chinese passport, her case would have been concluded and she would be in jail now. But because she is Chinese, she got to walk. It is a lesson for everyone: nations matter and economic power raises a nation. And to show that, the Chinese government has also released Canadians it locked up after Canada held the lady. Yes, it is all tit for tit and tat for tat.

In the past, Nigerians used to fly from Lagos to watch Liverpool games. Right in England, they could decide to check the Yankees in New York. The airlines will issue the US visa right in the flight. Why? Nigerians were coming home after their studies because we had a real great economy. In my village, finishing a secondary school education was celebrated with egbe nkponala (a special gun) because the next day, opportunities would come. We need the past, economically, in Nigeria.

Empires never want men and women to serve two masters: yes, no binary. For e-Yuan to rise, Bitcoin, Ether, etc must fade. And in Nigeria, for e-Naira to hold its space, BTC and cousins must be off-network. China will not kill Bitcoin but if China disconnects it as it executes a global playbook to insert e-Yuan into the commerce ordinance, fighting the US dollars, Bitcoin will struggle.

The People’s Bank of China (PBoC) has on Friday declared all cryptocurrency-related transactions illegal. The central bank said every crypto activity in the country must be banned as they pose a threat to national security and the “safety of people’s assets.”

China started an onslaught against cryptocurrencies earlier in the year, fuelling a massive crash of the market as it clamped down on miners. The latest of the series of China’s crackdown on cryptocurrency is likely the final, as the Asian country is at the verge of launching its Central Bank Digital Currency (CBDC) E-yuan.

Bitcoin is quickly losing what made it amazing to many: decentralization. Yes, even though it is decentralized technically, it has been centralized at the exchange. How? The Biden Administration now does not pursue BTC wallet owners – they simply sue the exchange, and make a case that exchanges are expected to know their customers (KYC) and adhere to anti-money laundering (AML) protocols because for exchanges to have received their operating licenses (they need them to be connected to banks), they promised to do so.

I wrote here last year that China will be opening banks in many countries to help them push e-Yuan. A Chinese bank is coming to Nigeria soon, according to the ambassador. Bitcoin is a distraction for China: there is the US dollar to battle. Who wins will take the mantle as the economic superpower of the 21st century.

China’s central bank has deemed cryptocurrencies, including bitcoin and ether, to be illegal. The People’s Bank of China said via an online statement the move was to “maintain national security and social stability,” per The Wall Street Journal, and it comes as the country tests its own digital currency. China has been trying to regulate cryptocurrency for years — it banned bitcoin back in 2013 — and just this past May it announced a crackdown on crypto-trading.  What does this mean for the U.S.? One blockchain expert says “it could impact market volatility for investors.” (LinkedIn)

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Comment: The play book is to make e-Yuan and e-Naira a weapon that will jointly reduce fx issue by US dollars. BTC will not be an issue because it doesn’t symbolize any country currency.
We expect naira to gain value in the long run due to the benefit to be derived from e-Naira on the strength of its cross border trade.

My Response: If e-Naira becomes a node within e-Yuan making it possible for Nigerian importers to pay for things in China, few will need USD.  At least, 70% of USD people fight for are used to import things from  China when you exclude education and healthcare from Nigeria. Yes, I will not buy any thesis that is built on the efficiency of transactions to move pricing equilibrium without a shift in the balance of trade. So, e-Naira will not fix the FX issue if Nigeria does not produce things. Simply, any gain will be ephemeral.

China Declares Everything Cryptocurrency Illegal

Africa is becoming a playground and all big technology companies want to come and play. As that game begins, expect many asymmetric competitions. The latest one is that Netflix wants to help the Kenyan people by giving them TV shows and movies free. Yes, free mobile plan: “Now we’re giving audiences in Kenya the chance to experience these stories for themselves — completely free of charge.” That is a big activation.

“We’re launching a free plan that allows people to enjoy Netflix ad-free on Android mobile phones in Kenya. When you sign-up, no payment information is required. All you have to do is enter your email, confirm you are 18 or over and create a password. If you’ve never watched Netflix before — and many people in Kenya haven’t — this is a great way to experience our service. And if you like what you see, it’s easy to upgrade to one of our paid plans so you can enjoy our full catalogue on your TV or laptop as well.” – Cathy Conk, director of product innovation at Netflix. Netflix needs growth in Africa as TC Daily noted:

Netflix’s growth in Africa is falling short of expectations. In total, Netflix has less than 2.6 million subscribers on the continent. That’s a small percentage, especially when compared to the 27 million subscribers the platform has in Asia, or the 38 million subscribers in Latin America. Netflix was launched in both regions around the same time but Africa still lags in growth.

It is what it is – and that is where anyone starting a local streaming service in Africa must pay attention: the probability of success is extremely low because the competition has become amorphous. I never liked the streaming business in Africa due to the broadband cost challenges. Yes, it takes a “rich” person to spend  money to watch a show of 60 minutes! 

The next dimension which I expect is this: you can sign up for free and if you use Safaricom, even your mobile data will not reduce when you are watching Netflix. In other words, no metering. Disney+, Netflix, Hulu, etc will offer that bundle in Africa within three years; Wall Street expects that playbook.

I added 4 million new customers (that reduced your profit by $10million)  will likely boost your stock than we added 500k users (with improved profitability of $10m). In other words, Wall Street does not care that you have made extra $10m. For them, what matters is that you are growing. And if discounting the products will do it, go ahead. (Remember in America, the best time to buy clothes cheapest is the last week of every quarter as that is when brands do “sales” to improve quarterly numbers.)

As this happens, MultiChoice should watch its flanks. Yes, GOtv and DStv are not immune if people can get shows and entertainment via their mobile devices without thinking of data plans. Even European football can be watched on mobile from an American streaming provider.

And as that happens, consumers will win because choices will abound.

I know that many have  been sending high voltage verbal and textual abuse to the National Youth Service Corps (NYSC) over a pamphlet which it denied but has now acknowledged it created, according to Premium Times. The experts at NYSC felt the Service was doing the right thing. Good People, spare NYSC but focus on the law enforcement to make sure our roads are safe. While NYSC is asking its members to have phone numbers and get family members ready with cash in case a bad thing happens, some companies recommend loading a briefcase with cash.

In other words, this debate should not be waged on NYSC, rather on those who are paid to keep our roads safe – and I hope we stay focused and leave NYSC alone.

Of course, this is not to commend NYSC, but in  totality, if you do read the whole pamphlet, they wrote the tips purely to help the corps members, even though it was crazy in a non-failed nation (yes, you still pay tax to FIRS!)

In what appears to be a bold volte-face, the authorities at the National Youth Service Corps (NYSC) have admitted that copies of its pamphlets containing security tips for staff and corps members contain the “embarrassing” clause that advises corps members to prepare for ransom payment if abducted.

The organisation, however, noted that it realised that different copies of the pamphlets are in circulation with some containing the clause and others not.

The NYSC spokesperson, Adenike Adeyemi, in a terse message to PREMIUM TIMES on Friday noted that the organisation was already investigating the situation.

The reaction followed this newspaper’s insistence that copies in its possession contain the clause, and queries the rationale behind the hurried rebuttal earlier issued by the organisation on the matter.

Mrs Adeyemi, in a short response, simply wrote; “We realised different copies are in circulation. We are investigating.”

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It’s an unwritten useful tip, the only hysteria here is that it was written. The NYSC cares and protects its own, it’s just doing what it thinks could help.

Keeping corps members safe is not the responsibility of the NYSC, because it’s not an armed organisation, same way it’s not the responsibility of INEC to keep voters safe. If our law enforcers are incapable of dislodging and neutralizing criminals, then we cannot vilify or chastise NYSC who tried to offer some known tips.

My only concern here for it not to have the unintended consequence of emboldened the criminals, who could become more daring, in the hope that payment of ransom is now a sure thing. We need to reverse this ugly trajectory.

The citizens look up to the police and military to keep them safe, if those saddled with this noble responsibility can no longer discharge their duties effectively, then it’s safe to democratise gun ownership here; you won’t worry so much about robbers or kidnappers when you are equally armed.

Most guns in use are in the hands of bad people, put guns in the hands of good people too, so that we can balance things out.