The Tang dynasty invented paper currency in 7th century China. But it was the Song dynasty in the 11th century that made it popular. The Mongol Empire and Yuan dynasty scaled it. The world picked it up, and till this dawn of the 21st century, it has remained.

But something new is happening: the world wants to remake currency. Hello, central bank digital currency (CBDC) is here. Nigeria is getting into the party and as a great institution, Tekedia Institute is introducing a course to look at this redesign.

So, in the 6th edition of Tekedia Mini-MBA which begins Sept 13, 2021, we will offer a new course – Nigeria’s eNaira Era: New Currency, Opportunities and How to Play – to make sure our members are prepared for the opportunities of the future.

Yes, if you have read the 57-page put together by the Central Bank of Nigeria (CBN), you will see that tomorrow has a promise for those who plan.

Tekedia Mini-MBA: smart, current and relevant education. Register for the next edition here. Same N50,000 naira or $140 for the 12-week business education.

It is always the most amazing moment to be invited to speak at the Deeper Christian Life Ministry.  On September 18, I will speak on a topic titled “The Search for Generational Leaders” at Deeper Life Headquarters, Gbagada, Lagos. May His Grace be with you, as we say in the Scripture Union.

Out of any miry clay, he will promote you, and provide greener pastures for you and your household. My heart speaks to pray for many, asking the Good Lord to bless a generation. He will give you grace, amazing grace and abiding grace. Your overflowing joy will be more than any that comes from the sounds of cymbals, tapestries and drums.

I will be unable to be in Gbagada in person. So, I will be connecting remotely. But the message will remain the same: eternal on fertile hearts. Peace for all nations!

May the Good Lord bless you today.

The US Securities and Exchange Commission on Wednesday, filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of investments into a program involving digital assets.

It is one of the most high profile cases of fraud involving crypto platforms, and it reinforces the much advocated need to regulate cryptocurrency activities.

According to the SEC’s complaint, filed in the United States District Court for the Southern District of New York, from early 2017 through January 2018, Defendants conducted a fraudulent and unregistered offering and sale of securities in the form of investments in a “Lending Program” offered by BitConnect.

The complaint alleges that, to induce investors to deposit funds into the purported Lending Program, Defendants falsely represented, among other things, that BitConnect would deploy its purportedly proprietary “volatility software trading bot” that, using investors’ deposits, would generate exorbitantly high returns.

However, the SEC alleges that instead of deploying investor funds for trading with the purported trading bot, defendants BitConnect and Kumbhani siphoned investors’ funds off for their own benefit by transferring those funds to digital wallet addresses controlled by them, their top promoter in the U.S., defendant Glenn Arcaro, and others.

The SEC’s complaint further alleges that BitConnect and Kumbhani established a network of promoters around the world, and rewarded them for their promotional efforts and outreach by paying commissions, a substantial portion of which they concealed from investors. According to the complaint, among these promoters was Arcaro, the lead national promoter of BitConnect for the United States who used the website he created, Future Money, to lure investors into the Lending Program.

“We allege that these defendants stole billions of dollars from retail investors around the world by exploiting their interest in digital assets,” said Lara Shalov Mehraban, Associate Regional Director of SEC’s New York Regional Office. “We will aggressively pursue and hold accountable those who engage in misconduct in the digital asset space.”

The SEC’s complaint charges Defendants with violating the antifraud and registration provisions of the federal securities laws. The complaint seeks injunctive relief, disgorgement plus interest, and civil penalties. The SEC previously reached settlements with two of the five individuals it charged in a related action for promoting the BitConnect offering. In a parallel action, the Department of Justice on Wednesday announced that Arcaro has pleaded guilty to criminal charges.

The investigation was conducted with the assistance of the Cayman Islands Monetary Authority, the Hong Kong Securities and Futures Commission, the Monetary Authority of Singapore, the Ontario Securities Commission, the Romanian Financial Supervisory Authority, and the Thailand Securities and Exchange Commission. The international collaboration that busted the crime signifies the synergy between SECs around the world, as a new measure to tackle cases of crypto platforms’ fraud.

The SEC’s Office of Investor Education and Advocacy and Enforcement’s Retail Strategy Task Force has issued an Investor Alert on Digital Asset and Crypto Investment, which exacerbates the troubles of the digital asset industry. The crypto market has witnessed a significant drop in value since April, and has been struggling to meet investors’ expectations, forcing a massive selloff.

In June, the report of two South African brothers who vanished with crypto asset worth $3.6 billion threw investors and the entire crypto market into disarray, spooking potential investors who are already wary of the market losses. The BitConnect news may be what many need to take the SEC’s Investor Alert on Digital Asset and Crypto Investment seriously.

Do not just believe me, believe the words of legends of markets, and fellows at the zenith of the accounting profession. Believe that Tekedia Mini-MBA will improve your career and your mission. Believe the power of innovation to fix frictions, and the mastery of how to combine and recombine factors of production to create innovations in markets. Believe the thousands who give 5 STARS.

Take action, and register for the next edition which begins Sept 13.

Ndubuisi Ekekwe

Lead Faculty, Tekedia Institute

It is building one of the most important infrastructures of modern Africa: the AI infrastructures. AI offers a promise to redesign the structures of markets and economies, driving productivity and advancing the wealth in nations. Data Science Nigeria(DSN), under the guidance of  Bayo (Olubayo) Adekanmbi, has established an AI Hub, one of the few in the world in the beautiful nation, Nigeria.

Tekedia Institute is proud to welcome the team to Tekedia Mini-MBA 6th edition which begins Sept 13. At Tekedia Institute, we focus on the mechanics of business, not necessarily mastering how transistors are being electronically rewired by codes to achieve intelligence. We are confident that it would be a moment for all.

Our AI Faculty members include Microsoft’s Wale Olokodana, Nvidia’s Emeka Obiodu and BMW Techworks’ Dr. Francis Nwebonyi. We will be ready to co-learn with DSN. Welcome to Tekedia Institute.

Registration continues for the edition which begins Sept 13 here.