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Home Blog Page 5599

The Fight for Naira And CBN’s Mandate for Banks To Break Privacy Rules and Banking Ordinance

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The Central Bank of Nigeria (CBN) is fighting for Naira. And the fight has not been easy with all techniques emerging weekly. The latest playbook from the apex bank is to do what lending apps do: shame the customers. Yes, like when you borrow money from some of those apps and for any reason you are unable to pay on time, the apps will send messages to everyone in your contact list with something like this – “ Mr A borrowed money from us and has defaulted on his loan terms, please tell him to pay his debts.”

So, today, we are learning that banks are now required to break privacy policies as enshrined by the NITDA (National Information Technology Development Agency) general data protection regulation in order to force people to behave well on forex: “Kindly be informed that customers who contravene the guidelines on FX purchase for Personal/Business Travel Allowance will have their names and Bank Verification number (BVN) published on our website [bank website]. This is in line with the Central Bank of Nigeria (CBN)’s mandate and takes immediate effect.” 

Besides, this is CBN approving for banks to break banking regulations; posting customer data on a bank website is breaking banking ordinance since you are essentially saying the person is a customer in that bank. For many reasons, not all customers want the world to know that. Of course, you can argue that if you do not want that, be compliant with FX regulations in Nigeria.

I commend the CBN for this fight. But I can assure it one thing: it is not doing this fight the right way; only factories and warehouses will save Naira and there is nothing CBN does with commercial banks, BDCs, apps, etc that will save it. Nigeria needs to build and make things, and once we do, all these juvenile behaviours will stop in our financial sector.

Kindly be informed that customers who contravene the guidelines on FX purchase for Personal/Business Travel Allowance will have their names and Bank Verification number (BVN) published on our website […]. This is in line with the Central Bank of Nigeria (CBN)’s mandate and takes immediate effect.

The directive affects customers who purchase FX via fraudulent means such as presenting fake travel documents or cancellation of flights after buying PTA/BTA and failing to return same within 2 weeks, as stated in the customer declaration form signed by them.

Beyond having their names published on the website, such customers may also be liable to criminal prosecution.

We are committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users.

 

Tekedia Capital Makes New Investment on Cement, Building Materials Sub-Sector

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I read the financial statements of cement companies and saw massive opportunities therein; Dangote Cement paid N40 billion income tax when all the leading banks combined for around N42 billion in Q1 2021.  Yes, if Nigeria is a developing nation, and sub-Saharan Africa still developing, cement is it. Then add building materials.

I feel confident that we can hit great numbers on this business. To Tekedia Capital members, feel free to reach out, I will explain what we are doing and the roadmap of this playbook and investment.

Nations rise when pioneering entrepreneurs emerge; Nigeria needs DO TANKs over the THINK Tanks we have everywhere. Young people, we move – and build. Elevate your dream and see if Tekedia Capital can fund it.

Amazon in Another Fight with SpaceX Over Starlink Satellites

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SpaceX and Amazon are increasingly getting embroiled in controversy over space activities which seem to be favoring SpaceX over the e-commerce giant’s Blue Origin.

Amazon has filed several complaints in a bid to stop SpaceX from having its way, but it appears their fight might go into the future. From NASA contracts to shooting satellites to orbit, the squabble takes a new turn now and then. Their latest controversy hinges on Amazon’s move to block SpaceX from sending more Starlink satellites to orbit.

Last week, the online store urged the FCC to reject an update to SpaceX’s Starlink plan because it “proposes two different configurations for the nearly 30,000 satellites of its Gen2 System, each of which arranges these satellites along very different orbital parameters.” Amazon contends that the SpaceX request violates a rule requiring applications to be complete and have no internal inconsistencies.

After Amazon filed the complaint last week, SpaceX founder and CEO Elon Musk took a swipe at its founder and former CEO Jeff Bezos on Twitter: “Turns out Bezos retired in order to pursue a full-time job filing lawsuits against SpaceX,” Musk tweeted, adding that “he should consider spending some money on actual lunar lander hardware, instead of shady lobbyists.”

Bezos had last month sued NASA over the $2.9 billion lunar lander contract awarded to Elon Musk’s SpaceX earlier this year. The complaint alleges that NASA had awarded the contract to SpaceX without following due process, which mitigated the chances of other bidders to win the contract.

Blue Origin is generally considered incapable of executing a lunar lander contract as it’s believed to lack the technology and its space services are still limited to suborbital.

SpaceX told the Federal Communications Commission on Wednesday that Amazon’s attempt to block proposals for the next-generation Starlink system is a “delay tactic” and a continuation of Amazon’s strategy of “hinder[ing] competitors to compensate for Amazon’s failure to make progress of its own.”

“Amazon’s track record amply demonstrates that as it falls behind competitors, it is more than willing to use regulatory and legal processes to create obstacles designed to delay those competitors from leaving Amazon even further behind,” SpaceX told the FCC in its filing. Approving Amazon’s request would hurt consumers by denying them “access to faster-moving competition,” SpaceX said.

Amazon’s request would prevent the commission from seeking public comment on SpaceX’s application, SpaceX said. “The commission should recognize this gambit for the obstructionist tactic that it is, reject Amazon’s request, and quickly put the amendment out for public comment,” SpaceX said, adding that the public-comment process will allow any issues [to] be fully vetted.

The argument as reported by Arstechnica

Amazon’s Kuiper far behind SpaceX Starlink

Amazon’s Kuiper Systems subsidiary plans to eventually launch low Earth orbit satellites to compete against SpaceX’s Starlink division. But while SpaceX is providing beta service to over 100,000 customers from over 1,700 satellites, Amazon has said it won’t start launching any satellites until at least 2023.

Starlink is seeking permission to launch 30,000 satellites in addition to the nearly 12,000 it already has a license for. On August 18, SpaceX proposed one configuration that “will more evenly spread capacity by latitude by targeting multiple inclinations, ensuring better, more consistent global coverage,” along with a second configuration that “utilizes a smaller number of satellites per plane than Configuration 1, yet also spreads capacity more evenly by latitude for more consistent coverage across the globe.” SpaceX said it prefers the first configuration in part because it “fully leverages the upgraded satellite capabilities and the availability of Starship.”

While Amazon says the proposal for two configurations breaks FCC rules, SpaceX said Wednesday the argument is nonsense.

Amazon argues that the amendment should be dismissed because it provides information on SpaceX’s preferred configuration as well as an alternative. Amazon alleges that SpaceX’s application somehow fails the commission’s requirement for “completeness,” yet it does not identify any required information that SpaceX failed to provide with respect to its proposal for either of these configurations. Rather, Amazon argues that the application “leav[es] nearly every major detail unsettled”—even though all relevant parameters are meticulously set forth in the application for both configurations.

Indeed, SpaceX provided technical analyses to demonstrate that neither configuration would cause unacceptable interference to other NGSO [non-geostationary satellite orbit] and or terrestrial systems operating in the band—including Amazon—and also updated the orbital debris analysis for both configurations. In effect, Amazon makes the odd argument that the application is incomplete because it provides too much information.

SpaceX criticized Amazon for apparently putting more effort into delaying Starlink plans than into updating its own.

The FCC issued an order in July 2020 informing Amazon that it had not provided sufficient information about how its proposed system would protect others from interference or meet the commission’s rules for orbital debris. But while Amazon has filed nothing with the commission to address these conditions on its own license for nearly 400 days, it took only 4 days to object to SpaceX’s next-generation NGSO system.

In fact, Amazon has not had a single meeting with the commission this year about how it intends to resolve the commission’s interference or safety concerns, but it has had 15 meetings in that same span just about SpaceX. While Amazon has waited 15 months to explain how its system works, it has lodged objections to SpaceX on average about every 16 days this year.

The July 2020 order that SpaceX referred to gave Amazon approval to launch 3,236 satellites but ruled that Amazon must still demonstrate that Kuiper won’t interfere with other systems, provide a complete orbital-debris mitigation plan, and meet other requirements.

SpaceX says Amazon’s plan is the speculative one

Amazon’s protest said the FCC requires applications to be complete and have no internal inconsistencies in order to avoid encouraging “speculative applications.” SpaceX argued that Amazon’s application is the speculative one:

Amazon cannot explain how providing information to the commission about an alternative configuration would encourage speculation. In fact, one would normally expect Amazon to welcome flexibility, given how much Amazon has struggled to address the fundamental shortcomings the commission identified in its own speculative proposal and the fact that it has not even selected launch providers for all of its satellites.

SpaceX said it provided two potential configurations for the next-generation Starlink deployment because plans could change “depending on the timing of development of the satellites and launch vehicle for which SpaceX has exercised radical transparency. The commission no doubt would have the wherewithal and sophistication to distinguish an actual system like SpaceX’s from an application that is merely a pretext.”

Amazon complained that SpaceX’s dual-configuration proposal “doubles the technical effort” that it and other satellite operators face when “reviewing the interference and orbital debris concerns raised by SpaceX’s amendment.” SpaceX countered that “Amazon strains credulity by suggesting it lacks the resources to analyze SpaceX’s application, especially considering Amazon routinely brings as many as six lobbyists and lawyers to its many meetings with the commission about SpaceX.”

SpaceX cites Bezos “bottleneck” quote

SpaceX acknowledged that providing two possible configurations is unusual in the US but said the approach is “familiar to many satellite operators from its use by the International Telecommunication Union. While the orbital parameters differ slightly, neither configuration requires additional spectrum, neither will result in additional interference to other proposed NGSO systems, and both will comply with the commission’s rules to the same extent as its current constellation.”

SpaceX concluded its filing by pointing to a recent quote from Amazon founder Jeff Bezos. “As Amazon’s former chief executive has said in the past, procedural maneuvers—like the ones Amazon now deploys—have ‘become the bigger bottleneck than the technology,'” SpaceX told the FCC.

Tekedia Introduces A New Course – “Nigeria’s eNaira Era: New Currency, Opportunities and How to Play”

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We just added this after the CBN announcement

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.

Ndubuisi Ekekwe To Speak in Deeper Life Headquarters, Gbagada, Lagos

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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.