Dangote Refinery: if you want to understand big project management in Nigeria, pay attention to it. Yes, in Sept 2013, billionaire Aliko Dangote told the world that he would build a refinery and production would begin in 2016. But since that date, the completion data has been moved at least 8 times. The question is this: why? Because if this was a government project, many of us could complain. This is a private enterprise and it is largely none of our business. But that does not mean we cannot learn from it.

Lesson 1: the banks which invested in this project would be under stress now if not that Dangote is loaded on cement and can move funds around to handle interests on loans.

Lesson 2: big projects in Nigeria are challenging, you need to plan very well.

Lesson 3: when things become hard, ask the government to invest to cushion debt servicing; NNPC is buying 20% of the refinery for $3.8 billion and that is a saving manna. To do that last one, you must command the conglomerate tax and get a bill updated.

Finally, Dangote Refinery had made a claim that only those with refinery license should be allowed to import petrol into Nigeria. If the government buys into that, over time, the refinery can even stop production, and focus on imports. That is why exemptions are bad: everyone needs to have the same rules.

Punch had reported that Dangote Group has desired  for inclusion in the Petroleum Industry Bill a requirement that the license to import petroleum products should be given only to companies with active refining licenses. The company does think that by having that requirement, companies will invest in local refining business.

When you do big projects in Nigeria, build a highly pessimistic model because from building rail tracks to power systems to oil refineries to steel complexes, big projects in Nigeria struggle! We need to reverse that, and if possible, use equity and not debt!

As governments’ pressure continues to mount on the cryptocurrency market, many players, particularly exchanges, are making many changes to their operations to avoid a possible crackdown.

Binance, the world’s biggest crypto exchange, which has been recently enmeshed in squabbles with different governments, is making efforts to curtail regulators’ interest in its activities.

CNBC reported that the exchange will no longer offer digital versions of stocks like Tesla, Apple and Coinbase.

The world’s top digital currency exchange by trading volume said in a blogpost Friday that it would end support for “stock tokens,” crypto assets tied to the value of certain shares.

Binance had offered the tokens through a partnership with CM-Equity AG, a licensed investment firm based in Germany. According to Binance, each token was fully backed by shares held by CM-Equity AG.

Binance said stock tokens were unavailable for purchase on its website, “effective immediately.” The company will cease support for any stock tokens after Oct. 14, and users may sell or hold them over the next 90 days.

European users will be able to move their holdings over to a new “portal” from CM-Equity AG roughly two to four weeks before Binance closes all positions on Oct. 15, Binance said.

The company said the decision was taken to “shift our commercial focus to other product offerings.”

In April, Germany’s financial watchdog warned investors that Binance had likely violated securities rules with the launch of its stock tokens, adding the company faced potential fines for not publishing investor prospectuses for the instruments.

“As the crypto ecosystem evolves, and as Binance grows as a company, we are continually evaluating our products and working with our partners to meet our users’ needs,” a Binance spokesperson told CNBC.

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We don’t comment on specific matters or inquiries.”

Binance’s stock tokens let users buy a fraction of publicly traded companies’ shares without paying commission fees. Stocks on offer included Apple, Coinbase, Microsoft, MicroStrategy and Tesla. Prices were settled in the company’s own dollar-pegged stablecoin, Binance USD.

Binance has been facing a growing crackdown from regulators around the world. Last month, Britain’s markets watchdog barred the firm from carrying out regulated services in the country, while Italy’s securities regulator on Thursday said Binance was not authorized to provide investment services to Italians.

Regulators in Japan, Canada and Thailand have also issued warnings about Binance.

Last week, Binance CEO Changpeng Zhao — known in the crypto industry as “CZ” — said that his firm “still has a lot of room to grow” and that “compliance is a journey” in the nascent digital asset market.

However, the exchange’s decision to wind down its digital stock offering may add to its predicament. Binance handled nearly $2.5 trillion in derivatives in May. But soon after, the cryptocurrency market suffered a crash that has plummeted its value by more than half, forcing Binance to freeze for over an hour, locking many traders out. The exchange also seized their margin collateral and liquidated their holdings, according a report by WSJ.

Since then, about 700 traders involved around the world have been trying to get their money back. The group has been seeking a way to sue Binance but has been immobilized because the exchange doesn’t have headquarters.

The culminating backlash has instigated governments’ decision to stop Binance from offering stocks. Regulators in most countries oversee exchanges that offer stocks and other securities, and may order brokers to pay restitution to customers in cases of loss stemming from platform issues. But like other crypto exchanges, Binance is not regulated and cannot be held accountable by regulators.

I visited a family member who lived in a flat within his property in Ikenegbu Layout Owerri.  The man who would later become the king of Owerri asked me: “Ndubuisi, how are you doing with studies in FUTO?”.

I responded: “Sir,  Abacha is causing problems in Nigeria. He is making things very hard”.

Immediately, he quickly corrected me: “Ndubuisi, your Abacha now is FUTO and you need to do well, graduate with good grades, etc. Leave Abacha for us”.

That conversation remains evergreen. Yes, one needs to know what his “real problems are” and works to deal with them. That Jeff Bezos wants to go to space is not my problem today. And I do expect many young people spending all hours on Buhari and Abuja to modulate. 

If you are in school, your “Buhari” today is making sure you do well and graduate. Buhari should not consume all your time. Do not make other people’s problems magically become yours. Find ways to remain focused and do not be distracted by issues you truly have no power to fix. Sure, you need to be aware of the issues, but understand what really matters.

This is not to say that young people should not pursue causes and activism. But the key thing here is this: understand when you can make impacts.

Comment On LinkedIn Feed

Comment: “Wise words sir. Put most of your effort on things you can directly influence. Its a lifetime principle that is applicable in almost anything in life. /As a health coach, I help people to understand that there are things you cannot control, your age, sex, genetics, medical facilities, sometimes environment, nations economy.. However, there are things you can do now that will directly impact your health positively. You can choose to have a quality sleep, take a walk and eat healthy to improve your health.” by B.F…. the above conveyed my message better. 

Comment: It matters because decisions Buhari is making is affecting their stay in school. Unpaid lecturers stay away from classes and students suffer for it. Endless strikes . Low budget for education . Graduate unemployment after spending years graduating. Unsafe environment, whether on Campus or out of campus. Bandits now enter colleges and universities and cart away children in broad daylight and you , Prof, is saying students and the youth should not bother ?

We have a very indolent, incompetent, insensitive and uncaring leadership. Who only murder harmless protesting youths and you say their book is their Buhari. Let government create a conducive learning environment for our students and their only competition would be Chinese and Asian students !!

How can an average student in Nigeria today, not consider Buhari a problem . With spiralling inflation, economic mismanagement and unpaid salaries etc , what is the guarantee that their school fees would be paid in the future ?

Every youth and every Nigerian university or college student should be concerned about Buhari and should speak out. While studying and not engaging in miscreancy or mischief.

Response: Like I said, no one said you cannot leave school and relocate to fight bandits in Kaduna. My point is this: in anything in life, understand what your powers are and where you can make impacts. If you life is about what Abuja does and you leave the ones you can influence and affect, you may not be optimizing time. As I noted in the full piece, everything is asking for our attention but ask yourself where you can have the most influence.  Where can you have the most impact – and what is that? And not where you can make most noise even though it adds no value.

Comment: ” Do not make other people’s problems magically become yours””.

It is very easy to make that statement if you are currently living outside Nigeria. I think it is trite to suggest that s student should relocate to go fight bandits in Kaduna. They don’t have to relocate. The students in Kaduna are very concerned . Unless you are not looking at the total picture.

We agree that students should focus on their studies and not use current problems as an excuse for indolence or mischief.

Every one is making their positive impact in their little comers. Especially the youths. You can be very sure of that.

My Response: ” Do not make other people’s problems magically become yours”” – that is English. It depends on how you read. Those who read on themes understand. I am not saying that if you see a kid riding a bike and who falls down that you cannot help him. Read this piece with a big picture; you are reading the words and not seeing the big theme.