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Duties of the Elites To Nigerians

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President Muhammadu Buhari has complained, severally, that the Nigerian elites are not helping with shaping Nigeria to a better nation. He has accused them of looking the other way while the country was being stripped bare by looters. He also complained that Nigerian elites criticize his administration unfairly. Just a few days ago, during his exclusive interview with Arise TV, President Buhari complained that these elites have not bothered to call people tearing up the country to order.

While passing on his concluding message at the above-mentioned interview, Buhari said, “I don’t like the way the Nigerian elites is [sic] allowing ignorant people or careless people talking all over the place,” to register his displeasure at the turn of events in the country and how those that know what is happening decided to play deaf and dumb. From the way he said it, you will understand that the president has been reaching out to this group of persons but they seem to have abandoned or ignored his call. But then, one cannot help but wonder why the president believes the elites have so much power to ensure the harmony and growth of the country. Is he expecting too much from these persons? Or, do they actually wield so much power?

Many of us have heard so much about elites but we have not bothered finding out who they are. I have heard someone describing elites as the intelligent persons in a community because he believes that for you to belong to the elite club, you must be well educated and vastly knowledgeable. Well, he is not wrong, but he is not right either. This is simply because not all elites are “well educated” and not all highly educated persons are elites.

Every society has a small group of persons that are powerful, wealthy, intelligent, and influential. These people do not become powerful because they were democratically elected into power but because they either inherited power from birth or through hard work and wealth. It all depends on the culture of the society, anyway. But the elites are usually neutral in their political affiliations so that they are not affected by changes in political powers unless they participate directly in politics. The elites are actually the “owners of the land” because political leaders are careful not to offend them. Hence, for President Muhammadu Buhari to reach out to these people, expecting them to quell the fire created by misinformation in the nation, is not out of place.

You may ask yourself who the Nigerian elites are, considering that they are really quiet. Well, your guess is as good as mine. But what we should worry about is why they have not come out to get directly involved with putting Nigeria in order. Their silence is making it look like they won’t be bothered if Nigeria is burnt down. They give the impression that they have an alternative to Nigeria. And so, if Nigerians want to destroy the country, they should go ahead and do so.

The need for the Nigerian elites to rise up and address situations is becoming too urgent. They should remember that people trust and respect them more than they do their political leaders. They are in a better position to dig deeper into the insecurities in the country and call those directly involved to order. They can also help to groom and build up the youths, most of whom are misguided, confused, misinformed, and misused. They can equally help in calming nerves by shedding more lights into what is happening in the government. The elites truly have a lot of work to do to make this country an enviable one.

In as much as the elites have important roles to play towards ensuring proper direction and guidance of the masses, I still blame the political leaders for keeping people in the dark. The two interviews recently granted by the president and his Democracy Day speech revealed a lot about the activities of the government. Most of what the president said were unknown by many, which made it easier for mischief makers to twist narratives concerning this country and the present administration. 

People also discovered that many stories floating about, concerning the president’s wellbeing and state of health, were not true. So, as the president blames the elites for turning deaf and blind to the wrongs in the society, he should reserve some of those blames for himself for failing to blow his trumpet. He should understand that no one can tell his stories better than himself. So, let him make it a point of duty to talk more. Nevertheless, the president should not be the only person to reveal and clarify the government’s decisions and actions. His media team, concerned MDAs, and, of course, the elites have lots of duties to do in this case as well.

Welcome FUT Akure Students To Tekedia CollegeBoost

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Good People, join me to welcome students and the Students Union Government of Federal University of Technology, AKURE, Nigeria to Tekedia Institute CollegeBoost, a Tekedia Mini-MBA designed for college students. When students come together in this way for an academic excursion, you have a reason to believe. Yes, instead of the usual (parties, etc), they want to spend time with us at the Institute to co-learn and co-share towards advancing the continent.

These are brilliant young people in one of Africa’s finest technical universities. They are already well prepared by FUT AKURE; at the Institute, we will simply expand their horizons in market systems. Welcome.

Similarly, I also want to congratulate FUT Minna students who just finished a program in our Institute. I have checked the Board, and can see that our business sagacity is deepening. I just approved for the Advanced Diploma in Business Administration certificates to be released. I want to congratulate all of you and most especially the Students Union Government leadership for focusing on knowledge.

For more on Tekedia CollegeBoost, contact Eyitayo Adeleke.

(This piece has been updated with FUT Akure, not Minna, as the new team)

Comparing Oil Revenues, Budgets, etc in Nigeria (1990 – 2017) Across Administrations

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Responding to this post by Nurudeen Adeyemi, you always tag me (thanks), but here you did not state my position to help your audience. The average oil revenue during Jonathan was $76 billion per year , Buhari’s was $47 billion per year, using your data (I assume they did not include 2017 data). But if you look at borrowing, Buhari has made up his oil shortfalls via borrowing. My comment on that feed was this: money is money, borrowed or via oil revenue as when you spend Naira, it does not have a marker with “they got me from oil” or “I am borrowed”.

What Buhari did not get in oil, he had borrowed from pension, IMF, etc and at the end, he HAS more money (per year) than any of the administrations you mentioned. More so, the oil revenue that came during OBJ, Yar’Adua (the best among them), GEJ etc went into paying military era debts and because of that their budgets were LOWER.

Last Jonathan’s budget was N4.962 trillion in 2014 but Buhari’s last budget was 10.59 trillion naira in 2020. Even using absolute official rates in both 2014 and 2020, Buhari has more USD; Jonathan was around $24 billion using N200/$ in 2014 and Buhari $28 billion using N380/$ in 2020.

So, what you are sharing is irrelevant because even though oil revenue has dropped, President Buhari has used loans to jack up spending, more than any president in both Naira and USD. However, as I noted in the piece you cited, the thinking into the spending has not been strategic, and that is why it seems he does not have money even though he is spending more!

Comment on LinkedIn Feed

Comment: Even though President Buhari has used loans to jack up spending, more than any president in both Naira and USD, as you’ve said, he has projects to show for those spending but the previous administrations have no project to show for their spending that’s the issue.

Response: That is another debate which I do not want to follow up. I simply responded to debunk the “scarcity” you created on your feed. I am happy we are in affirmative now. You tagged me; so, I simply wanted to explain my side of the point. Mr. Buhari has a reason to be borrowing – he is fighting a war.  Yes, that he is spending more is understandable. I only responded to debunk that he had no money because oil revenue went down.

The Mastery of Marginal Cost is the Mastery of Digital Business Growth

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In a perfect internet market, the marginal cost of a digital product is zero. But no market is perfect, so, what we have in reality is that the marginal cost tends towards near-zero. What that means is that the transaction and distribution costs stay low even as output increases. Whenever you attain that positioning, your unit economics improves since you are essentially having accelerating returns which keep compounding.

Before you launch that digital product, understand this plot. If you do not, you will struggle to scale that product. The mastery of marginal cost is the mastery of digital business growth. Your scalable advantage is built on the “physics” bounded by distribution cost and transaction cost.

Unit Economics. Marginal Cost. Understand both, and the path to the mountaintop becomes clearer. How do you keep growing without increasing marginal cost?

The Mastery of Marginal Cost is the Mastery of Digital Business Growth

 

https://youtu.be/P75hzh3e190

Bitcoin Rebounds Above $40,000 As Elon Musk Continues to Wield His Power Over Cryptocurrency Market

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Tesla founder and CEO Elon Musk continues to exert enormous influence on the cryptocurrency market. Musk, who has been an ardent fan of the leading cryptocurrency, bitcoin, announced his abrupt parting with the much touted digital coin in April, citing the use of carbon-energy in mining. Bitcoin plunged more than half from $64,000, its highest price so far.

Bitcoin has been reeling from the effects of Musk’s tweets, swinging below $40,000 since then. Now with another tweet, Musk has sent the coin up, setting it up for maybe, a total rebound.

On Sunday, Musk fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said on Twitter on Sunday.

Bitcoin, which jumped nearly 10% on Sunday, breaking above its 20-day moving average, was up 4.3% on Monday at 40,692.27, its first foray above $40,000 in more than two weeks.

“Musk’s words caused bitcoin to surge,” said Simon Peters, market analyst at eToro.

Bitcoin was also supported Monday after billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that bitcoin is a great way to protect his wealth over the long run and is part of his portfolio just like gold.

Bitcoin prices were also helped by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin, said Bobby Ong, co-founder of crypto analytics website CoinGecko.

Musk’s tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia, who in a radio interview last week accused him of “price manipulation” and selling a “big part” of his exposure.

“This is inaccurate,” Musk said. “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

Musk had tweeted in May that Tesla “will not be selling any bitcoin” and “has not sold any bitcoin” but investors are keenly awaiting Tesla’s next earnings update – due next month – for any disclosure of changes to its position.

Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin.

However, his influence in the cryptocurrency is yet to be contained, and investors are finding it hard to reckon with. In early June, the hacker group, Anonymous had threatened the billionaire in a video they shared on Twitter, for manipulating the cryptocurrency market.

Billionaire entrepreneur Elon Musk has “destroyed lives” through his tweets about cryptocurrency, hacker collective Anonymous has said in a video threatening the Tesla founder.

In the video posted on Saturday, the group said Musk was “another narcissistic rich dude who is desperate for attention”, but that his tweets on cryptocurrency were damaging to investors.

“Millions of retail investors were really counting on their crypto gains to improve their lives,” a figure in a Guy Fawkes style mask says in the video.

“Of course, they took the risk upon themselves when they invested, and everyone knows to be prepared for volatility in crypto, but your tweets this week show a clear disregard for the average working person.”

The group said retail investors had been hoping their cryptocurrency gains would improve their gains, and that Musk needed to stop his “temper tantrums”.

“You may think you are the smartest person in the room, but now you have met your match,” the nearly four-minute long video concluded.

“We are Anonymous! We are Legion! Expect us.”

Musk’s tweet on Sunday, which helped buoy bitcoin to more than $40,000 is an indication that he still wields a strong grip on the cryptocurrency market. Investors are hoping that he doesn’t tweet something negative soon that will ruin the little gain of the week.