In my first year in secondary school, I participated in the heat, ahead of the inter-house sports competition. In the 100 meters race, I came last. In the long version, I came last. Then, I tried the long jump, I was average because I was above average height. But in the second year, I was last again. Quickly, I forgot about competitive sports, and focused on one sports I was really good at: academics.

Our school football captain would always remind me: “on this football pitch, I am the captain; you wait until we get to the class for you to assume your own captainship”. He called me “Momen” for helping in the moments when mathematics needed solutions. It was a great experience: deep respect especially as we later became school prefects.

That takes me to the situation in Nigeria. We are in a position where no one respects anyone. Today, doctors are on strike: “The National Association of Resident Doctors (NARD) commenced an indefinite strike on Thursday despite meeting with a federal government delegation on Wednesday night.” As the government was trying to get its playbook, the judiciary has kicked off its own party: “Judiciary workers, under the aegis of the Judiciary Staff Union of Nigeria (JUSUN), have declared an indefinite nationwide strike to press home their demand for the financial autonomy of the judiciary.”

The National Association of Resident Doctors (NARD) commenced an indefinite strike on Thursday despite meeting with a federal government delegation on Wednesday night.

“We commence strike 8 a.m. today while we are still trying to evaluate the federal government’s offer,” the president of the association, Uyilawa Okhuaihesuyi, told PREMIUM TIMES Thursday morning.

The decision was reached after NARD’s extraordinary National Executive Council (NEC) meeting held last Saturday, according to the president.

He said the ultimatum given to the federal government to meet the association’s earlier demands expired on March 31, with no significant achievement.

Simply, there is no respect for any institution – and that is a big problem. The government does not really show in actions that it respects these doctors and lawyers, and these professionals also do not show that they care especially when the president is meeting doctors in London!

So, everyone thinks he/she can win on the football pitch and in the academic pitch, creating tension. If you check well, that is a sign of a weakening institution. No one cares what happens to Nigeria; that should concern you because it takes great skills to make doctors and lawyers angry at the same time!

Poor Shoprite – its voyage to Nigeria has not been without drama. The latest is that after the asset changed hands in Nigeria, workers want to be paid terminal benefits before the new owners take charge, and possibly re-hire them: “What you see happening here today is just a picketing type of strike, that is what the workers came here to do. Just to picket the entrance of Shoprite. Apparently, in a bid to stop them from trading until our pending proposals and demands are met by the management.” A Union member noted that “workers are supposed to be paid off and not transferred to the new owners without their consent” as Premium Times summarized.

The company has a note that it would fire workers who fail to return to work (see below): “Please note that your conduct is in breach of your contract of employment, company rules and procedures and the applicable federal legislation. …“You are accordingly instructed to return to work immediately in an orderly and diligent manner”.

But the workers are saying that “People can’t come to our country, invest, and we give you all you need and then you have Nigerian staff that are not treated very well, that’s bad.”

I am hoping they find a common ground – and get back to work. But if there is a double trigger acceleration clause, these workers may be out of luck legally; the clause requires two events to trigger acceleration, usually a company sale and involuntary termination of workers. When that happens, current workers are not guaranteed new jobs in the new company.

So, the new owners can decide to pay terminal benefits and refuse to rehire! The Union must check the deal agreement.

Yet, it is always fair to share the goodies with your staff. But here, no one considers this as an exit, from any point of strength.  In other words, Shoprite Nigeria’s original investors are not necessarily popping champagne because of this sale. Most of them are bloodied after this voyage and it would  be good for the workers to have that in consideration as they negotiate. A labourer is worthy of his/her wage; the management and the workers must find a mechanism to avoid further harm to the company.

Double-trigger acceleration, as the name implies, requires two events to trigger acceleration – most typically the sale of the company and the involuntary termination of the employee, usually within 9-18 months after closing, and in some cases including a short pre-closing window (3 months or shorter) to counter any preemptive termination by the company to avoid a payout.  Typically, the qualifying termination means termination of employment by the company without “cause,” but can also include resignation by the employee for “good reason” (e.g. a cut in pay, mandated relocation or significant downgrade of duties).

Double-trigger acceleration has become very popular with early stage companies and aims to align the interests of the employees, the investors and potential acquirers by (i) providing a safety net for key employees, some of whom may be removed in the consolidation during post-closing integration – CFOs and GCs are particularly susceptible, (ii) reducing dilution from automatic acceleration, and (iii) easing the qualms of the acquirer by preserving the requirement of ongoing service to the company in order to vest.

Today is the early bird registration deadline for the 5th edition of Tekedia Mini-MBA.  Click to register for Tekedia Mini-MBA (June 7 – Sept 1, 2021). Our program is online, self-paced, and costs  $140 (or N50,000 naira) per person. We have many goodies if you beat the deadline including attending our Innovation Week  and Career Week free besides access to my books, and certificate courses at Facyber.com. Click and register https://school.tekedia.com/course/mmba5/

Airtel Africa is unlocking massive value from its one oasis – the telecommunication service for voice and data. Today, we are learning that “MasterCard is investing $100 million in Airtel Mobile Commerce … The transaction values Airtel Africa’s mobile money business at $2.65bn on a cash and debt free basis”. What does that mean? It means that Airtel Mobile Commerce in Africa is one of the biggest “fintech” companies in the continent.

MasterCard is investing $100 million in Airtel Mobile Commerce, not long after the telco received $200 million from The Rise Fund, the global impact investing platform of leading alternative investment firm TPG.

The transaction values Airtel Africa’s mobile money business at $2.65bn on a cash and debt free basis.

The proceeds from the transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.

MasterCard will hold a minority stake in Airtel Mobile Commerce, in line with Airtel Africa’s plan to monetize the mobile money business by selling up to a 25% stake in the unit.

Great companies build to deepen their one oasis and then use double play strategies to capture value. Today, Airtel is capturing value from its mobile money business.  What is your one oasis? And how do you plan to capture value?

Indeed, oasis is very critical and every company has oasis. Your best product is the oasis in your business. Every other product feeds on that best product. If you build your investment around that main product, you will find success, because those investments will have a clear “customer”, and that reduces market risks. In other words, if your new business investments are geared to support the best product, and the best product is doing well, it means the risks on the new investments will be easily managed. Provided the best product continues to do well, demand on the new investment is assured. That is the One Oasis Strategy.

Read this my Harvard Business Review article if you want to understand how you can unlock value from your assets through the One Oasis – Double Play Strategy which I have postulated in markets.