Union Bank Plc has updated me after the piece on a rumoured deal between Access Bank and Atlas Mara, Union Bank’s majority shareholder. The bank has clearly noted that it was all rumour and nothing there. I have posted the full feedback. Please take note accordingly. Yet, I will not delete the piece since the source is still there, and most importantly, I noted that it was all rumour, but quickly moved to the perspectives I wanted to share. I do not break news, I only analyze broken ones!

 I have been riding the horse since my first paycheck when after receiving my first salary in Diamond Bank at Adeola Hopewell Street, Victoria Island Lagos, I ran across the street to open a savings account with Union Bank. Till today,, the bank continues to keep its words. So, the horse lives!

From Union Bank

Thank you for your keen and thoughtful analysis of various topical issues pertaining to the financial sector, and the fresh perspective you bring to these discussions. We have come to regard you as a well-respected voice in our industry and beyond.

Your objective, unbiased stance is the reason we are reaching out to provide some clarity concerning your recent article titled ,‘Besides the Rumours of Access Bank Acquiring Union Bank Nigeria’.

We are aware of recent rumours resulting from an article by a blogger who regurgitated an old, misleading news article which has since been debunked.

Please read our statement to the Nigerian Stock Exchange debunking the rumour ( http://www.nse.com.ng/Financial_NewsDocs/32241_UNION_BANK_OF_NIGERIA_PLC%20RESPONSE_TO_ONLINE_PUBLICATI.pdf ) , and Atlas Mara’s statement addressing this issue here ( https://otp.tools.investis.com/clients/uk/atlas_mara1/rns/regulatory-story.aspx?cid=744&newsid=1446833 )

We are sure you will agree that editorial articles/analyses should be based on facts, not rumours and speculations, and as such we hope that you consider updating your article, based on the factual statements referenced above.

Please do not hesitate to contact me should you have questions or require further clarification.

Thank you very much for your time and attention.

Kind regards,

—

We respect the institutions of our democracy but increasingly, I am hoping to wake up to read that the Central Bank of Nigeria (CBN) has published a regulatory framework on how Nigerian young people will get back into what they were doing as “makers”, “innovators” and “players”, over being “spectators”. Yes, as the Vice President of Nigeria said: regulate the cryptocurrency sector but do not prohibit! Unfortunately, it seems like CBN did not get that memo.

From Nigeria’s Vice President Yemi Osinbajo on how he sees the CBN ban of cryptocurrency and Bitcoin; “I fully appreciate the strong position of the CBN, SEC, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies and their other well-articulated concerns, but I believe that their position should be the subject of further reflection.

“There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs. So it should be thoughtful and knowledge-based regulation not prohibition.

People, this curve looks parabolic and if you check it carefully, the mathematically variance over weeks is not evidently huge, yet, I concede, on daily moving averages, it is outside an acceptance threshold, and volatile. My point is this, except the scale, the chart shape looks like a typical stock that is doing well in the market! In other words, at monthly moving averages, it is not very volatile [too technical here].

Why am I writing this? A co-founder of an exchange in Lagos sent me a note with “Prof, I am looking for a job”. I asked him why? He responded, “I am scared to try something else – I do not know which bans will come next. So, I just want a job to avoid those risks”.

That is the risk: the season of bans is affecting the psychology of our young people. It is like what is happening in the northern part of our nation where kidnappers are waging wars to ensure kids do not attend schools by putting the fear of kidnapping, thereby achieving via another means what they have wanted to achieve.

Nigeria needs a better engagement as every piece helps. The CBN should get these innovators and provide a path for them to comply and participate in the world of the future. This curve is parabolic, and if you look at the variance, on monthly averages, the volatility looks like a typical growing stock. Allow the young to take risk and ensure that risk does not cause systemic risks to the economy.

Coupang – the Amazon of South Korea – went public in a traditional IPO and its shares jumped 40%. The revenue of the firm almost doubled to $12 billion last year. The CEO, Bom Kim, is bullish: “we’re just scratching at the surface”. SoftBank made $33 billion off the South Korean e-commerce firm’s debut in New York.

While South Korea’s population may pale in size to that of the U.S. or China, where e-commerce titan Alibaba roosts, Coupang’s focus still remains on its home front, Coupang CEO Bom Kim said in an interview with Fortune on Thursday.

“If you look at the size of the Korea market, the commerce market is just over $540 billion just in the next three years,” Kim said when asked about any expansion outside of South Korea. “It’s a huge opportunity. We believe we were just three to four percent of the commerce market last year, which is such a small percentage. We’re just scratching at the surface.”

Tekedia Institute is happy to share that copies of our new book are now in Lagos. Yes, “SEIZING OUR SINGULARITY FUTURE: An Entrepreneur’s Guide” is now in Lagos.  Four of our faculty members turned their course in Tekedia Mini-MBA into an amazing book. Edward Hudgins, PH.D Brent Ellman, Gennady Stolyarov II Chogwu Abdul, PhD . In April, they will return to the Institute for another Live session on “Exponential Technologies and Business Opportunities in the Age of Singularities” for our members.

Book summary: “The essays on this volume were developed for a course on “Exponential Technologies and Business Opportunities in the Age of Singularities” by Transdisciplinary Agora For Future Discussions Inc., (TAFFD’s), for the Tekedia Institute as part of a Mini Masters of Business Administration program (mini MBA).This volume offers insights that will benefit any individual who comes about their lives and the future of their families, friends, neighbours and countries.”

The reviews are 5 stars on Amazon. Our team is batching the next shipping. But you can buy directly at Amazon.

Tekedia Mini-MBA is registering for the next edition – learn from the best here.