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Nigeria Raises Petrol Price to N212 per litre

By
Ndubuisi Ekekwe
-
0

I just received a note that Nigeria has raised the price of petrol to  N212 per litre. This is breaking hard news. Expect the Nigeria Labour Congress (NLC) and other stakeholders to protest over this increment. Yet, no matter how we see it, if we believe in the spirit of full liberalization, with no subsidy, this is the framework playing live. Yes, as the price of crude oil rises, petrol prices in Nigeria will rise. We hope it drops when the crude price drops. Crude oil price is rising which ideally should be a good thing in Nigeria – but with no working refinery, it is not looking great now!

This is a heavy one for President Buhari who began his tenure when the price of petrol was N87 per litre and now has to deal with it rising to N212. Of course, he “removed” the subsidy. 

Tomorrow may be hotter in Nigeria as effective value of wages for most citizens crash! You may wonder – what next! Time for a state of emergency on Nigeria’s economy?

The fuel pricing regulator PPPRA said in its template released on Thursday night that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February.

The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.

The PPPRA has been setting guidelines for petrol sales since the Buhari administration announced partial deregulation of the oil sector, but the government maintains control of policies that determine ultimate retail costs.

The new hikes come barely a day after President Muhammadu Buhari promised to return fuel price to below N100 for Nigerians.

Update: The government has deleted the post. “In the wake of the outrage that greeted the increase in the price of Premium Motor Spirit also known as petrol, the Petroleum Products Pricing Regulatory Agency, on Friday, deleted an earlier published template announcing that the new price of petrol has reached N212.6 per litre. The deletion came hours after the agency published the template on its website, http://pppra.gov.ng/pms-guiding-price-for-march-2021/, and after the Nigerian National Petroleum Corporation insisted that there was no increment in the ex-depot price of petrol.”

The state minister of petroleum resources, Timipre Sylva, also released a statement: ”Irrespective of the source of that information, I want to assure you that it is completely untrue. Neither Mr President who is the Minister of Petroleum Resources nor myself who deputise for him as minister of state has approved that the petrol price should be increased by one naira. I therefore urge you to disregard this misleading information.”

Final Day To Register for 5th Edition of Tekedia Mini-MBA (Jun 7 – Sept 1, 2021) is Monday, June 21

By
Ndubuisi Ekekwe
-
23

Registration for edition 5 ends Monday, June 21.

Welcome to Tekedia Institute. We run an amazing business school which has attracted professionals and students from 36 countries. Our Faculty members come from Microsoft, Shell, Flutterwave, Nigerian Breweries, Jobberman, Coca Cola, and other great organizations. Thrice weekly, I personally coordinate live Zoom sessions on the mechanics of business systems. We bring our Faculty and Guests on those sessions, covering industries and business domains. REGISTER today and join us! – Prof Ndubuisi Ekekwe, the Lead Faculty.

Invent, innovate and drive organizational transformation, performance, and growth. Capture emerging opportunities in changing markets while optimizing innovation and profitability. Digitally evolve your business or functional area, turning digital disruption into a competitive capability and advantage. Master the concepts of building category-king companies, and thrive.

Registration for the 5th edition of Tekedia Mini-MBA (June 7 – Sept 1, 2021) opens. Tekedia Mini-MBA, from Tekedia Institute, is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Our programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

More so, the sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc by a global faculty coordinated by Prof Ndubuisi Ekekwe. When we finish, we will issue a certificate from the Tekedia Institute, Boston USA.

Register and join us. You will emerge transformed with tools and capabilities that engineer confidence, performance and growth.  Accelerate your leadership ascent with us and have access to speak with me on your career and professional development! Here are our programs and costs.

How To Register

After payment, email tekedia@fasmicro.com with participant’s name and code or program paid for, to complete the registration.

Group Registration Benefits

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Curriculum for Tekedia Mini-MBA

Video presents overview of Tekedia mini-MBA.

Extra Registration Benefits

 

A recent Tekedia Live on “Satellite Broadband, SpaceX Starlink and Opportunities Ahead in Nigeria & Africa”. During an edition, we do Tekedia Live thrice weekly.

Certificate Program

Here are the 12 tracks:

The Certificate program is completely capstone-based. Tekedia capstone is a research paper or a case study exploring a topic, market, sector or a company. Tekedia Institute supervises the work.

Important Links

Tekedia Mini-MBA Syllabus

Theme: Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies

Introduction

Over the last few decades, digital technology has emerged as a very critical element in organizational competitiveness. It has transformed industrial sectors and anchored new business architectures, redesigning markets and facilitating efficiency in the allocation and utilization of factors of production. The impacts have been consequential: nations like Nigeria are moving towards knowledge-based economic structures and information societies, comprising networks of individuals, firms and states that are linked electronically and in interdependent relationships. In this program, we will examine this redesign within the context of fixing market frictions and deploying growth business frameworks in a world of perception demand where meeting needs and expectations of customers are not enough.

Program Time: June 7 – Sept 1, 2021

Venue & Format: Online via videos, articles, webinars, and flash cases. Program is self-paced which means you consume the materials at your own time and pace. It is completely online. You will have something to complete within 7 days. You decide when you do that within the window. Where you live or your time zone would not be an issue as program is not live-delivered.

Cost: US$140 (N50,000 naira). We have a payment plan, i.e. installment payment plan (email us for details)

Target Audience: This program is designed for professionals across functional areas like sales, marketing, technology, administration, legal, strategy, finance, etc across all business sectors and domains.

Learning Objectives: To innovate is to set a new basis of competition in an economy, business sector or market. Most times, it results to disruption. This program is designed for private (large, SMEs, startups) and public institutions. Participants will:

  • Master the mechanics of growth – the reward of innovation – through frameworks, cases and evolving strategies.
  • Understand how to undergo transformation journey that is fully aligned with corporate objectives through measurable and realizable benchmarks.
  • Acquire business capability tools that do not just RUN their firms but can TRANSFORM them.
  • Design corporate growth experiments in Lab sessions based on One Oasis Strategy, Aggregation Construct, Double Play Strategy, Accumulation of Capability Construct, and more.
  • ETC

Tekedia Advanced Diploma Programs – Immediate Access Upon Payment

Each track of Tekedia Advanced Diploma programs runs for 8 weeks (2 months). A track has no Live Zoom session, and it is completely self-paced and online. Upon payment, you have immediate access to start learning. The program includes class notes, flash cases and videos, but no webinar.  Each track costs $100 or N36,000 naira per participant. The tracks and curriculum are presented below.

DLSM Advanced Diploma in Logistics & Supply Chain Management
DBIS Advanced Diploma in Business Innovation, Growth & Sustainability
DBPM Advanced Diploma in Project Management
DIRM Advanced Diploma in Risk Management
DIBA Advanced Diploma in Business Administration
DIDT Advanced Diploma in Innovation & Design Thinking
DIAT Advanced Diploma in Accounting, Auditing, Forensics & Taxation

Part A – General for All Tracks

In the first 4 weeks, all the tracks take the same courses.

 Week Part A – Common to All Tracks
1 Innovation & Growth:

Growth and Innovation of Firms

Digital Transformation, Innovation & Strategy
2 Business Systems & Processes:

Grand Playbook of Business & Entrepreneurial Pursuit

Process Improvement and Operations Management
3 Business Model & Transformation:

Modern Business Models and Growth Execution

Effective Organizational Change Management
4 Design and Innovation Lessons:

Innovation Lessons (5in5, Global, Africa)

Product Design and Packaging

The electives for the tracks are presented on this slider-table.

Tekedia Live Sessions

We run optional three Live Zoom sessions (two weekdays and one Saturday). This provides a way for our members to ask our Faculty and experts live questions and get feedback.

Tekedia Mini-MBA certificate sample

 

Tekedia Diploma program certificate sample

 

Tekedia Certificate program certificate sample

Amazon AWS Credit to Innovators

Tekedia Mini-MBA is a quasi startup accelerator, extending the school core innovate & grow mindset to support innovators. That means, innovators and companies can have access to resources which our Fund provides. If you are in our program, and need support, we will help. We have credits  to support founders and companies in Tekedia Mini-MBA who are bootstrapping or have raised small money. Then, as you grow, we will offer you more credits.

Tekedia Now Offers Amazon AWS Credit To Innovators In Mini-MBA

Special Weeks

Tekedia runs two special annual programs – Tekedia Career Week (not designed for finding jobs but rather planning careers) and Tekedia Innovation Week for our members. Admission is that member must have attended a Tekedia Mini-MBA program in that year. The dates are announced in our program curriculum. For the last edition, click here.

Our Career Week is not designed for finding jobs. Rather, it is structured to TRANSFORM workers, founders & professionals into business leaders and champions of innovation in their companies. The sub-theme is Nurturing Innovators: Career Planning & Resilience During Disruption. It is packaged under the Tekedia Mini-MBA theme of Innovation, Execution & Growth. Our knowledge experts for the Week include human resources experts and leaders from MNCs and startups, across industries and global regions:

Other Tekedia Mini-MBA Programs

  • Tekedia CollegeBoost  is a version of the Advanced Diploma in Business Administration for colleges and schools.
  • Tekedia Mini-MBA for Corporates is a customized version of the general Tekedia Mini-MBA for companies.
  • Tekedia Mini-MBA for Governments is a customized version of the general Tekedia Mini-MBA for governments, government agencies and related public institutions. 
For more details about these programs, click here. For institutions, if you need a brochure, email us for one.

Our Contact Email

tekedia@fasmicro.com

Lead Faculty of Tekedia Institute

Prof Ndubuisi Ekekwe is the Lead Faculty of Tekedia Institute

  • PhD, Electrical & Computer Engineering, Johns Hopkins University, USA
  • MBA, University of Calabar, Nigeria
  • BEng Electrical & Electronics Engineering ( Federal University of Technology, Owerri, Nigeria)

Prof Ndubuisi Ekekwe invented and patented a robotic system which the United States Government acquired assignee rights. Dr Ekekwe holds two doctoral and four master’s degrees including a PhD in engineering from the Johns Hopkins University, USA. He earned undergraduate degree from FUT Owerri where he graduated as his class best student. While in Analog Devices Corp, he co-designed an accelerometer for the iPhone. A recipient of IGI Global “Book of the Year” award, a TED Fellow, IBM Global Entrepreneur and World Economic Forum Young Global Leader, Prof. Ekekwe has held professorships in Carnegie Mellon University and Babcock University, and served in the United States National Science Foundation Committee.

The South African press called him “a doctor of innovation” for helping organizations on the mechanics of business innovation, strategy, and growth. Since 2009, the Chairman of Fasmicro Group which controls many startups and entities has been writing in the Harvard Business Review. He was recognized by The Guardian as one of 60 Nigerians Making “Nigerian Live Matter” on Nigeria’s 60th Independence Day (Oct 1, 2020).

Selected Faculty & Testimonials

We have more than 85 Faculty members; see the full list here.  For selected testimonials on our program, click here.

Testimonial from Soulmate Industries Ltd

 

ebook Free for early registrants
Free for early registrants

Nigeria Punches Online Banking As Dorm Accounts Get Restrictions

By
Ndubuisi Ekekwe
-
7
Central Bank Governor, Nigeria

One week, one issue and another one is coming on March 20, 2021. Yes, “This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents,” says a bank circular.

What does that mean? You need documentation to use money in your dorm account. Indeed, the government is looking at how to keep that dollar in Nigeria as it fights the battle to protect Nigeria and Naira. 

The circular below…

“This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents. Kindly ensure you send relevant supporting documents for your international transfers immediately transaction is initiated online to……….

“Samples of supporting documents to be provided for international transfers to third parties are;

  • Invoices
  • Bills
  • Demand Notes, etc

“For Medical, insurance, school fees, subscriptions and other similar invisible payments. For transparency and in line with CBN eligibility requirement, purpose of payment must be clearly indicated for all international transfers in the narration section provided.

“Please note that for control purposes, all payments initiated without the relevant supporting documents being sent to the above noted email will be rejected after the existing currency cut-off time (EURO- 1.30PM, GBP & Others- 2.30PM and USD- 3.30 PM) same day.” source: Nairametrics

Ironies Featuring Nigerians’ Unwillingness to Take COVID-19 Vaccine

By
Ozioma Okey-Kalu
-
0

One can tell the harm of conspiracy theory by looking at what is going on in Nigeria since the arrival of the COVID-19 vaccine. Many people have expressed their unwillingness to take the vaccine. Some believe that the vaccine is fake. Others insist that they are harmful. Then we have the people that see it as hi-tech “monitoring spirits”, set by the “one world order” to manipulate mankind and bring an end to the world.

Further down the line are those that insist that nothing good comes out of Nigeria. This set of persons expected the government to hoard the vaccine and give it only to the few privileged Nigerians. They also thought that the government would charge the citizens for the vaccine. But when they discover that the government will disappoint them, they begin to query why the government should force them to take the vaccine.

Another interesting group are those that will not take the vaccine unless it is a means to a crucial end. In a poll conducted by Dr. Joe Abah, an economic and political analyst, in his Twitter handle, @DrJoeAbah, yielded an interesting result. Dr. Abah conducted two separate polls to ascertain Nigerians’ willingness to take the COVID-19 vaccine and the motivating factors behind their resolves. The first poll, which was conducted on 5th March, 2021, asked, “Would you take the COVID-19 vaccine if you were offered it today?” Here, out of the 7,300 votes the poll received, 56% said “yes” while 44% said “no”.

The following day, being 6th March, 2021, Dr. Abah conducted another related poll, this time asking, “If Canada were to require you to take a Covid-19 vaccine before you can emigrate there, will you take it?” If you were expecting Nigerians to say “no” and stay put in their country, you were wrong. This poll attracted 6,575 votes, where 86% said “yes” and 14% said “no”. The question anyone in his right mind will ask is, “What changed? Is it not the same Nigerian government that will administer the vaccine?” This will tell you the irony of the unwillingness to take the shot.

But there are things Nigerians fail to consider each time they throw jabs at the government regarding this vaccine. Many people claim they don’t trust the Nigerian government and that is why they express their concern at why and how the vaccine will be administered. Many couldn’t believe the Nigerian government will spend to buy the vaccine and give it freely. A lot of people wonder why the government should even spend public funds to buy this vaccine in the first place. But what many fail to realize is that the government has been spending money on vaccines for a very long time now.

One thing Nigeria does for its citizens is ensuring that every child is immunized for the first 18 months of their lives, free of charge. No one has ever paid for the basic vaccines given to their children. Some private hospitals demand tokens as the cost for syringes and “cotton wools” but those should not be regarded as payment for vaccines. So, if Nigerians can trust the government with the lives of their babies, why won’t they do the same with the COVID-19 vaccine? If Nigerians can accept any other form of immunization, why is the COVID-19 vaccine any different?

The truth of the matter is that the conspiracy theories surrounding COVID-19 and its vaccine are enormous and they are affecting people’s reasoning. Of course, it is natural for people to be afraid of new things, especially drugs, but it is absurd to assume that the same government that has protected you and your children from child-killer diseases will harm you as an adult. So far, nobody is going to force you to take the vaccine. The quantity the government has right now will not even go round. It is ok to apply caution. There is nothing wrong with waiting to see if the vaccine has side effects before you go for yours. But discouraging others from taking theirs is a no-no.

Alas, Olympic Games Without Spectators

By
Samuel Nwite
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0

One of the devastating impacts of COVID-19 pandemic has been keeping sports activities indoor; denying fans the contagious pleasure that comes from watching games in large numbers in stadia.

Last year, the Tokyo Olympic Games was postponed following precautionary safety protocols to contain the spread of the virus. The aim was to wait on the hope that the pandemic will be defeated early enough to give way to formal Olympic events that will involve spectatorship in 2021.

Although the wait partially paid off, the 2021 summer Olympics and Paralympics will be held after all despite having been so close to cancellation, the problem of spectatorship remains.

The host nation Japan has made a decision to hold the big sports event without overseas spectators. For home spectators, Prime Minister Yoshihide Suga said a decision on spectators would be made by the end of March.

“The organizing committee has decided it is essential to hold the ceremony in the northeastern prefecture of Fukushima behind closed doors, only permitting participants and invitees to take part in the event, to avoid large crowds forming amid the pandemic, Japanese local media Kydo News reported on Tuesday.

The Olympic is scheduled to hold July 23 to Aug. 8 and the Paralympics from Aug. 24 to Sept. 5.

Japan is one of the nations most infected by COVID-19. The Asian country has so far recorded more than 441,000 and the organizing committee said rate of infection is an integral factor in their decision making.

“A decision would be made based on factors including the state of infections in Japan and other countries, possible epidemic-prevention measures, and expert scientific advice,” the committee said.

The torch relay, which is also going to be held without spectators, will hold on March 25, and Tokyo 2020 president Seiko Hashimoto said she wants the decision made before the relay.

In the 2016 summer Olympics in Rio de Janeiro (Rio 2016), there were 60,000 spectators in the stadium as the games opened. Spectatorship has always been a major part of the games, not only because it cheers athletes up, but also because the organizers derive huge revenue from the ticket sales.

In Rio 2016, 88% of the 6 million tickets were sold, while the London Games 2012 and Beijing Games in 2008 recorded 90% ticket sales. Local ticket sales had in the past accounted for 70-80% of the ticket sales. For instance, local fans accounted for 80% of all ticket sales in the last Olympic Games, the Winter Games in Pyeongchang, South Korea.

Sebastian Coe who headed the 2012 London Olympics, and currently the president of World Athletics, said the goal has always been to ensure the best possible games for the athletes and having full stadiums of passionate people.

“With all the work being done around vaccinations and the huge sacrifices large parts of the world have made over the last year, I would hope the fans (both home and overseas) will be able to attend. Of course it would be better,” he told Reuters.

“However, if local communities are concerned, then athletes will accept that and it is a trade-off they are prepared for it,” he added.

A survey carried out by a newspaper, Yomiuri showed that the majority of Japanese people don’t want spectators at the games.

The survey showed 77% of respondents voting no to allowing foreign fans to attend the games while 18% voted yes. On the other hand, 48% voted against allowing any spectators into game venues while 45% voted in favor.

Ticket sales have been expected to yield $800 million, accounting for 12% of the organizing committee’s budget, according to figures released in December.

But Japan has recorded more than 8359 COVID-19 deaths since the beginning of the pandemic and Tokyo is still under state of emergency. Therefore, the locals are concerned that allowing foreign spectators will aggravate the third wave of the pandemic that the country is currently grappling with.

However, Japan and the Olympic committee will have to accept the huge loss emanating from indoor games, if the choice of the locals is to be accepted.

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