DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5902

The MuskCoin, The Alpha Baptism of Bitcoin Faithful – And Nigeria’s Shadows

3

How do you explain it? The Central Bank of Nigeria (CBN) published a  long thesis to explain its rationale for banning Bitcoin, in Africa’s largest economy. But hours later, Africa-born and the world’s richest man, Elon Musk, went on an economic baptism of all Bitcoin faithful. He blessed them with alpha, putting the reputation of the world’s finest innovator, at the moment, on the bytes and bits. Not just him, his company – the one which pioneered electric vehicles at scale – is coming to the party. Yes, Tesla will allow you to pay with Bitcoin for its vehicles.

The Bitcoin roller coaster is escalating again after Tesla announced it invested $1.5 billion in the cryptocurrency and plans to start accepting it as payments for its products. Bitcoin’s price surged to a new all-time record, soaring as high as $44.795.50 after the “vote of confidence from the electric-car market leader,” reports Bloomberg. Tesla is perhaps the most prominent company to throw its weight behind Bitcoin, with its hefty investment boosting the “legitimacy” of electronic currencies despite ongoing skepticism. (LinkedIn)

I am yet to make time to read Nigeria’s reasons. Typically, I read in context and the premise of its argument made no sense: you are fighting a war you have lost. Nigeria or no Nigeria, Bitcoin will fly. I used to be like Nigeria until I woke up to reality.

Young people here educated me and asked me to allow them to pay for Tekedia Mini-MBA with Bitcoin. I refused until one wrote “when I earn my salary, I convert all to Bitcoin …”. That was when I knew everything had changed.

Nigeria will come home at the end. Unfortunately, by then, it has succeeded in making its young people spectators instead of players most have already positioned themselves. Do not score own-goals like Nigeria!

Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars – sending the cryptocurrency shooting higher.

The announcements, buried deep in Tesla’s 2020 annual report, drove a 13% surge in the world’s most widely-held cryptocurrency to over $43,000. At current prices, 0.88 bitcoins would be enough to buy an entry-level Tesla Model 3.

Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.

“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “But when the richest man in the world does it, everyone has to take a second look.”

Bitcoin Climbs More Than $43,000 as Tesla Announced Plans to Invest $1.5b, Use as Form of Payment

“Really Impressive” – Learner at Tekedia Mini-MBA Edition 4

0

Good People, thanks. I am very happy that Tekedia Mini-MBA edition 4 members are now settling in. Like I noted, there is no Live session this week. We have a latency to kickstart that to ensure everyone is well settled. Just understand that some are doing online learning for the first time. But I want to share these nice words from a member, J. Ibodje: “Got myself settled into the first session. Really impressive.”

Our program may seem challenging because of the empirical components, but our promise is this: if you follow through, you will be transformed.

Meanwhile, apologies for the website giving up due to traffic. Everything is fine now. My special apologies to the university students from Tanzania starting their CollegeBoost today. Our team will check why the AWS autoscaling failed. But I am happy that it was just down for 5 minutes.

If you are not in yet and have paid, please inmail me even if you have emailed our team. I am the Head of support today.

Welcome to Tekedia Institute. Registration continues

Tekedia Mini-MBA Program Update To Members

0

Let me use this to pass info as it seems faster these days.

Good People, our team is providing guidance to all members as you settle in the Board. But note that we have provided a video on how to do the one-time setup. Also, Tekedia Live begins next week, not today. That is well explained also in the Board’s Program News.

We usually have a week delay before we start the Live session to give our members time to settle, and absorb the things we will be discussing. I want to welcome everyone and please be assured that your questions would be answered. You are not missing anything as there is no Live session this week.

Meanwhile, if you paid today (registration continues), you will get access today also.

I welcome everyone to Tekedia Institute’s Mini-MBA, Africa’s largest business school.

As Osun Expands Infrastructure, Osogbo, Ilesa Have Largest Share of Projects Slated for 3 Years Completion

0

As soon as Ogbeni Rauf Aregbesola won his electoral victory battle in 2010, he swung into action by implementating his 7 Point Agenda for the people and residents of Osun State. Infrastructure is one of the core components of the Agenda. Some years after the end of his two term administrations, political analysts and social commentators believed that he did well in the area of infrastructure development for the state, especially the state capital.

To others, especially his political opponents, he failed to ensure completion of a number of projects across the state. The state airport project has always been cited in this regard. Nevertheless, ‘common people’ believe that he achieved during his administration and expected the current governor, Alhaji Gboyega Oyetola to continue from where he stopped. This position is not quite different from what prompted our analyst to examine the awarded and proposed infrastructure in the previous analysis.

Examination of the infrastructure classifications and core solutions indicates strong alignment. With this, our analyst notes that it could be concluded that the assessment carried out by the state government reflects in what it has awarded and proposed to do within the period. Out of 162 projects [tangible infrastructure] found by our analyst 104 were road projects. More than 73% of these projects are rehabilitations. Fire and safety projects are 11. All the fire and safety projects are proposed as construction. One security project proposed would be done within rehabilitation solution category.

Exhibit 1: Locations of 162 Proposed and Awarded Infrastructure [Percent]

Source: Osun State Bureau of Public Procurement, 2018-2019; Osun State Infrastructure Development Plan 2019-2021

In the current analysis, our analyst found that Osogbo and Ilesa are the cities that have the largest share of the awarded and proposed projects for completion between 2019 and 2021. Out of 162 projects mined and analysed, 20.4% would be done in Osogbo and 11.25% in Ilesa [see Exhibit 1]. Our analysis further shows that there are projects that lack a clear description of locations [where they would be executed].

Analysis across the category of solutions that would be executed indicates that 7.4% of 84 projects classified as rehabilitation would be executed in Ilesa while 5.6% of the projects would be done in Osogbo. Analysis also reveals that 3.7% of the projects would be carried out in Ede. Over 2% of the projects would be done in Ejigbo, Ido-Osun, Ikirun and unstated locations across the state while 1.9% are expected to be done in Iwo. Over 1% of these projects will be implemented in Gbongan, Ife, Ifon/Ilie, Ijebu-Jesa and Okuku [for each location].

Out of 22 maintenance projects, 4.9% would be implemented in Osogbo and 1.2% each in Iwo, Ilesa, Ikirun, Ife and Ede. For the 28 construction projects, Osogbo also had the largest share. Over 4% of the projects would be executed in Osogbo, 1.9% in Ilesa, 1.2% in Ikirun and 1.2% in unstated locations.

Why Nigerians Should Embrace Lobbying

0

In a country where there are individuals with competing interests, it is outrageous to expect the government to satisfy all demands of the citizens. What A wants might be different from what B needs, and then C might need the demands of both A and B to be provided in equal proportion. This scenario might not prove challenging to the government if there are means of satisfying all the needs. However, in a situation where resources are limited, only the demands of one group will be met. In this case, the group that will be satisfied is the one that can move the hands of the government. That will be the one that understands the art of lobbying.

What is Lobbying?

According to Cambridge Dictionary, lobbying is “the activity of trying to persuade someone in authority, usually an elected member of a government, to support laws or rules that give your organization or industry an advantage.” This definition shows that lobbying is not limited to influencing the government but also to other persons, who have the authority of making changes that will be of benefit to the lobbyists. Furthermore, Investopedia states that “lobby” refers to, “a group of people who band together and try to influence people in public office and politicians.” It also defined the term as an act, which is performed to “influence government officials to act in a way that is beneficial to the lobby or an industry’s best interests, either through favourable legislation or by blocking unfavourable measures.” Hence, when a person or a group of persons (say, an association) tries to influence the decision of the government or people in authority concerning a matter of interest, they are said to engage in lobbying.

Importance of Lobbying

As implied earlier, it is difficult for any government to satisfy conflicting demands of citizens, especially when resources to do so are unavailable or limited. For instance, if beans farmers desire to export a large percentage of their produce, which will earn foreign exchange for the country as well as make the farmers richer, local beans traders may stand against it because it will affect their own business. Of course these two groups have conflicting interests, none of which are completely detrimental to the country, so to say. It is left for the “wise” group to move the hands of the government into setting up policies in their favour. Of course, the government might not set up policy that will suit a small number of persons. But if several groups pool themselves together (say, beans farmers, maize farmers, yam farmers, and other crop farmers) to form a formidable lobbying team with shared interests, they have greater chances of being favoured. This is why it is necessary for the skill of lobbying to be mastered and utilised by every Nigerian.

Furthermore, lobbying brings the needs of people to the attention of the government. Of course, there are other ways of calling the government’s attention to the challenges faced by citizens, but lobbying makes the presentation subtle and forceful at the same time. This is not to say that once a matter is presented, it will be attended to immediately and the winners go home with the trophy. Nevertheless, so long as lobbyists continue to pressure their contacts, positive results will emerge some day.

Is Lobbying Legal in Nigeria?

In 2016, the Nigerian Senate entertained a bill that proposed legalising lobbying in Nigeria. This bill, titled “Bill for an Act for the Regulation and Registration of Lobbyists in Nigeria and for Other Matters Connected Therewith, 2016”, proposed that lobbying should become a profession in Nigeria. The bill suggested that lobbyists must register under the Corporate Affairs Commission and the Ministry of Justice before they practice their profession in the country. However, the bill did not pass its second reading since Nigerians, including the legislators, felt uncomfortable with it. To many, lobbying is the same as bribery. This is to say that, unlike countries such as the United States, where lobbying is legalised by the Constitution, Nigeria has no law currently backing it.

Is Lobbying the Same as Bribery?

The truth is most Nigerians equate lobbying with bribery because they both seek changes that favour beneficiaries. However, while bribery involves presenting gifts to individuals for personal use, lobbying makes contributions that directly favour many people. For instance, if a bean farmer wants to be the sole exporter of beans, he may bribe a government official to achieve that goal. Note that this deal will favour only the beans farmer and the bribed official and it will become detrimental to other beans farmers that want to become exporters too. But if the move is to set up policies that will benefit a large number of people as well as improve the country’s economic and social development, it is not bribery but lobbying.

Why Should Nigeria Adopt Lobbying?

Nigeria is a multi-ethnic, multi-tribal, multi-lingual, multi-religious, and multicultural country. It is filled with individuals with conflicting interests. Each group of persons has unique needs and desires, which they all push for. However, it is impossible for the government to attend to all these needs at the same time. As a result, only those that are able to push their agenda properly will benefit.

In Nigeria today, there are a good number of associations and pressure groups but most of them prefer using activism to seek government’s attention. Some bias their members and the general public to seek sympathy and support. The end result is that the government treats them as nuisance instead of attending to their demands. But if lobbying becomes a tool used by many, roundtable conferences and talks will be the way out of many problems facing society today.