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Effects of Corruption on Nigerians

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Nigeria police continues to struggle to maintain peace

Corruption has, unfortunately, become a household name in Nigeria. Almost everybody, including children, use the term, especially while describing Nigerian leaders. Corruption is taught in school as a social vice that should be desisted from. Religious leaders preach against it, promising everlasting sufferings for those engaging in it. The law also stands against it because it punishes those caught in the act. Despite all these, corruption is still present and has been causing havoc wherever it goes.

No matter how it is described, corruption still entails dishonest and fraudulent behaviours committed for selfish interests. It is usually attributed to people in position of authority, who abuse the privilege of their offices. Corruption manifests in different forms, such as bribery, extortion, tribalism, nepotism, money laundering, embezzlement, kickbacks, manipulation of figures or cases, fraudulent procurement of properties, exam malpractices, and any other form of fraudulent acts. Corruption can take place in both private and public sectors. Hence, corruption, as many Nigerians assume, does not only exist amongst government officials. However, its impact is felt the most in the country because it is practiced indiscriminately by public office holders.

The effects of corruption in Nigeria are felt at all corners of the country. Both the high and low, rich and poor, educated and uneducated feel the impact of corruption. It has been accused of increasing poverty and insecurity in the country. Dilapidation of social amenities and facilities, lack of infrastructure, unemployment, and poor education standard are all of its consequences. But apart from these, corruption has caused more damages than people know. For instance, it is the cause of the following:

  1. Unequal Distribution of Wealth: The high level income inequality in Nigeria has been attributed to the high rate of corruption in the country. Since corruption favours people in power the most, it ensures that resources barely reach the grass root. Further, the embezzling of funds meant for provision of infrastructure that will improve lives and businesses of the masses has led to the low economic growth of the poor. This causes the poor to become poorer, thereby creating a wider gap between the rich and the poor.
  2. Distrust for and amongst Nigerians: Many people would have noticed how some foreigners treat Nigerians with scepticism. These foreigners shouldn’t be blamed because Nigerians equally don’t trust one another. In fact, trust is a very expensive thing to give in Nigeria because many have trusted and were defrauded. One of the reasons online businesses are not yet thriving in the country is that people have been disappointed by some vendors and have, therefore, preferred to “see” what they are buying physically.
  3. Normalising Corruption: This is the scariest part of it. The rate Nigerians are accepting corruption and its practices is becoming worrisome. For instance, today, many people no longer see anything wrong with giving and accepting bribes. Some have become bold while demanding for it to begin to look like the norm. People even expect to be asked for bribes and when they are “disappointed”, they become suspicious. If this continues, corruption will become accepted into our culture. Then, Nigeria will be described as a corrupt country.

Remember that corruption should not be seen as the problem of the political office holders alone. It exists in every nook and cranny of the country. Anybody in a position of power, no matter how little it is, is capable of being corrupt. It also exists amongst people from all walks of life. Hence, for it to be expunged, all hands must be on deck.

Welcome Zoracom to Tekedia Mini-MBA

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Tekedia Institute is excited to welcome Zoracom to Tekedia Mini-MBA. Zoracom is a cloud, network & services management company, offering Miro and zCloud.  Miro is a unified network & services management solution for Telco, MSP, DC, SaaS, Cloud & IoT offering real-time visibility & insight for performance, fault, change and configuration management with automated root-cause analysis to identify network and services issues and fix them before it impact operations. zCloud is a unified on-premise, hybrid & cloud solutions offering elastic, scalable and cost-effective cloud computing services.

A really amazing company Engr John Nwachukwu MIT,MNSE,PMDAN,PRINCE2 and team have built there.

We look forward to months-long co-sharing and co-learning on the mechanics of business systems and operations.

Welcome to the best school!

7 Lessons Which Can Help Business Owners And Entrepreneurs Thrive

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Great perspective from Tekedia Mini-MBA alum, Anwuli Emmanuella Awogu. In this linked article, she shares 7 lessons which can help business owners and entrepreneurs thrive, as they pursue their missions, drawing perspectives from a movie. Here are the 7 lessons with my commentary after each.

  1. Be Unashamed of Promoting your Business: in a world where controlling demand is strategic, if you do not promote it, you have no mission.
  2. The Importance of Brand Positioning: supply is unbounded which means finding your spot in that ocean is important.
  3.  Not Every Risk is Worth Taking: blessed is he/she who knows the right battle to fight.
  4.  Documentation is Key: you can only improve what you measure – and documentation is part of that process.
  5. Innovate or Die: If you allow others to set the new basis of competition, you have one option available – extinction. 
  6.  Know When to Quit: If all fails, pivot because tomorrow has promises. Fighting the good fight means leaving some fights and entering some new ones.
  7. Brand Promise is Key: digital systems have built new nexus of trust, making it possible to break the old rules “do not enter a stranger’s car” [Uber] and do not sleep in a stranger’s house [Airbnb]. If you check, Uber and Airbnb have broken the fears of your grandparents on safety. Yes, a brand is more than a logo!

Here is the piece.

The World’s Most Impossible Man!

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This man seems out of this planet. Yes, Elon Musk is offering to do a contract the city bureaucrats have quoted for $1 billion at a time duration of 4 years, for $30 million and within 6 months: “Elon Musk told Miami’s mayor Friday that The Boring Company could dig a two-mile tunnel under the city for as little as $30 million — a fraction of the $1 billion price tag once quoted by local transit officials. Musk also told the Mayor that The Boring Company could complete the job in six months, versus the original four year estimate.” 

When you discuss a new basis of competition, this is a great example. Great companies set a new basis of competition, making it impossible for competitors to exist.

If you run a business where you are quoting $1 billion to do a job in 4 years, and another is asking for $30 million for 6 months, you will agree with me that you are out of business.

Mayor Francis Suarez shared these details about his “wonderful call” with Musk in a video posted to Twitter. “He’s focused on trying to deliver a project that will have the maximum utility for our residents for the least amount of money,” Suarez said. “The order of magnitude in terms of savings is significant.”

A Director in Mastercard West Africa Is Coming To Tekedia Live

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We will have Mr. Stanley Jacob at Tekedia Live next month. He will discuss fintech, payment and ecosystems.  A director in Mastercard West Africa, he managed Consumer Payments in Ecobank and Digital Banking in Standard Chartered Bank. At Tekedia Live, we bring global thought-leaders in different sectors for deep conversations with the Tekedia Institute Mini-MBA community. A former head of Coca Cola India is coming.

Tekedia Institute offers 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.