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Revelations from the Discovery and the Looting of Stored COVID-19 Palliatives

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The news making waves right now is the discovery of warehouses, where COVID-19 palliatives were stored by the state governments. The first time I saw the video of the Lagos warehouse, I was like, “It is not possible”. I told the person that sent the video to me that there is confusion all over the country and that people are making use of it. I also told her that people’s private businesses are being looted in different parts of the country and that it is possible that the video was from one of them. Well, the response I got for my doubt was more videos.

Ok, I actually saw sacks of food with “Ca-COVID” written on them, but I didn’t believe that the government would sponsor the purchase of food items and then store them to waste. I had always thought that the huge amount of money released for the COVID-19 palliatives were never utilised. Who would have thought that these food items were stored in big warehouses instead of being distributed to the needy? Who would have believed that the government even spent the money when it was certain that the items purchased won’t reach those they were meant for? I mean, why would they bother buying those items in the first place?

Honestly, Nigeria is a stage and many of us are the actors. Some things that happen here do not make sense. If you start analysing why those food items were left to rot instead of sharing them, you will get confused. If you start wondering why the items were bought and abandoned when the officials would have diverted the funds, you will be stuck halfway. If you begin to ask yourself if the officials planned to sell the food items, you might make mistakes. A lot of things don’t add up.

But looking at what I saw in those warehouses, it is now obvious to me that the federal government actually released funds for the relief materials. It is now obvious that the Federal Ministry of Humanitarian Affairs actually sent palliatives to all the states during the pandemic. It is now obvious that our problems do not only come from the federal government but also from states and local governments. This doesn’t mean that I am exonerating the FG in this case because they should have demanded for the description of how the items were shared. When we raised our voices to accuse them as giving “audio palliatives”, they should have asked for the list of the beneficiaries. They should have told us who to hold accountable. They should have shown evidence that they handed over these materials to our governors and that our local government chairmen are the ones that will ensure that we received those materials. But no, they went mute and ignored us. And like other government things, this one too was allowed to spoil.

But, from what I am seeing, almost every state in the federation has reports of looted COVID-19 palliatives. I mean, news keeps coming in about states, where people have discovered the warehouses that held the palliatives and it is showing that many states are guilty. What I don’t understand is if these governors had a meeting to keep those things for a particular reason. Maybe they have other intentions for them. For instance, someone said that flood victims in Anambra State were usually given those palliatives and that the governor shared palliatives to the poor every now and then. Does it mean that they reserved those ones in the warehouse for cases of emergency? Are they foreseeing that the country might face another occasion for palliatives? Like I said, a lot of questions are begging for answers.

But then, for the people bringing themselves too low to the extent of looting, be it from the government or from private individuals and organisations, I hope they understand that taking what wasn’t given to them is stealing. I hope they understand that there are people that need those items more than they do and that they should demand that the needy receive what is due them. I hope they understand that by looting, they are directly doing that which they speak against. I hope they understand that their action just revealed that they would do the same thing the politicians do if they were given the opportunity. I hope they will come to believe me if I say that “We are all guilty of what our society has become.”

The Access Bank’s N50 Billion BOOST

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Good People, what is happening in Nigeria at the moment is very painful. No one is happy and everyone should put efforts on what could be done to change the trajectory. We are reaching out to the (evolving) youth leaders to see how Tekedia Mini-MBA could offer training, and work with our partners at least on internship placements. Economic hardship is severe and the soul of the nation is dying with the lootings. But we can reverse that trajectory.

So, the news that Access Bank has earmarked N50 billion to support Nigerians through interest-free loans and grants to communities, young people, and SMEs (micro, small and medium-sized businesses) is commendable. Herbert Wigwe continues to lead; he won my person of the year a few years go.

Access Bank has announced N50 billion in support of Nigerians through interest-free loans and grants to support communities, the youths as well as micro, small and medium-sized businesses.

[…]

According to the bank; “Now more than ever, we remain committed to our purpose of impacting lives positively.

” In light of the recent occurrences, we will be supporting Nigerian businesses with N50billion interest-free loans and grants. Watch this space for more information.”

The support by Access Bank is expected to help business owners and entreprenuers alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

“As a way of supporting SMEs and the working class of the country following the recent damage of properties and livelihoods experienced across the nation, @myaccessbank has rolled out interest free loans of up to N50bn.

I call on other companies to look beyond governments and see what they can do in Nigeria. American companies rattled by the demons of systemic discrimination are rising to do what governments have failed to do at scale. From Chase Bank to Bank of America, most are pushing to invest in minorities communities. Nigeria needs an equivalent because we have just seen: even the rich are running away from their mansions as young people have their lists! We have to empower them to have enduring peace in Nigeria.

We can do it – FIX Nigeria.

The President Xi Jinping’s Tough Words – Update Your Supply Chain Risk

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President Xi of China dropped some hard words in his keynote during a ceremony to commemorate the 70th anniversary of the Chinese People’s Volunteers (CPV) army.

People, update your risk model: a war can break. Yes, while everyone is looking at the economic tension between China and the US, China is worried about the flanking which the U.S. plays via its Asian neighbors.

From every indication, I do think a confrontation is imminent between China and US, not directly but via proxies. The problem is that small countries which allow themselves to be used will bear all the pains while these two elephants will just test their expired bullets and grenades. 

Yes, disposing old war machines or expired gunpowder through war may be cheaper than doing what environmental activists have put together on how to handle explosives during normal times. China and the US should chill: we do not need wars. There needs to be a way to live peacefully in this world. I hope many agree with me.

The New Coronation of Jumia in America

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Good People, Jumia’s #1 enemy has turned into a major apostle. Citron Research which published a really damning report on Jumia has changed the color of its pens, from red to black. Yes, Jumia is a promise, and investors need to understand that. Below is Citron’s summary from the new report:

EVERYTHING HAS NOW CHANGED.
While we acknowledge that starting an e-commerce business in an emerging market will have its challenges, the rewards can be great for patient investors as we’ve seen with MELI, BABA and SE. Over the past year, the pandemic has accelerated the global shift to e-commerce and JMIA has benefited from:
• Acceleration of e-commerce adoption by Nigerian consumers
• The renewed focus on profitability
• The rapid acceptance of fintech products in Nigeria including JumiaPay
• The ability to use JMIA has a platform for ancillary products
“Investors who ignore Nigeria now have to ask themselves: What do I know that Patrick Collison doesn’t?”

But if you look at the points, Citron is just coming late to the party. In August 2019 when Jumia was working on JumiaPay, I wrote that it was the inflection point. Yes, Jumia has gotten its double play in ecommerce, just as Amazon has AWS, Alibaba has Alipay, and India’s Flipkart has PhonePe. And when it added gaming, I concluded thus: “It is good morning in Jumia”. If you look carefully, Jumia is evolving as a hybrid super-portal and if it can control demand, it would win more territories.

Jumia is the leading pan-African e-commerce platform, present across 11 countries in Africa. Its mission is to improve the quality of everyday life in Africa by leveraging technology to deliver innovative, convenient and affordable online services to consumers, while helping businesses grow as they use Jumia’s platform to better reach and serve consumers.

The Jumia platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipment and delivery of packages from sellers to consumers, and a payment service, which facilitates transactions among participants active on the Jumia platform in selected markets.

On the marketplace, more than 110,000 sellers offer a broad range of goods and services.

Jumia Logistics facilitates the delivery of goods in a convenient and reliable way, leveraging an extensive network of third-party logistics service providers, seamlessly integrated through the Jumia proprietary technology platform.

JumiaPay offers a safe and easy solution to facilitate online transactions on the Jumia platform, with the intention of integrating additional financial services in the future.

Jumia is now worth, again, more than $1 billion. It sits at $1.4 billion at the moment. But Jumia has a big appointment: Nov 10. That is the day it  will release its results for the quarter ended September 30, 2020. If it does well, JMIA can hit $40 but if it does not, blame Isaac Newton for explaining gravity.

This is a new coronation – and Jumia needs to send Paystack zobo, amala and nkwobi [pay on delivery is fine]. Yes, Paystack has put Nigeria on a good side in Wall Street.

Should Paystack have sold to Stripe for $200 million?

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“For Nigeria to get the level of China, we must protect every indigenous (home-grown) digital company and eliminate foreign ones. Yes Prof, you read that right. Our government must kill(or ban) Facebook, Instagram, Snap, Twitter, Google, Amazon, LinkedIn, Whatsapp and every other big tech firm and start encouraging home grown companies. I can tell you for a fact, Nigeria has some the best developers / entrepreneurs that pull this off, but we been stifled by big search engines, poor access to Venture capitalist both in the country and abroad and other social media companies that try to suppress our contents. It all sounds cliché but this is just the plain reality.

Take a look at Huawei, Tencent, Alibaba, Didi-chauxing, Weibo etc. to name a few. This companies are protected by government entity in Nigeria. In order words, to become a billionaire in Nigeria, Nigeria government must build a firewall like Rep. of China to prevent Nigeria users from accessing these Tech companies in America, Government should even go as far as putting a sanctions on users trying to access these companies too. Now, they also have to put polices in place that enforces users use our locally used platform. I’m very much aware that you’re an American citizen, but you have Nigeria blood running in your vein and you can see the impact this will bring in the long run.

Heck, why I’m I even going far. Just take a look at Russia digital behemoths like VK(Social media) and Yandex(Search engine), these are application created by Russians entrepreneurs and with Government interest in them. This is especially for Digital products whose services has been unbounded and unconstrained on the internet.

A typical example is Paystack, why should the Nigerian government even allow such acquisition to occur? Paystack, has one the biggest potential to pull a real threat to PayPal & Stripe themselves. Honestly, it’s really sad.

Especially, with recent happening in the country. It simply just shows that our government couldn’t care less about what is happening in the country. I’m going to try to my best to put this proposition to our Government. But the earlier people realize this, the better for us all.

I’m willing to bet you that with such strategies in place Nigeria, Nigeria will print more millionaires and even billionaire within the next 10 years digitally. .” Stanley*.

That was a comment on a piece where I was challenging Nigerians for us to rise, and find a path, just as Chinese have done. Interestingly, in Tekedia Live sessions (check last week videos), many of our members have asked that same question in different ways: “why must Paystack sell?”

My answer has remained: allow adults to make their best decisions, and then analyze based on their decisions. Telling adults how to run their businesses or affairs may not be evidently fair. Sure, we do it all the time, though!

Now, since it has become a big question: what do you think? Should Paystack have sold to Stripe for $200 million?

Nigeria, There Is A Promise; Lesson from China