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Home Blog Page 6092

I’m Writing Business Cases on Andela, Alibaba TMALL, Paystack, Jevinik for Tekedia Mini-MBA

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Good People, what are you working on? Because we want to have 200 business cases, concept notes and investment briefs  in Tekedia Mini-MBA in 2021, I am writing and developing cases, etc. This is what I am working on – cases on Andela, Paystack, Alibaba TMALL, and Jevinik. Each would be about 10 pages and exclusively available for Tekedia Mini-MBA learners as we begin edition 4 in Feb 2021. Click and learn; I invite you to write a business case today.

Tekedia 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.

It is a sector- and firm-agnostic management program comprising videos, flash cases, challenge assignments, labs, written materials, webinars, etc by a global faculty coordinated by Prof Ndubuisi Ekekwe. To register for the next edition of Tekedia Mini-MBA, click and register here.

Tekedia Academic Programs

BREAKING – The Central Bank of Nigeria’s Website is Hacked, and Down

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The Anonymous group, an online network known for launching cyber attacks against government institutions, has claimed responsibility for bringing down the website of the Central Bank of Nigeria. As I type, CBN website – https://www.cbn.gov.ng/ – is offline. I am told that market data is also not accessible. Largely, the central bank of Nigeria is cut-out of the global internet.

The move was taken in solidarity with the #EndSARS protesters.

This is a developing story.

CBN Update: see letter below.

Nigerian Governors’ Divided Stands On #EndSARS, a Pointer to State Police

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On Wednesday, the Nigerian Governors Forum (NGF) held a meeting over the ongoing nationwide protests against police brutality. The NGF had ended the meeting agreeing with many demands of the protestors, including the demand to #EndSARS and to halt the attempt by the Inspector General of Police (IGP), to replace the defunct rogue unit with a SWAT team.

The governors, at the end of their meeting, issued a communiqué of their agreement on proffered solutions to many of the questions raised during the demonstrations.

Among the agreements of the NGF is that the IGP needs to immediately convene a meeting of all stakeholders and agree on a format of engagement with all State officials in order to address concerns emanating from SARS brutality; and that State leadership should meet simultaneously nationwide, to address matters arising.

The matters to address include reforming the police to be service-driven and to respect people’s rights.

The Governors agreed that reforms must include the training and retraining of operatives on the rules of engagement with the general public; and policing in Nigeria must ensure freedom for all Nigerians to carry out their lawful and legitimate businesses anywhere in the country without fear of harassment, intimidation or molestation.

Those were some of the agreements of the members of the NGF, which is made up of the 36 States Governors.

However, while some States like Lagos and Anambra have already set the ball rolling on implementing the agreements, by setting up panels of inquiry, the Governors of 19 Northern States made a U-turn and reneged on the agreements reached by the Forum.

The Governor of Plateau State, who doubles as the Chairman of the Northern Governors Forum, Simon Lalong, led other members of the Forum to a meeting with President Muhammadu Buhari, on Thursday. Following the meeting, he issued a statement contradicting what the NGF had agreed on. He said that “SARS has been useful to the North” and should not be disbanded.

“We had a meeting yesterday (Wednesday), the Nigerian Governors Forum. I’m sure my chairman addressed the press. When we see issues like this …their complaints vary from one state to the other. In one aspect, some people said they don’t want SARS, some said they want SARS but a reformed SARS.

“They want a reformed SARS because as far as they concern, some of these SARS operatives help them in addressing insecurity. If there are bad ones under, holistically, bring them together and reform them. Then, you work for them. So our opinion and conclusion at that stage was that let us not just say that we are throwing away the baby with bathwater.

“If there are good ones, you don’t chase them away. So, as SARS is banned, we are now looking forward to … because most of the States in the North said no. They want SARS because SARS helps them. Borno (state governor) said without SARS, he would not have been surviving today. Niger also wants SARS,” he said.

Although some Northern States including Kano and Plateau have joined the protests, refuting the claims of the Northern Governors, their reneging on the earlier agreement has questioned the oneness of the Nigerian Governors Forum. It has also cast doubt on the implementation of the NGF recommendations in Northern States.

The National Executive Commission (NEC), presided by the Vice President, Prof. Yemi Osinbajo, on Thursday, has reached the NGF’s decisions by directing that judicial panels of inquiry be set up in each state, and each state should also set up fund to compensate victims of police brutality: Which can be interpreted that the presidency aligns with the Southern governors stand to end SARS.

Although compared to the South, the North has lower cases of SARS brutality; a situation many believe instigated the Northern Governors’ late decision to oppose the dissolution of SARS. With the current stand of the Northern Governors Forum, the implementation of 5 of 5 demands of protestors may likely suffer setbacks in northern States.

Upon the news that the Northern Governors have turned around from the NGF’s agreements, security agents in the north have resorted to using brute force to quell protests.

In Jos, the plateau State capital, there are reports of police firing live ammunition into crowds of protestors, and many have been killed. Taraba State shares the same situation which defies the logic of central police and tells terribly on the IGP’s promises to change the dreaded status quo.

With the state governors’ divided stand on SARS, and the police personnel’s defiant breach of IGP’s orders, state police has become a choice in the police reform menu.

Website for Nigeria’s N75 billion Youth Investment Fund at 5% interest Is Live [Apply]

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Naira

Last month, the Federal Government of Nigeria released instructions on how to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund. The loan, provided under the  Nigeria Youth Investment Fund (NYIF), has an interest rate of 5% per annum and maturity of 5 years with a moratorium of up to a year.

The program took effect from September 21, 2020. This fund is part of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan. The links are now live (the sites are crashing due to traffic; so, patience please. Update: They have pulled them down with “coming soon”. But according to the youth minister, the links are below.):

  • NIRSAL Microfinance Bank’s site, www.nmfb.com.ng;
  • Ministry’s website, www.youthandsport.gov.ng 

Application Link for the Federal Govt of Nigeria’s N75 Billion MSME Survival Fund

Nigeria’s Treasury Bill Rates of 2% And Opportunity for a Startup Nation

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Today, the Treasury Bills (TB) rate in Nigeria is about 2%, and Nigerian investors who have typically depended on that fixed income are now forced to take risks on something instead of free “profit” with largely no risk. When TB was near 14%, we all criticized the Central Bank of Nigeria for “de-investing” in Nigeria. Largely, at a high TB rate, most investors would just park their monies in TB, denying startups and companies funding and lending liquidities. Sure, there was that argument that high TB would fight inflation!

Right now, if you are feeling the antenna signals, angel investing has ramped up in Nigeria since TB fell below 6%. And with the news of Paystack acquisition, expect more investors to open their wallets to startups.

The latest data from Nigeria’s Treasury bill auction shows that Nigeria’s 364-day reduced by 2%. On the other hand, Stop rates moderated slightly for the 91-day tenors and 182-day tenors. The 91-day bills had stop rates of 1 % and 182-day bills also went by 1%.

At the auction, the Debt Management Office (DMO) sold N12.76 billion on the 91-day paper, N4.5 billion on the 182-day, and N107.6 billion on the 364-day bill despite huge demand from Investors.

The next thing we need from CBN and the tax agency (FIRS) is to unlock more capital from venture capital, and private equity firms. The goal here is to accelerate access of capital to growing companies in the nation by providing more incentives to investors to take risks on Nigerian companies. I have explained the plan here.

Fixing Nigeria’s Lackluster Venture Capital Funding