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Home Blog Page 6831

When UNN Was MIT of Africa on Inventions and Innovations

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Reading some comments on the UNN electric car, I felt really bad. Simply, there are people in Nigeria that would not believe Nigeria and its technical professionals even when there is indisputable evidence that Nigerians have never lacked capabilities. Our problem remains the absence of enabling environments (my Owerri office uses the national grid as a second backup). I did not study mechanical engineering but from the little motor vehicle technology workshop I did in secondary school, I have this confident that Nigerian universities can build an electric car.

University of Nigeria Nsukka (UNN) has created Nigeria’s first electric car. Yes, the Nigerian version of Tesla. It is called Lion Ozumba 551. UNN graduates are Lions and the Vice Chancellor under which the show ran is named Ozumba. Building a prototype which can be tested for five minutes is different from having a product in the market. Yes, they can build a prototype which I think is not really a big deal.

UNN Makes Nigeriaâ??s Tesla Electric Car: Lion Ozumba 551 (Photos)
UNN Electric Car

Yes, UNN built electric car. OAU Ile Ife, UI, UNIPort, etc had also done their own things. Covenant University does many great things regularly. I was in Usman Danfodio University few years ago; I met people doing great things. Yet, the citizens will not believe.

The national contract is broken because there is severe lack of trust in the nation. This is very unfortunate. INEC, our electoral umpire, believes that our professors are trustworthy – the very reason they are called to coordinate the most critical elements in our national democracy. Yes, university vice chancellors are now exclusively put in positions to drive elections across states. If you cannot trust the vice chancellors, who would you trust in Nigeria, INEC reasons?

To our young people, I do not know the books you read these days. But when I was growing up, I read about Nigerian inventors and makers. Mathematical Chike Obi was like a little god no one could see. Then, the day we met him – Prof Augustine Njoku-Obi; his son married from my clan. He may not sound a name. But he could have been the father of cholera vaccine in the world. He was the man that invented the cholera vaccine that stopped the Kano Cholera outbreak in 1972. The World Health Organization (WHO) approved the vaccine in 1971 and when the outbreak came in Kano, Nigeria deployed the vaccine. That was actually one of the finest moments of the post-war healing process – an easterner created a vaccine to save lives in Kano when few months ago they were killing themselves!

UNN was like MIT of its African era, leading in engineering, medicine and practically any field you could imagine in Africa. Of course, UNN went on lost decades as the military took over and underfunded research in the nation’s namesake university. But who knows ,this electric car could be a positive sign that the Lion is roaring back from slumber!

Yet, UNN should not over-celebrate this. In 1968 during the Biafra War, UNN students and professors produced military-grade vehicles and one of the most sophisticated indigenous bombs in modern Africa (Ogbunigwe). In Okigwe, they built a refinery to refine crude oil when all the axes were closed. So, UNN should chill, this is not a big deal when you look at the history of UNN. Nigeria had done all these things more than 50 years ago and used in warfare.

Comment on LinkedIn Feed

Sir! The vaccine was something tangible. I personally don’t see the electric vehicle as a tangible creation. There must be a reason why theirs is different and better than previously invented electrical vehicles. I believe what they’ve done; is to couple things together, so that it works. Merely what a technician also would have done. We shouldn’t be hyping mediocrity. It could have given their students more practical knowledge though. I stand to be proven wrong though.

My Response: Glory – in this world, nothing is really new. In your Toyota, there may be more than 100 suppliers from different vendors. If you have iPhone, 90% of the components inside it are not made by Apple. Our problem in Nigeria is that we set bars to ourselves that we cannot set for others. In U.S., my Church dedicated a Sunday congratulating kids that finished secondary school. They thanked them, gave them gifts, and printed their bios for all to read. But in Nigeria, who cares?

If UNN said it made a car, and NASENI said it made a car, there is nothing you wrote that is off point. The right thing is to challenge them to take it to market.

I want young people to be “crazy” in trying things. There is nothing in your comment that shows you know what they did but you defaulted that it has no value. That is the problem for Nigeria. You “believe” but you are not sure. Yet, you believed.

I am not defending UNN, OAU, ABU or FUTO. But I hope in NG, we change. UNN had built military cars 50 years go as I had noted. Visit Umuahia – the civil war museum – tomorrow. They have built refineries. They have created things. They invented vaccines 50 years ago. But today, no one can believe it. That is unfortunate.

Streaming Music Firms (Apple Music, Spotify) Deploy Double Play Strategy with Live Events

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There is a minor irony in the streaming music industry: the big players are investing heavily on live events to actually get people to return to phones and computers to stream contents. So, right there in Africa, if you plan to open a streaming music website without plans to get musicians on live events, you are missing the other element that makes the double play strategy successful. The business is streaming but the boost is now live events. That explains why all the major Nigerian musicians are basically on constant tours around the world. Apple just hired one (Burna Boy) for Apple Music Up Next Artist, and he will be on live concerts to do one thing: get people to subscribe to Apple Music service.

When Taylor Swift takes the stage Wednesday night in New York City, only around 2,000 fans will be on hand to see the concert in person, but millions more are expected to watch live online via Amazon.com Inc.’s Prime Day promotion.

Music-streaming services including Apple Music and Spotify are counting on live events to set themselves apart from one another, further connect fans with artists and keep their subscription payments flowing. They have been experimenting with concerts based on popular playlists, album-listening…

Simply, the business is not just streaming music but also doing live events to activate streaming subscriptions. That happens not by focusing on the few users who are live but those watching and connecting from around the world through the web. As you see the artist performs “live” – digitally or physically – you may be moved to keep that subscription going because there would be more concerts in future. The live concert is now the double play in the streaming music industry.

The Sneezing that Wiped 12% off Bitcoin

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Whenever U.S. Federal Reserve Chairman sneezes, expect Bitcoin to look for a hiding corner. The cryptocurrency lost double digit value after the U.S. central bank boss said he has “serious concerns” on Facebook Libra, a stablecoin cryptocurrency which Facebook plans to unveil in coming months. But it was not only Bitcoin:”the world’s second and third-largest cryptocurrencies — ether and XRP — also fell. Ether was down 13% at $270 a token, while XRP fell 15% to about 33 cents”.

Bitcoin is sliding after Federal Reserve Chairman Jerome Powell poured cold water on Facebook’s plans to launch a cryptocurrency.

The world’s best-known digital coin — which has experienced a meteoric rise in 2019 — fell 12% to about $11,450 on Thursday, according to CoinDesk data.

Bitcoin had hit a 17-month high above $13,000 just two weeks ago. It’s currently up about 200% since the start of the year, having gathered momentum as large companies like Facebook and Fidelity get involved in the space.

But it began sliding as Powell said that he held “serious concerns” about Facebook’s planned digital currency Libra. The social network is looking to launch the token alongside a consortium of companies including Uber and Visa.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Powell said at a congressional committee Wednesday. “These are concerns that should be thoroughly and publicly addressed.”

Yet, Bitcoin is still doing well, at least nearly doubling over the last few months.

How Facebook Libra Cryptocurrency Will Affect Nigerian Naira, Inflation, Banking

Performance and Execution – When All Nigerians Play “FIFA U-17 World Cup”

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I will run a workshop in coming days for a major African brand. The firm wants us to put its team on the path of Performance and Execution, making it clear to the team that they could win despite competition from foreign firms. We have been looking at something really positive where Nigeria is the undisputed #1 in the world, and we found one: FIFA U-17 World Cup Tournament.

In the global competition, Nigeria has won 5 gold and three silver medals holding a total of 8 medals. Brazil comes second with 3 gold, 2 silver, and 2 bronze for a total of 7 medals. From this, we will draw insights on being hungry early, executing with sparks of excellence, and then lazily peaking before the dance begins.

Then, how can teams win, win and keep winning as President Trump would like to note: we will keep winning until our enemies will be tired. Yes, you will not be the one that will be tired, of winning, but those despising your wins.

How can all Nigerians play FIFA U-17 World Cup and win in other sectors of our national existence?

We are the best U-17 team in the world. Can we boast of another area in a positive way?

 

 

Nigeria’s Withholding Tax Model Goes Global, France to Unleash on Digital Techs

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France wants to tax revenue of digital tech companies since they have no access to the profits as most are shipped to tax havens: “new law expected to be passed by the French parliament today would slap a 3% levy on firms like Google and Facebook for revenue made in France”, notes Quartz. This move will affect many U.S. digital firms like Google, Facebook and Twitter; America is not happy.

US President Donald Trump has ordered an investigation into France’s planned tax on tech giants – a move that could result in retaliatory tariffs.

His trade representative said the US was “very concerned” that the tax “unfairly targets American companies”.

On Thursday the French parliament is due to approve a 3% levy on revenue made by such companies as Google and Facebook inside the country.

France argues that these firms currently exploit global tax loopholes.

Tech giants are able to locate their headquarters in low-tax countries where they declare most of their profits, thereby minimising their tax bill.

U.S. should relax: Nigeria taxes revenue through Withholding Tax (WHT) and it is a good idea. Sure, if you want to do business with government in Nigeria, the WHT is designed because government is sure you will make profit. So, it wants to take its tax before anything; you may decide not to return to pay tax. But if you end up with a loss in the business activity, good luck getting a “refund” back.

American trade officials are probing the plan, on the basis that it could unfairly target U.S. firms. Trade Representative Robert Lighthizer: “The president has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce.” (Fortune newsletter)

Globally, the construct of taxing profit in the digital world makes no sense because in a sector where marginal cost tends to zero, you can practically shift profit as you want. Twitter makes money from Nigeria as our companies advertise therein but Twitter may never need an office in Nigeria to serve its Nigerian clients. The implication is that without a taxable jurisdiction in Nigeria, Twitter will not have anything to be taxed. To the taxman in Nigeria, Twitter does not exist.  Yes, Twitter tax will be $0 in Nigeria even though it makes money from Nigeria. That tax is zero because Twitter has no books for Nigeria and that means it has no profit to be taxed. Yes, Twitter profit is $0 in Nigeria for tax purposes because there is no taxable Twitter for Nigeria to tax. Add Netflix, Spotify and other digital firms to get the idea.

The French case is unique because these American companies do have offices but largely declare any profit therein. So, France struck to help its treasury with funds to keep things that make those companies to keep coming. Of course, U.S. will impose tariff on French imports and everything will normalize. I expect these contact-games going forward in the rich world. Nigeria should have its plans.