Central Bank of Nigeria Governor Godwin Emefiele returns – President Muhammadu Buhari has nominated him for second term, Vanguard reports. My big congratulations to Governor Emefiele.

President Muhammadu Buhari has nominated Godwin Emefiele for a second term in office as governor of the Central Bank of Nigeria (CBN), reports have revealed. Vanguard recalls that Godwin Emefiele was first appointed in 2014 by former president Goodluck Jonathan and was retained by Buhari when he came to power in 2015.

It was gathered Thursday morning that the President has sent a letter nominating the CBN governor for another term to the Senate President in line with the CBN Act. Emefiele, 57, was the group managing director of Zenith Bank Plc. Before he was appointed in 2014 by Former president Jonathan.

They have changed the venue of the LinkedIn Local Lagos event to a larger one. I will be speaking therein on Saturday. This will be a conversation on career, accumulation of capabilities, and executing your mission. It is not about just money – rather, creating optimal equilibrium to have a fusion of passion and fulfilling career. The luckiest among us are those whose hobbies are their jobs. What is your mission? How do you discover it? What drives that passion? How can that passion pay the bills? I hope to make good use of your attention on Saturday. Click and let us connect, in the beautiful Lagos.

Greetings! Many came from all over the nation to connect at the Platform. But it was not possible. To make up, I have accepted to keynote LinkedIn Local Lagos on May 11. Let me say that my role is simply to come there, and speak, and possibly inspire some young people. Send all questions to Kayode and his team. There is a link to register to attend the event.I will arrive early with my team and will try to meet as many as possible.

Venue is now  SATURDAY, MAY 11, 2019. 11AM   |RADISSON BLU ANCHORAGE HOTEL, VICTORIA ISLAND, LAGOS

Global premier mobile phone brand TECNO Mobile has announced plans at Google IO 2019 which will see its SPARK 3 Pro running on Android™ P™ operating system upgrade to join Q Beta this May.

Stephen HA, Vice President of TRANSSION and GM of TECNO Mobile, said: “We are delighted to announce our further expansion of cooperation with Google. This year, with upcoming Android™ Q system, TECNO SPARK 3 Pro will upgrade and provide the users with a faster Q upgrade. “

TECNO Mobile has presence in more than 60 countries across the globe. It is now one of the major players worldwide. Its SPARK 3 Pro is a 4G smartphone with AI Bright Camera and 32GB ROM + 2GB RAM. With Android™ optimized OS, it can offer consumers several benefits including:

• Align user behaviors: Intelligent camera powered by AI Engine to be able to learn user behaviors including users’ habits, users’ intents…
• Biological recognition features: SPARK 3 can recognize different face features and give the most suitable level of “re-touch” and “lighting” automatically to your photos;
• Protect user privacy: Users will have more control over app access to location info, shared files and repositories like photos and videos. TECNO SPARK 3 Pro users can set up your personal APP “invisible” from your mobile phone desktop
• AR stickers: by leveraging better connectivity and media capabilities, TECNO SPARK 3 Pro users can create AR stickers to enjoy fun communications
• Dark Theme: One of our most requested features, Android Q now has a system-wide Dark Theme. Activate Dark Theme in Settings, or by turning on Battery Saver. Dark Theme also helps save battery.
• Gesture Navigation: Introducing a new gesture-based navigation so you can fluidly move between tasks, and maximize the use of larger, edge to edge glass screens.
• Suggested actions in notifications: Building off of Smart Reply in Android 9 Pie, you can now take action on messages with suggested actions in notification. For instance, adding an event to your Calendar from a text message.
• Prioritized notifications: With Android Q, you can choose whether an app’s notifications are interruptive or gentle. Interruptive notifications will make noise, vibrate, and appear on your lock screen, whereas gentle ones will not. Android Q also introduces algorithms to automatically determine whether notifications should be interruptive.

Great debate on scaling and institutionalizing the Igbo Apprenticeship Venture Capital System which I noted reduces inequality even though it makes it harder to build category-king winner-takes-all businesses. Yes, by constantly dividing your market share, and funding competitors, you may reduce inequality (a cultural desire) but you will never build global champions which work on absolute and complete market dominance where the trajectory is to own 100% of market share, if possible. That sharing principle is the heart of the success, and also the most deficient part of the Igbo Apprenticeship Venture Capital System within the context of modern free enterprise mechanisms.

Many have written and asked me why I noted in my Platform speech that the Igbo apprenticeship system is the best business framework in the world. Certainly, I did not have time to explain many elements of my hypothesis on stage.

Simply, under the Igbo apprenticeship system, you attain easily an efficient economic equilibrium where inequality is severely mitigated.  Everything the world is complaining about inequality and the rich getting richer, the Igbo apprenticeship system handles optimally.

[Notice that I woke up to decide that going forward, I will write the Igbo Apprenticeship System as Igbo Apprenticeship Venture Capital System. That is a better description of what is happening therein. It is not just providing apprenticeship in skills; it is also giving capital, which is important].

The key point is that the VENTURE CAPITAL ecosystem which the Igbo apprenticeship system enables drives more people to accumulate capabilities and wealth, not just one individual, in a community. Largely, the master is running a venture capital fund and accelerator, transferring skills and capitals to young people. Those young people then emerge. You can reduce poverty within that construct but the master may not be a dominant capitalist locally or regionally.

Venture capital is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth.

For the modern form of capitalism, lack of capacity to grow big may affect the economies of scale, putting the players at the downstream side of markets. They will have lesser resources to fund innovation and advance the fixing of market frictions. A reform is needed in that space.

But in reality, this market is governed by a sharing principle. Every merchant, when you ask them, “How did you get started in global trade?” they say, “Well, when my master settled me.” And when I finally got it into my head to ask, “What is this ‘settling?’” it turns out that when you’ve done your apprenticeship with someone you work for, they are required — required — to set you up in business. That means paying your rent for two or three years and giving you a cash infusion so you can go out in the world and start trading. That’s locally generated venture capital. Right? And I can say with almost certainty that the Igbo apprenticeship system that governs Alaba International Market is the largest business incubator platform in the world.

Yes, that is why I want to see how it can be reformed to mirror the structure of FrieslandCampina (makers of Peak Milk – a Dutch cooperative-structured company) where many dairy farmers (in thousands) collectively own it, feed into the firm, and yet the firm is a global dairy powerhouse. Simply, there is an opportunity to have cooperatives within the Igbo apprenticeship venture capital system to help drive scale for innovating market efficiencies through scale.

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A nice article. The Igbo Apprenticeship System is a unique and kind that deserves emulation. The advantages supersedes the demerits. What is needed is to institutionalised it with government/private sector participation for start-up capital. The use of local/PPP debt finance equity finance could be a profound achievement.  The system had already removed/reduced hooliganism and joblessness in Igbo land. The critics without alternative solution to create jobs and wealth can misdirect the minds. Nigeria does not seem to be a country with perspective seeking ideas for its citizens hence hoping on them is a waste of time and energy. It may evoke sentiments that Nigeria is a branded a country without perspective, but this could be a story for another day. Precisely, regarding the Igbo Apprenticeship Scheme, I have the opinion that it should be improved and not discard nor apply the winner-takes-all businesses because the later can only create servitudes without end void of tapping hidden potentials by all-inclusive to wealth creation model.

The Igbo Apprenticeship System can be modified where necessary. The system to isn’t that bad as perceived by some quarters. Why do we even need to build the king winner-takes-all businesses? Looking at the reality on ground now? We should scale this one we have first and then when the need arises we’d cross that bridge. The real beauty I see in the system is that, it closes a wealth gap which is highly responsible for one of the challenges we face as a nation and in the world today. I would love to ask this, when will Nigeria and Africa at large begin to look inward for the answers she had to most of the problems it has with objectivity? We’d get it right someday. Thank you for sharing your thoughts always Prof. Ndubuisi Ekekwe

By Nnamdi Odumody

Tyme Bank is a South African digital bank which is redesigning retail bank of the future. It uses artificial intelligence to interact with its customers online, and ATM kiosks offline, as it has no physical branches, offering a low cost account, targeting the 11 million unbanked people in the rainbow nation.

The bank of the future will be a technology company, which will utilize data analytics to offer personalized real-time financial services, to its customers, no matter where they are located. It will likely operate mainly with limited physical branches, unbounded by locations – rural or urban, thereby promoting financial inclusion for all. Some banks in Nigeria are already redesigning their strategies to key into this redesign which has become evident to technology leaders. For these banks, technology does not just run them, technology is transforming them, and that is great.

Tyme charges no monthly administration fees, smart app subscription fees and it offers users free Wi-fi at its partners Pick N Pay & Boxer retail stores which have a Tyme Bank Kiosk. Customers can download the smart App from Google Play Store.

Its interest rates are competitive earning customers as much as 10 percent through its Goal Save which allows for cash deposits and withdrawals with no restrictions, fees or penalties. The Everyday Account opening process is simple, convenient with no filling paper forms, scanning, faxing or email service.

Tyme Bank charges for debit card use at other retailers, payment to other bank accounts, internal and external debt order, etc and it is automatically linked to the Pick N Pay Smart Shopper programme which means no need for multiple cards in your wallet.

Nigerian retail banks and other financial services providers which want to reach the over 20 million underbanked with a convenient retail banking experience should learn from Tyme, and create a local market fit solution which will disrupt their conventional brick and mortar approaches.