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Home Blog Page 7023

Dyson Quits on UK and Brexit, Moving Headquarters to Singapore

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Like I always say: if parents answered all our requests, we would be in trouble! UK has Brexit (supporting UK leaving the EU block) but UK will lose a “great British success story” as Dyson moves its headquarters from London to Singapore. Sure, the man who owns 100% of Dyson noted that it was not about Brexit but “future-proofing” the business.

Sir James Dyson, the British billionaire inventor and outspoken Brexiter who called on the government to walk away from the EU without a deal, is moving the headquarters of his vacuum cleaner and hair dryer technology company to Singapore.

The Dyson chief executive, Jim Rowan, said the move from Wiltshire to Singapore had “nothing to do with Brexit” but was about “future-proofing” the business. The move of Dyson’s legal entity from the UK to Singapore “will happen over the coming months”, meaning it could take place before Brexit.

Sir James, who owns 100% of the company and has built up a £9.5bn personal fortune, did not comment on the move.

Call that styling with queen’s English: this man is afraid of losing global market if he has to be trapped inside UK, post-Brexit. Remember: Singapore and the EU agreed a landmark free trade agreement which means that UK companies can easily play EU from Singapore.

No matter what you will like to see, the future of the world is coming together, because that is the only destination. Like the digital computing network effect, we now have the national opportunity network effect which happens when nations join global trade over just hiding in their closets.

UK will diminish in global influence as it exits EU and that is what it surely wants. Unfortunately, its own bests are already not giving it a trial moment before quitting. You can call this an own-goal!

Lessons From The Masterful Brickmaker

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No matter what you were taught in school, business comes down to ADDITION, and addition of customers. If you are lucky to add the right customers, you will find glory.

As a secondary school kid, I followed a kinsman to buy bricks for his house project in the village. When we got there, the owner of the brick molding business offered us “nzu” (a white stone) which is a symbol of peace and growth in Igbo tradition (Nigeria). When new babies are born, villagers typically gather to share “nzu” because joy & growth has arrived!

As you dip your fingers to pick a little, and rub on your wrist, the man would usher “whatever has brought you here would flourish, and the funds where this project will come will flourish”. He was a master salesman who out-competed every other brick-maker in a largely commoditized business.

In business literature, commoditization is defined as the process by which goods that have economic value and are distinguishable in terms of attributes (uniqueness or brand) end up becoming simple commodities in the eyes of the market or consumers.

Mazi Ikea was not selling bricks; he was selling good wishes and fortunes to young men who visited home to start building projects. People associated his bricks with great favour and everyone bought from him.

Never underestimate the power of saying Thank You Sir for the opportunity to serve that customer. Find ways to deliver more than products – give intangibles that make you unique. You must sell bricks, packaged with good fortunes!

Sanwo-Olu’s Adaptive Micro-Messaging for Governor of Lagos State

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Sanwo-Olu vs. Sanwo-Olu. I came into Lagos for few hours of commerce and flying out in hours. As I moved across connections meeting clients, one thing was evident on the billboards: Sanwo-Olu (APC Lagos state gubernatorial candidate) was running against Sanwo-Olu.

Then, I saw the most magical micro-messaging: Sanwo-Olu spoke in Igbo, thundering “Igbo kwe nu” and below it, he has “Support Growth”. He has the best team in political campaign in Nigeria. The messaging changes as you travel from VI to Yaba, Oshodi to Ikeja. Let me say this: he is winning.

People, I am yet to see a billboard for the PDP gubernatorial flagbearer for Lagos state. Simply, we have a political asymmetric warfare here where Sanwo-Olu is winning hands-down.

Mr. Governor, Sanwo-Olu: congratulations.

Take Note Tesla – Nigeria Scores Own-Goal, Raises Tariffs on Solar Panels

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Elon Musk, Founder of Tesla

As I have long predicted that once solar makes decent improvement on our electricity needs, government will remember it for revenue generation.  That is how we behave in this African nation: everything must be money and more money for government.

So, it has happened: government is piling 10% tariff (from 5%) on solar panels which are imported into the nation. Simply, the price of solar panels will go up since no one makes any in Nigeria as you need grid electricity before you can make solar panels, and since we do not have any reliable grid electricity, everyone imports.

Nigeria’s plan to produce 30 per cent of its electricity through renewable energy may be stalled as the price of generating solar power has soared, The Nation has learnt.

Solar energy is the commonest and cheapest form of renewable energy produced by individuals, local and state governments. Private firms also see it as cheaper compared to biomass.

It was gathered that the price of generating solar power has gone up, following Federal Government’s decision to increase customs duty on solar power equipment from five to 10 per cent.

Findings at the weekend also revealed that the issue had resulted in the closure of many solar firms, as they could barely procure materials for operation. It was also discovered that price of solar panels, batteries and other equipment had risen considerably.

Renewable Energy Association of Nigeria (REAN) President, Mr Segun Adaju, said the development was expected as there was no other means of generating solar electricity except through importation of solar equipment.

But there is good news: Renewable Energy Association of Nigeria (REAN) President, Mr Segun Adaju, has written the government, national assembly and the customs, seeking for a reversal. Usually, that is impossible as that revenue is also allocated for something.

Mr. Elon Musk and Tesla, welcome to Nigeria as you plan to arrive with your solar business. We hope your AI can model the stochastic nature of Nigerian business policies. As it stands today, budget additional 5% to the cost of your product as the original model has already changed!

A nation in motion. Yes, when most nations are subsidizing renewable energy and incentivizing its citizens to adopt same, Nigeria wants to fix its budget holes from it. That is unfortunate. I hope they reverse this decision as it does nothing to provide accessible electricity in Nigeria.