The video podcast discusses a “new exit model” emerging in the startup world, particularly in the context of Artificial Intelligence. Driven by the increasing value of “knowledge” (embodied in human talent and IP) and the desire to avoid regulatory scrutiny, large tech companies are opting to “dis-member” startups rather than acquire them outright.

Examples like Meta’s “reverse acquire-hiring” of Scale AI’s leadership and Google’s acquisition of key R&D teams (e.g., from Windsurf) illustrate this trend. These strategies allow big tech to gain crucial human capital and intellectual property without triggering antitrust concerns associated with full company acquisitions.

The lecture highlights that this approach, while legally permissible currently, may lead to the degradation of the “stripped” companies and could have long-term implications for market competition and innovation. The IP dynamics between OpenAI and Microsoft also underscore how intellectual property can be shared or accessed through strategic alliances, further diversifying the ways in which valuable assets are transferred in the tech landscape.

Lecture summary is available here.

OpenAI’s planned $3 billion acquisition of AI coding startup Windsurf collapsed due to tensions with Microsoft, OpenAI’s largest investor. Microsoft’s existing partnership with OpenAI entitled it to Windsurf’s intellectual property (IP), but OpenAI was reportedly unwilling to grant this access, creating a major sticking point in the deal.

The situation was further complicated by Windsurf’s reluctance to share its IP with Microsoft. The collapse of the deal created an opportunity for other companies:

Google stepped in to acquire Windsurf’s leadership team and licensed the company’s technology for $2.4 billion.

Cognition subsequently acquired the remaining assets of Windsurf, including its product, IP, and the majority of its employees.

The Windsurf deal highlights the intensifying competition in the AI sector for talent and technology.

The failed acquisition also exposed the complexities and potential limitations that can arise in partnerships between large tech companies and smaller startups in the rapidly evolving AI landscape.

In summary, OpenAI did not understand what it signed into. Yes, OpenAI is tethered to Microsoft and anything it gets belongs to Microsoft. Simply, whether the IP was created internally or acquired like the Windsurf failed deal, Microsoft is going to partake in the IP cake.

Of course, we can also learn a new exit model. Largely, Windsurf has been cannibalized without annoying the regulators. Google picked the things it liked, and the remaining parts have been absorbed by Cognition. And just like that, the exit happened and that is it!

The podcast video is at Blucera.com.

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Landmark Africa has begun the phased renovation of the historic Nike Lake Resort in Enugu, kicking off what it calls the first leg of a N10 billion investment plan aimed at transforming the once-iconic destination into a world-class leisure, tourism, and hospitality hub.

This marks the company’s biggest public redevelopment project since the 2024 demolition of its Landmark Beach property in Lagos, which left the group without its flagship location and forced a broad recalibration of its expansion strategy.

A video shared on Tuesday via the official X (formerly Twitter) handle of Landmark Nike Lake Resort Enugu gave the public its first glimpse into the renovation progress. Footage featured project managers and interior designers walking viewers through the construction zones, highlighting both technical improvements and aesthetic changes already underway. The team noted that Phase A of the project is about 50% complete.

Work so far has involved gutting rooms, removing aging fittings, breaking down cramped structures, and reworking outdated designs.

“We’ve removed outdated elements such as the old television sets and bed frames,” said one of the interior designers featured in the video. “These previous fixtures have been incorporated into our redesign concept and taken out to make room for the new installations.”

In a demonstration of structural intervention, another designer showed how the old bathrooms, once described as “tight and inefficient,” had been completely overhauled.

“One of the first things we did was break down the existing toilet walls… to expand the space,” she said. “There’s now a dwarf wall in place because we plan to install a full-height glass wall. At the moment, we’re finishing the gypsum board ceiling, and screeding has already been completed. By tomorrow, we should begin painting.”

She added that the design philosophy behind the renovation is to create a space that’s “modern yet simple—classy but not excessive.”

Public-Private Partnership with Enugu Government

The extensive renovation follows a landmark joint venture agreement signed in January 2025 between Landmark Africa and the Enugu State Government. Under the deal, the state provided the Nike Lake Resort—situated on a 150-hectare lakeside property—as an equity contribution. Landmark Africa, in turn, secured a 35-year lease to manage, operate, and redevelop the resort under its hospitality portfolio.

Sources familiar with the deal say the state is banking on Landmark’s brand and track record to revive what had become a largely neglected government-owned facility. Nike Lake Resort, once a popular getaway in the Southeast, had fallen into disrepair over the years, unable to compete with more modern hotels and destination resorts in other parts of the country.

The N10 billion earmarked for this first phase of redevelopment will cover the overhaul of the hotel rooms, the construction of private waterfront villas, beach lounges, fine dining outlets, a children’s play park, and a golf course. Other features will include expanded event facilities, boat cruises on the lake, and integrated green spaces—components Landmark says are necessary for attracting both local and international visitors.

From Coastal Crisis to Inland Rebirth

The company’s move to Enugu is seen as part of a major pivot following the loss of its beachfront operations in Lagos. In 2024, Landmark’s multibillion-naira beachfront property—which hosted the Landmark Beach Resort, a top attraction for locals and tourists—was demolished to pave the way for the federal government’s Lagos-Calabar Coastal Highway project. The demolition sparked widespread criticism, with Landmark alleging that its investments were bulldozed without adequate compensation or viable relocation alternatives.

With its Lagos base gone and core operations disrupted, Landmark said it would relocate its Nigerian headquarters and initiate new expansion efforts. Company founder and CEO Paul Onwuanibe described the shift as a “strategic reset” aimed at reducing dependency on Lagos and tapping into underutilized tourism markets across Nigeria and Africa.

Shortly after the demolition, Landmark announced that it had received expressions of interest from governors across 12 states offering land and support to host new developments. After internal evaluations, Landmark selected Enugu and Rivers States as the first two confirmed locations for its next phase of expansion.

In Rivers State, the company signed an agreement with the state government to redevelop the Port Harcourt Tourist Beach into a modern leisure and hospitality destination. Initial plans suggested that work would begin in the first quarter of 2025, with a phased delivery schedule expected to run through the end of the year.

However, as of mid-July, no official update has been issued by either Landmark or the Rivers State Government regarding the status of that project. Sources close to the matter say delays may be tied to land documentation issues and internal administrative changes in the state.

Reviving Domestic Tourism

Tourism analysts say Landmark’s pivot to states like Enugu could mark a turning point for Nigeria’s struggling domestic tourism industry, long held back by infrastructural decay, poor policy execution, and insecurity. Enugu, with its peaceful setting and long-standing reputation as a cultural and historical center, offers significant untapped potential, particularly if supported by private sector capital and modern hospitality standards.

While construction continues at Nike Lake, Landmark Africa says it remains committed to building iconic destinations that not only serve local communities but also attract global attention. If successful, the Nike Lake Resort could become the centerpiece of that new vision—one born not from expansion, but from crisis.

Financial analysts at Optimum Global have projected that the naira will trade between N1,500 and N1,600 to the dollar in the second half of 2025, assuming Nigeria sustains current macroeconomic stability and continues targeted interventions.

The forecast, published in the firm’s newly released half-year outlook titled “Anchored Policy, Unanchored Risks”, builds on trends from the first half of the year and anticipates a moderate outlook for the local currency amid a still-volatile global energy landscape.

The report points to strategic currency interventions by the Central Bank of Nigeria (CBN) as a critical factor that helped keep the naira afloat in the face of several external headwinds, particularly sharp swings in oil prices and heightened foreign exchange demand.

First-Half Recap: From Stability to Volatility and Back

The naira opened the year relatively strong, trading at about N1,537/$ in early January. By the end of the month, it appreciated to N1,480/$, largely due to a temporary surge in Brent crude oil prices, which crossed $76 per barrel, while Nigerian oil blends commanded even higher premiums on global markets.

However, that strength was short-lived. Between February and April, the naira weakened steadily, hitting a low of N1,596/$ as oil prices plunged below $60 per barrel. This price slump followed OPEC’s announcement that it would boost oil production to 2.2 million barrels per day by November, starting with a nearly 1 million barrel per day increase between April and June. The prospect of higher global supply pushed prices down, weakening Nigeria’s forex earnings and investor confidence.

The trend reversed from May through June, as geopolitical tensions in the Middle East reignited fears of supply disruptions. Conflicts between Iran and Israel, and U.S.-Iran standoffs over the Strait of Hormuz—a critical global oil chokepoint—drove prices back up. Nigerian crude traded above $70 per barrel again, restoring some strength to the naira. By the end of June, the currency had climbed to around N1,530/$, recovering nearly 3% from its April trough.

CBN’s Dollar Sales and Reserves Cushion the Naira

Optimum Global’s analysts credit the CBN’s consistent dollar interventions for softening the impact of external shocks. In particular, a significant injection of $197.71 million on April 4 helped stabilize the market amid heightened pressure from falling oil revenues and broader global economic volatility. At the time, the U.S. had just introduced new import tariffs on multiple trading partners, which triggered risk aversion and dollar hoarding across many emerging markets.

Nigeria, highly dependent on crude exports for foreign earnings, saw demand for the dollar rise as reserves came under strain. However, with external reserves climbing to $38.5 billion by June, the CBN had the firepower to continue supplying liquidity and ease pressure on the local currency.

“The naira would have fared much worse if not for the CBN’s timely interventions, particularly during March and April when FX pressure was mounting,” the Optimum Global report stated.

The firm highlighted that while oil prices play a major role in determining the naira’s trajectory, the ability of the CBN to maintain reserve buffers and respond decisively is what has kept investor confidence relatively stable.

What to Expect in H2 2025

Looking ahead, Optimum Global expects the naira to remain range-bound between N1,500 and N1,600 per dollar, provided macroeconomic stability holds and reserves are adequately managed. While geopolitical risks and global oil dynamics remain uncertain, Nigeria’s ability to respond swiftly through policy measures could help limit the downside.

However, the report also warns that risks remain “unanchored,” especially if oil prices fall below sustainable levels or if the CBN is forced to scale back interventions due to reserve depletion. A scenario of prolonged geopolitical instability or new shocks in global financial markets could also derail the fragile stability.

Still, analysts remain cautiously optimistic, noting that the CBN has shown greater agility in responding to currency pressure in recent months.

The report concluded that if current policy coordination is sustained and reserve levels remain above $35 billion, the naira will continue to trade within a controlled band, even with moderate oil price fluctuations.

As the second half of the year begins, the spotlight remains on both the oil market and the CBN’s willingness—and ability—to maintain a firm grip on the FX market.