Nigeria’s Stone Age President to spend additional week in London at the behest of a European Dentist

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By Seyi Ariwoola

President Muhammadu Buhari has added an additional week to his stay in London over an appointment with his dentist.Apparently, over the course of his rudderless 8 years in office, things have deteriorated so much that he can’t find a single dentist in Nigeria to care for his oral hygiene needs. 

Buhari’s Special Adviser on Media and Publicity, Femi Adesina, announced this in a statement on Tuesday evening.

The president was supposed to return to the country this week after travelling to the United Kingdom last week to attend the coronation of King Charles III.

Giving an update on Buhari’s UK trip in a news release, Adesina said Buhari was currently undergoing dental care.

President Muhammadu Buhari will be in London, United Kingdom, for an additional week, at the behest of his Dentist, who has started attending to him,” he said.

“The specialist requires to see the President in another five days for a procedure already commenced.”

Adesina added: “President Buhari had joined other world leaders to attend the coronation of King Charles III on May 6, 2023.”

Femi Otedola dismisses friendship with billionaire, Tony Elumelu

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By Chukwuani Victoria

Billionaire businessman, Femi Otedola has said that he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalization to N2 trillion but his bid was rejected.

Recently, Otedola acquired a 5.52 percent stake in Transcorp Plc to become the second largest shareholder of the company, but then sold out his entire holding to Tony Elumelu, the chairman of the group.

In a press statement he shared with The Cable on Tuesday morning, Otedola spoke for the first time on the events surrounding his bid to take over the company.

The statement read, “In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $20million, which was N2billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time, the share price moved up and I decided it is was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares.

“I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.

“By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.

“Shortly after, Albert Okumagba informed me that an American firm wanted to acquire my shares in Transcorp, which I then agreed to sell. However, this supposed American firm turned out to be Tony Elumelu. The revelation of this prompted me to resign as Chairman of the hotel.

“Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises.

Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbid me by offering to buy the plant for $300 million.

“And as a some would say: the rest is history.

“Fast forward to the present…

“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.

“As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.

“But let me be clear: my offer was made with the best intentions for Transcorp Plc and its shareholders. I saw an opportunity to unlock the company’s full potential and create value for everyone involved.

“It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.

“My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders.

Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.”

Elumelu has yet to officially react to the allegations levelled against him.

VANGUARD

Steve Jobs died over a decade ago but his ideas about the future endure

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By Nick Kolakowski

Apple co-founder and CEO Steve Jobs died over a decade ago. With over 10 years of hindsight, we have an even greater sense of how deeply he impacted the tech industry—but also how the tech industry is beginning to move beyond some of the paradigms he established and the battles he fought.

Unlike many other tech CEOs who rose to prominence in the early part of the 21st century and subsequently faded away, Jobs continues to hold the public’s attention. He’s elevated as an icon of creativity, the rare executive who could not only run a business, but also predict what consumers really wanted. Apple’s track record during his tenure—from the iMac to the iPod and the iPhone—certainly bears this out. 

“As thoughts grew into ideas, however tentative, however fragile, he recognized that this was hallowed ground. He had such a deep understanding and reverence for the creative process,” Jony Ive, the former head of Apple’s design and a close friend of Jobs, wrote in a new piece in The Wall Street Journal. “He understood creating should be afforded rare respect—not only when the ideas were good or the circumstances convenient.”

Ive added: “Ideas are fragile. If they were resolved, they would not be ideas, they would be products. It takes determined effort not to be consumed by the problems of a new idea. Problems are easy to articulate and understand, and they take the oxygen. Steve focused on the actual ideas, however partial and unlikely.”

Jobs’s focus on high quality and aesthetics helped transform Apple into a multi-trillion-dollar company. Whether Apple continues its stratospheric growth for yet another decade may hinge on whether it can successfully evolve into a provider of cloud services in addition to hardware—a shift that Jobs dimly saw before his death. In an October 2010 email, he suggested that the tech industry was on the verge of a “post-PC era,” and that 2011 would not only be “Year of the Cloud” but also see the continuation of Apple’s “Holy War with Google.” Unless Apple moved beyond an “old paradigm,” it would eventually fall behind its rivals.

While Apple’s iOS and Google’s Android still compete for their respective slices of the mobile OS market, Apple’s opponents have multiplied over the past decade. For example, Apple’s dedication to user data privacy under current CEO Tim Cook has put it in direct conflict with Facebook, whose business model hinges on vacuuming up as much data as possible from users. Apple has also been locked in a fierce legal battle with Epic Games, creator of the ultra-popular “Fortnite” game, over the size of Apple’s App Store commission. 

In addition, Apple must ensure that it can continue to compete with its rivals in cutting-edge technologies including (but certainly not limited to) artificial intelligence (A.I.), machine learning, and the cloud. Although Apple was one of the first companies into the digital-assistant game when it rolled out Siri in October 2011, it has since lost ground to Amazon’s ultra-popular Alexa and Google’s voice-activated assistant. While most of the company’s hardware devices remain society-redefining hits, if there’s one thing that Jobs understood, it’s that the tech industry can shift very quickly under your feet.

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Nigeria will not move forward without a Rawlings-like revolution

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Is Nigeria On The Brink Of A Civil War?

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Apartheid Explained - Nelson Mandela’s Battle

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Ronald Wayne: The forgotten co-founder of Apple and billionaire that never was.....

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Ronald Wayne was one of the original founders of Apple, Inc. In the late 1970s, Ronald worked as an engineer at video game maker Atari. While at Atari, one of his co-workers was Steve Jobs. In their free time, Steve Jobs and a friend named Steve Wozniak were building homemade computers. 

In 1976, Jobs and Wozniak decided they wanted to launch their own company. Jobs reached out to Wayne, who had experience setting up corporations, to be a co-founder.

The oldest member of the three-man team, Mr. Wayne sank personal assets into the business and soon became worried that the project was going to run his finances into the ground. He drew the first logo for Apple, drafted the original agreement between the Apple founders, and wrote the manual for the first Apple computer.

Unfortunately, just two weeks after forming the company Ronald decided to relinquish his 10% stake for a payout of $800. When the company became an official corporation, he was paid an additional $1500 US to give up all rights of ownership.

Ronald went back to working at Atari and later owned a stamp shop. He is now retired, and authored his memoirs Adventures of an Apple Founder, and a book about the Constitution and its historic relevance, Insolence of Office, both of which were published in 2011.

Had Ronald held on to his 10% Apple stake, today it would be worth more than $100 billion today. He has said that he made the "best decision with the information available to me at the time" and does not regret his selling of his shares. The first Apple product he ever owned was an iPad 2 which was given to him in 2011. He is the owner of a dozen patents and was featured in the documentary Welcome to Macintosh. He sold the original Apple company agreement signed by Jobs and Wozniak in the early 90s for $500. That document later sold at auction for $1.6 million.

Today, Wayne, who is 88 years old has a net worth of $400,000. Truly a case of what could have been. 

CNW

Nigeria was once an indisputable leader in Africa: What happened?

CC™ Opinion Editorial - By Sheriff Folarin

The traditional leadership and redeemer posture of Nigeria in Africa has, in recent years, been put into question.

Issues like corruption and infrastructural decay have held the country down from playing a leadership role in Africa. As have transitions from one poor leadership to another. A visionary leadership is lacking while public institutions are weak, inept and compromised. Decades of political patronage and nepotism have seen a corrosion of quality and performance in the public service.

In addition, the intractable problem of Boko Haram and Islamic State, coupled with kidnappings, have created a security crisis. All continue to shatter the myth of military invincibility and the might of the Nigerian state.

In the beginning, it was not so. From independence in 1960, Nigeria took upon itself the role of uniting Africa against western recolonisation. The continent, from then on in, became the centre-piece of its foreign policy. The fact that nations were living under foreign rule made it possible to galvanise them around a common cause. This led to the creation of the Organisation of African Unity  – now the African Union – in 1963 and Economic Community of West African States in 1975.

Nigeria assumed a leading role in these events as it forged a foreign policy with a strong Afrocentric posture. In fact, so frenetic was its involvement in this role that it sometimes paid little attention to the home front.

Nigeria’s leadership role on the continent was a product of the vision, dreams and, sometimes, whims of the founding fathers. They were nevertheless premised on real national capacity. Jaja Wachukwu, Nigeria’s first external affairs minister noted  in 1960 that:

Our country is the largest single unit in Africa… we are not going to abdicate the position in which God Almighty has placed us. The whole black continent is looking up to this country to liberate it from thraldom.

This defined the country’s behaviour and continental outlook and has continued to influence successive administrations – weak or effective.

Assuming a leadership role

The sheer size of Nigeria’s population – the largest on the continent which rose from 48.3 million in 1963 to over 220 million in 2022 — gave the country the idea that Africa was its natural preoccupation.

In addition, its colonial experience and the abundance of its oil resources and wealth have empowered Nigeria economically. This made it possible for the country to pursue an ambitious foreign policy. It also permitted Nigeria to finance its Civil War, strengthening its international independence. And oil made possible an unparalleled post-war recovery.

Nigeria has used its influence to good effect and to good ends. For example, it worked with other countries in the West African sub-region to establish the Economic Community of West African States in 1975. It went on to push for the prevention and resolution of devastating conflicts that engulfed Liberia in 1992. The conflict spilled over into Sierra Leone and other countries in the region. Nigeria spearheaded the cessation of hostilities and created the cease-fire monitoring group to bring a total end to the civil strife and restore democracy in both countries.

Many observers agree that the sterling performance of the monitoring group is unparalleled in the history of regional organisations the world over. It has now become a model to emulate for its operational efficiency and for giving regional actors pride of place in the resolution of regional conflicts.

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Nigeria exerted similar efforts to ensure that democratic governments were restored to Guinea-Bissau, Cote d’Ivoire and Sao Tome et Principe, after military take-overs in those countries.

It spent over US$10 billion in these peace campaigns and also lost soldiers in the process.

Nigeria has not limited its peacekeeping role to West Africa. It has also been engaged in Burundi, Democratic Republic of the Congo, Zimbabwe and Ethiopia-Eritrea.

The country also played the most important role  in fighting apartheid in Southern Africa and supporting liberation movements on the continent.

Disappointments

But Nigeria has not been immune to challenges facing countries on the continent. Corruption, misappropriation of public funds, electoral malpractices, insurgency and terrorism have devastated its capacity and weakened its moral fortitude to lead the continent.

Amidst enormous wealth, poverty in Nigeria is endemic . It could even become the poverty capital of the world, according to The World Poverty Clock. Nigerians have been reduced to the behest of the politicians that tie them to gridlock of “stomach infrastructure”. This is a new trend which reflects institutionalised and structural poverty. Deprivation puts people in a vulnerable and compromised position where the desperation for survival makes them sell their votes and conscience.

The slow movement of the current administration is also killing the Nigerian spirit and leadership posture. South Africa, Ghana and even Madagascar have acted faster in continental and global politics, including during times of emergency such as the current COVID-19 pandemic. But Nigeria seems content with a spectator position.

What next?

Nigeria has been relegated to the background of international affairs. To turn this around requires a revisit to the roots – and mowing the lawns afterwards. Nigeria must take stock of its own performance and capacities and re-position itself – first from within.

If Nigerian leaders are increasingly determined to proffer African solutions to their problems, then political structures and institutions must be reformed to reflect conditions suitable for sustainable development. Without a formidable political base, the economy will remain weak and fragile. The political base is crucial, because, the state is the repository of all ramifications and dimensions of power – political, economic, technological and military. And the purpose of the state is to authoritatively allocate these resources.

There is also a need to empower people to mobilise their local resources and to use them for development. And, of course, public funds should not be concentrated in the hands of few individuals, who may be tempted to steal them. An accountable system is one in which money management has several checks.

Oil wealth has been the country’s nemesis, a curse that has promoted corruption and blatant bleeding of the economy. But it is declining in value and as source of national revenue. Now is the time for Nigeria to make good its repeated and well-advertised intentions to diversify the economy.

A de-emphasis on oil would open the door to smarter ideas about how to create wealth. It would also herald in getting rid of a great deal of the phlegm of corruption which has played such a central role in Nigeria’s infrastructural decay, eroded its influence and given it such a negative image.

Added to this is the succession of weak rulers since 2007.

African leaders do not look towards Nigeria anymore for counsel, inspiration and help. They think Nigeria has a lot on its plate already and needs help. The potential is still there for Nigeria to return to power; but it takes leadership to (re)build the auspicious atmosphere and to activate the country’s potential – the two steps required to regain that enviable frontliner spot on the continent.

This article was originally published in The Conversation.

Sowore 'disappointed' Tinubu did not participate in Abuja Marathon

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The African Action Congress (AAC) Presidential Candidate, Omoyele Sowore has expressed his 'disappointment' that the President-elect, Bola Tinubu did not participate in the 2023 Abuja Marathon.

Sowore stated this while addressing journalists in Abuja on Saturday.

He also expressed disappointment over the absence of the Minister of Federal Capital Territory, FCT, Mohammed Bello, at the race.

The rights activist was one of the participants in the maiden edition of the Abuja International Marathon.

He said: “This is the first Abuja marathon, I participated and I ran longer than I expected. I expected that the Minister of FCT would be here.

“I was even expecting Tinubu to be here, but apparently, I am the only presidential candidate standing after the election.

“I ran with kids, great kids. I am of the opinion that we are wasting a lot of talent in this country.”

According to Sowore, sports was an important tool towards uniting Nigerians and generating employment for the youths.  

The Reality of Black life in America

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