The Growth and Development of Currencies.

There is no doubt that the US Dollar($) is the primary currency of trade in the World; yes you read correctly.

There are other dollars such as the Australian and Canadian, but the US Dollar is most powerful of all.

Foreign Reserves for nations are held in US Dollars and that speaks a lot for the stable nature of the currency($)

I am one of those who believe that if not for the holding of foreign reserves in US Dollars, the US economy would have been overtaken by other economies of the world, such as China and Japan.

That being said, do you know that US Dollar 💵💸 has lost 95% of its value since 1913?

Do you also know that the Nigerian Naira💳 has, as well, lost 94% of it’s value since 1999?

Can you imagine the difference?!

What is responsible for this, you might ask?

Does Nigeria have sound and sustainable Monetary and Fiscal Policies to backup and grow the economy?

Is the economy sincerely grown around institutions rather than personalities?

What is the knowledge of how Nigeria borrows; the GDP to debt ratio, the population growth vis-à-vis the growth of the economy to be able to cater for the humongous difference?

What is the state of the nation’s
infrastructure and how are they maintained and managed over the years?

Many more questions beg for answers?

The devaluation of the current kind of currencies is what has given rise to Digital Currencies.

Sadly, most people in support of Digital Currencies, especially in Nigeria, are still very naive and don’t even understand the fiat currencies. The attraction for them is the encryption, low charges and the Person to Person (P2P) possibility.

The question then, is, do you think any Government of the world would allow a currency run concurrently with its present legal tender without any form of regulations?

If you, perhaps think the Central Bank of Nigeria for instance, doesn’t understand Crytocurrency, you are wrong.

What the Vice President of Nigeria said, wasn’t new at all; many of us in the Cryptocurrency Space had advocated regulation since August 2017 and proposed that to the CBN, but until the CBN and all stakeholders come up with a regulation that will give them the dashboard opportunity to monitor inflows and outflow, we may not be ready.
That intrinsically, is what most Cryptocurrency proponents do not want or are happy cannot be traced.

For anything to qualify as a legal tender, it must meet certain conditions and the Financial Systems Stability of a nation is part of what is being considered to give such approval.

Yes, Nigeria maybe slow in its moves and drives, but that is why we are where we are. I never expected it to receive express and unhindered approval, no way! 🤞🤞🤞

A Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. A creditor is legally obligated to accept legal tender toward repayment of a debt. Whatever that thing is, MUST be backed up by law and generally and absolutely accepted.

Therefore, every and anything that has qualified as an acceptable means of exchange for Financial Transaction since inception, satisfied the following conditions:

¶Validity
¶Legality
¶Acceptability

This big question is:

Is Cryptocurrency Valid?

Is Cryptocurrency Legal?

Is Cryptocurrency Acceptable?

All these MUST be in place within the territorial integrity of a nation, to qualify as a Legal Tender.

A legal tender is not like a payment system where you have options, so it may not pass to make such comparison.

A nation must see it as valid before it can be accepted as a Legal Tender, otherwise, it is an affront to the current legal tender of any nation.

So, acceptability and usage lies solely on what the CBN permits within the ambit of its admissibility

Our hope and desire is, that proper regulation be put in place soon.
The Apex Bank wants to keep tabs on illicit financial flows and money laundering. If these still go undetected under this regulated economy, a free for all option will be much worse.

Rounding off on this week’s series, I deliberately didn’t tag any as part 1, 2 or so, because I don’t want to get you boxed up into a mole as it were.

Be that as it may, I got some feedback from the broadcasts especially that of yesterday where I mentioned Crytocurrency and the conditions anything MUST qualify to be a Legal Tender.

Some responses were emotionally laced rather than understanding the matter at stake.

Earlier in the week, I said the US Dollar which is the primary currency of trade in the world, is first Legal Tender in US and widely accepted for transactions even in Nigeria.

You can walk into a shop on Ahmadu Bello Way, in Abuja, Kano, Kaduna, Lagos and pay for a transaction with the US Dollars and it will be accepted. Can that be said of the Canadian Dollar or Australian Dollar? Your answer is as good as mine. Which other currency of the world enjoys a universal acceptability as the USD, may be the GBP and EUR. What of the Nigeria-China Currency Swap? How far with that highly celebrated agreement made few years ago?

Why are people storing monetary value more in US Dollars than the Naira or any other currency of the world?

It is because of its Validity, Legality and Acceptability.

Sadly it is still another country’s currency primarily and I tell you, you cannot trade with naira in the US or UAE, not even in our neighbouring Cotonou where we go to buy tokunbo cars.

Let’s get this understanding of the evolution of currencies and legal tender. Nigerians are the ones killing the naira, the fiscal and monetary policies are not yet there and until we start strengthening the Naira it will keep falling. Our Economy is still largely imported dependent, even though some concerted effort to grow our exports have not measured up.

Even the Crytocurrency that is being pushed forward, you still have to do a cross rate exchange with US Dollars and not the Naira, or any other currency.

For the records, I have invested in Cryptocurrency since 2017 alongside many others and lost a good amount of money, but this doesn’t change the fact that we are evolving and we hope the Managers of our Economy will do the needful ASAP.

If you learnt anything from this, kindly share with someone out there.

Yours-In-Entrepreneurship
Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA
The Millennium Entrepreneur
http://www.emmabglobalconcept.org
MakingAMarkGlobally

HOW CEOs, FOUNDERS, BUSINESS OWNERS MAKE BUSINESSES FAIL IN NIGERIA Part-3of5

On BU$I₦£$$ DIG£$T this morning, February 24, 2021

Olajide Abiola wrote last week:

“As a good business leader, you must know how to hire good hands, care for and retain good hands, and fire bad hands or those who go rogue.”

You should not be good in one and bad in another.

You shouldn’t be good at firing and bad at hiring, neither should you be good at hiring and bad at firing.”

The above was written by a friend on the blue app. He is also a Founder, CEO and Business Owner in the Nigeria system and as such, he wrote from huge experience.

I have decided to share it for us to also glean from.

Some CEOs are so weak that they can’t deal with or reprimand a staff. They change attitude and want you to come begging at every opportunity; they deliberately avoid you and say you are avoiding them.

DON’T BE A NICE CEO, BE A KIND ONE!

“Humility is the first step towards learning. You cannot learn until you are humble enough to realize there is something for you to learn.”- Robert Kiyosaki

Without humility your arrogance prevents you from learning. You are too good to learn. It is hardest to learn when someone is teaching something you disagree with.

Remember, you can learn from anything.

I have come to learn that there are three sides to every coin:

-the head,
-the tail,
-the edge.

The edge is where humility is found. It is listening to opposing ideas and opinions without judging and with humility.

It is not easy, but few important things are with humbleness.

So the question is, why does humility seem difficult for some Business Leaders?

-the money they have made!

-the social capital they control!

-the knowledge they have!

Mind you none of these three above is absolute, you can have them and still be humble to learn more.

Now, note that if you are ready to learn, and you are willing to accept the humility required to learn, then consider taking the next advice and look at it objectively.

Coach Sam Obafemi wrote earlier in the week and it aligns with what I have written on this matter:

“HOW TO BE A STRATEGIC ENTREPRENEUR.

I think one of the mistakes many business owners, or those who desire to do business, make is the assumption that they need to do ONLY ONE THING so that their business will be strong.

This is positive and negative.

Positive, because if all your focus is on one craft, you can become the global reference for that craft and by chance, you will succeed very well. But it has severe limitations in clout and wealth potentials.

Negative, because until you branch into several areas of your possibilities, you will be an ’employee-business owner’ … a business owner who has to do a lot of work.

My understanding of entrepreneurship is that I can start a business, build core competencies around it, sell those competencies as services to other businesses and buyers so that I can run multi-level opportunities without having to build a totally new infrastructure, especially if I don’t want to leave my primary business.”

In the Business Model Canvas (BMC)that we teach, this is how we explore REVENUE STREAMS which is one of the 9 building blocks of the BMC.

If you learnt anything from this, kindly share with someone out there.

HOW CEOs, FOUNDERS, BUSINESS OWNERS MAKE BUSINESSES FAIL IN NIGERIA Part-2of5

On BU$I₦£$$ DIG£$T this morning, February 23, 2021

After starting a business, you make some few cash and you keep records to ensure you meet some set regulatory requirements.

Some CEOs have made so much money, that they lack the experience to manage the whole system.

No structure, no system, no policy. Even where they are in place, they are the first to flout the rules.

They crave to have professionals to work for them but they haven’t been able to remove their “person” from the business, which makes the business fail.

You hear comments like “I am the business and the business is me” or “There is no me without the business and there is no business without me.”

This has made a lot of businesses collapse and more will go if such issues are not addressed.

If you learnt anything from this, kindly share with someone out there.

HOW CEOs, FOUNDERS, BUSINESS OWNERS MAKE BUSINESSES FAIL IN NIGERIA Part-1of5

On BU$I₦£$$ DIG£$T this morning, February 22, 2021

This week, I shall run a five part series on the above subject matter.

We are grateful you stay connected to learn one or two things from what we share on this Platform.

“When the purpose of a things is not known, abuse is inevitable” Myles Munroe.

Most people started out business without a clear cut, defined purpose. Their “WHY” wasn’t strong enough, probably selfish and as such they cannot relate with the “HOW” that is showing up within the process of time.

Some started out to make brisk businesses, some started to break a monopoly, some started because of hunger, some started because it was in vogue to be called a business owner or CEO.
But hello, that is probably the foundation of the hitches you are currently experiencing.
You will need to go back to the drawing board and check what your goals were in the first place.

To own and run a business successfully, especially in Nigeria, you must have enough staying power against all odds. Yet, if you tarry long enough, you will learn how to walk and work through it.

If you learnt anything from this, kindly share with someone out there.

Your Certificate and Education

I recommend you read this piece. It makes a lot of sense.

DANGER OF GRADUATES THAT DON’T THINK BEYOND THEIR CERTIFICATES

“Education is what remains after one has forgotten everything he learned in school. It is a miracle that curiosity survives formal education”
— Albert Einstein

The greatest form of disability in life is not knowing your ability. Your winning edge in life is not the degree you have acquired or the certificate you possessed, but your ability to solve problems.

Whenever I interview graduates, I am not so keen on their qualifications; I am only keen on their special skills, experiences and their unique approach to problem-solving. Most of them cannot even apply the knowledge they have acquired in school to solving life problems. The 21st Century employer doesn’t necessarily pay you a salary for the certificate you possess, but for the problems you can solve.

The reality of life is that there are more employable graduates than the available jobs, and it is only graduates that can actually think beyond their certificate that would eventually find their own place in life. Mark Twain said: “Don’t let schooling interfere with your education.” The proof of going to school is your certificate, but the proof of your education is in your ability to solve problems through innovation and creativity.

Graduates that cannot solve problems are liabilities. Education is not just about going to school and getting a degree; it is about widening your knowledge, thinking creatively and absorbing the truth about life. We must see our education beyond our certificates. Many people spend their precious years in school only to end up acquiring certificate, not education. Einstein said: “Education is not the learning of facts, but the training of the mind to think.” Have you ever heard of the creativity term, ‘think outside the box?’.

One of the major reasons why most graduates are poor is because they cannot see and think beyond their certificates. I have seen engineering graduates work as bankers. I have seen medical doctors with great skills in web and graphic designs. I have seen lawyers that are very dexterous with finances. The list is endless!

The basic truth of life is that the skills needed to be much sought after and become more successful in life are not really found within the walls of the classrooms. Your certificate is just proof that you are teachable; it does not suggest what you are totally capable of doing. You are full of possibilities when you think beyond your degrees and certificates.

If you remove your certificate from the picture, what are those things you can do effortlessly so well? You would definitely need the knowledge you have acquired in school, but they must not define your limitations. Don’t allow your certificate to put a limit on what you are capable of doing. Your education goes beyond acquiring certificate; it is your ability to solve problems. While schooling leads to confinement, education is an adventure. While schooling makes us learn through rules and facts, education makes us learn through exposure.

I have seen many graduates being successful in areas that have nothing to do with their course of study. Most students are studying what they don’t even like in tertiary institutions, and further placing them in industries that have nothing to do with their passion and gift is a waste of their potentials. It doesn’t make much difference what you study, so long as you don’t like it.

I am privileged to be the Editor-in-chief of a youth magazine called Maximum Impact, and it is amazing to know that the organisation that completely handles the design and publication of the magazine is founded by a medical doctor that graduated from the University of Ibadan. Funke Akindele-Bello and Femi Adebayo-Salami are both lawyers and they’re the Stars of Nollywood Today.

Peter Amangbo, the Chief Executive of Zenith Bank Plc studied Engineering in school. Adesola Kareem’s Adeduntan, Group Managing Director/Chief Executive of First Bank Nigeria Plc and subsidiaries is a Doctor of Veterinary Medicine (DVM) from the University of Ibadan. Former Chief Executive of defunct Diamond Bank Plc, Uzoma Dozie, had his first degree in Chemistry from the University of Reading in 1991 and a postgraduate degree in Chemical Research from Imperial College, London.

It is not compulsory that you practise what you studied in school. Your first degree is just for cognitive development; further development of your logical thinking, numeracy, communication skills, and networking is not something you would learn in school

The world is full of limitless possibilities for people who can think beyond their certificates. Education is a life-long process; it is not limited to a classroom, a structured period of time or formal instruction. You must be willing to navigate beyond the confines of your certificate to really make a meaningful impact in life.

One of the most profound laws in science is the Avogadro’s Law, which proposed that under controlled conditions of temperature and pressure, equal volumes of gases contain an equal number of molecules. Amedeo Avogadro made a lasting impact in the field of Mathematics, Chemistry, and Physics and also made the city of Turin in Italy popular all over the world for his famous and legendary discovery. He later became a Professor of Physics at the University of Turin.

Unknown to many, Avogadro actually studied Law and graduated in Jurisprudence in 1792 and subsequently became a senator in the Piedmont Region of northern Italy. He pursued his doctorate in Ecclesiastical Law and obtained his higher degree in 1796, but there was something missing in Avogadro’s life that the study of Law could not fulfill- his secret love for sciences.

He pursued law at the insistence of his Father, who wanted him to inherit his Law firm and empire. But his heart was actually in the sciences.

His father, Filippo, was a magistrate and senator seriously obsessed with his own aristocratic background and felt that his son must follow his own trail. Privately, without his father’s permission, Amedeo created time to pursue his heart desire in Mathematics and Physics and eventually proposed a law that changed the field of science forever.

The Avogadro’s Constant (6.02 × 1023), the number of molecules in a gramme molecule or mole of any substance has become a fundamental constant of physical science and arguably the most important constant in the field of Science.

If a man that obtained a doctorate degree in Law could propose a foundational law to guide scientists, then you must also endeavor to think beyond your certificate. Your certificate may not reveal your natural endowment and unique abilities, and that is why the list is endless of people who studied something in school, but later found out that their circle of impact is really beyond their certificates.

Jim Rohn said: ”Formal education will make you a living;Self-Education will make you a Fortune.” Most of the world’s richest people today dropped out of school when they realised that their schooling was interfering with their education. They came to a juncture in their lives when they needed to make a decision between formal education in school and self-education beyond the school walls.

Formal education makes you a living; Self-Education makes you a Legend. Formal education would teach you how to conform to society, while Self-Education would teach you how to get out of conformity so that you can fill your life with adventure and beauty.

My own personal life trajectory has followed a pattern that I never anticipated. I studied Pure Chemistry at the University of Ibadan and also had my Master’s in Analytical Chemistry, but today, people know me as a Columnist in national and international tabloids. I am privileged to be the Editor-in-chief of a youth magazine and mentor to the youths on so many platforms.

Amazingly, I never learned all these in school; they were the hidden passions that I developed and nurtured personally over the years. The skills I am using today are not reflected in my certificates.

We have to be more robust in our approach to learning and must never allow our schooling to interfere with our education. Graduates that don’t think beyond their certificates would ultimately become endangered species in a world that needs Multi-Skilled Abilities to solve problems.

I am reaching out to all the graduates out there: Stop attaching your frustration to government and lack of jobs. Stop attaching the reasons why you are poor to external forces. You are poor because the skills needed for you to be rich are beyond your certificates. Acquire experiences that are beyond your certificates. Get exposures that are different from your qualifications in school. Think beyond your certificates and your possibilities would be limitless.

Please teach your Children, Grand children, Wards and family members of the above principles and life will be better for all and sundry.

Worth sharing

Business Digest

On BU$I₦£$$ DIG£$T this morning, January 22, 2021

CO-OPERATING OR COLLABORATING?

Are you simply cooperating with people to achieve greatness or collaborating with them?

If you are striving for excellence and higher-level thinking, collaboration is the way to go.
The difference: cooperation is working well together while collaboration is “wanting” to work together.

In the great words of Dr. John C. Maxwell, “to collaborative team members, completing one another is more important than competing with one another.”

Just make sure, your collaboration is a WIN-WIN situation and not parasitic, but highly beneficial!

If this touched you, kindly share with someone out there.

ELE

On BU$I₦£$$ DIG£$T this morning, January 20, 2021

I CAN SEE THAT PEOPLE ARE HUNGRY

It is clear to me that people are hungry.

¶Hungry for knowledge.

¶Hungry for financial freedom.

Simply put, they are hungry for a different future than what they see around them.

¶People are tired of being controlled.

¶Tired of having fear dictate their future.

¶Tired of simply surviving.

This tiredness and hunger must spur a serious WHY in you to find a solution.

The future of your financial freedom depends largely and solely on you, not on your employer or the Government.

The Government has borrowed Pension Funds and now they want to borrow unclaimed dividends and monies left in customers dormant accounts in deposit money banks for upwards of 6 years. And the Finance Bill 2020 has empowered them by law to do so.

Kilode gaan na???🤷‍♂🤷‍♂🤷‍🤷‍

If you don’t wise up now, when will you?

If this touched you, kindly share with someone out there.

ENTREPRENEURSHIP AND VALUE BASED LEADERSHIP EDUCATION

On BU$I₦£$$ DIG£$T this morning, January 19, 2021

Caveat:
THIS POST IS MAINLY FOR JOS ENTREPRENEURS, BUT OTHERS CAN BENEFIT FROM IT Part-2

Last Saturday I was on a Facebook LIVE session anchored by the enigmatic Coach Sam Obafemi where he gave an unconventional advice which is “In 2021, don’t depend on Social Media for your Marketing” then following the video he broke it down into pieces.

That video can only be accessed now if you are a subscriber of Diary of a Coach.

What he meant in that teaching was, be humane in your social media conversation; don’t just throw messages out there and expect traction and conversation, it will not happen.
People will want to be connected with and to you via your social media engagement, that is when they will buy.

The so called money you are looking for is in people’s hands and pockets; how you relate with them is what will put the money in your own hands.
Remember, “you cannot reach your life goal as a lone ranger”-C.T. Oni

This will help you to productize your services and improve bottom line.

An Entrepreneur in Jos, Plateau State that has been able to do this sufficiently is, DKNI Stores owned by Mrs. Deborah Katu.
If you have been following her timeline, you will realise that you will be connected to what she sells. She does it so well that she does not even need to boost any post or sponsor adverts or use even influencers – she hardly even tags anyone. Yet she gets patronage from all over Nigeria.

She was part of the GIZ SME Loop of 2018/2019 in Plateau State, so I know the history and growth of her boutique business and she connects with people and their emotions to drive home her selling points.

This is a skill she has developed over time and it’s worth celebrating. You may want her to give you some tips on how she has successfully serviced and still is succeeding in servicing her products using the Social Media Platform.

She is one of Jos’ finest Female Entrepreneurs who you can learn from and you will be glad you did.

If this touched you, kindly share with someone out there.

SECRETS TO ENTREPRENEURIAL SUCCESS I

The differences between E’s, S’s, B’s, and I’s:

●E’s
◇They desire security, and they seek out a lifestyle that will provide them with this.
◇They shy away from risk and subsequently, they see no need to become educated in the tools of finance.
◇They seek out benefits with their jobs.

●S’s
◇They do not like to have their income be dependant upon other people.
◇A lower sense of entitlement here.
◇They have a “Nobody does it better than me” mentality.
This group would include doctors, lawyers, and all others who are self-employed. ◇Independence is very important to this group of people.
◇This group often has a hard time finding good work because they have such a high standard.
◇Their income is directly tied to how much they are working, meaning they effectively own a job.

●B’s
◇They hire competent talent and then delegate as much as possible.
◇They recognize their own inability to perform all tasks well, so they hone their ability of finding and cultivating talented people to work for them.
◇Individuals in this group know that if they left one of their businesses, that in a year they could come back and find it more profitable and better running than when they left.

Being a successful B requires ownership or control of systems and the ability to lead people.

●I’s
◇These people are most adept at making money work for them. And if at all possible they are using other peoples money.
◇They receive huge tax advantages.
◇The wealthy receive 70% of their income from investments and less than 30% from their wages.

WHERE DO YOU BELONG????
Job security or
Financial security???🤷🏾‍♂️🤷🏾‍♂️🤷🏾‍♂️🤷🏾‍♂️🤷🏾‍♂️🤷🏾‍♂️
Some new persons keyed in today !!!
While you were analyzing🤔🤔🤔🤔🤔🤔🤔

*Is this YOU?*

*👉I don’t have the money to sign up in this business platform*

*👉 getting downlines is my problem*

*👉when I have the money, I will get back to you*

*👉When I am ready, I will let you know*

*👉I am very busy.*

*👉I don’t have time.*

*👉I can’t make it.*

*👉I will not be given a chance.*

*👉I cant afford it.*

*👉 the truth is, things are very hard for me*

*PLEASE TELL ME WHEN ARE THINGS GOING TO BE EASY SIR/MA ?*
*So these people are so busy yet doing nothing really productive, perhaps they are confusing ACTIVITY for PRODUCTIVITY.*

*”Painful enough, many of these people do not even earn something tangible at the end of every very BUSY MONTH..when people are earning weekly here!!!!🥶🥶🥶🥶🥶🥶.*

*From research and sampling, I have found out that you will find these SYMPTOMS with a group of People who are PASSING OVER OPPORTUNITIES REPEATEDLY*

*They are the ones who always say*

” I KNOW ”
” I HAVE HEARD THAT BEFORE ”
” I WILL DO MY ANALYSIS ”
” I WILL THINK ABOUT IT
” I WILL LET YOU KNOW WHEN I AM READY”

*After 3 months when you see them again, they say*
*”I have not forgotten o……..”,*
*I have been very busy, I still have it in mind. 🙄”*

*After 6 months, they be like…*
*”Oh My God!… Why didn’t you tell me this is how it works, !*
*You should have forced me to join.*
*Now, I wish I started this back then”*

*The BIG question is -*
*What are you doing today to ensure you work less tomorrow and live a fulfilled life???….*

We are building a SYSTEM while we are also earning
SYSTEM….save yourself serious time energy and money

You can never work alone if the vision is huge
If you are working ALONE!! then the goal is small
The guys at the right side of the cashflow quadrant don’t EVER work alone they use
L….V…E…R….A…G…E

START NOW!!!!!

POSITION YOURSELF IN THE COVID-19 CHALLENGE.

How well are you following trend?

Oil price has dropped and that’s the new talk of the town.

Before you join the discussion kindly take some minute on the street of Google to read everything about the development and it’s implication on the Global economy.

I did this all through the night and what I was able to deduced is that only the big boys will survive this global pandemic ish.

The big boys are in two categories

Guys with stack up cash
Guys with dynamic skills

Guys with cash can easily diversified into other sectors such as Chinese are already dominating the Agricultural sector in Africa.

They have the capacity to buy out the guy with skills, manpower, upgraded tech, utilities and others.

All things work for good as guys with skills can easily find their way into all sectors with their varying ideas.

If you are not in this two category – I’m sorry to say, you are on your own.

The hard truth is that many people will become poorer while only the big boys will become so wealthy and powerful.

How well are you positioning yourself for this challenge?

Don’t be hit twice!
Do all your best to get the needed skills that will position you for the postcovid challenge.

I don’t have stack up cash is not the excuse… Upgrade your skills!

If you are wondering what to learn in the Agricultural sector kindly visit https://www.elprogramme.worpress.com for courses. Leave a comment on agriculture to get all our course, which is free at the moment.