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Trike-tor Inventor Pulls N6m Investment on Dragons Den

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Femi Odeleye, the last entrepreneur on episode 9 of Dragon’s Den came seeking 6 million naira to invest in the manufacture and assembly of the Trike-tor, in exchange for 20% equity.

The money was essentially intended to be used as the capital to facilitate the grant of a bank loan of 54 million naira and he assured the dragons that it would be returned intact in a situation where he is not granted the 54 million naira loan by the bank.

He was able to further convince the dragons of the viability of his business, by the fact that he had also succeeded in securing a patent for the product and the patent covers the design and concept behind taking a motorcycle and converting same into a three-wheeler tractor. The fact that he already had a patent for this design was an added incentive, which drastically reduced the risk of copycats replicating his technology once the product hit the market.

The dragons all indicated interest in the business and before long, negotiations had begun. They collectively demanded for 49% equity since Awosika had observed that it would be prudent to let the entrepreneur own the controlling equity in this business. They advised Odeleye to consult with a partner or his business advisor before making up his mind to accept or reject their offer and he did so, returning to announce his acceptance.

He was grateful for having the dragons on board his business and was even more satisfied with the deal because he had controlling equity in it.

This entrepreneur incidentally, will go down in the history of Dragons Den Nigeria as the first inventor to have slain five dragons with one idea – the Trike-tor, a three-wheeler tractor. Sure the farmers who have found it difficult to afford the conventional tractors, will definitely embrace the Trike-tor as cost-effective and easy-to-maintain machinery that will generate more profits for less running cost.

Also on this episode, we saw Timothy Adeusi, a photographer who came in search of 4 million, 270 thousand naira in exchange for 20% equity to move his digital photography business forward. But he failed to convince the dragons that he had a viable unique selling point or any particular trait that would stand him out as special in the sea of digital photographers.

Olugbenga Ogbamola, another entrepreneur came to pitch Tombstones.com – an online gallery where the bereaved could immortalize the memories of their lost loved ones in virtual reality while they could also pre-order their personal virtual tombstones which will be activated the moment they die. He asked for 2 million naira in exchange for 40% equity in this virtual cemetery. But the dragons considered his idea too morbid to inspire investment and all opted out.

Four other pitchers however, had visited the den seeking various investments without been able to convince the dragons to part with their money.


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OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

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Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.

OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.

Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.

The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.

The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.

“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.

“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.

“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.

“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.

“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.

“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.

The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.

He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.

Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.

 

 


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FCCPC to Review Multichoice’s Tariff Hike

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Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.

FCCPC to Review Multichoice’s Tariff Hike

Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.

Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.

The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.

The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.

“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”

But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.

He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.

 


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NCC Seeks Media Collaboration on Copyright Infringement

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The Nigerian Copyright Commission (NCC) has called for effective collaboration with the media in the country towards tackling the menace of copyright infringements.

The Director-General of the commission, Dr. John Asein, who made the call at a media parley in Ibadan, said while the commission has the power to arrest and prosecute people involved in copyright infringements, it still needs the support of journalists to achieve its aims, maintaining that copyright infringements have negative impact on authors and the society as a whole.

He said: “We need your support to stamp out copyright infringements. This means we all have responsibility.

“We have the power to search, arrest and prosecute. But, we rely on police, NSCDC and other security agencies so as to get it done. We have a good working relationship with the security agencies. The problem of enforcement is real.”

The Executive Secretary, Nigerian Publishers Association (NPA), Mr. Emmanuel Abimbola, in his contributions, urged governors of Southwest states to reduce fees charged on book review for publishers, stating that this will reduce cost of books in the markets which has become a burden to most parents in the country.

He insisted that fees charged on book review by government agencies particularly in the region is becoming exorbitant.

According to him, an official of one of the states once said that the exorbitant fee charged was a means of generating revenue which should not be so because education must be seen as a social service.

He said: “We don’t really have much problem with the government of other region because some of them only charge flat rate for the book review which we publishers are ready to cope with.

“However, we are calling on the government of states in the Southwest to stop the exorbitant fee, it is becoming too much, a situation whereby we are asked to pay N10,000 or N12,000 per book title, by the time you calculated it, it will be going to N2 to N3 million.


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