E-Business
Nigerians Ignore Warnings, Stake N1.3Bn on Bitcoin Weekly
Nigerians have continued to invest in cryptocurrency, trading up to N1.38 billion across 13 local cryptocurrency exchanges in the country, despite warnings by regulators and legislators.
Leadership reported that analysts have urge government to embark on smart regulatory tactic in controlling the surge in the trend.
Emeka Okoye, software developer and chief architect at Cymantiks Nigeria Limited, who spoke with Leadership, urged the government and particularly the Central Bank of Nigeria (CBN) and the Nigeria Deposit and Insurance Corporation (NDIC) who have been at the forefront in the fight against cryptocurrency in the country to do a rethink on the way to regulate the use of cryptocurrency
Noting that cryptocurrency will not take the place of fiat money, he said the criticism against cryptocurrency will further fuel speculation and encourage its use by outlaws.
The International Monetary Fund (IMF) had last week urged governments to look into regulation of cryptocurrencies in the fight against money laundering and financing terrorism.
Many countries in recent times are coming up with stronger regulations for the trading of cryptocurrencies. Although the value of Bitcoin which is the most popular and most traded cryptocurrency has been down since December, 2017, interest in the currency is yet to wane in Nigeria.
Having seen the highest weekly trading average of N1.94 billion in mid-December last year, weekly average turnover had dropped to N1.299 billion at the end of December before rising to N1.817 billion in January.
As at February 12, 2018 which is the latest data on Coin.dance a global cryptocurrency tracking website weekly average of Bitcoin trading on the exchanges in Nigeria was at N1.389 billion. This is asides the investments of Nigerians in other cryptocurrencies such as Ethereum, Billioncoin amongst others.
Okoye while advising regulators in the country to adopt “smart regulation” rather than outright ban of cryptocurrency said “it is an attitude of allowing innovation to move forward and let regulation follow because at the end of the day it is about the consumers and not about the players.
“If they ban cryptocurrency, it means they are outlawing a tech tool and when you outlaw a tech tool, outlaws will use the tools and when they use them you have no control. People will have to live with the consequences.
“Right now we do $4.7 million dollars weekly and we are expecting more. Now we have more exchanges, by count we should have up to 13 crypto exchanges in Nigeria. If you really want to see its implication in Nigeria, think of MMM.
“MMM was a pointer that things are not alright. We cannot continue to regulate things. It is not going to work if we keep regulating things to work against the desires of the people. It should be about the people. When you talk of innovative product and services, we cannot use the same tactics we used in the old economy. This is a new economy. The power has gone to the consumer.
“The thing is regulators need to think very well before they start banning. First of all do they understand how it works? I can build a crypto exchange and it is not domiciled in Nigeria, they cannot regulate it. Secondly, do they understand that I also have a foreign card and they cannot control what I do with it?” Okoye queried.
He however noted that there was no way cryptocurrency will replace fiat money saying it will only complement its use and make it easier to move wealth around at convenience. He also noted that the current trend of speculation driving the value of cryptocurrency is a distraction from the real value.
“Speculation of cryptocurrency is a big distraction and it is turning the internet to be an internet of money rather than being an internet of value. This speculation has nothing to do with the value we can derive from it” he stated.
E-Business
Breaking Barriers: QNET’s Product Expo Opens Doors for Nigerian Entrepreneurs
QNET, a global lifestyle and wellness-focused direct-selling company, in partnership with Transblue Nigeria Ltd, hosted a successful Product Expo at Anchor Events Place, Ikeja, Lagos.
The event showcased QNET’s diverse product line, addressing misconceptions and empowering Nigerian entrepreneurs.
Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, emphasized the expo’s significance: “This is our opportunity to showcase our products, tackle misconceptions, and educate people about QNET’s direct-selling approach.”
QNET’s partnership with Transblue has yielded multiple workshops and exhibitions, promoting economic viability and youth empowerment.
Ajisafe highlighted the benefits: “QNET has contributed significantly to Nigeria’s tax revenue, and our programs teach entrepreneurship skills, enabling individuals to build their own businesses.”
Commander Mitchell Ofoyeju, Tincan Island Port Strategic Command, Lagos, praised QNET’s potential: “The product line is amazing, people-centric, and has great potential in Nigeria. It’s impressive, and I recommend it to young Nigerians.”
Ofoyeju emphasized QNET’s capacity-building opportunities: “This can generate wealth, increase productivity, and engage youth meaningfully, keeping them away from crime and illicit activities.”
The expo featured health products, luxury watches, jewelry, and educational materials, demonstrating QNET’s commitment to enhancing lives through innovative products.
As QNET continues to expand its presence in Nigeria, the partnership with Transblue is poised to empower entrepreneurs, promote economic growth, and foster a positive impact on Nigerian youth.
E-Business
ALX Nigeria Champions Innovation and Growth at Akwa Ibom Tech Expo and Ogun Digital Summit
ALX, Africa’s leading tech accelerator, recently demonstrated its commitment to tech skills acquisition and fostering inclusive growth across Nigeria by participating in two significant industry events: the Akwa Ibom Tech Week and the Ogun Digital Summit.
Ruby Igwe, Country General Manager for ALX Nigeria, attended the Akwa Ibom Tech Expo, where she participated in a panel session discussing the topic ‘Leveraging Innovation for Inclusive Growth’.
She emphasised the critical role of building an inclusive community encouraging freedom and innovation through tech skills empowerment.
“ALX is an organisation focused on development, providing opportunities for the millions of African and Nigerian youths that make up our community. We recognise the uniqueness of each member of our community and encourage them to be themselves.”
Ruby stated. “When we think about innovation we encourage our community members to come from a problem-solving approach. Focusing on the problem and interrogating it with the right data will only lead to coming up with the right solution.”
Nkechi Belinda Idinmachi, Fellowship Specialist at ALX Nigeria, spoke at the event and highlighted the global talent shortage driven by widespread digital transformation across organizations.
“There is a massive shortage of talent globally with a projected spike of 83 million by 2023. ALX is on a mission to create more opportunities for young Africans, and to date, we have trained over 200,000 young people across Africa. We have mastered training at scale with our infrastructure.” She stated.
Following the Akwa Ibom Tech Week, ALX also had a notable presence at the Ogun Digital Summit, which brought together innovators, industry leaders, and tech enthusiasts from across the country.
At both events, participants had the opportunity to engage with the award-winning tech career accelerator and learn about the world-class offerings available within the ALX ecosystem.
From state-of-the-art tech hubs to a vibrant community, and world-class tech programmes, ALX continues to reaffirm its commitment to nurturing the next generation of African leaders.
E-Business
QNET’s Amezcua Workshop in Lagos: A Glimpse into Wellness & Innovation
QNET, a global lifestyle and wellness-focused direct-selling company, in collaboration with its Nigerian partner Transblue Limited, hosted the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.
Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa, who delivered an insightful speech highlighting the company’s commitment to enhancing lives through innovative products.
In his address, Fall emphasized QNET’s dedication to ethical and legal standards, noting that the company has been operating in Nigeria for the past two years through various channels across over 25 countries.
He highlighted QNET’s unique business model, which combines direct selling with an e-commerce platform, enabling the company to serve a diverse customer base and provide entrepreneurial opportunities for financial independence.
“The global direct-selling industry is highly competitive, valued at approximately $167.7 billion in 2023 and projected to reach $204.9 billion by 2032,” Fall stated.
“These significant figures act as a catalyst for growth in Nigeria’s direct-selling market, which is expected to expand considerably, thereby supporting the country’s economic development.”
Fall also shared that several of QNET’s products, including EDG3, Prospark toothpaste, and Physioradiance face serum, have been certified by NAFDAC in Nigeria.
He reflected on last year’s product workshop in Lagos, which featured experts like Dr. Shafi Shaik and Professor Abiodun Adebayo, and set the stage for a successful product expo.
The workshop focused on the Amezcua line, including the Amezcua Chi-Pendant 4 and the Bio-Disc 3, designed to harmonize and energize the body.
Fall also discussed the Amezcua E-Guard X, which offers protection from electronic radiation.
Before concluding, Fall announced QNET’s second Product Expo in Lagos, scheduled to start on November 16th, 2024, at the Anchor Events Place in Ikeja.
The expo will showcase QNET’s lifestyle and wellness products and provide insights into the company’s business model and commitment to quality.
“We are dedicated to being a leading global lifestyle and wellness-focused direct-selling organization and look forward to welcoming our media partners to the event,” Fall concluded.
Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, also spoke at the event, emphasizing the importance of the partnership in connecting Nigerians to QNET’s global network and empowering the youth.
He highlighted QNET’s “Say No” campaign launched in November 2023 to raise awareness about the dangers of fraudulent job offers used by scammers to lure victims into human trafficking in Nigeria, Senegal, and Burkina Faso.
This ongoing campaign underscores the urgent need to protect youth from falling prey to unscrupulous individuals and organizations.
Ajisafe noted that QNET has collaborated with government agencies like the Nigerian State Consumer Protection Agency on Consumer Rights Day to eradicate harmful market practices and champion fairness and accountability.
He also mentioned QNET’s participation in the Training Program for Nigerian Youth, a partnership with the Federal Ministry of Labour and Employment, aimed at equipping young individuals with essential skills and knowledge to safely navigate the job market.
Ajisafe highlighted QNET’s impressive efforts to implement youth empowerment initiatives in Nigeria, including the Signature of Financial Literacy Program, which has equipped over 1,350 youths with employability and entrepreneurial skills to achieve financial independence.
These initiatives reflect QNET’s commitment to debunking misconceptions about the company in Nigeria, promoting transparency, and fostering innovation among youths through education and training.
Bernhard Gaksch, QNET’s Category Manager and Global Trainer, highlighted the importance of wellness solutions in today’s tech-driven world.
“Every electronic device, from smartphones to smart TVs, emits electromagnetic fields, which research suggests may contribute to issues like headaches, fatigue, and other serious health problems,” he explained.
QNET’s response includes products inspired by nature and backed by advanced science. Among them is the Bio-Disc 3, which restores water’s natural molecular structure, improving hydration, detoxification, and immune function.
“The best water comes from a stream, but as it travels, it loses energy. The Bio-Disc revitalizes this energy,” Gaksch stated, adding that its benefits extend to plants, pets, and food.
Complementing the Bio-Light 3, which uses sequenced light technology to accelerate healing, targeting chronic inflammation, muscle pain, and migraines. Gaksch noted its effectiveness in promoting faster recovery and nerve repair.
To combat harmful EMFs, QNET introduced the Chi-Pendant 4 and Amezcua eGuard X, which protect against 5G radiation and other electronic emissions.
The Chi-Pendant preserves the body’s natural biofield, shielding users from stress and fatigue, while the eGuard X transforms harmful EMFs into beneficial frequencies, creating a safer environment. “It’s like protecting yourself from tobacco, but for the wireless age,” Gaksch remarked.
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