The Securities and Exchange Commission (SEC) has unveiled fresh regulations governing the issuance and allotment of securities by private companies. According to the new rules, any individual who issues or allocates securities without prior approval from the SEC, or breaches any of its regulations, will face penalties starting at N10 million initially, with an additional daily penalty of N100,000 for each ongoing violation.

These regulations, outlined in the proposed guidelines by the SEC, encompass various aspects including debt securities offerings by private companies through public offers, private placements, or other approved methods. The rules also extend to registered exchanges and platforms facilitating trading, price discovery, or acting as information repositories for debt securities issued by private entities.

In addition to monetary penalties, the SEC has outlined stringent consequences for violators, including suspension or withdrawal of registration for involved capital market operators, disgorgement of transaction proceeds, and the authority to ratify or rescind transactions in the public interest.

Private companies seeking to issue securities under these regulations must be duly incorporated under applicable laws, with a minimum operational track record of three years. The regulations cap the maximum amount a private company can raise within a year at N15 billion. Companies wishing to undertake further debt securities issuances would need to re-register as public companies.

Furthermore, private companies are required to list their securities on a registered exchange within 30 days of completing allotment. The regulations mandate issuing houses to file a summary report with the SEC within 21 working days of allotment, containing post-allotment information, details of applicants and allottees, and reasons for any rejections.

For private companies with existing debt securities held by qualified investors, there's a three-month window to apply for registration of these securities with the commission through securities exchanges, as per the proposed rules.

A Nigerian investigative journalist has spent more than a week in police detention without being brought to court for allegedly violating the country's cybercrime laws, his employer said, in a case that has sparked criticism from media rights groups.

Under Nigerian law, suspects must be brought to court within 48 hours after arrest or be released.

Nigeria's Foundation for Investigative Journalism (FIJ) said its reporter, Daniel Ojukwu, went missing on May 1, but it was only informed two days later that he had been detained by police under the cybercrime law.

FIJ said Ojukwu's arrest was related to a November story that exposed government corruption.

Nigerian national police spokesperson Muyiwa Adejobi did not respond to several calls and messages on his phone.

Adejobi told reporters on Sunday that Ojukwu was arrested by the Nigeria Police National Cybercrime Centre based on a petition filed against him.

"The Nigerian Police Force has veered off course from its duty to uphold law and order to become an oppressive tool in stifling dissent and independent journalism," a statement by a group of 33 civil society organisations said this week.

The Committee to Protect Journalists demanded Ojukwu be released "promptly and unconditionally," adding that at least 25 Nigerian journalists had been charged under the cybercrime law since it was passed in 2015. Activists and pressure groups say the law is used by the government to silence journalism.

The 2024 World Press Freedom Index ranks Nigeria 112th out of 180 countries.

Reuters

Netanyahu on US threat to withhold arms: Israel will fight with its 'fingernails' if needed

Prime Minister Benjamin Netanyahu said Thursday that a U.S. threat to withhold some arms would not prevent Israel from continuing its offensive in Gaza, indicating it might proceed with an invasion of the packed city of Rafah against the wishes of its closest ally.

President Joe Biden has urged Israel not to go ahead with such an operation over fears it would exacerbate the humanitarian catastrophein the Palestinian enclave. On Wednesday, he said the United States would not provide offensive weapons for a Rafah offensive, raising pressure on Netanyahu.

But in a statement released Thursday, Netanyahu said “if we have to stand alone, we will stand alone. If we need to, we will fight with our fingernails. But we have much more than fingernails.”

Israel’s top military spokesman, Daniel Hagari, also appeared to downplay the practical impact of any arms holdup. “The army has munitions for the missions it plans, and for the missions in Rafah, too -- we have what we need,” he said in response to a question at a news conference.

Israel has repeatedly threatened to invade Rafah, where some 1.3 million Palestinians — over half the population — have sought refuge. The city in southern Gaza is also the main hub for humanitarian operations, which have been severely hindered by the closure of Gaza’s two main crossingsthis week.

Israel says Rafah is the last stronghold of Hamas and that the army must go in if it hopes to dismantle the group and return scores of hostages captured in the Oct. 7 attack that triggered the war.

In an earlier response to Biden’s decision, Israel’s far-right National Security Minister Itamar Ben-Gvir wrote a post on the platform X with a heart emoji between the words “Hamas” and “Biden.” He and other ultra-nationalist members of Netanyahu’s coalition support a large-scale Rafah operation and have threatened to bring down his government if it doesn’t happen.

Aid groups say a Rafah invasion would be catastrophic. The U.N. says most of the territory’s 2.3 million Palestinians suffer from hunger and that northern Gaza is already experiencing “full-blown famine.”

Even the limited operation Israel launched earlier this week, in which a tank brigade captured the Gaza side of the Rafah border crossing with Egypt, has thrown humanitarian operations into crisis.

It also complicated what had been months of efforts by the U.S., Qatar and Egypt to broker a cease-fire and the release of hostages. Hamas this week said it had accepted an Egyptian-Qatari cease-fire proposal, but Israel says the plan does not meet its “core” demands. Several days of follow-up talks appeared to end inconclusively on Thursday.

Some analysts said Biden’s tough line against Israel, and the rift between the allies, threatened to weaken Israel’s negotiating position and harden Hamas’stances. Hamas has demanded guarantees for an end to the war and a full Israeli withdrawal from Gaza as part of any deal — steps Israel has ruled out.

“It sends a discordant message at a time when Hamas is holding out on a hostage deal in the hopes that pressure will grow on Israel and it will gain a cease-fire without having to give anything in return,” said the Israel Policy Forum, a pro-Israel organization based in New York.

The war began with Hamas’ surprise attack into southern Israel, in which it killed some 1,200 people, mostly civilians, and took another 250 hostage. The militants are still holding some 100 captives and the remains of more than 30 after most of the rest were released during a cease-fire last year.

The war has killed over 34,800 Palestinians, according to the Gaza Health Ministry. Israel’s offensive, waged with U.S.-supplied munitions, has caused widespread devastation and forced some 80% of Gaza’s population to flee their homes.

Israel’s capture of the Rafah crossing Tuesday forced the closure of a key entry point for fuel, and it’s unclear when it will reopen. The U.N. agency for Palestinian refugees, known as UNRWA, said it only has enough stocks to maintain operations for a few days and has started rationing.

Israel reopened its side of the nearby Kerem Shalom crossing — Gaza’s main cargo terminal — after a rocket attack over the weekend, but UNRWA, the main provider of aid in Gaza, says aid cannot be brought in on the Palestinian side because of the security situation.

A recently reopened route in the north is still functioning, but only 60 trucks entered on Tuesday, far below the 500 that entered Gaza each day before the war.

The first aid ship bound for an American-built floating pier to be installed in Gaza departed early Thursday. But it’s unclear when that corridor will be up and running, and even then it won’t be able to handle as much aid as Gaza’s two main land crossings.

Pete Nguyen, a Pentagon spokesman, said Thursday that parts of the pier are still in the Israeli port of Ashdod awaiting more favorable seas before being moved into position off Gaza. He said the U.S. vessel Sagamore, which left Cyprus, would transport aid to another ship, the Roy P. Benavidez, which is off the coast of Gaza.

“In the coming days, the U.S. will commence an international community-backed effort to expand the delivery of humanitarian assistance to the people of Gaza using a floating pier,” he said.

AP

RUSSIAN PERSPECTIVE

Russia knows how to deal with Ukrainian drones — Putin

Ukrainian drones "fly like flies over the heads" of the fighters in the special military operation, but Russia knows how to deal with it, Russian President Vladimir Putin said during a meeting with military on May 7, following the inauguration ceremony. The video was released on May 9 by the Kremlin press service.

"We know how difficult it is for our fighters, who are faced with the fact that enemy drones are flying overhead like flies, we all know this. We are working on this, and I am sure we will see results," Putin said.

The Russian leader noted that those tasks that until recently were solved exclusively with the help of aviation systems are now being solved with small means, but with great effect.

The Russian people show their best qualities in difficult moments, their courage and heroism, which is confirmed by the special military operation, Russian President Vladimir Putin said.

"When such difficult, key moments come, the Russian people show their best qualities - courage and heroism, regardless of their age. It’s in our blood," Putin said.

He noted that he considers it important to have a frank conversation with the military so that tasks on the battlefield during Russia’s special military operation are solved with minimal losses.

"I really look forward to such a frank conversation about what and how we are doing on the battlefield, what else needs to be done so that the actions of our combat units are even more successful, so that tasks are solved with minimal losses and so that we achieve all the tasks given to us by our Motherland," Putin said.

Putin believes that on the battlefield Russia needs to be one step ahead in terms of high technology, he added.

"To be successful, we need to be one step ahead in high technology," the president said.

Putin added that Russian engineers and scientists work virtually around the clock so that the military personnel of the Russian Armed Forces can stay ahead of the enemy. This is one of the main conditions for achieving victory, he added.

"Our developers, scientists, and engineers also work around the clock to stay ahead of the enemy. I would like to repeat - we are generally successful. This is one of the main conditions for ensuring our overall success and victory," he said.

At the same time, Russia manages to obtain dual-use and civilian developments on the international market, which can also be used for combat operations, Putin said.

The key condition for Russia's development is success in a special military operation, Russian President Vladimir Putin believes.

"We have every opportunity - absolutely every opportunity - to ensure that all our tasks are fully realized. But only under one condition - subject to your successful work on the battlefield.

"This is the key condition today," he added.

The Western community, which works for Ukraine, wants to see Russia as a "weak link", Putin added. "The enemy has enough modern means, because the entire Western community is working for our enemy. It dreams about Russia no longer existing in its current form," he said.

At the same time, the president is certain that Russia will win the special military operation, with Russian soldiers' courage and heroism serving as its fundamental conditions. "We are aware of instances of courage and heroism," he said, adding, "This is absolutely crucial, this is one of the key prerequisites for our triumph, and I have no doubt about it.".

Russia will continue its mutually beneficial partnership with all countries that share the values of freedom and justice and stands for equal and indivisible security, Russian President Vladimir Putin said.

"I would like to emphasize - Russia will continue to develop a mutually beneficial partnership and friendship with everyone who shares the values of freedom and justice, advocates strict compliance with international law and a comprehensive, equal, and indivisible security system," Putin said.

He emphasized that this is a duty to everyone who went through the terrible trials of World War II.

In this difficult period for Russia, its fate depends on everyone, so we need to look up to the generation of victors in the Great Patriotic War, Russian President Vladimir Putin said at the Victory Parade.

"Russia is now going through a difficult, milestone period, the fate of the Motherland, its future depends on each of us," he said.

"Today, on Victory Day, we realize this even more acutely and clearly and invariably look up to the generation of victors - brave, noble, and wise, for their ability to cherish friendship and persevere in the face of adversity, for their confidence in themselves and their country, and for their sincere and unselfish love for their Motherland," Putin emphasized.

He added that Russia rejects the claims of any states and alliances to exclusivity. "We reject the claims of any state or alliance to exclusivity. We know what such ambitions lead to," he said.

WESTERN PERSPECTIVE

Zelenskiy replaces special operations chief for second time in six months

Ukrainian President Volodymyr Zelenskiy replaced the commander of his special forces on Thursday, the second time in half a year that he has changed the head of the unit which operates in Moscow-occupied territories.

The dismissal of Colonel Serhiy Lupanchuk and appointment of Brigadier General Oleksandr Trepak in his place was announced in two decrees on the president's website that provided no explanation for the move.

Since 2014, Trepak has been actively participating in defence operations in east Ukraine against Russian-backed separatists. He was engaged in leading the push to repel the Russian assault on Donetsk airport, one of the biggest operations back then.

The Ukrainian military's chain of command has been changed at different levels since February when Zelenskiy replaced his top commander, Valeriy Zaluzhnyi, with then-ground forces commander Oleksandr Syrskyi in a major shake up.

At the time, Zelenskiy said a new military leadership was taking control of the armed forces and promised to "reboot" the system by bringing in experienced commanders who understood the daily needs of the troops.

The shakeup came at an uncertain time for Ukraine with Russian troops beginning to advance in the east, taking advantage of shortages of Ukrainian manpower at the front as well as dwindling stocks of artillery shells.

In a separate decree on Thursday, Zelenskiy also reappointed Dmytro Hereha as commander of the army's support forces, a post he was dismissed from without any explanation in March.

Lupanchuk was appointed to lead the special forces last November following the sudden dismissal of his predecessor Viktor Horenko.

Horenko's dismissal was seen at the time as a sign of a growing rift between Zelenskiy and his then top commander who was fired months later.

The special forces do not have a public profile, but are thought to have been involved in Ukraine's most ambitious operations in Russian-held areas and in particular the peninsula of Crimea.

Tass/Reuters

Alayeluwa Oba Sikiru Kayode Adetona, Ogbagba Agbotewole ll, the Awujale and Paramount Ruler of Ijebuland is not an ordinary man. He is not an ordinary mortal. And he has refused, like Prince of Aragon in Shakespeare’s Merchant of Venice, to ‘choose what many men desire and be ranked with barbarous multitudes!’ 

Right from that blessed day on April 2, 1960, the six-footer 26-year old newly crowned Oba made it clear in non-verbal communication, to the kingmakers, all of them his father’s age, that he would like to be ruled by his mind rather than by public applause. He would accord maximum respect as an Omoluwabi to their counsel and guidance but would never be tele-guided to take actions against truth, equity, justice and most importantly his conscience and God’s injunctions.

I remember that day in late March 1960 when students from all the 19 colleges in Ijebuland at that time were selected and led by their principals to Ipebi where the youngish King, proud son of Pa Rufai Adetona Adeleke and Madam Ajibabi Adetona [nee Onashile] was being prepared for crowning. It was to showcase the rites and rituals apropos the making of a king in Yoruba land. I was in that select-few from Ago-Iwoye Secondary School, the best secondary school in the world. We saw the tantalizingly handsome man whose face lightened the room like the full moon.

Right from that day when the crown was placed on his annointed head, the transformation from being a graduate of Olu-Iwa College Ijebu-Ode and final year undergraduate Accountancy student of a prestigious university in the UK had begun. The new Awujale had his vision of what he wanted to be, the kind of Oba he wanted to be, and the genuineness and sincerity of purpose he wished to show his subjects. He knew the new direction he was going to lead his people and had all his plans pencilled down in his heart.

What must have been paramount in his mind was continued economic prosperity of his people. The Ijebu had always been known for their business acumen and commercial wizardry. The word Ijebu was synonymous with Money. And it has forever remained so. He aspired to build on the economic glory of his people. As an accountant he knew how to place the figures. 

His second priority was to bring all the citizens of all the towns and villages of Ijebuland together and imbibe the broom philosophy in them. ‘Work together as a team, and you will never fail or falter’ that was his mantra and he worked assiduously to translate the wish into action and positive reality. 

His third priority was ethical reorientation. It is perhaps this third leg of his vision and mission that eventually brought out the uniqueness of his character and the rock on which his consequential crowning as Orisa was built. ‘No matter what; your word must remain your bond’ is one of the cardinals of Oba Sikiru Adetona’s guiding principles. 

Leaders of men usually emerge during troubled times. In critical situations when crucial decisions are needed to be made and full-proof strategic actions were to follow such are the moments the men of valour, men of courage, men of integrity and men of wisdom emerge like a meteor. It has been such moments in Nigeria’s chequered history that brought Adetona to national consciousness and national reckon and distinguished relevance.

Adetona became widely known for his forthrightness, his courage under fire, and his inimitable boldness, fearlessness and outspokenness. True to the name of his Ruling House, Anikinaiya/Anikilaya. He never gave a damn! And till date, he says it as it is. Adetona doesn’t associate colour grey with colour black. To him, grey is grey and black is black. No ‘amulumala’ as the Yoruba would say.

It is Alayeluwa Adetona’s unalloyed principle that a man must know when to say ‘NO’. All successful people in life, men and women, have been those individuals who have mastered the art of saying NO when No it should be. ‘Yes’ men and ‘Yes’ women never go far in life. Whoever chooses to live all his or her life pleasing others, not wanting to offend, will never be happy with themselves in the long run and even those being pleased will consider the yes-man a fool. That is the way of the world. Ebenezer Obey Fabiyi, the philosopher musician and song-writer says so. ‘Ko s’ogbon to le da, ko si’wa t’o le hu’ however much you strive you cannot please everybody.

Posterity will write Adetona’s name in gold whenever the matter of late General Oladipupo Diya’s unmitigated humiliation by General Sani Abacha is mentioned. When at that critical junction when valour and courage was needed after Abacha had shown clips of Diya’s humiliation to the assemblage of Nigerian Kings, when all the kings lost their voices, the irrepressible Adetona looked straight into Abacha’s goggled face and said ‘We have seen the clip [hen-hen? And so what?] Remember Diya is my son. Ijebu son.’

All Nigeria’s political leaders, from across the country, besieged the Awujale palace when they needed a strong voice, a dependable voice, a trusted voice to lead them out of the woods preparatory to ending military stranglehold on Nigeria’s political space..and life. Awujale’s role in restoring democracy to Nigeria in 1998/1999 was monumental. Those who knew, knew.

Awujale instituted several economic programmes and projects for his Ijebu country under the intellectual direction of the likes of Adebayo Adedeji, Victor Oyenuga and Akin Mabogunje to mention a few. And those projects thrived and the Ijebu at all levels benefitted hugely.

In 1985 and in fulfilment of his vision and mission of uniting all the towns and villages of Ijebuland, he appointed and installed traditional/honourary chiefs, 25 in all, from all corners and crannies of Ijebuland, including Ikorodu and Epe, to mark his 25th year on the throne. I consider myself lucky and privileged to be among the 25 as Akogun1 of Ijebuland.

Adetona galvanized the entire Ijebu citizenry through revitalisation and reinvigoration of the Age Grades system known as Regberegbe, got a mini Stadium built through communal efforts, and turned the age-long annual  Ojude-Oba festival into a nonpareil Cultural activity and Tourism carnival, easily the best in Nigeria and most-talked-about-cultural event globally.

During Adetona’s long and eventful reign, Ijebuland has enjoyed phenomenal growth in all spheres of human endeavour, exemplified by many educational institutions including the largest number of universities per population in Nigeria. 

The King himself, dynamic, authoritative and magisterial has proved to be the real Kabio’osi Alase Ekeji Orisa, the unquestionable, second to the gods. 

To us in Ijebuland, we have elevated His Royal Majesty to the pantheon of gods.

He is ORISA-IJEBU and we all hail him as he majestically joins the prestigious Nonagenarian Club today May 10, 2024.

** Tola Adeniyi, Akogun l of Ijebuland and Jagun Oodua Adimula ll of Ile-Ife.

There are probably more books on how to sell everything than there is sand by the seashore. I have read a few myself and might say that when it comes to selling, even though what you have read might help, nothing teaches like what you learn by doing it. 

For some, selling feels natural. I cannot remember how many times I have bought stuff that I really didn’t need because the seller made me feel like they were offering the moon on a stick. Good for those who have such skills but when it comes to selling, I’m far from a natural. I overthink, over-analyse and take failure to deliver rather personal – all perfect signs of a poor salesman.

Even after giving it my best shot, I linger on the matter, beating myself over the head about how I might have done better. That was probably why my first book, The trial of Nuhu Ribadu: A riveting story of Nigeria’s anti-Corruption war was not a commercial success, even though I closed it believing that recording that important phase of Nigeria’s life was more important than commercial success.

When I set out to write my second book, however, a couple of things had changed. Not the textbook principles of selling such as – place, product, promotions, price or physical presence. Sixteen years ago, when that first book was released, the Internet and social media were in their infancy. That has changed. 

Thinking of writing?

And just as important, I cannot be thinking of writing a book about monetising content, without thinking about how the book will reward my effort, and of course, also inspire young writers. If that was ever going to happen, I needed to be intentional – and even if I fail, fail intentionally. 

Being intentional meant digging a bit more beforehand to find the best combination of theory and practice. Given that social media was going to play a vital role in the effort, a digital migrant like me also needed to immerse a bit more in the cauldron where for many years I was more than happy to have just one toe in.

A group of closet experts – Adeyeye Joseph, Freeman Oloruntoba, Emeke Ishiekwene, Wilson Onwuka, Sam Ossai and Ololade Bamidele – prepped me for weeks on the perils and promises of riding a digital highway riddled with avatars and the armours I must always remember. On this road, it’s not enough to look left, right and left again, as your mother taught you. Timing, form, medium and message are just as important. Plus remembering all the time that the vocabulary in your standard English dictionary may have gone stale!

KK’s fan base rule 

I must also share something from an article by Kevin Kelly updated in Tim Ferriss’ book, Tools of Titans. Kelly’s principle of 1,000 true fans says that a true fan is someone who will buy anything and everything you produce. This rule of true fans says that to be a successful creator, you don’t need millions. Not millions of dollars or millions of clients or millions of customers.

If you’re happy to make a living, and not a fortune, you need just 1k true fans who will climb any mountain, cross any river, and jump any hurdle to buy a minimum quantity of what you have produced over a period of time. With the over 3k contacts on my phone, I had to decide who among them could be superfans. 

King’s exceptionalism 

But a part of me also kept going to Stephen King. I don’t know what it was, whether it was genius or serendipity. But when he made his break there was neither Facebook nor X. There was no Instagram or LinkedIn. He was, quite frankly, an unknown; a man of promise and a good husband no doubt, but nevertheless an unknown part-time teacher and writer, hoping for a break someday. He didn’t have a community outside his family of his wife and three children, never mind a fanbase of 1k.

And then he produced Carrie, a book he totally didn’t expect much from when he mailed the manuscript to Doubleday, his publisher, that later passed the paperback rights to Signet Books. He was in his kitchen one day, long after the manuscript had been sent when he got a call from Doubleday that nearly knocked him off his chair. The book, which he would have been delirious to get only $30k from, had just fetched him $400k!

Genius or luck? 

Don’t ask me what that was. Genius, serendipity or a good mix of both. But there you have it! No true fans, no social media, no promotions. Yet, boom! It happened.

You’re right. You don’t get a King every time. And so, I took my fate in my own hands hoping to put into play in the sale of Writing for Media and Monetising It, everything I have learnt about selling, from selling charcoal for my mother many years ago to selling newspapers for the past over 35 years I’ve been a journalist.

My experience in the past three weeks since Premium Times Books released my book has been funny, thrilling, with not a few surprises – and yet these are early days. Last week, I shared the concerns of one of the journalism’s icons and publisher of Vanguard, Sam Amuka, fondly called Uncle Sam, about how to get people to read the book. 

Not an easy one but I’m hoping that sharing how folks can be rewarded – in a clear, relatable way – while they’re doing what they enjoy doing, might interest more than a few regular folks enough to read. I hope I’m right.

My ‘fan-mail’ 

If social media feedback were convertible – and there have been quite a number of heartfelt ones – then King might well be prepared for a good chase. Are you laughing, as I suspect?

But seriously, there have also been a few rather curious feedback. One follower – I’m not sure whether to classify him as super, lightweight or just a passerby – sent a message congratulating me profusely for the book. I was naturally hoping the next thing he would ask was how or where he would buy a copy, to which I would have directed him to: www.azu.media. But no. He simply said, “Great one, Azu. Send me a copy!”

That put me on the spot, but not for long. After mulling how to respond, I said, “Thank you, Sir.” To which he responded with the meme of hands clasped in prayer. End of story!

Another one was more social. Amidst a video thread of greetings and wishes for commercial success, this follower simply said, “My own na you look good…brains plus charms…hmm.” To which I responded with the meme of hands clasped in prayers. Or what?

I know it’s still a long road to June 26 when the book will be publicly presented, but with followers like Brains Plus Charms, you’d better not rule out a Carrie story. Writing for Media and Monetising It, may not be a work of fiction like King’s Carrie, but it was invested with no less heart, passion and planning. The rest, perhaps, is a matter of luck!

** Ishiekwene is Editor-In-Chief of LEADERSHIP

I recently returned from teaching a class of executive education students at Harvard. Most of the business leaders enrolled in this particular class were accomplished real-estate and property developers from around the world.

Builders are always sharpening their communication skills because nothing gets built until investors, city leaders, and local citizens buy into a developer's vision. So, to be convincing, developers constantly refine their plans and pitches to 'resonate with stakeholders.'

Regardless of your field, if your messagedoesn't resonate with your audience, you stand little chance of gaining their support. The only question that really matters to them is:

"Why should I care?" 

I learned to answer this question on my first day of graduate school in journalism. A good reporter sits down at the keyboard and, before typing a word, asks, "Why should my reader care?"

I coach CEOs and entrepreneurs to ask themselves the same question before creating a pitch or PowerPoint presentation. Sometimes, I have to deliver the hard truth--nobody cares about your product or market share. They only care about how your product, service, or idea improves their lives.

What your audience cares about falls into one of five categories.

1. Making money

Money is a big motivator, of course. But it helps to know the number that will grab a person's attention.

For example, professional investors like venture capitalists want to know if the potential market for your idea will provide a significant enough return to make it worth their commitment. Do your research and come armed with specific (and realistic) numbers.

2. Saving money and time

If your idea saves money or time, once again, be specific. Giving someone time back is more valuable than you might think.

I once met with executives at one of the world's largest tech companies. We were discussing how to market a new computer server. The engineers who built it were focused on its speed and storage. 

But when I asked how the product would improve the lives of their buyers (in this case, IT managers), nobody brought up technical specs. Instead, they said buyers want to save time upgrading and maintaining systems.

Their pitch worked better when they started with the value proposition: "our new class of servers will save you twenty hours a week, which you can use to catch your kids' soccer games."

3. Leaving a legacy

What if your customer isn't interested in making more money? I once spoke to the executive assistant to a billionaire who founded a company that's a household word. 

She said he gets pitched on new business ideas nearly every day. But the one thing entrepreneurs did wrong was assume her boss wanted to make more money.

This billionaire was focused on philanthropy and funded organizations that would extend the legacy he wanted to leave. He was motivated to make the world a better place, not make another buck.

4. Fulfilling their purpose

Many employee surveys reach the same conclusion--younger generations want to work for a company that aligns with their values. They're looking for purposeful and meaningful work. 

A recruiter who knows her audience might spend less time on the free food the company offers and more time on how the job candidate will be inspired by the company's mission.

5. Finding personal satisfaction

People are also increasingly motivated by things that make their lives easier: flex time, remote work arrangements, and opportunities to better their communities.

As you might guess by now, knowing your audience means listening to them--really listening to them. Do your research, study your audience, and you'll win them over.

Inc

The Labour Party (LP), the Peoples Democratic Party (PDP) caucus in the House of Representatives, and the Pan-Yoruba socio-political organization, Afenifere, have raised concerns about the Lagos-Calabar Coastal Highway project. This comes as Works Minister, David Umahi, engages in a verbal spat with former Vice President, Atiku Abubakar, over the project.

The LP called for transparency from President Bola Tinubu and the ruling All Progressives Congress (APC) regarding the motives behind the project. Afenifere urged a halt and review of the project to ensure adherence to due process.

Umahi accused Atiku of promoting politically motivated falsehoods to discredit the procurement process for the project. He dismissed Atiku's criticisms as hypocritical and politically driven.

According to Umahi's spokesperson, Orji Uchenna Orji, Atiku's claims regarding the project's award, cost, and choice of contractor are baseless and politically motivated. He defended the procurement process, stating that it complied with all legal requirements and was awarded transparently.

The LP demanded explanations from the APC-led administration regarding allegations of impropriety surrounding the project. PDP criticized what it called lies propagated by the APC government to promote the project, expressing suspicion over its design and cost.

Afenifere called for a halt to the project, citing concerns over its environmental and economic impact. The organization emphasized the need for an Environmental Impact Assessment (EIA) and adherence to relevant regulations before proceeding with the project.

As tensions rise over the Lagos-Calabar Coastal Highway project, stakeholders continue to demand transparency, accountability, and adherence to due process.

On Wednesday, the naira experienced a decline to N1,450 at the parallel segment of the foreign exchange (FX) market. This current rate indicates a 1.4 percent depreciation compared to the N1,430 rate observed on May 6. Currency traders, commonly referred to as bureau de change (BDC) operators, set the buying rate of the dollar at N1,410 and the selling price at N1,450, yielding a profit margin of N40.

Meanwhile, at the official window, the local currency depreciated by 1.98 percent to N1,421.06 on May 8, down from N1,416.57 on May 7. During trading, the dollar fluctuated between a high of N1,440 and a low of N1,335, as reported by data from FMDQ Exchange, the platform overseeing FX trading in Nigeria.

The Central Bank of Nigeria (CBN) revised its directive on the repatriation of export proceeds by international oil companies (IOCs) on May 7. In February, the CBN had imposed limits on the transfer of proceeds from crude exports by IOCs to offshore parent company accounts, as part of measures to stabilize the FX market.

The CBN expressed concern over the impact of these fund transfers on liquidity in the domestic FX market, prompting the need for policy adjustments. As per the updated directive, the initial 50% of repatriated proceeds can be pooled immediately or at a later date as required. Banks are instructed to submit requests for cash pooling, supported by necessary documentation, for approval by the CBN.

Moreover, the remaining 50% balance of repatriated export proceeds can be utilized by IOCs for various financial obligations within Nigeria, including cash calls, domestic loan repayments, and transaction taxes such as the Nigerian Content Development (NCD) levy and education tax. Additionally, IOCs are permitted to sell forex at the FX market using this balance, as outlined by the apex bank.

Nigerian authorities have refuted claims made by Binance's CEO regarding solicitation of bribes, labeling the accusations as a "diversionary tactic" and an "act of blackmail" aimed at undermining ongoing criminal proceedings against the company.

Binance, recognized as the world's largest cryptocurrency exchange, along with two of its executives, faces separate trials on charges of tax evasion and laundering exceeding $35 million, which the company vehemently contests. While Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen, remains in custody, British-Kenyan Nadeem Anjarwalla has fled the country.

CEO Richard Teng, in a blog post, pointed fingers at unidentified Nigerian officials, alleging their demand for a $150 million cryptocurrency bribe to halt investigations.

However, Nigeria's Information Ministry spokesperson Rabiu Ibrahim dismissed these claims on Wednesday, asserting that they "lack any iota of substance." Ibrahim accused Binance of attempting to undermine Nigeria's legal proceedings, labeling the allegations as a diversionary tactic and an act of blackmail.

He reiterated Nigeria's stance, emphasizing that Binance is under investigation for purportedly enabling its platform to facilitate money laundering, terrorism financing, and foreign exchange manipulation through illicit trading. Nigerian authorities view the bribery allegations as part of a broader campaign by Binance to discredit ongoing investigations, referencing similar legal challenges faced by the company in the United States.

While Binance refrained from immediate comment, a previous statement accused Nigeria of establishing a dangerous precedent, following the detention of its executives during what was purportedly a dialogue and subsequent crackdown on the cryptocurrency industry.

The blog post authored by Teng represents the latest development in an escalating dispute that led to Binance suspending operations in Nigeria. Nigeria has previously pointed fingers at Binance for exacerbating its currency woes, particularly as cryptocurrency platforms emerged as preferred avenues for trading the Nigerian naira amidst chronic dollar shortages. Binance announced in early March its decision to cease all transactions and trading involving the naira.