In a bank once, a friend showed me a bank website and asked if I liked it.

It was another bank.

I told him I did, he says it's a phishing site, he then showed me real site, no difference.

(If you have the talent to clone a website, why are you stealing?)
My friend told me of how his bank was hacked. The guys wrote a program to charge "bank fee" and we're debiting all Corporate Domm $0.01

Guys were traced to Dubai.

One was caught, made to lure the main programmer . It worked, he came, was arrested

Guy was 23, a student
Police and Bank guys didn't believe.

Guy was given a computer and told "do something". He did.

The problem now? Bank wanted to retain him to build "security". Police said he had to be arrested. Boy was terrified.
Friend told me the Police would keep him and make him work for them. I.e. hack accounts. That it had happened before 😳

So bank called boys parents, who were "big boys" and they bailed their son.

Police were mad. Boy signed undertaking to transfer funds back to bank.
Another friend told me how some boys wrote to secret police for permission to do a demonstration.

Invited bank CIOs. Told them to choose bank, choose airline and choose two cities in 🇳🇬

Guys hacked bank and airline and bought ticket. Then sold patch to banks for millions
Finally got a chance to speak with a hacker. He was self taught, said he simply googled

Ok we emailed, I asked "why not just offer your services as an online consultant".

He said his friend tried to and was arrested and made to sell everything to bail himself.
These boys & girls being hunted are a national asset.

Yes they are criminals, but if the Government can show them a pathway, many will legitimately generate $ for the nation.

In the US, the Pentagon now hosts white hack sessions. Link on next page

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More from @FinPlanKaluAja1

12 Oct
Taking a risk here.

I took time to review the economic achevements, most were "approved", or "launched" or "signed"

However a few are worth highlighing for the positive impact on jobs, GDP and productivity.

a trend
1. The Nigerian Sovereign Investment Authority (NSIA) has seen total additional inflows of around US$2 billion, since the original US$1 billion which the Fund kicked off with in 2012.

Excellent. these funds went to the Morocco fertalizer deal. CAPEX and Savings, local jobs
2. 156km Lagos-Ibadan Standard Gauge Rail nearing completion. 327km Itakpe-Warri Standard Gauge Rail completed and commissioned.

Excellent, aids productivity, extends roads life, opens up commerce.
Read 17 tweets
11 Oct
1. An Apple orchard in a small town

Lots of Apples.
2. Lots of many that it falls to the ground and wastes

Excess supply in THIS town
3. Supply is so much you are allowed to pick Apples for free..and take home.

In this particular orchard, the exchange rate or trade deficit is immaterial.

You can't sell an apple, it's excess supply.
Read 16 tweets
9 Oct
When $1 increases to N700, casaava price in my village stay same. Why? There is excess supply of cassava in my village

But in the small town, near my village, prices go up. Why? Less supply of cassava and more demand

This main issue is local production.
If local production is up, then the exchange rate is not material.

The price hikes are not caused by the $ exchange rate but by the weakness of local production to meet local demand.

Local prices can't rise, if there is local intense competition aka supply.
Two shops selling egusi

Irrespective of exchange rates, mama Dollar can't increase her price per pot, if mama Naira keeps hers prices fixed.

Competition breeds productivity, which drops prices.

Mama dollar must find another way to sell same pot at same price eg, use solar.
Read 6 tweets
7 Oct
Angel Investing & VCs

For tech startups, equity funding makes sense because R&D is highly intangible & tends to be specific to the firm in which it is being used, it has limited liquidation value. The use of debt tends to decrease with asset intangibility. Tom Nicholas, Harvard
Angel investors provide hands-on equity finance. They provide entrepreneurs with funding, mentorship, & access to their business contacts. They often have industry expertise & can help young companies raise additional funding.
Jason Calacanis summarized the four inputs of angels as “money, time, network, expertise.”

There are 334,680 active angel investors in the US, according to the Center for Venture Research. A typical angel puts about 10 percent of his or her wealth into angel investment.
Read 7 tweets
6 Oct
The problem is structural.

Nigeria exports to Netherland: N298B
Nigeria imports from Netherland: N567B

If you import, you need $, so if you import more, do you need more or less dollars?

Ans: More $. Hence Naira weakens

Yes, Export oil to the Netherlands, Import PMS ImageImage
Nigeria exports to India: N949B
Nigeria imports from India: 570B

Nigeria exports Natural Gas to India,
Nigeria imports Gas Oil from India

Even blood? Nigeria imports blood? (remind me to write about abattoirs) ImageImage
Nigeria exports to Spain: N524B
Nigeria imports from Spain: N93B

Nigeria exports Petroleum Oil to Spain,
Nigeria imports Petroleum Bitumen from Spain ImageImage
Read 4 tweets
4 Oct
You want a strong currency, you export.

Nigeria technically has no exports apart from oil. This data map is 2019, and Cocoa is a "rounding error".

Keep in mind, Exports are NOT the only way to get forex, but so far, on exports, the nation has failed.

Data Source: Harvard KSG Image
It gets worse.

"Nigeria's⁩ largest goods exports are in ⁨low and moderate⁩ complexity products"

translation? anyone can export crude oil, the wealth is in adding value to the crude oil or cocoa exports Image
"Diversifying the economy" is all talk

The Nigeria economy is diversified, Oil is less than 15% of GDP. Problem is Nigeria has only one export source of Forex. Remove remittances, the Nigeria Naira will collapse.

The data shows Nigeria has put all its eggs in the oil basket Image
Read 5 tweets

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