Get schooled and put the bills on Tinubu
Education in Nigeria is about to become more accessible. Open this email to find out how.
Rise, shine, and pretend not to hate Monday, Big Brains! It’s been a whole week of starting your day on a smart note; how has the experience been so far? For me, it’s been so crazy (in a good way) that I completely forgot to introduce myself. My name is Margaret (my mother was obsessed with Margaret Thatcher so excuse the boring first name) and I’m The Big Daily’s newsletter writer. Indulge me by calling me “The Biggest Brain”. I kept today’s newsletter short and simple because I know you’re not the biggest fan of Monday.
Word count: ~1700
Reading time: ~ 5 mins
This Week’s Big Question
“What’s one fun thing you’ve done but will never try again?” Share your responses with us and if we think it’s fun enough, we’ll feature it in the newsletter :) so be on the lookout.
Let’s get into the big news you missed during the weekend:
Zenith Bank’s Founder Has Been Appointed to Lead The Nigerian Education Loan Fund
ByteDance has no intention of selling TikTok Despite Biden signing TikTok ban into law
EFCC Has Reportedly received $760,000 school fees refund from Abuja American School
The Big Deal
Zenith Bank’s Founder Has Been Appointed to Lead The Nigerian Education Loan Fund
President Tinubu has been in the news a lot lately but this time, it’s because he has chosen well-known banker and businessman Jim Ovia to lead the Nigerian Education Loan Fund (NELFUND) and many Nigerians are impressed.
Why should I care?
Japa is still thick in the air but there’s a chance that you still know somebody who attends or plans to attend university in Nigeria. Jim Ovia’s appointment could mean that the government is getting ready to put some action on the student loan they promised Nigerians.
In June 2023, President Bola Tinubu gave hope to many Nigerians by signing a bill for a Students Loan Fund. This fund was meant to give interest-free loans for higher education and was expected to start between September and October 2023. When October went by without the program starting, the president said it would begin in January 2024 instead. In January, Minister of State for Education, Yusuf Sununu, confirmed that preparations for the launch were complete, including creating the Student Loan Scheme website. However, due to some issues, the scheme was again postponed 48 hours before launch. There were reports that the last postponement of the launch was indefinite but NELFUND debunked it quickly, saying that the “postponement was necessitated because of the need to have all stakeholders fully aligned before the formal flag-off by President Bola Ahmed Tinubu”. But they still haven’t communicated the new launch date.
Jim Ovia’s appointment is the only sign that the government still has it in mind to eventually launch the program.
Speaking of Jim Ovia,
Given his track record as founder of one of the most profitable financial institutions in Nigeria, Zenith Bank, his appointment as chairman of the NELFUND signals that if the student loan scheme eventually launches, chances are it will effectively provide financial support for higher education.
He is not new to handling leadership roles in education. He is the founder and chancellor of James Hope University, Lagos. He was also on the board of the American International School in Lagos from 2001 to 2003.
Ovia has also led several initiatives to provide access to education: He started and currently leads the Jim Ovia Foundation, which gives scholarships to underprivileged students and founded the Youth Empowerment/ICT Foundation to help improve the lives of Nigerian youths by encouraging them to pursue information and communication technology.
President Tinubu has been an admirer of Jim Ovia’s efforts in the banking sector and he publicly affirmed this 5 years ago at the launch of Ovia’s book called Africa Arise and Shine. So this appointment doesn’t come as that much of a surprise to many Nigerians.
ByteDance has no intention of selling TikTok Despite Biden signing TikTok ban into law
Tick…tock… there goes the “TikTok is about to piss the American President off” clock. On Wednesday, President Joe Biden signed a law that might make the short-form video platform sell its company if it wants to keep running in the US. The app’s parent company, ByteDance, which is based in China, has 270 days to find a buyer to keep operating in the US. If TikTok doesn’t find a buyer, it could be completely banned in the country. But despite the legal order, ByteDance insists that they have no plan of selling TikTok.
Why is TikTok facing a potential ban in the US?
The US government has been expressing concerns about TikTok’s data access laws, which led to the potential ban. TikTok thinks the law violates free speech and would harm the economy. The company has spent $5 million on ads opposing the legislation since mid-March, according to AdImpact, and the Chinese government has also shown resistance to a forced sale. The company's CEO, Shou Zi Chew, has also expressed that they'll do everything possible to protect the platform, including legal action.
On Thursday, ByteDance posted a statement on Toutiao, a Chinese social media service it owns, denying rumors that it is thinking about selling TikTok. The company said the reports are false and stated, "ByteDance does not have any plans to sell TikTok."
Opposing the US government has never really ended well for anybody so it is definitely a bold move from TikTok. ByteDance is preparing for a possible showdown with U.S. lawmakers regarding TikTok's future. Considering TikTok's history of bans in countries such as Australia, Belgium, Canada, India, the Netherlands, and even China ( TikTok's CEO admitted the app has never been available in mainland China), there is a strong possibility that the app may eventually face a ban by the US government.
How does this affect TikTok and its users?
If TikTok is banned in the US due to the sale not happening, the company would take a big hit because the US is one of its largest markets. This would also mean American content creators would lose access to the app. TikTok has been a major contributor to the creator economy in America, and many TikTok creators are now full-time professionals. The median earnings for TikTok influencers is between $15,000 and $25,000, so these creators could lose their main source of income. Small business owners who use TikTok for digital advertising might also see their profits drop.
Mark Zuckerberg is probably the only person on the planet doing a dancey dance because of the potential ban. Only 21% of online Gen Z adults in the US use Instagram Reels weekly, while 53% regularly use TikTok, a gap that the ban would potentially fill for Instagram.
How is this my business?
If you are one of Tiktok’s 1.7 billion users, you already know that the app’s algorithm allows you to consume content all over the world. With USA having 150 million users (making them the country with the highest number of users), it’s almost impossible to scroll through your timeline and not see any American creator. If TikTok eventually gets banned in the US, you’ll have to say toodles to your favorite American creators (I know I’ll miss Nara Smith’s cooking videos). So might want to binge-watch your favorite videos from American creators while you still can.
EFCC Has Reportedly received $760,000 school fees refund from Abuja American School
If you’re tired of reading about Yahaya Bello and EFCC, imagine how tired I am writing about them. While we’re waiting for EFCC and Yahaya Bello to wrap up this drama, there’s another interesting update about the illegally acquired school fees case. Apparently, the American International School in Abuja has returned $760,910 to the Economic and Financial Crimes Commission (EFCC) as reimbursement for advance fees paid by former Kogi State Governor Yahaya Bello for his children. A letter dated October 24, 2022, showed the school requested the EFCC’s official banking details to process the refund, part of an investigation into possible money laundering activities by the Bello family.
A copy of the letter
So why did EFCC wait till 2024 to make this public knowledge?
We’d ask the EFCC chairman himself but he’s presently facing a lawsuit from a Kogi State High Court sitting where is expected to show up to explain why an order of committal should not be made against him for allegedly disobeying a court order.
Justice Jamil who issued the court order did so based on a request filed by Yahaya Bello through his lawyer, M.S. Yusuf. They asked the court to order and serve the EFCC Chairman with a notice (Form 49) to explain why Olukoyede shouldn't face contempt charges.
Justice Jamil granted Yahaya Bello's request after hearing the applicant's arguments and reviewing the evidence presented. He ordered Olukoyede to be called to court to respond to the contempt charge.
According to Section 133 of the Criminal Code Act in Nigeria, if the EFCC chairman is found guilty, he could be imprisoned for up to 3 months. Talk about the predator becoming the prey.
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