News
Tomi Davies shares success story
***Explains how his $5,000 investment turned into $250,000
By Francesca Hangeior
A Nigerian-British investor and technology expert, Tomi Davies, shared an anecdote about his unexpected success in an early investment, reflecting on a time when he turned a $5,000 investment into a substantial return.
Speaking with Big Tech This Week and released on Monday via X, Davies said, “In 1999, a friend of mine encouraged me, and I invested $5,000 in a fantasy league soccer comic.
“We got the distribution up, and then we started to look at animation and video, which caught the eye of a South African company.”
The interest from the South African firm marked a turning point for the venture, as they sought to acquire a majority stake in the comic business.
He said, “They decided to buy into the company and needed part of my shares to make their 51% ownership.
“Then they wired the money, and for two days, I couldn’t sleep. Why? Because I didn’t want them to think Nigerians were fraudsters. I thought they made a mistake in the amount because it had an extra zero that I wasn’t expecting.”
Davies recounted his reaction to the unexpected sum.
“I called up my friend who had started the company and said, ‘Hey, Ollie, there seems to be a problem. I was expecting $25,000. They sent me $250,000. Please, there’s been a mistake.’
To his surprise, the response he received was reassuring.
“He said, ‘Oh no, there hasn’t been any mistake. The valuation of the company means I just got three and a half million dollars. I’ve just bought myself a house,’” Davies added.
Reflecting on his windfall, Davies said, “So, I said $5,000 for half my shares, and I got $250,000.”
The investment’s journey didn’t end there; the company, now a valuable asset, eventually became part of Disney’s portfolio.
“That particular company today belongs to Disney,” Tomi Davies added.
President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.
He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.
The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.
According to Tinubu, “this is an ambitious but necessary budget to secure our future.”
“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.
He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.
Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.
On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.
The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.
Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
The Peoples Democratic Party (PDP) Oguduokwor Ward in Onicha Local Government Area of Ebonyi State has formally announced the expulsion of the suspended National Vice Chairman (NVC) of the party in the Southeast, Mr. Ali Odefa from the party.
Ali Odefa was suspended from the party on September 11, 2024 by the Ward Executives of the party for his engagement in various anti party activities. The Federal High Court sitting in Abakaliki while ruling on suit NO: FHC/AI/CS/182/2024 further affirmed the suspension on November 29, 2024.
Announcing the expulsion of Mr. Odefa at a well- attended press conference on Wednesday, the Acting Chairman of the PDP Oguduokwor, Hon. Onyedikachi Herbert Ovuta flanked by other Ward Executives stated that the expulsion of the erstwhile NVC follows the recommendation of the Party’s disciplinary committee that affirmed the allegations of anti-party activities leveled.
According to the party chairman, “The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.”
The party announced that Mr. Ali Odefa by the virtue of his suspension, therefore “ceases to be a member of the party.”
The party’s statement reads in part:
“The Peoples Democratic Party (PDP), Oguduokowor Ward, Onicha Local Government Area of Ebonyi State hereby announce the expulsion of Chief Ali Odefa, the suspended National Vice Chairman of the PDP, South East Zone from the party which takes immediate effect.
“The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.
“Recall that Chief Ali Odefa was suspended from the party by the Ward leadership on 11th September 2024.
“Consequent upon the judgement of the Federal High Court Abakaliki in suit number FHC/AI/CS/182/2024 which affirmed the suspension of Chief Ali Odefa, the Disciplinary Committee of PDP Oguduokwor Ward after their sittings on the above subject matter unanimously recommended that Chief Ali Odefa the Suspended PDP National Vice Chairman South East Zone be expelled from the party.
“The Executive Committee of PDP Oguduokwor Ward on 11th December 2024 after receiving the report, findings and recommendations of the Disciplinary Committee of PDP Oguduokwor Ward unanimously approved the expulsion of Chief Ali Odefa from the party which is compliance to section 58(1) and section 59(1) of the PDP constitution.
“Henceforth Chief Ali Odefa, seizes to be a member of our party the Peoples Democratic Party (PDP)
Nigeria Needs Comprehensive Reforms To Expand Its Tax Base – Speaker Abbas
TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu
Finally, PDP Flushes Out Suspended National Vice Chairman, Ali Odefa
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
Sports16 hours agoCAF Awards 2024: Full List of Winners
-
News21 hours agoInsecurity : Nigerians spent N2.2trn as payment for ransom in one year -NBS
-
News11 hours agoJust in: CBN Imposes N100k Bar on PoS, Issues Warning to Operators
-
News17 hours agoThree to die by hanging for killing Delta monarch
-
News11 hours agoGov Adeleke Speaks On Death Sentence For Chicken Thief
-
News16 hours agoCAC deregistered 300,000 dormant companies in one year
-
News15 hours agoKaduna returns Abacha family property seized by El-Rufai
-
Sports17 hours agoAlejandro Garnacho’s bicycle kick wins 2024 FIFA Puskás Award