Hello and welcome to the session. This is Professor Farhad in which we would look at option strategies and we will work an example that illustrate those strategies that we learned such as covered call, protective put, collars as well as straddle and spread. This topic is covered on the CFA exam as well in its essential or principles of investments. As always, I would like to remind you to connect with me on LinkedIn if you haven't done so. YouTube is where you would need to subscribe. I have 1800 plus accounting, auditing, finance, tax as well as Excel tutorial. If you like my lectures, please like them and share them. If they benefit you, it means they might benefit other people. Share the wealth, connect with me on Instagram and Facebook. On my website, farhadlectures.com, you will find additional resources to supplement and complement this course as well as your accounting, CPA, CMA, CFA exam. So to illustrate this concept, we're going to be looking at an example for Joseph Jones, who's a manager at Computer Science. He received 10,000 shares of the company stocks as part of his compensation. The stock is currently selling at $40. So right now if he sells the shares, he can sell 10,000 shares times 40. Joseph can net out $400,000. He would like to defer selling the shares until the next tax year. In January, he will sell his holding and he wants to put a down payment on his new house. He is worried about the stock price involved in keeping his shares. At current prices, he would receive $40,000 for the stock. Actually he would receive $400,000, not $40,000, $400,000 for the stock. If the value of his stock holdings falls below 35, his ability to come up with the necessary down payment will be jeopardized. So he's concerned that if he have those 10,000 shares, if the stock price falls below 35, at 35, he would receive $350,000. But if they fall below 35, he may not have enough money for the down payment. On the other hand, if the stock value rises to 45, which is again, if the stock value rises to 45, he will have $450,000, he would be able to maintain a small cash reserve after making the down payment. And it's nice to have a small cash reserve when you're buying a home, because there's always stuff that you would like to buy. So we're going to be looking at three investment strategies. And we're going to evaluate each one of them and decide which one will fit Joseph's best option. So Joseph's strategy is to write a January call. That's his first strategy call option on the CSI share with a strike price of 45. These calls are currently selling for $3. Selling means he's going to receive money. He's going to write the call and receive the money. So he's going to be receiving $3 per contract. Now, how many contract, how many $3, these calls are currently selling for $3 each. So for $3 each, he got 10,000 shares times $3. He would be receiving $30,000 in cash for these calls. So this is going to give him $30,000 in cash. Now, let's assume stock prices. So right now, here we go, he got them at $40. The call is 45. The call is 45. What could happen? Well, a few things could happen. Let's assume the stock price goes up to above 45, goes up to 55. Okay? Well, he made a mistake. Why? Because he bought those calls. Now, he has to give up the stock at 45. If he give up the stock at 45, what does he get out of it? So if the stock is more than 45, if the stock is more than 45, he's going to get $450,000 plus, remember, plus he received $30,000 in writing the call. He would receive $480,000. But if he held, if he did not buy that call, he could have sold it at 55. Okay? That's that. What happened if the stock price goes down to zero? Well, here's the risk that he's not covering. If the stock goes down to zero, he's in trouble because he's not protecting himself. So if the stock less than 45, less than 45, what's going to happen is, well, less than, let's assume zero, but it doesn't have to be zero. If it's greater than 45, so this is, let's say this is the max profit. This is the max profit. What is the max loss? Well, if the price goes down, let's assume the price goes down to zero, he would still keep $30,000. So this is the max, so basically he can keep $30,000 if the price goes down to zero. So this is basically worst case situation. Now, what's the best case situation? The best case situation where the price doesn't exceed 45. It stays between 40 and 45, above 40, but a little bit below 45. Why? Because if it doesn't exceed 45, he can keep. He can keep the premium. The premium is not, yes, the option, he can keep the premium, and the option is not exercised. So if it's less than 45, what's his gain? Well, he has 10,000 shares times the price of the share at that point, plus he's going to add to that the $30,000 premium. So that's what he would keep if the price is less than 45, and hopefully it will stay above 40, between 40 and 45, and closer as possible to 45. So the risk in this strategy, if it falls down below 40, he has no protection whatsoever. Let's look at the second option. The second option, or the second strategy, is to by January put options on the stock for 35. So that's his basis, or that's how much he's starting with. Now what he's thinking is, look, he's saying I can afford for the stock to go up down to 35, but below 35. I want to sell it at 35. So to protect himself, he's going to buy. Now he's buying a put for $3 a put times 10,000 shares, so he's paying $30,000. So what would happen under those circumstances? What would happen under those circumstances? Let's assume, again, the price goes down to zero. Okay? The price goes down to zero. He would receive $350,000, because he can put those shares to someone for $335, but he paid, remember he paid $30,000 to have this right, so he will net out $320,000. So worst case situation, he will net out $320,000. Well, if the price is above 35, well, if the price above 35, it doesn't matter what the price is, we'll take 10,000 shares times the price of the share, whatever that amount is, then we'll have to subtract from it $30,000. Now let's assume the price is, you know, 100, which is, that's excellent. Then we're up to a million, right? It doesn't matter. Then we pay $30,000. So here what you're doing in this strategy is you are protecting the downside, but you are keeping the upside unlimited.  So that's strategy B. Strategy C is to establish a zero-cost collar by writing the January calls and buying the put of January. Here what we're saying is this, we're gonna buy A and B, have A and B at the same time. What would happen if we have A and B at the same time? Well, let's take a look at this. We are at $40, worst case situation, he would sell at $35, and what's gonna happen? So he bought the put at $35, so there's a put here and there's a call here. What would happen under those circumstances? Let's assume the price falls below $35, and again, let's assume it goes down to zero. Well, if it goes down to zero, I could still sell them at $35, and I have 10,000 shares, I will net out $350,000. Well, what about the premium? I don't care. The premium is a zero-cost because I sold and I bought. So I bought a put and I sold the call. Therefore, the cost is zero. Therefore, I will get $350,000. What happened if the price goes to infinity? Well, if the price goes to infinity, it's greater than $45,000, well, he's gonna have to give up the stock at $45,000. So he give up the stocks at $45,000, he get 10,000 shares, he would get $450,000. So this is if the stock goes up, if the stock goes down. What happened if the stock is in between? What if the stock is in between? You have 10,000 shares times the price of the stock, whatever that price of the stock is. So whatever happened to that, if it's $40,000, $400,000, if it's $38,000, $38,000, if it's $42,000, $420,000, whatever the price is. So if the stock price is less than or equal to $35,000, you will preserve the principle. If the price is more than $45,000, well, you gave up some of the gain. And in between, you're gonna get 10,000 times the price. So what is the best? So let's evaluate each strategies. What are the advantages and disadvantages of each? Going through A, B and C. Well, if he want to preserve his wealth to buy the house, I would say C is the best. Why? Because under C, worst case situation, he would receive $350,000. If the stock price skyrocketed, he would receive $450,000. So he would preserve his wealth, and in case the stock skyrocketed, he will be fined. So that's the third option. That's the third option. And if he's worrying about the second best option is B. What happened in B? B is you're protecting your downside. The worst case situation, you'd receive $350,000, but you keep the upside open. Okay? And C, kind of, it's not good, because if he want to preserve wealth to buy the house, and C, potentially he could go down to zero, because he have no protection. So I will go with C, best deal.  I did not pay any premium. B, I will get $350, worst case situation. I will get $350, but also I'll keep the upside potential. Now, some people might argue that C is better than B. Yeah, that's fine. That's fine. You would receive $350,000, but remember here, you still have to pay. You had to pay $30,000. You don't really receive $350,000, you would receive, because you paid the premium, you received $320,000. So in C, you are limited to $350,000. That's why C is better than B. I forgot to factor the premium for B. And remember, C is risky.  If the stock price goes to infinity, you're going to be very happy that you did not buy any put. You did not buy any put on that. Okay? So that's the third option, the best third option. As always, I'm going to remind you to like this recording and remind you to visit my website, farhatlactures.com for additional resources for this topic as well as other topics in finance and accounting. Please share this with your friend, with your classmate. If it benefits you, it means it might benefit other people. Stay safe and study.


Good evening. I'm Herman Hansen. And if I had a pet turkey, I'd name him... And I'm a random lure. And this is Puppet News. These are this week's stories. The economy is slowly improving in rural parts of 10 plains in western states. But employment remains below the level it was at before the coronavirus pandemic began last year, according to a new monthly survey of bankers released Thursday. The overall index for the region increased to 53.8 in February from January's 52. Any score above 50 suggests a growing economy, while a score below 50 suggests a shrinking economy. Crichton University economist Ernie Goss, who oversees the survey, said the number of jobs in the region is down roughly 146,000, or 3.3% from the level it was at before the pandemic began. The surveys hiring index hit 51.9 in February, up from January's week 56 to suggest businesses are now hiring, but Goss said it will take several months of steady growth to get back to pre-COVID-19 levels. The bankers surveyed are optimistic about the economy as grain prices and exports continue to increase. The survey's confidence index increased to 64 in February from January's 60. Goss said the Federal Reserve's current record low short-term interest rates are also helping the economy. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wyoming were surveyed. Llama Public Safety's use of force policies generally got good reviews from City Council Tuesday night, as did the decision last year to quit using the sedative ketamine on suspects who were showing signs of severe agitation. Llama Fire received a waiver from the Colorado Department of Health and Environment to use ketamine in early 2018, but suspended its use in September. Rob Spinlow, Llama's active Public Safety Chief, told Council during a study session. The waiver required the jug's use only by highly trained personnel and under specific conditions, and each time ketamine was used came under direct review by Public Safety Department Medical Director, Dr. Julie Krell Hall, according to the Deputy Police Chief, Jeff Satter. To date, there have been no adverse effects, outcomes, as the result of ketamine administration with the Llama EMS system, Satter said last week via email. Ketamine was administered 68 times to manage pain and 25 times for suspects exhibiting agitated delirium, Spinlow said Tuesday. Llama quit using ketamine on the advice of Krell Hall after the July 2019 death of 23-year-old Elijah McClain in Aurora. Ketamine was used on McClain while he was being handcuffed by police. McClain died of a heart attack while he was transferred to a local hospital. Some medical experts say ketamine should not be used while a suspect is handcuffed and on the ground. Media scrutiny on the uses of ketamine on suspects prompted Llama to shelve its use, Spinlow told Council Tuesday. The decision was praised by Councilwoman Polly Christensen who said agitated delirium is not a good excuse to use ketamine. Christensen said she asked for a council review of the city's use of forced policies to show the public that Llama police are well trained in handling difficult situations. I wanted our community reassured they are thoughtful and careful, she said. Once school is done for the day, 10-year-old Iramadul Ali rushes home to change out of his uniform so he can start his job as a scavenger in India's remote northeast. Armed with a gunny sack, he goes to a landfill in the slums of Gahadi, the capital of Assam state. Here he hunts through heaps of other people's garbage, searching for plastic bottles, glass, or anything salvageable he can recycle or sell. Around him, cows graze on the mountains of waste that line the site. Ali comes from a family of scavengers, or rag pickers. His mother, father, and elder brother all earn their income through it. He started doing it over a year ago to help his family make more money. The family was hit hard last year by the COVID-19 pandemic, as they couldn't go to the landfill and sift through garbage for things to sell. They struggled during months-long lockdown in India, but were able to get food through the help of aid organizations. Ali says he doesn't want to spend his life doing this, but he doesn't know what the future holds. I went to continue to go to school and would like to be a rich man, he said. Here ends up to 100 rupees, that is about $1.30, a day while the rest of his family makes about 250 rupees, that's $3.30 each. It's very difficult to run a family by rag picking, said Ali's mother Anuwara Begum. Scavenging is filthy and dangerous work. While there is no exact count, aid groups say around 4 million people in India work as scavengers. It is effectively the primary recycling system in the country, but the work is not environmentally friendly. Those who do it have few rights and are exposed to deadly poisons every day. India's last census in 2011 put the total number of child laborers between the ages of 5 and 14, including scavengers at about 10 million. No one was hurt Monday in a fire at the countryside village modular home community. Longmont Fire Services responded to the community at 11.09 a.m. Monday and found a home heavily involved in fire with smoke and flames coming from a residence, according to police reports. The homeowner was able to evacuate himself and his family to safety. The fire was contained within minutes, according to the post, but firefighters remained on scene for several hours, putting out hotspots and making sure the fire was completely extinguished. A GoFundMe fundraising campaign has been set out to help the family. Another GoFundMe page also started for the family states the fire was started after the homeowner attempted to thaw frozen pipes and that the home is a complete loss. In the Facebook post, authorities asked people not to use any kind of flame or torch to thaw frozen pipes. A hairdryer can be used if necessary or call a professional to help with a frozen pipe issue. Well, the abs are at it again. How about those Broncos? And now for sports. For generations, the historic handy chapel has welcomed visitors in need, offering food and shelter to anyone who asks. But because of the pandemic, regular services have been suspended for the safety of many of the chapel's elderly members. Nowadays, the chapel is quiet. That was until Dolores Cheney, caretaker and descendant of one of the chapel's original builders, broke out in song. Cheney shared many memories of the chapel, reminiscing of her time singing as a child in the choir. I was sitting somewhere in this area. The reverend told me, sister sing that song about Jesus loves me, Cheney said. Although Sunday services have ceased and the booming energy of the choir is no longer heard, the glorifying charm of the chapel can still be felt through its historic walls. Handy Chapel was built in 1892. The land for the chapel was deeded in 1883 by Grand Junction's founder George A. Crawford. Also noteworthy is that the deed was not made out to an individual person or organization, but to the Black residents of Grand Junction. It took nine years for the community to raise the $962.50 needed to build the chapel. Builders learned to be innovative, doing the best they could with limited materials, working to ensure the building would stand the test of time. That original deed has never been sold or transferred. In the late 1970s, according to Colorado Encyclopedia, the Rocky Mountain Conference of the AME Church attempted to sell the property. The congregation filed a lawsuit saying the Rocky Mountain Conference could not sell the building because they did not own it. In 1981, a judge sided with the congregation of Handy Chapel, ruling that the original deed still applied and that the chapel had to establish a trust committee of Black citizens to make sure the chapel was maintained for the charitable and religious use of the city's Black residents. Josephine Dickey, Cheney's grandmother, was named the chapel's first official chairman of the Board of Trustees. Their family has since welcomed all walks of life into the chapel, including Harry Butler, a former Grand Junction City Council member and District 51 board member, who led services at the chapel for several years. Renovations have helped to keep the chapel intact and energy efficient. Original materials are preserved whenever possible. The Sunday schoolroom shows its age in the original red brick wall. Grandma would rub her hand over the brick, saying, my great-great-grandfather may have laid these bricks. Doing that now is such a feeling of pride. Cheney recalled as she touched the wall herself. While the brick wall still stands strong, other areas around the chapel hint to the age and deteriorating integrity of its foundation, such as visible cracks along windows and doorways. The nearly 130-year-old building is the oldest chapel building in Grand Junction. In 1994, the chapel was added to the National Register of Historic Places. According to Cheney, the upkeep of the chapel will be a big concern in the future when they can allow the Sunday service to meet again. Without constant attention, old buildings like Handy Chapel can quickly fall behind. Longmont appears ready to spend $930,000 to buy a little more than 19 acres of land to provide a security buffer for the city's water supply while also preserving a group of historical buildings. The money would purchase the D.E. Montgomery Estate adjacent to the city's Nelson Flanders Water Treatment Plant. Larry Ueno, engineering administrator with the Public Works and Natural Resources told City Council during a work session Tuesday night. Yeno, speaking during the virtual meeting, said the Montgomery parcel would help shield the water treatment plant from trespassers who may want to harm the city's water system. The location of the Nelson Flanders Plant is easy to access by the public. It's just hard to secure that site at its current location. Yeno said, if acquired, the parcel would give the city more control over the Nelson Flanders Plant site, including during its planned expansion, he said. The expansion is being paid for by an $80 million bond issue approved by voters in November. As part of the expansion, the city wants to run a transmission line and place a storage tank on the Montgomery Estate parcel. And that's all we have time for. For Puppet News, I'm Herman Hechting. And I'm Aranda Ler. Good night.


This is the third and last conversation for the show this morning. We look at the Nigerian Petroleum Company, NMPC Ltd, presenting to the Federal Executive Council that's the FEC, a bill of three trillion a hour as what is required for the payment of subsidy for 2022 and this was disclosed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed. The Minister said that the FEC, that's the Federal Executive Council, considered the request to make additional funding provision to enable the government to meet the incremental fuel subsidy payment in the 2022 budget and she recalled that only 443 billion is presently available in the 2022 budget meant to accommodate subsidy from January to June. Now to make sense of all of this we do have Rich Adinoyo who joins us as an economist to understand the dynamics of this situation. Rich Adinoyo, it's good to have you join us this morning. Alright, we'll try and get across, I apologize for that technical net problem, we'll try and get back to our guest, he would have some very interesting views on that. But Mercy is interesting, the times we're in, of course we've been talking about this for some days now, the fact that there was a confusion as to whether the federal government was going to go ahead with removal of fuel subsidy or not, especially when the Senate President paid his ceremonial visit to Astorock Villa and then he walked out to that same spot where he likes to stand to address the press, you know the press always went for him at that spot. And he said these words, President Buhari does not want to remove fuel subsidy. And people were like what's going on here, you know this is not what we heard because the NNPC GMD before they changed the whole setup in NNPC, he had been saying, Amalakia had been saying that there will be a removal of fuel subsidy at some point in 2022 and that the Germans would have to pay the real price or the real cost for that, it was unsustainable was his words. And then towards the third quarter of 2021, Zainab Ahmed, Minister of Finance and Budget and National Planning came up to say that this was the reality, that the nation can only and will only be able to fund subsidy up until June 2022. And then she gave what she was asked, okay what's going to happen when this subsidy is removed? What's the plan of the federal government? And she talked about what giving monthly stipend to 30 to 40 million poorest Nigerians, you know. And then people now started crunching numbers and crunching figures, okay if you're looking at removal of fuel subsidy, we look at the calculations. What it will cost Nigerians to the federal government to pay this 30 to 40 million poor Nigerians a transport subsidy will be more than what you just spent on the petrol subsidy. So where is the money coming from? We should be saving money then spending it. And of course President Buhari went ahead to present the budget to the National Assembly and in that budget that the president presented and laid before the National Assembly. There was no provision for fuel subsidy beyond the middle of the year.  Then he now calls, I'm sorry may I suggest a round of pressure, he now calls Zainab Ahmed and calls Timmy Presley over to his office at the senate, they have a closed door meeting and they come out and say oh we would not go on with the removal of fuel subsidy we're suspending it for now, you know. So this has been a bit confusing, it's been a roller coaster for Nigerians and you now put that in the light of agitations and threats by labour to embark on the nationwide strike which we don't need at this point. It's been a roller coaster of an experience. And you also want to add the issue of the PIA, that's the Petroleum Industry Arts that rules out entirely you know the subsidy regime and what have you, I mean at this point if we're looking at February we should entirely not be having conversation about you know fuel subsidy being in the entire system, right deregulation and all of that has been actually encouraged and so you also have the fact that we're also asking the government is also saying we're suspending the implementation or calling for the suspension of implementation of the PIA because it would also mean we go in against the law and the rule that we actually instituted so but it calls for the concern. Now the argument for subsidy and its removal has you know been ongoing for a very long time. Some people say it's not the right time to remove subsidy. Some people say it's okay to remove the subsidy but the big question lies with what are we supposed to do. Before you say you're taking out subsidy I'm sure that there are some things that should be in place before you are thinking of all of that. In the midst of all of the economic hardship let's not forget the effect that COVID-19 had on the entire economy and we have not recovered. I mean the world has not recovered Niger is still grappling. It's a good thing that we're hearing that you know we have the oil prices increasing now 90 dollars per barrel and which is a good one because remember the time where it dropped in 2014 that brought us to the recession that we're faced with. So there are too many questions but at the end of the day some people would say that a political will when the government has a political will to do anything that will get it done and that's it. Well that's so much that we can take at this point in time unfortunately we're unable to connect with our guests. Richardino you're hoping that we have this conversation subsequently on the breakfast. If you missed out on any part of it it's all right to follow us on Facebook, Twitter and Instagram. It's at Plus TV Africa and do subscribe to our YouTube channels at Plus TV Africa Lifestyle. I am Messi Boko. Do have a fantastic day and I'm Kofi Battels. We'll return tomorrow. Good bye.


Hello and welcome to today's edition of the run-up. My name is Nyamgul Agadje. And I am Uche Chuku Onoddu. The G20 Summit has just ended in Bali, Indonesia, and it might be the first platform to push for softening Western rhetorics against Russia's invasion of Ukraine on its sidelines. It will bring you an exclusive interview with Serinda Oberoi. He is a freelance journalist, an international relations analyst, and a former AFP. In that interview, he sheds more light on the G20 conversation. There's also the Minister of Finance, Budget and National Planning, Zehna Bakmet, that said that the federal government will do away with petroleum subsidy by June 2023. What does this entail for the average Nigerian? We will be having Dr. Chui Keuba, an economist and analyst, have this conversation with us. And now we take a break so that we bring you the interview with Serinda Oberoi. Stay with us. The run-up continues in a bit. Don't go anywhere. As you know, we're talking about the G20, and we hear that India and China, as countries, have likely insulated Russia from Western sanctions. Why is India interested in the stability of Russia, and what is the extent of relations between India and Russia to warrant this? See, first of all, as we all know that India, I mean, first of all, India and I, like Nigeria, they are countries like NAMM, so they literally look for their own interest and individual decisions. But having said that, you know, India and Russia always have been on a very good wicket. The relationship you look into most of the wars which have taken place between India and Pakistan, where Americans had put up sanctions against India at that time, but Russians were always there as first country to support and help India in different issues that might be a war of 1965, 61, sorry, 71, or even at the time of Kargil. Secondly, Russia has always stood against any sanctions. For example, when India went nuclear, as far as their weapons are concerned, Russia was the one who gave more or less like a room to India and vetoed the issues. So this is the time when Russia is India. So I personally feel that India will not let them down, even though India, the present scenario does have a very good relation with the United States also because of Indo-Pacific, which is a separate topic and not to be discussed, where Russians are not really comfortable with India on that issue or the way India is now buying the new weapons sort of a thing. But India is grown up, I would say right now. I shouldn't say they have crossed their limits, but they have been taking decisions from country to country and individual issues. And here as far as relations with Russia is concerned, I think India will stand with Russia in all respect. And that gives a big room and support to Russia also. Okay. Well, the countries that are supporting Ukraine, for instance, the western countries and Europe that are supporting Ukraine are also directly involved in the provision of arms and other kind of financial aid. Is India in any way directly involved in financing Russia in prosecution of this war? See, India is only doing the business with them trade. We can, the only blame which can be put up on India is about buying energy. And time and again, the both Prime Minister of India as well as the foreign minister them said that in fact, what they are buying is less than what is still being supplied to the European countries from the Russian country, despite several sanctions which are there. Yes, and they have made it very clear, even in this G20 meeting, they have made it clear that they will continue to buy the energy which is required. In fact, Prime Minister went into a statement where he said that the chain supply needs to be protected. It needs to be given, it needs to be given a fair treatment. And that is where the things will continue as far as India is concerned. But India very strongly has also opposed the war. Prime Minister again in G20 in his speech mentioned about the ceasefire which he had asked for and asked for a diplomacy that it needs to be there. And I think India would not mind if the world is ready to accept India as a negotiator in it or maybe it's happening, which I don't know because many a times confidential talks do take place. But there have been frequent visits of Indian top officials as well as the ministers to Moscow. Like recently India's foreign minister was there. So I personally feel that India will not support financially in that way. But as far as the business is concerned, trade is concerned, they may cross the limits or buy more cheap oil which they are getting right now. I know you've already said something about the fact that maybe there are negotiations going on that you don't know because there could be high level confidential negotiations. But we understand that the new chair of the G20 which is the Indonesian president is trying to open talks between the US and Russia. Do you see India playing a role in it? A role that the world can see that is not confidential like you said. Yeah, see first of all I personally see it's my personal view that G20 is not a platform where issues of security will be discussed in a bigger way. But as far as the side talks are concerned, this gives an opportunity for most of the top leaders to have one-on-one talks and negotiations. And the statement which came from the Indian point of view which stressed on ceasefire and I quote ceasefire and diplomacy automatically speaks about that India is playing some sort of a role in that. And they have been Indian Prime Minister time and again have directly dealt with the Ukraine top officials sorry the chief of the Ukraine country as well as with the Russian president as well as the foreign minister which is there. So there could be India playing a role in doing this thing but India has very strongly directly told Putin also that this is not an era of war. So there are strong statements which are coming directly from Prime Minister to the president of Russia where they are stressing that war is not the solution you have to come for the negotiation. And similarly I think that now West also needs to prepare Ukraine and I think to some extent Ukraine is ready to negotiate. Of course they are putting up some sort of conditions which we read in different media reports which are coming up. But I think it must be when there have been some withdrawals or taken back some of these areas giving some sort of a room. I mean today also like yesterday only India again went for a I mean abstain themselves from the sanctions which United Nations General Assembly was making against Russia on the cost of war that they had to pay for it. So I personally see that all these things are the steps towards negotiations now. Now these are the they are asking for the maximum and the issues of minimum negotiations are going to take place because sanctions have not played a major role for me I would say. Why I'm saying this thing that that war should have ended by now. But Russia's economy if you read into the economic reports which are coming of course from the Russian media only it's around four percent decrease which has happened not a major thing and rest they have been able to substitute for example some of these American chains which were very popular like McDonald's or Starbucks and other things which got closed six seven months earlier. But I have been told that they are running with re-Christian name the Russian names and the stuff is same so same things are happening and having said that we should also not ignore the gray market which is there. So Russia continues to work on the gray market business which is happening and I don't know how many countries must be getting the oils through that black marketing or a gray market which is happening there. So sanctions have not played a role what I mean to say is that they have not been able to put up a pressure. So that's why things are now shifting towards negotiation and when the statements from the leaders are coming up especially in G20 meeting also about ceasefire about diplomacy I think it's going towards that way and I personally feel India is being trusted by many of the countries at the present juncture. By way of emphasis I'd just like you to clarify what you meant when you said that the G20 is not the right avenue it's not the right platform for that because the G20 came together because of economic purposes and you are concerned about what goes on in other countries and that for me is directly linked to security as well the economy and security they usually go together. So if you say it's not the right platform what is the platform and what can the G20 do on the platform that is the right one to make sure there is this peace between Russia and Ukraine? See what I mean to say is that this is a good platform but final decisions will not be taken as far as the security issues are concerned. This gives a room an opportunity a place a neutral place to discuss the I mean for example India has not been talking to China for a long time since 2020 March April when there were clashes on the border but this gave an opportunity to the Indian Prime Minister at least to shake hands and same is true with Putin who has been able to now break the ice even though both stand by their own issues that might be Taiwan or China's road and belt and other policies which are there. I personally see that here this is more or less like a conclusion of the Bali meeting which is happening where handover of the G20 will happen to India. Of course this is a good platform a multilateral platform but finally things will have to move under the United Nations General Assembly or the security which is there or directly between the two here only those initial things can be there some wrinkles can be removed that can be ironed out and some negotiations can be taken place which will be more or less like a confidential talks and other things this might bring in some good seeds of negotiations I would say in this type of meetings but finally they will have to take the decisions on some other account and not in this particular meeting. Now when you were talking about the fact that functions have not really worked some people feel the reason is because the powerhouse the economic powerhouse has shifted from Europe now to Asia and that's why these sanctions are not working so are you of the same school of thought? Yes you see this is one of the facts also that both powerhouses India and China continues to do their regular business with Russia you look into their export and import and even they are now trying to work in their own local currencies between the two countries so that has helped indirectly I mean there was a blame game on India that India is reselling the oil cheap oil which they are energy which they are bringing it from them which India denied of course but of course when they are getting those cheap things which are there but again you need to look into the as I said that sanctions should be in such a way which should give some sort of results and that is not happening and that is where they need to rethink about that when you put up a sanction and how to withdraw in that particular atmosphere and is it effective enough I mean it can happen to some of the countries which are not economically well established but here it's a one of those pillars I would say which is being supported by again China the now the equation which is called as G2 between the US as well as the China sort of a thing so naturally they will not be much effective so as you rightly said that yes these two pillars are keeping Russia more or less in a vibrant state India and Nigeria they have a relationship they've maintained a relationship a good one a strong one in economy medical tourism security and even education because there are so many Nigerian students in India as we speak right now so what else can be done to further improve these relations between Nigeria and India especially in the light of the fact that some Asian countries are making inroads into Africa and Nigeria in particular take for instance China so what is the plan of India towards strengthening this relationship with Nigeria see I personally see that the relationship between the two countries is slowly but surely developing and trust level is increasing I would say but have you said that what is more important is more interaction which I think is lacking it's not happening and it has to be at the multiple level for example connectivity between India and Nigeria is very low you need to have direct flights and maybe more than one flights both have got huge populations both have got huge interest huge amount of export and imports are also increasing when you compare from 2020, 2021, 2022 the arrow goes up as far as the commodity exporter reports are concerned I personally see a air connectivity is very important you need to have more than two or three flights every day to start with and there should be direct flights between Nigeria and New Delhi or I mean any of these capitals or financial capital Bombay, Bangalore and other areas be people to people contact is also not that big I understand that medical health as well as education has started working around but I still see very few students of Nigeria only around 2000 student I think got admission this year for Indian universities while Indian universities are now doing very well so programs in education especially links between universities different universities are very important different type more use are to be looked into and also same way the studies between the two countries the two democracies needs to be increased there needs to be special courses which needs to start between the African countries having Nigeria as the top democratic country in it as well as between India you know the South-South cooperation has been quite good between the two countries how we can further enhance it and I think role of think tanks is again important here you need to build up that intellectual connections where more discussions should happen more intellectuals of Nigeria need to attend the meetings here you see India is already now trying to raise their I would say trying to be on the high table when I say high table they're trying to literally reach on the different multiple types or platforms which are there for example they are heading right now the healthy sugar cares of the WHO they are going to be the G20 heads already India has started two multilateral platforms one in solar energy as well as in the infrastructures at a time of disasters so there again some links needs to be made and of course the new issues which are there that is cyber warfare terrorism counterterrorism a lot can be done between the two countries there's so much of cultural resemblance the historical facts between the two countries what we need is more platform for the students where some amount of money is sanctioned to be built up and things can really jump up you need a I call it as a leapfrog jump which is required between the two countries rather than going slow at the present moment because relationship if you look into the last 60 years has really been developing between the two countries and I have I'm yet to see some anti-Nigerian statements coming from India or anti-India statements coming from Nigerians it's not there and this needs to build up I personally feel people to people come as well as think that can play a major role well I'll just like to finally ask you this they say show me your friends and I'll tell you who you are that means whatever circle of friends you find yourself you need to learn from them and gradually become almost like them you did mention something about population India and Nigeria in fact Nigeria is the most populous black country in the world India also has its own population which is a lot more than Nigeria but you seem to have things working for you in some ways what are those max lessons you think Nigeria could learn from India and not be afraid of the population because you have a population of like times five or more of us but we are still you know fidgeting afraid that the population might be too much but it's working for you what are the lessons that we need to learn from India to utilize or capitalize on the kind of population which also translates to manpower by the way to succeed correct see education is very important we need to stress a lot on education you see you have got a lot of youth population and they are looking for some opportunities you also have to look into that what are the services the globe requires that might be in the cyber or in the IT industry which needs to be developed the one of the major part which India's growth is taking place of course internally things are happening is that education where India is really moving fast and then they are providing services to the global platforms that has developed in the last 30 or 40 years which is now giving dividends that is one of the reasons that foreign remittance from the Indian diaspora is returning in a big way I think India is number one country receiving those type of amount of money if education is there and some opportunities the way relationships are to be built between country to country I think that gives a lot of chance for the rest of the country to develop then automatically the manufacturing sector can really go up right now we cannot you cannot do competitions with countries who are already producing so much of manufacturing I mean industries like China, Vietnam even India cannot compete in those type of things but they have started providing services to all those industrial as well as to the intellectual software development issues so that I personally feel is one of the major issues which Nigeria needs to work on and that is IT information technology solar energy as well as on cyber threats which are coming up because artificial intelligence and other things have literally come under now more or less in the IT knowledge which is there so that's how this is how things are changing and this is where Nigerian youth or educational system needs to adopt that and that's one place where India and Nigeria can build up relations more MOUs between different universities now we have specific we have started in India for the last few years you know specific universities for example on forensic universities are coming up there only forensic is being taught similarly the cyber issues are being taught in different in IITs which are there artificial intelligence is really moving up solar energy university is coming up so those type of new issues which we see that which are the future calling are the subjects we don't have to now beat the same old subjects which are there which we have been following which I call it as colonial syllabus of our education you finally have to change slowly and adopt your own issues which are there if you stress more education the rest of the doors will automatically open oh beror thank you so much for your time we know that you had so many things planned for today but you've given us this time we are really grateful thank you for coming on the thank you very much it's my pleasure to be there and looking forward to interact more with you in future thank you and nice meeting you well very interesting when I asked him the question about what Nigeria could learn from India because we have the greatest population in black Africa and they have about the greatest population in the world you know and and he said a very key thing is education and now Asu is declaring some days to go lecture free again because they are being paid half salary and even education is going down and things like this are still happening I just wonder why but well before you respond Bio has been there all along we didn't even say hello we didn't say welcome but he is there and he always has a back bio welcome to the program sorry that we didn't say this earlier good morning good morning I'm very happy we go to India and it was nice listening to him he's very knowledgeable on a lot of things you know and he has a passion for expanding the frontiers of relationship between Asia and Africa as you can see there from what you said yeah but like he ended when when he was being asked what Nigeria could learn and he hopped on education and not just education generally but special type of education a different kind of education not necessarily what we have been learning before now talking about zeroing in on technology AI technology and so many other things that we didn't have in the past and all that and in Nigeria I was just talking with Uche right now that the lecturers are declaring days to go back and do lecture free lecture free days because they are being paid half salary and I'm just I'm just wondering when can we get it right in the educational system in Nigeria you see Uche and Yango yes is correct India is one country deal I lived in India for four years I was supposed to be there in my former life for four years how many lives do you have I saw a lot of things I was in many cities in India so many places and I can attest to what he's saying he's absolutely correct but for me this goes beyond ASU you know if you pardon me and I say this without sense of responsibility to a significant extent ASU is a solution but also to some extent ASU is a problem right the those who set up educational institutions in Nigeria to some extent they are providing a solution to another extent it is a problem why do I say this we are emphasizing the same approach to education we've always had there is no private highly regarded private private polytechnic in Nigeria we are even killing polytechnics the strength of Asia is in polytechnics and then you have universities that are specialized some years ago I was telling a friend of mine when Kogi State was going to establish a university I said Kogi State has the largest iron ore deposits in Africa that's an Itakbe okay and Ajauputa I said Kogi State should establish a university of materials and metallurgical engineering it immediately becomes a center of excellence it focuses on harnessing Ajauputa steel industry it focuses on exploiting the iron ore reserves in Itakbe and Ajauputa okay but who is listening you know then you set up a university to do history to do English to do philosophy I mean I'm not against that but if we really want to move we need to be thinking with due respect like what Surinda was saying our missionaries whether it's the Christian missionaries or the Muslim missionaries they are also establishing the same type of universities who is establishing a university of medical sciences maybe only on those states today and we have a university of education only in open state look how long the two cost to establish a university of education we need to be going into the specialized areas IT is the easiest and we have seen what Nigerians can do unfortunately some of it is negative okay you have this minority Nigerians who are doing negative things with their IT skills why don't we harness these boys white uncles and set up universities for IT and begin to write software in no time like I can tell you Nigeria can even overtake India and India is willing to even exchange with Nigeria on these things okay India has gone so far I'm stretching it we might not overtake India but we can be the dominant contributor from Africa to the global IT space so I'm passionate when I talk about the states because I lived in Asia for five years and I saw a lot of things and honestly I don't think there's anything Asia is doing today that Nigeria cannot do we are just not approaching things the right way and this is not just government because everybody in Nigeria likes to point fingers at the government the government has its own share of the blame but the private sector what are they doing I just gave you the example of missionaries you name all the universities owned by Christians and Muslims in Nigeria how many of them are specialized universities how many of them are even ranked on the webometric ranking I've been tracking the webometric ranking for the past eight nine years the best universities in Nigeria are still federal universities despite all the challenges where is Babcock University which is the first missionary university established in Nigeria where is Igbenedio University which is the first private university established in Nigeria three years ago covenant university significantly achieved something great they broke into that round to become the first missionary university in Nigeria to rub shoulders with the federal universities on the global webometric ranking this is not a ranking done by Nigeria it's global webometric ranking but where are the others they charge so much money as movies they have the same structure as the federal system we are criticizing the visitor is the head of the missionary institution they're not thinking of holding these universities from outside of the missionary structure so in a matter of time we will still come back to the same issues as we're talking about because we are not changing the structure we're all for it right but then I wanted to ask this question who is to blame or maybe who is to blame is not the word like where is this confusion or worry coming from why I say that is we were having a conversation one of our guests the other day and you know the conversation degenerated of course to education again and he was mentioning how that the university has everything it takes to actually change the course of the education sector in Nigeria he according to him the universities have everything they have thinkers they have they have psychologists they have engineers they have lawyers and these people have all it takes they can come together and actually build the system that they want and you know one of the questions we asked him that day is do they have what it takes to take these decisions independently by themselves because I'm also talking stemming up from what she said about the private sector we have young persons I started learning web designing by the way my classes started yesterday and that is in tech and these are the things that we're talking about there are lots of the person teaching me was self-thought he has sought for opportunities for support for funding and none of them is coming and this this is a young person he is barely in his 30s and I'm sure there are a million and more other people like him out there he has what he takes I mean he I'm not the only person he's teaching he's teaching a lot of other people and these are people that can actually do these things if the universities are allowed and that brings me to my question do they need a special legislation to be able to take these decisions and do make the changes that are required or is it also a cup at hand going to the federal government to beg okay this is what we want to do can we be allowed that's my question okay thanks a lot for that I don't entirely agree with him you know that the universities have only takes and we are not going I do not have enough time to elaborate but let me just give you a quick examples if you if you are looking for an autism and Professor Patutomi has actually spoken extensively on this particular issue if you are looking for an autism to do it technical to fix something in your house you see the quality of partisanship we have today has terribly degenerated okay and it's simply because we kill the technical colleges and we kill the polytechnics the chief executive officer Google is a graduate of the IIT a new daily in surrender vision IIT that it means Indian Institute of Technology the Indian Institute of Technologies are like the other tech how cheap polytechnic polytechnic is bad on caliber polytechnic of those days they are like that but they are well structured they are integrated with the private sector they are the driving force in Asia it's the polytechnics it is not the universities the universities bring cutting edge and that's what he was talking about when he talked about specialized universities you you have the regular universities who produce administrative people for you managers policy makers decision makers the civil and they will feed the civil service bureaucracy and then you have the cutting edge universities specializing in critical areas you know so I feel that the universities as they currently exist they have the latitude to introduce new courses the federal government is not stopping them they just have to get their accreditation from the appropriate agencies right secondly we need to go and revive and strengthen polytechnics thirdly we need to go back and rebuild our primary schools the missionaries took back some secondary schools they did not take back their primary schools the primary school is where you build the foundation nobody's interested in the primary school everybody's interested in setting up universities and we are not getting it right that's why I say that all of us in Nigeria we have our own share of the blame for me this is not just about the government we all have our own share of the blame we are all not playing our role appropriately if we begin to play our role appropriately we'll begin to see changes happen positively conversation about education is almost never going to be exhausted we need to like marble an entire by the way if I just add quickly that's why it's difficult to sanction India with this because we started off talking about the G20 and for us the concern about the G20 and the and what the president we do though is trying to facilitate you know this meeting between Russia and the US in the sidelines of the meeting currently that's held in Bali it simply because this war in Ukraine has disrupted global food supplies and Europe here especially is badly eaten but we have 11 countries in Africa that are also terribly eaten now India is playing a mediatory role to try to also facilitate peace but some European countries may not be happy with India but they cannot sanction India because India is helping them solve all their IT problems so imagine that the strength that has translated into what you call soft power in diplomacy for India it has built its IT industry that IT industry is giving Indian money contributing to its GDP but has also enhanced India's soft power and Nigeria can easily dominate diversity easily okay and that can also enhance our economy and our soft power but it's not only going to be the government by by a wits wits uh any woman will say jaybreak jay right very well all right jay why jay why oh whatever it is i know like Uche said for us to end anything education it would be difficult especially the Nigerian system that we are seeing i think like Uche suggested or said it's a good idea that we could dedicate a week and be taking aspects of education that we will be talking about i felt insulted i felt ashamed when uh the man was saying that they have only 2000 or they're about no uh Nigerians in India studying and i've talked i felt how many Indians do we have in Nigeria that are also studying and he felt 2000 was not a great number so we are running there and they're expecting us to keep running there more than 2000 maybe we should be like seven thousand ten thousand and all that and then we are not doing anything to make sure that we have that kind of educational tourism as well in this country we will really need to talk more about this thing yeah we will we'll get an opportunity to continue the conversation on the g20


Harper Paperbacks and Harper Audio Present. The Shapeshifter. A Leaphorn and Chee novel. By Tony Hillerman. Performed by George Guidele. Chapter 1. Lieutenant Joe Leaphorn, retired, stopped his pickup about a hundred yards short of where he had intended to park, turned off the ignition, stared at Sergeant Jim Chee's trailer home, and reconsidered his tactics. The problem was making sure he knew what he could tell them and what he shouldn't, and how to handle it without offending either Bernie or Jim. First he would hand to whomever opened the door the big woven basket of fruit, flowers, and candies that Professor Louisa Bourbonette had arranged as their wedding gift, and then keep the conversation focused on what they had thought of a why on their honeymoon trip, and apologize for the duties that had forced both Louisa and him to miss the wedding itself. Then he would pound them with questions about their future plans, whether Bernie still intended to return to her job with the Navajo Tribal Police. She would know he already knew the answer to that one, but the longer he could keep them from pressing him with their own questions the better. Maybe he could avoid that completely. It wasn't likely. His answering machine had been full of calls from one or the other of them, full of questions. Why hadn't he called them back with the details of that totter obituary he wanted them to look into? Why was he interested? Hadn't he retired as he'd planned? Was this some old cold case he wanted to clear up as it going away present to the Navajo Tribal Police? And so forth. Louisa had provided him with a choice of two solutions. Just go ahead and swear them both to secrecy and tell them the whole truth and nothing but the truth, or just say he simply couldn't talk about it because it was all totally confidential. Don't forget, Joe, Louisa had said they're both in the awful gossiping circuit you police people operate. They're going to be hearing about the murders and the shooting and all the rest of it and by the time it gets passed along second, third and fourth hand it's all going to seem a lot more horrible than what you told me. With that Louisa had paused, shaken her head and added, if that's possible. Both of Louisa's suggestions were tempting but neither was practical. Chi and Bernie were both sworn in officers of the law, or Bernie would be again as soon as the papers were signed, and telling them everything he knew would put them in an awful ethical position. Sort of the same position he had landed in himself which he really didn't want to think about right now. Instead he'd think about Chi and Bernie, starting with how Bernie had already seemed to have a civilizing influence on Jim, judging from the nice white curtains Leaporn could see in the trailer's windows and, even more dramatic, the attractive blue and white mailbox with a floral design substituted for the rusty old tin box that had always before received cheese mail. Not, Leaporn guessed, that many people had been writing to Jim. Leaporn restarted his engine and began the slow drive toward the house. Just as he did, the door opened and there was Bernie waving to him and Chi right behind her big grin on his face.  And he did. She took the basket, looking as if he had no idea what to do with it. Bernie rescued it, declaring it was just what they needed and how thoughtful it was of him and Louisa, and how the basket was beautifully woven, neatly waterproofed with pinion sap, and would long be treasured. Then came the handshaking and the hugs, and inside for coffee and conversation. Leaporn kept it on the Hawaii trip as long as he could, listening to Bernie's report on her arrangements to rejoin the tribal police and her chances of being assigned to Captain Largo's command, and being posted at T Snospas, which would be convenient, presuming that Chi would still be working at a shiprock. And so it went. Coffee sipped, cookies nibbled, lots of smiling and laughing, exuberant descriptions of swimming in the cold, cold Pacific surf.  This resulted in the Homeland Security supervisor wanting the Colonel. Sample complete. Ready to continue?