I do not think this will apply to grantees. I think the people most liable are the members of the team running the FTX Fund at CEA. They would have to prove that they have no knowledge of the fraud, if the verdict so says.
You're most likely right due to the precedents you stated here. I wouldn't rule out a clawback either because the government has to be able to restore/maintain trust in the system.
It's why a thorough audit of EA's finance is in order. Any auditor among us could reach out to CEA to help with this.
My suggestion is that, at this point, the CEA should have a detailed account of the funds from FTX and where they went to. Sterilise the FTX Future Fund from other EA funding. Why? Because the regulatory drag net will get here and when it does, we want to be prepared.
The problems of Lagos are mostly structural. Say, insufficient infrastructure like road or housing and the general terrible governance across the country. However, Lagos is considered generally safe, arguably the safest in Nigeria right now.
I wouldn’t suggest the idea for a completely different reason which is cost. We have black outs for, sometimes, 20 hours a day. The cost of running your own independent power is high and every other aspect of your productivity may rest on having this single piece of infrastructure.
Despite all the challenges, if you like New York, you’ll like Lagos. It’s open, warm, bustling. Lagosians never-say-die. Perhaps this intense connection between dysfunction and survival is where all the creativity comes from. Hence why the city thrives, not at its optimum potential but certainly a force to reckon with.
Hi, I’d love to be part of the call to discuss this further.
I think of this the way I think of the law. Our formal laws aim for social order and justice with the least cost to individuals and society.
In physics terms, it's reducing entropy or finding order in disorder or free energy to do work. A wrong accusation in the right place or time could take a life of its own and ruin someone else's life or career with little to no cost to the accuser. So the burden of proof would always be on the person or group of persons making the accusation and society is right to be wary until there is sufficient proof to turn the tide. It's what we do in science, consilience, to turn a hypothesis or a theory into an undisputed fact.
Justice is patient. Facts are patience. In the meantime, I feel sorry for the misled.
It takes a while for the truth to catch up with lies. The collateral damage is the price we pay for our occasional wilful ignorance.
It's already happening. The two people I vetted for FTX Future Fund grant application didn't pass muster but, I dare say, they've perfected the worst version of "isomorphic mimicry" (for the lack of a better phrase). I'm not sure I can share details of this private conversation but it's good someone is pointing it out.
Toby Webster of EA London is in Lagos and we are meeting tomorrow, April 7th. We will also make arrangements to have an EA Lagos meet-up before he leaves, so any EA in Lagos? Buzz me or fill in your details here. We will contact you when we have a time and date.