E-Business
Leo Stan Ekeh’s Million-Dollar Advice to Techpreneurs in Nigeria @ eNigeria
Technology Entrepreneurs (techpreneurs) in Nigeria need to direct their passion to investments that can pay their bills, while constantly improving themselves with technology set to remain relevant, said Leo Stan Ekeh, founder and chairman, Zinox Group.
Ekeh made the remark during a panel session at the just concluded eNigeria conference and exhibition, organized by the National Information Technology Development Agency (NITDA) at the International Conference Center, Abuja.
The Zinox Group Chairman, in the last three decades, has been in the business of IT innovation, inventions, research and development.
Speaking on ‘Stimulating Nigerian Youth and Women for techpreneurship, Ekeh said, “I have done 360 degrees in the entrepreneurship business and I know I am facing Nigerians who know me. The fundamentals are no right with the Nigerian youths to be successful entrepreneurs. I have and will continue to say this: there are certain things you must get right to succeed. Be humble.
“A lot of entrepreneurs spend all their money in printing call cards, but they don’t have money to do business. So, you must be ready to learn from people who are ahead of you. Secondly, knowledge of the business is key. A lot of people cannot concentrate on a particular line of business for a long time. I have been in this business for thirsty years, computerized the newspapers, big publishing companies, and oil and gas companies.
“You passion counts too, but you must have passion for something that will pay your bills. I see a lot of young people excited because of the hype about technology, but they are looking for money. So, they think it is just to go in and get the money. That talks about the knowledge of the business which is critical. When I started I focused on desktop publishing; a course that led to HP, Microsoft and a host of others to come into the country. But today they are doing business with a lot of us in the country.
“Aside, passion, you must be observant of where the industry and the world is heading to. For instance, it is done us that in about 30 years ahead, it will be illegal for you to drive a car. Whether Nigeria likes it or not we have to queue in. So, if we keep buying cars with steering, how can we be relevant then. In other words, the infrastructure has to be right because we need to be at a par with out counterparts in other countries. We may be thinking of flying cars because of Lagos traffic. Flying cars are already there!
“Before taking the step into entrepreneurship, please search your mind, as there must be an incubation period. Any business you entre today and become a billionaire tomorrow expect some shocks. Note, this country is the fertile ground to invest. However, I am talking to practical entrepreneurs. My problem wasn’t the money, because if that was my primary target I would have cheated everybody and made the money; there was no computer then. My passion was driving me the clients as an ICT evangelist that was unveiling the mystery of computer technology.
“In all these efforts to create wealth you must remain humble because the system intoxicates you. From Technology Distribution (TD) to Zinox with the assembling plant, we have moved to launch the first e-commerce in Nigeria- BuyRightAfrica. It failed due to lack of human capital and technology. Then, Jumia came in to open the system. The founder passed through my mentorship in Harvard, but I couldn’t remember him even when we met later. Konga also launched in Nigeria. Then, my son studied why I failed with BuyRightAfrica and he launched Yudala. Today, Yudala makes an average of N200million. They are not looking at who is the President, Vice President, or who is commanding the polity; they are resilient in their approach with huge backend technology. In the first year, they launched 20 outlets and were the pioneers of online and offline retail outlets in Africa. About this time last year, during Black Friday sales, Yudala delivered an item by a drone which took security agencies about six months to understand what he did. Basically, I am saying, humble yourself and be very close to your God or Allah, because he is the end in all.
“And when you are building as an entrepreneur, plan to have reserve. I am research enthused. You must save for the rainy day. In the present economic realities I told my staff we are not going to ‘fire’ anybody, because they worked with me from nothing. However, you must remain productive and inundated on the innovations in the industry, to remain part of us. I am ready to sleep on the floor with them, because we have seen entrepreneurs who buy good cars and dresses and attach al lot of important to it. It is good to look good, but have reserve for the rainy day. If you are successful today, note that it is more critical that you are successful tomorrow.
“And to the government, if you can take 10% of what you put into agriculture (yet food is expensive) and invest in IT, you do not need to employ people. When I heard government is employing 200,000 people what are they going to do? now, I launched a new foundation and through that platform and Yudala (which is setting up 4o new stores), young and brilliant Nigerians will be engaged to do the work. By doing that, you can employ people are ready for it, not based on political ground”.
Nigeria Data Protection Commission (NDPC) has said the certification of data protection professionals in the country will significantly reduce capital flight and create more than 500,000 jobs in the sector.
L-r: Dr. Vincent Olatunji, executive commissioner, NDPC and Dr. Oyedokun Oyewole, president of the Institute of Information Management,
Dr. Vincent Olatunji, executive commissioner, NDPC, stated this at the presentation of the certificate of licence to the Institute of Information Management (IMF) in Abuja.
He said the certification of data protection professionals would not only enhance the protection of personal data, but also boost the country’s economic growth and development.
The projection comes as the commission intensifies efforts to promote data protection and privacy in Nigeria’s rapidly growing digital economy.
According to Dr. Olatunji, the move aims to enhance the capacity of organisations to protect personal data and promote compliance with Nigeria’s data protection regulations.
Establishing a local institution to train and certify Nigerians would significantly enhance local content in the sector, the NDPC boss hinted.
The commission, he assured his audience, was already exploring the possibility of implementing the licencing framework across Africa—a move that could potentially harmonise data protection standards and expertise across the continent.
Dr. Oyedokun Oyewole, president of the Institute of Information Management, said the licence would effectively address the existing gap in the data protection ecosystem, providing a much-needed solution.
Recalling that the certification process began in 2021, Dr. Oyewole reaffirmed the institute’s dedication to excellence, pledging to provide top-notch education in data protection and set a benchmark for the country’s education system in this field.
The IIM’s certification programmes will cover essential topics such as data protection principles, risk management, and compliance with the Nigeria Data Protection Regulation (NDPR).
The initiative is expected to boost the confidence of organisations and individuals in the country’s data protection landscape.
Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.
Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.
“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.
Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.
“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”
Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.
Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.
He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.
Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA), announced plans to integrate digital literacy into Nigeria’s education system, to achieve a 70% literacy rate by 2027 and 95% by 2030.
Kashifu Abdullah, DG, NITDA
The NITDA’s DG made the announcement on Wednesday in Abuja during a media parley.
He stated that in order to include digital literacy in the curriculum at all educational levels, from kindergarten to university, the Agency was collaborating with the Federal Ministry of Education.
Abdullahi, said that this program would equip Nigerians with the digital know-how and abilities they need to succeed in the digital economy.
He emphasized that NITDA would also launch the “Digital Literacy for All Initiative” to educate Nigerians outside the formal education system and provide access to quality digital content.
Nigeria would train over two million young people in in-demand IT skills in order to become significant global outsourcing hub
NITDA is also collaborating with the Defence Headquarters and security agencies to develop digital solutions to address security concerns, including the use of drones, artificial intelligence, and other digital resources to combat banditry, abduction, and terrorism, he said.
According to him, the agency’s draft SRAP 2.0 plan aims to establish Nigeria as a digitally empowered nation, with a focus on innovation, national prosperity, and inclusivity.
The director general of NITDA added that, if successfully implemented, this strategy could propel Nigeria into a new phase of digital empowerment and leadership in the global digital economy.
Afreximbank Launches CANEX Prize for Publishing in Africa
CBN Says OPay, Moniepoint, Others can Start Onboarding New Customers Soon
MTN Pays $3.3Bn Tax across 19 Markets in 2023
SLTV to Create Jobs, Shore Nigeria’s Forex- Nwafor
Flutterwave Refutes N11Bn Loss Due to Security Breach
60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos
INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units
Odu’a Investment Declares N1.961Bn as Profit Before Tax
E-Financial2 days agoNDIC Gets Court Order, to Wind Down 96 Microfinance, Mortgage Banks
Telecom2 days agoElon Musk’s SpaceX Doubles Price for Starlink Global Roaming Plan
Broadcasting2 days agoNBC Grants DSB TV License to Voice of the East
E-Financial2 days agoCBN Finally Makes U-turn, Withdraws Circular on Cybersecurity Levy
News2 days agoWHO Prequalifies New Dengue Vaccine
Telecom2 days agoAirtel Wins Big at Maiden ICAN-NGX Awards
News2 days ago2024 Nigeria Innovation Summit 9.0 Gets October Date
Telecom2 days agoNIGCOMSAT Plans Dedicated Satellite for Military Operations