Telecom
Startups Can Opt for Leveraging to Scale – Mazi Sam Ohuabunwa
The much awaited 18th Edition of CFA’s Startups Hangout took place on Wednesday, February 27, 2019, at the premises of Godo hub, 53, Oladipo Bateye Street, GRA, Ikeja, with Mazi Sam Ohuabunwa, OFR, Managing Partner of StartTeam Consult and current President of the Pharmaceutical Society of Nigeria, PSN, sharing a lot of insights into how to scale a business from Startup with the attendee Startups that trooped in to grace the occasion.
The other speaker, Aramide Abe, was stuck in the ubiquitous Lagos traffic on her way to the event and was not able to be a part of the discussion.
Ohuabunwa, in addressing the theme of the 18th Edition of CFA’s Startups Hangout, “From Startups to Scale Up: The Whole 9 Yards”, expressed delight at being able to stand before youths striving to make something good out of their Startups and to share his experiences, with being involved in starting about 30 businesses, with about half of that already dead and what worked for the other half that are still standing strong today, due to the application of strong corporate management, organizational leadership and entrepreneurship.
He stated that everyone knows that, one of the major challenges that Startups have is how to have access to funding for their businesses.
He also noted that there are two ways of raising funds for your business to scale and these are Equity funding, which involves pooling your resources and applying in the business and then, funding through Leverage.
“If you learn to leverage, the work is shared, individual risks are minimized”, he stated, drawing examples from his experience with starting up companies, such as Seegal Pharmacy, Red Star Express and the buyout of Pfizer, which later became Niemeth.
Leverage, Ohuabunwa stressed, comes in two forms; loans from banks and other financial institutions and crowd funding of like-minded people, bringing in their little individual funds together to make a bigger pool of fund or investing to scale.
“This is usually done with offering shareholding to each member that contributes. He advised Startups that are struggling individually, to explore the possibilities of partnering with one another and those who believe in their cause, by pooling resources to scale, since it is very difficult to access bank loans.
“The best way to raise funds, is to leverage, by partnering with others and if you learn to leverage, the risk is shared”, he explained.
He, however, stated that, before leveraging through crowd funding, the Startup must have a need that it wants to fill, or a problem that it wants to solve or a value it wants to create, which people are willing to pay for.
Other qualities that the Startup must look up to, to scale, include having a clear vision of what you want to do and what you want to achieve and a vision for your life. “A vision for your life is a great propellant for you to do what you need to do to scale”, he stated.
He explained that other things that Startups can do to scale include, proper planning of what you want to do, writing them down and following through. “Preparation precedes success. Where preparation meets opportunity, you have success”, he observed.
He also advised Startups to have more than one plan, hence, they should have plans A, B, C, D, E, etc., so that, when one plan fails, you pick on another and run with it.
“The soul of business is customer creation. Build your customer base and your business will grow”, he stressed.
He advised Startups to build their brand and market, by exposing and talking about their brands at any for a where they find themselves.
To startups, Ohuabunwa also harped on the use of technology to benefit their businesses, as it brings convenience.
He also gave the attendee Startups advice on a number of issues, ranging from Franchise, delayed gratification to warehousing loans, etc. Questions and answers were taken after Mazi Sam Ohuabunwa’s presentation.
Other nuggets that Mazi Ohuabunwa gave the attendee startups include, having a mentor in a symbiotic relationship, rather than a parasitic one. Such mentors will be too eager to show you the way to go in scaling when the benefits are mutual, he advised.
CFA’s Startups Hangout is a forum where Startups gather from time to time, to learn from seasoned, successful entrepreneurs and corporate executives, with a view to learning how to grow their businesses, as well as networking and synergising with one another, in order to deepen the sustenance of their ventures, while adding value to the economy in general. Chukwemeka Fred Agbata Jnr, CFA, is the convener of CFA’s Startups Hangout.
VoguePay and Upperlink, two of the sponsors of the 18th Edition of CFA’s Startups Hangout, had the opportunities to make presentations to the attendee Startups on how they can benefit from their products.
This edition is made possible with the kind support of forward-looking brands, such as Remita, Zinox, VoguePay, Swift Networks, Upperlink, .ng (NiRA), AskAnExpert and GoDo.ng.
The 19th Edition of CFA’s Startups Hangout will be announced soon. Watch this space for the announcement.
The Nigerian Communications Satellite Limited (NIGCOMSAT) has unveiled Accelerator Cohort 3.0 as part of efforts to strengthen Nigeria’s space technology ecosystem and support the growth of local startups.
The initiative will be a major highlight of the 2026 Nigerian Satellite Week scheduled to hold on March 30 and 31 in Abuja, where key players in the satellite and digital infrastructure sectors are expected to converge.
In a statement signed by Stephen Kwande, the Head of Corporate Communications, the company described the new accelerator as its most direct investment in building long-term competitiveness within Nigeria’s space economy.
According to NIGCOMSAT, the programme is designed to support early-stage ventures working across satellite applications, last-mile connectivity, agriculture, logistics and other areas where space-based technology can drive impact.
The company said previous cohorts of the accelerator had already contributed to developing innovative solutions and building the human capacity needed to position Nigeria for the next phase of the global space industry.
“With Cohort 3.0, we are making it clear that the accelerator is not a pilot project but a permanent feature of how Nigeria develops its space-tech companies,” the statement said.
NIGCOMSAT noted that the Nigerian Satellite Week has grown into a major platform for policy discussions, partnerships and investment in the sector.
The 2026 edition is expected to attract top government officials, defence leaders, development finance institutions and technology entrepreneurs from across Africa.
Jane Egerton-Idehen, managing director of NIGCOMSAT, said the event also marks two decades of Nigeria’s journey in the space economy.
“Twenty years ago, Nigeria took a bold step to secure its place in space. What we are seeing today is the result of consistent effort and vision,” she said.
She added that the company is focused on shaping the next phase of growth through innovation, partnerships and investment in local talent.
NIGCOMSAT also highlighted recent milestones, including a Low Earth Orbit connectivity partnership with Eutelsat, improved revenue performance and increased global recognition in satellite operations.
Other activities lined up for the event include a Startup Demo Day, where selected African startups will pitch their ideas to investors, and a stakeholders’ forum to discuss policies and infrastructure needed to scale Nigeria’s satellite economy.
The company said the initiative reflects the growing role of satellite technology in national development, particularly in areas such as communications, security and digital services.
NIGCOMSAT, established in 2006 and wholly owned by the Federal Government, provides satellite-based services including telecommunications, broadcasting and broadband across Nigeria and parts of Africa.
The Federal Government has unveiled a N12bn Digital Economy Research Fund aimed at strengthening evidence-based policymaking and supporting Nigeria’s long-term digital transformation agenda.
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, disclosed this in a statement issued on Saturday, announcing the launch of an expression of interest for the National Digital Economy Research Clusters.
“Today my heart is filled with deep joy as we announce the Expression of Interest for the National Digital Economy Research Clusters, a N12bn research funding scheme designed to place ideas, evidence, and research at the centre of Nigeria’s digital transformation,” the minister said.
According to him, the programme is being funded under Project BRIDGE, a federal initiative to deploy 90,000 kilometres of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy.
“This programme is being funded under Project BRIDGE, our initiative to deploy 90,000km of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy,” he said.
The minister noted that as the government expands digital infrastructure nationwide, research-backed approaches are required to ensure inclusive benefits.
“As we deepen our digital infrastructure coverage, thoughtful, evidence-based approaches are required to be deployed in society to ensure everyone benefits from this significant investment,” he added.
He observed that digital policy decisions are often shaped by market forces and political cycles rather than rigorous research and long-term thinking. “Too often, the ideas shaping digital policy come predominantly from markets and political cycles rather than from research, evidence, and long-term thinking,” the statement said.
Under the initiative, six national research clusters will be established across key pillars of the digital economy, including connectivity and meaningful use; digital public infrastructure and government services; digital skills and human capital development; digital economy and jobs; online trust and consumer protection; as well as artificial intelligence and emerging technologies.
The clusters will be led by up to 36 professors drawn from Nigerian universities, working alongside international academic partners, with more than 200 researchers, including postdoctoral fellows and PhD candidates, expected to generate policy-relevant research.
“For me, the goal goes beyond research output. We are looking for better policies that lead to stronger institutions and a more prosperous society,” the minister said.
He described the initiative as one of the ministry’s most meaningful programmes, noting that it is intended to produce ideas that will outlast any single administration. “Because nations that lead the future are not simply those that deploy infrastructure; they are the ones that cultivate ideas,” he said.
The ministry invited academic and research institutions interested in participating to review the Terms of Reference released alongside the EOI and submit proposals to lead or collaborate within the national research clusters.
It added that a press conference would be held in the coming week to provide further details and engagement opportunities for vice-chancellors and research institutions across the country.
Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) to compensate subscribers experiencing poor network service across the country.
The Commission said the directive was part of efforts to ensure that consumers are not made to bear the burden of service failures when operators fall short of required standards.
Under the new regulation, telecom operators will be required to provide compensation directly to affected subscribers for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).
According to the NCC, the compensation will be issued in the form of airtime credits, calculated based on subscribers’ average usage and their presence within specific Local Government Areas where service disruptions occur.
The Commission emphasised that telecommunications services remain critical to economic activities, social interactions, and access to digital opportunities, noting that poor service delivery negatively impacts productivity and public confidence.
It explained that while regulatory fines have traditionally been used to sanction operators, the new approach prioritises consumer protection and strengthens accountability within the telecommunications sector.
The NCC added that the measure would complement existing efforts to monitor service quality and enforce compliance with performance standards.
In addition, the Commission directed tower companies responsible for telecom infrastructure, such as network masts, to reinvest fines imposed on them into infrastructure upgrades with measurable outcomes.
The regulator reiterated its commitment to ensuring that operators invest in network resilience, expand capacity, and improve infrastructure to meet growing demand.
It also pledged to continue deploying regulatory mechanisms that promote fairness, transparency, and accountability across the industry, while ensuring that subscribers receive the quality of service they deserve.
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