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Ten Business Nuggets for a Startup to Succeed

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L-R: Tunde Coker, MD, Rack Centre, Francisca Iloezuma, Product Manager, Domains and Support Services, Upperlink, and Chukwuemeka Fred Agbata Jnr, CFA, Convener of the CFA's Startups Hangout, at the 19th edition of CFA's Startups Hangout, held at the GoDoHub premises at 53, Oladipo Bateye Street, GRA, Ikeja, on Thursday, July 4, 2019. Tunde Coker was the speaker of the event, while his company, Rack Centre and Upperlink, were two of the companies that sponsored the event.
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By Wale Oguntokun,
It was all, series of dissemination, of highly valued nuggets, garnered from over 30 years of international entrepreneurial experience in Europe, USA, Asia and Africa, passed on by Tunde Coker, MD, Rack Centre, to the attendee start-ups.
This was at the 19th edition of CFA’s Startups Hangout that took place at the premises of GoDoHub, 53, Oladipo Bateye Street, GRA, Ikeja, on the evening of Thursday, July 4, 2019.
Speaking to the start-up attendees at the event, Tunde advised them, not to make themselves indispensable because it will never make them to grow. “Making yourself indispensable, is the beginning of your becoming irrelevant because, you will never grow. You should rather, develop and show value because, then, you tend to be respected and grow”, he explained.
Tunde stressed that, innovation is not only about building an app, but it is about doing something in a new and simplified way. “You don’t necessarily have to complicate things, to innovate. Simplifying things, is the key, in the process of innovating”, he emphasized.
On business relationships, Tunde advised the start-ups to build sustainable relationships because, over time, your contacts will be useful to them. He drew this conclusion, from the experience he had with relating well with someone when he was working in Europe, whom, he was able to bring over to Nigeria to work on an important project for Intercontinental Bank, when he was working there in Nigeria. ” Cherish relationships with a passion because, they are the ones that make you successful; your family, your staff, your clients, etc”, he opined.
Below are 10, out of the numerous nuggets that Tunde passed on, to the start-ups at the event:
(i) Pay attention to details. It speaks to everything about you as a start-up.
(ii) Maintain quality standards, beyond what your competitors can offer.
(iii) Be passionate about customer experience.
(iv) You have to take the tough decisions, when necessary – know when to shut down the business, when necessary, etc. You have to know when to reinvent yourself.
(v) Impossible is somebody else’s idea of what possible. It is better to say, ‘let’s figure it out’. Then, you can think things through.
(vi) Develop the right processes for your start-up, as this enables you to ease your operations and deliver on your promises to your clients.
(vii) On getting funding for your start-up, you have to be authentic and have integrity, as well as pay attention to details. Those are some of the important qualities that your potential investors are looking for, in you.
(viii) On unfavourable government policies, you need to understand the environment in which you find yourself and know who to meet and when to influence the policies, to suit your long-term needs.
(ix) Protect your intellectual properties, (IP), and take it one step ahead of every other person. Have non-disclosure clauses, in all the agreements and contracts that you sign, in order to protect you.
(x) Collaborate because, you don’t know it all and you can’t do it all. It is better to have 10% of a billion, than to have 100% of one!!!
Rack Centre is Africa’s Edge Data Centre, with track record of global recognition for excellence, heterogeneous ecosystem of leading cloud platforms, with over 30 major local carriers and ISPs connected.
Francisca Iloezuma, Product Manager, Domains and Support Services, Upperlink, made a presentation at the event, to promote the products of Upperlink to the attendee start-ups. Upperlink is one of the sponsors of the 19th edition of CFA’s Startups Hangout. Other sponsors include Rack Centre, Remita, Swift Networks, Zinox, VoguePay, .ng (NiRA), AskAnExpert and GoDo.ng.
Giving the vote of thanks, Chukwuemeka Fred Agbata Jnr, CFA, the Convener of the CFA’s Startups Hangout, thanked the speaker, Tunde Coker, for finding time to attend the hangout, out of his busty schedule and the brilliant delivery of his experiences to the attendees start-up attendees. He also thanked the attendee start-ups for gracing the occasion with their presence and praised their zeal to learn from those who have successfully passed through the path that they are now passing through. CFA, also, thanked the sponsors of the event for their continuous support.
CFA’s Startups Hangout is a forum where start-ups 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.
The 20th edition of CFA’s Startups Hangout, also, promises to be exciting, educative and enlightening to the attendee start-ups. Watch out for announcements on it here

Tunde Coker, MD, Rack Centre, passing on one of his nuggets, as speaker at the 19th edition of CFA’s Startups Hangout, held at the GoDoHub premises at 53, Oladipo Bateye Street, GRA, Ikeja, on Thursday, July 4, 2019

L-R: Wale Oguntokun, Director, Digital City Tech Media Services Limited, Francisca Iloezuma, Product Manager, Domains and Support Services, Upperlink, Tunde Coker, MD, Rack Centre, Chukwuemeka Fred Agbata Jnr, CFA, Convener of the CFA’s Startups Hangout, Adeola Raji, Technical Support Department, Upperlink and Kele Nwankwo, Executive Assistant, Rack Centre, at the GoDoHub premises at 53, Oladipo Bateye Street, GRA, Ikeja, on Thursday, July 4, 2019


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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

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Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Minister of Education, Tunji Alausa

Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).

Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.

He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.

“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.

According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.

Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.

The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).

In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.

The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.

He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.

Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.


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Africa Fintech Revenues to Hit $65 billion by 2030 – Report

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African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

 


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