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High Speed Internet Aids Entrepreneurship- Adalemo

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Wande Adalemo, co-founder and chief operating officer, Oxygen Broadband Networks, Nigeria’s first metro Wireless Fidelity (WI-FI) network never saw a computer until 1998.
Today, Adalemo sits atop N1 billion broadband network company which has 10 hotspot locations in Lagos and seeking expansion to 100 locations in the state by 2015; and then Abuja, Port Harcourt and Kano.
Overtime, the Company has grown and has attracted institutional investors such as Google and MainOne Cable Company. WaveTek has also signified interest in investing in the company and to help boost broadband access in the country. Adalemo spoke to peter ugwu on Oxygen Broadband’s achievements so far and expectations.

Oxygen Broadband’s Mission
Oxygen Broadband is Nigeria’s leading WiFi provider, we have been building hotspots at different locations in Lagos and they are qualitative.
Right now we have ten locations, where people can go, get signed up and be connected to the internet. And then move ahead with our vision to go nationwide.
Our mission is to make sure everybody has access to the internet; not just signing up to the internet, but using high-speed internet. That is our major target.
We are not coming to your home, but at locations where users can easily reach us. Actually, the pilot scheme of the project offered a flexible, cost-effective and convenient Wireless Fidelity (WI-FI) connection.
It also made the convergence of various classes of service achievable, as stakeholders in Computer Village require extensive internet services. The pilot was a huge success with over 50,000 devices connecting over the network at that single location.

Level of Enthusiasm among Users
Nigerians want to get connected. The question is: where is the connectivity? Another question is: what is the price of the connectivity?
Currently, the connectivity is not there and the challenged is compounded by the high connectivity charges.
In other words, where the price is not the issue the connectivity quality is low. So what we are doing is giving high quality connectivity hotspots.
We want to be in locations where users can have access to the internet. We see Nigerians expresse happiness about this project; they actually move towards these locations.
It is a sigh of big relief to many, especially the low income earners and students. At one of the locations in Surulere, Lagos, we have thousand users who go there to have a feel.
Like I shared our observations at the ministerial briefing, young people from remote areas are hungry for internet.
Some of these young people would approach the adults in their neighbourhood, collect their phone and go to these locations, because they know they have 30 minutes free internet connectivity and do some amazing things. We were surprised; it happened that they were actually using that medium to research about their class works and do assignments.
That is enough empowerment. When government, non-governmental organizations or operators in the industry think or talk about youth empowerment, this is one project they can look at and see the essence and the huge impact it will have on the studies of these young people, through that the society becomes better place for all of us.
Our plan is to replicate this across Nigeria. That shows that Nigerians need something like this. We receive calls from people like someone would call in asking, ‘I am moving towards Okota please where is your hotspot around the route or how do I connect?’ Such calls give us the confidence that this project is worthwhile.
And that is why we made a pledge to Nigerians: To provide superfast reliable and affordable internet; to serve Nigeria with our entire network infrastructure and uphold her broadband access quality.

Is the Connectivity Just Free?
At certain time the connectivity is free. For instance, when someone signs up, he or she gets 30 minutes free airtime.
That is after first registration. Going forward, it is just N100 per hour and they are assured of maximum, unlimited internet access.
So, there is a free access to what we are doing. We want to bring change in the system; open up the gate for Nigerians to have access to the gateway to the world, seamlessly.
That is the motivation to stimulate even others that lack interest or have lost confidence in the system.
We just won WiFi Company of the year award and that was because research conducted showed we have the fastest internet gateway facilitating platform in Lagos.

Tackling Infrastructural Challenges
We collaborate. There is what I called the Broadband Infrastructure Ecosystem, which will make the broadband development in Nigeria to be effective.
I had at different fora shared story of how this project kicked off. I found it difficult to see who would believe in the project until I met a partner who was managing director of a bank then.
Meanwhile, I had met several potential investors who discouraged me, but I did not give up.
So, when I got to him, the first thing he told me was if fail to convince him in two minutes, then I have lost his interest.
He has a view that an idea that cannot hit someone in two minutes is no good idea. Well, I think I was able to hit him in two minutes and the next question he asked was how do we move?
From there we started working together. As the project progressed we discovered that we cannot get there without collaboration.
So, we collaborate with a lot of operators like Visafone, WaveTek, MainOne Cable Company, to deliver IT broadband.
We also go into partnership with venue owners, restaurants, malls, hotels; it is a collaborative things. If we do not build the ecosystem, broadband development cannot work.
I do not think we can go far without the ecosystem. However, we are the centre of that ecosystem.

Optimism and the Future of the Ecosystem
I am very sure that the operators are optimistic and ready to deliver the bandwidths to the last mile users.
So, I am sure we are on the right track when we embraced the ecosystem composition. We have to have to look at it from the angle of the number; that is the users. If the number is there why not go for collaboration.
Assisting Mobile Entrepreneurs
An average Nigerian is a gifted entrepreneur. We can do more when the internet is good.  For instance, if you are moving from one spot to another, probably for business meetings, engagements or to cement partnerships, with speed internet connectivity in place, you can download, upload voice, data or video at any of the hotspots.
That will mean a huge success and progress for the entrepreneurs. Imagine when someone has no office, yet he does business online.
That is what infrastructure does; impacting and empowering lives. The benefits cannot be over emphasized.

Government’s Agenda for Broadband Development In Nigeria
I think from what the Minister of Communications, Mrs. Omobola Johnson told IT stakeholders recently; the Government is doing its best to address the challenges.
She is doing a lot and needs the support of industry players. Remember, it cannot be a perfect system in the beginning.
Yes, with few people who have access to the service offered in the country are not getting value for their money, but with the ecosystem I so much believe in we can always get to the right destination.
We have several players coming into the market, Nigeria should just wait, things will only get better.
Just like I said earlier, this project of several hotspots are designed after the original vision of the Federal Government of “Internet for everyone.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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