News
Connect Market CEO tells Nigeria’s Tech Market Leaders to ‘Think Big’
Mr. Tunji Adeyinka, Chief Executive Officer Connect Marketing Services Limited has challenged business owners in Ikeja Computer Village, Nigeria’s largest technology market cluster to start thinking out of the box, if they hope to scale up in today’s competitive business landscape.
According to the CEO of Connect Marketing, business leaders in Ikeja Computer Village, popularly called “Otigba”, have to start thinking out of the box if they still want to remain relevant in the technology business.
Mr. Adeyinka, the CEO of Connect Marketing, gave the advice in a thought leadership keynote presentation, “Small is Unsafe” delivered at Technology Times Breakfast Meeting, which was attended by business leaders from Ikeja Computer Village.
The event also witnessed the official unveiling of Computer Village Expo 2015 (CVE ‘15); an annual showcase event of Nigeria’s largest technology market inspired by Technology Times to connect buyers and sellers of consumer technology under one roof on December 9-12, 2015.
To illustrate his point to in his thought leadership keynote, the CEO of Connect Marketing began by playing a short video clip of how a wildlife chase in which a bigger carnivore devoured its prey because of its advantage of size.
In explaining how the competition in the jungle relates to the real-life business terrain, Adeyinka says that, ‘’our life is wildlife and the kind of market where we participate in is like wildlife where the big players devour the smaller ones.
According to the CEO of Connect Marketing, “no matter how small or big the market we operate in, there is always a fight where the big always overpower the small.’’
According to Mr. Adeyinka, “it is important for business people to have a conceptual framework for competition where you devise a market strategy on how best you can compete in your market space.’’
He advised the business owners to look beyond the now and tap into the harvest of opportunities that abound especially in this tech-driven age where virtually most businesses are now online.
“You are competing with a virtual market and an organized brick and mortar shop like the shopping malls, big plazas and you are dealing with a large percentage of consumers who are willing to pay for convenience, so it’s better you start thinking big now.’’
According to Mr. Adeyinka, “a lot of us operating in this market operate as a retail channel, so we need to think out of the box. The fear of operating in this channel is that the risk I see like a market in Computer Village is that in the next three years, that market will consolidate and about 70 per cent of the businesses there will be eaten up.’’
The CEO of Connect Marketing told attendees at the event that, “if your presence is only limited to Computer Village alone, then your risk is 80 per cent. That is why increasingly, we need to think start thinking big.’’
He adds that, “we need to start looking at various options moving forward and one of such options is collaboration. The future is about partnership and collaboration. We need o start looking out for people who have competence in our business areas and synergize with them. That way, we would achieve more.’’
Complementing the suggestion by Mr. Adeyinka’s keynote presentation, Mr. Tunji Balogun, the Managing Director of Brian Integrated System, also underscored the need for more collaboration among the business leaders in the market.
Mr. Balogun, who is also the immediate past President of Computer and Allied Product Dealers Association (CAPDAN), the umbrella association of the Computer Village said that, “it is about time for us to start trusting each other and you can’t do business on your own. Even if you are not merging, you can have consortium of companies where you put your force together and go after the market.’’
According to the ex-CAPDAN President, “I was one of those that started Computer Village and I saw the risk and but the empowerment for us right now is to come together to think out of the box and to start adding value to what we do.’’
Also speaking at the event, Mr. Shina Badaru, Founder and CEO of Technology Times, told attendees that the CVE ’15 Expo was inspired by a shared commitment to work together with business owners in Computer Village to promotes the nation’s largest technology market cluster.
‘’Over the last couple of years, Technology Times has been collaborating with the leadership of the market associations to explore opportunities and initiative that we can collaborate on in to foster growth in the market”, he told the forum.
According to the CEO of Technology Times, “we envision the CVE ’15 Expo to be the first of its kind, a showcase event that will bring showcase the very best of Computer Village and connect consumer technology buyers and sellers.’’
CVE ’15 scheduled to hold December 8-9, 2015, at the Haven Event Centre in Ikeja GRA, promises to leave an unforgettable experience for participants, Badaru said noting that, “we have picked a location that will be convenient for buyer and sellers to meet together”, Mr. Badaru told attendees at the official announcement of CVE 2015.
“Our vision is to make CVE ’15 be the most important event that will gather business leaders in Nigeria tech market cluster and our projection is to attract over 2 million visitors in the country to the show and another 20 million cyber visitors”, added Mr. Badaru, who confirmed that there will be daily live video feeds of the event on the Internet.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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