E-Business
Serial Entrepreneurs Tasks Entrepreneurs to Understand Business Fundamentals

Emerging entrepreneurs have been urged to understand the fundamentals of a successful business before kick starting the journey of entrepreneurship.
Two successful and serial entrepreneurs, Simeon Ononobi, the founder of SimplePay and MyAdsApp and Adeoye Abodunrin, the ED of Xpos Technologies, were on hand to set the Startups present at the CFA’s Startups Hangout (May edition) on the right course.
The Startups were offered insight into what it takes to run successful startups.
CFA’s Startups Hangout is a monthly meetup, where Startups meet to learn and grow their businesses from successful Entrepreneurs that grace each edition of the Startups Hangout. The successful entrepreneurs divulge nuggets that assisted them in catapulting their various businesses into success as well as advice on what Startups should do to avoid pitfalls. Startups are also afforded the opportunity to network and synergize with one another.
The first invited Speaker, Simeon Ononobi, Founder of SimplePay and MyAdsApp, stated that he started venturing into business at the age of 16 by teaching people how to open emails at the University.
He later opened a cyber cafe and that was how he made his first million. He said venturing into businesses for him usually occurred from mistakes that caused him problems and the need to solve the problem by himself.
He stated that after solving the problems by himself, he now investigated to see that various other people had the same problems. This now gives him the opportunity to solve their problems for them at a price, hence, his starting a business in that line.
Simeon went on to consult for Guaranty Trust Bank PLC, offering to carry out the jib for free, but was eventually paid for his services.
His good work at Guaranty Trust Bank won him many more contracts, including YouWin, a Federal Government initiative. “Know the market you’re dealing with. Don’t be excited in entering every market. Start small”, Simeon advised the Startups present at the event. Simeon also advised that Startups should go into partnership with one another or even work with bigger entrepreneurs to have their dreams realised.
On his part, the second invited Speaker, Adeoye Abodunrin, ED, Xpos Technologies, stated that, Startups need to be level headed because they cannot afford to make mistakes as the odds are high against them.
He said that you cannot run an innovation business where your idea can be taken over by anyone with a deeper pocket, like you will run a traditional business that has a set format for its operations. He advised that anywhere the Startups see pain, discomfort and chaos, they should know that innovation is in the offing. “If you’re a Startup, you have to know how to convert pain into comfort in order to make money”, he stated.
He said that Startup businesses involves three stages that intersect each other and any Startup that wants to be successful should locate himself at the point where the three intersect. The thee are, Pain (human needs), Technology (technological understanding and how to supervise it) and Value (Business sense, creativity, funding and value creation). “Idea is cheap, but impact engineering is key”, Adeoye stated.
Adeoye went on to advice the Startups to allocate budget for Research and Development, no matter whether the Startup is at the Small approach stage (5% to 10%), Repeatable approach stage (40% to 50%) and Hybrid, but risky stage (70%).
Adeoye explained that the first point in the entrepreneurial journey is to understand the needs of the customers and identifying the target market. “You need to know exactly where you’re selling your products”.
He tasked entrepreneurs to have the broad knowledge of technology to afford then to supervise the tech aspect of their business.
“Technology is the key tool to make business flexible and it is important to understand how it works before you can start delegating responsibilities,” Adeoye said.
“If you’re thinking innovation, think about how to manage money, think about customers money, break even point, payback period, return on investment, future value of money, etc.”, Adeoye concluded.
The Hangout ended with the Startups asking the invited speakers questions to which relevant answers were given. Most of the Startups said they look forward to attend the June edition of the CFA’s Startups Hangout, as they are gaining a lot from the invited guest speakers.
E-Business
Elon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’

Elon Musk, billionaire Tesla owner, has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.

Elon Musk,
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
He has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
Musk’s legal team argues that his early financial and strategic contributions, including approximately $38 million in seed funding, the recruitment of key personnel, and assistance in connecting founders with contacts, laid the foundation for the later success of OpenAI and Microsoft’s commercial AI efforts.
“Without Elon Musk, there’d be no OpenAI. He provided the bulk of the seed funding, lent his reputation, and taught them all he knew about scaling a business. A pre-eminent expert quantified the value of that,” Musk’s lead trial lawyer Steven Molo told Reuters.
“Just as an early investor in a startup company may realise gains many orders of magnitude greater than the investor’s initial investment, the wrongful gains that OpenAI and Microsoft have earned—and which Mr Musk is now entitled to disgorge—are much larger than Mr Musk’s initial contributions,” the filing said.
Musk, who left OpenAI’s board in 2018 and now leads AI company xAI, alleges that OpenAI violated its founding non-profit mission when it restructured to include a for-profit arm tied to Microsoft’s investment and commercial strategy.
Meanwhile, OpenAI has labelled the lawsuit “baseless” and part of a “harassment campaign” by Musk, and Microsoft’s legal team has said there is no evidence the company “aided and abetted” OpenAI in any wrongdoing.
Both companies have asked the judge to limit what Musk’s expert witness may present at trial, arguing that the damages calculations are unreliable and could mislead a jury.
According to Reuters, Musk’s filing says he may pursue punitive damages and other penalties, including a possible injunction, if the jury finds the companies liable, though it did not specify what form any injunction would take.
E-Business
Nigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025

In December 2025, organisations globally faced sustained cyber pressure, as the average number of cyber-attacks per organisation per week reached 2 027, a 1% increase from the previous month and a 9% increase from December 2024.

This is according to December 2025 Global Cyber Attack Statistics by Check Point Research, the threat intelligence arm of Check Point Software Technologies.
According to the statistics, Latin America was the hardest hit, with companies experiencing an average of 3 065 cyber-attacks per week, a 26% year-over-year increase.
In contrast, Africa saw a decline in attacks, with Nigeria (4 622 attacks per week) and Angola (4 002 attacks per week) being the most targeted countries on the continent.
The report’s findings highlight the evolving cyber threat landscape, with ransomware and GenAI-driven data risks posing significant challenges to companies worldwide.
Ransomware attacks jumped 60% year over year, with 945 publicly reported incidents in December. Qilin was the most active ransomware operator, responsible for 18% of publicly disclosed attacks.
“Ransomware continues to scale through industrialised operations, while unmanaged GenAI usage is creating widespread data exposure at enterprise level,” said Omer Dembinsky, data research manager at Check Point Research.
The report noted the education sector was the most targeted industry globally, with 4 349 cyber attacks per week; followed by government (2 666 attacks per week); and associations and non-profits (2 509 attacks per week).
The widespread adoption of GenAI tools has introduced new cyber security risks, with one in 27 GenAI prompts posing a high risk of sensitive data leakage.
Experts warn that companies must prioritise prevention-first security, real-time AI threat intelligence and strong governance over AI tools to mitigate these risks.
Hendrik de Bruin, head of security consulting at Check Point Software, added: “Strengthening ransomware resilience, deploying AI-powered prevention and enforcing clear GenAI governance will be critical to reducing cyber risk in the year ahead.”
E-Business
Half of Global Companies Build SOCs to Enhance Cybersecurity, with a Focus on Human Expertise

Among the primary reasons for establishing a Security Operations Center (SOC) are strengthening cybersecurity posture, enabling faster detection and response and gaining a competitive edge.

Interestingly, despite the increasing demand for automated cybersecurity solutions, businesses rely on skilled security professionals to make key decisions, as human expertise remains essential for effective security management.
A Security Operations Center (SOC) is a dedicated organisational unit responsible for continuous monitoring and safeguarding of a company’s IT infrastructure. Its core mission is to proactively detect, analyse and respond to cybersecurity threats.
To identify the main drivers, strategic priorities, and potential challenges in SOC planning and implementation, Kaspersky has conducted a comprehensive global study involving senior IT security specialists, managers and directors from companies with 500 or more employees.
All participants operate without a SOC but have plans to establish one in the near future. The study spans 16 countries across APAC, META, LATAM, Europe, and Russia, providing valuable insights into the emerging trends and best practices in SOC development worldwide.
The findings of the research reveal that 50% of companies intend to establish SOCs to strengthen their cybersecurity posture, and 45% are motivated by the need to address increasingly sophisticated and dangerous threats.
Other drivers include budget optimisation, the necessity for faster detection and response, and the expansion of software, endpoints and user devices – factors that demand more comprehensive and layered security measures.
These are cited by 41% of organisations. Additionally, 40% seek better protection of confidential information, 39% aim to meet regulatory requirements and one-third (33%) expect SOC capabilities to provide a competitive edge. Larger enterprises tend to cite each of these reasons more often, reflecting the broader operational and regulatory pressures they experience.
Continuous monitoring becomes the leading SOC requirement
Among the key functions organisations plan to delegate, 24/7 security monitoring leads at 54%. This around-the-clock vigilance enables early detection of anomalies, prevents escalation and sustains cyber resilience in real-time. This demand highlights a strategic requirement for proactive risk management, as organisations aim to defend against persistent threats that can strike at any moment.
Companies intending to fully outsource SOC operations show a stronger interest in applying “lessons learned” methodologies, whereas those developing internal SOCs focus more on access management to maintain tighter control.
Human expertise drives SOC technology choices
While SOCs use advanced technology, the choices made by organisations show that human analysts are very important. Among the solutions that organisations plan to include in SOC are – Threat Intelligence Platforms (48%), Endpoint Detection and Response (42%) and Security Information and Event Management systems (40%) – sophisticated solutions that automate data collection and reduce operational load, however, they depend heavily on skilled security professionals who provide critical context, interpret complex findings and make final decisions when guiding appropriate responses.
Other solutions chosen include Extended Detection and Response (38%), Network Detection and Response (37%) and Managed Detection and Response (33%). Large enterprises tend to adopt more technologies (5.5 per SOC on average), while smaller ones integrate fewer (3.8).
“To successfully build a SOC, companies must prioritise not only the right mix of technology but also the careful planning of processes, clear goal-setting and effective resource distribution.
“Well-defined workflows and continuous improvement are essential to ensure that human analysts can focus on critical tasks, making the SOC a proactive and adaptable component of their cybersecurity strategy,” comments Roman Nazarov, Head of SOC Consulting at Kaspersky.
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