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Serial Entrepreneurs Tasks Entrepreneurs to Understand Business Fundamentals

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(L-r): Chukwuemeka Fred Agbata Jnr (CFA), the Presenter of Tech Trends on Channels TV and the convener of the CFA's Startups Hangout; Simeon Ononobi, the Founder of both SimplePay and MyAdsApp; Abdullahi Bello Umar, the CEO of MindZone Limited, Kaduna and Adeoye Abodunrin, the ED of Xpos Technologies at the May 2017 edition of CFA;s Startups Hangout.
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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.

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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.

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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.

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“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.

 

 

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Kaspersky Uncovers New Mirage Kitten Malware Used in Cyber-espionage Campaign Across Africa, Others

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Kaspersky Global Research and Analysis Team (GReAT) has discovered a previously undocumented malware set used by Mirage Kitten APT. The findings were revealed at its annual Kaspersky Cyber Security Weekend for the Middle East, Turkiye and Africa (META).

The malicious tools were used in a targeted campaign aimed at maintaining long-term access to victim networks and stealing sensitive data.

The company’s researchers have identified victims of this campaign across the Middle East and Africa, including organisations in Egypt, small and medium-sized businesses and government entities in Jordan and Tanzania, aviation organisations in Pakistan, telecommunications companies in Ethiopia and financial-sector entities in Burkina Faso.

The toolset consists of three custom programs. At its core is NightLedger, a newly discovered Windows backdoor attributed to the group based on code and behavioural similarities to its previously known malware, which gives the attackers remote control over infected machines: they can run commands, explore and transfer files and capture screenshots.

It is complemented by two covert tunneling tools, ArcBridge and BridgeHead, which effectively turn a compromised computer into a relay node: the attackers run their tools on their own servers, while all the resulting traffic is quietly funneled through the victim’s machine, as if it originated from inside the victim’s network.

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This lets them slip past network defences and preserve long-term access without drawing attention. The first of these tools was identified in April 2026 in activity targeting victims in the Middle East.

While the initial access vector remains unclear in most cases, Kaspersky GReAT researchers observed BridgeHead being deployed during post-compromise activity in victim environments in Egypt and at an aerospace and aviation organisation in Pakistan. In those cases, the intrusion activity followed targeted spear-phishing attempts consistent with the group’s known methods.

The lures were highly tailored including recruitment-themed messages impersonating trusted brands and hiring platforms, as well as fake videoconferencing pages that redirected victims to malicious archive files hosted on third-party file-sharing services.

“Based on our latest findings, we conclude that Mirage Kitten continues to evolve its malware arsenal in support of targeted cyber-espionage operations across the Middle East and Africa.

“Another notable aspect of the campaign is the group’s continued reliance on tunneling utilities as part of its operational toolkit: in practice this enables attackers to bypass network controls, maintain covert access to compromised environments and significantly complicate detection efforts.

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“Given the persistence and sophistication of these techniques, organisations and defenders should incorporate these findings into their threat assessments and strengthen their detection and response capabilities accordingly,” says Omar Amin, senior security researcher at Kaspersky GReAT.

 

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NDPC Directs DCPMIs to Register with Agency or Face Legal Consequences

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Nigeria Data Protection Commission (NDPC) has directed all Data Controllers and Data Processors of Major Importance (DCPMIs), yet to register with the commission to do so immediately.

NDPC Directs DCPMIs to Register with Agency or Face Legal Consequences

This followed a Federal High Court judgment affirming NDPC statutory powers to designate and register such entities.

DCPMIs are entities operating in Nigeria that handle sensitive personal data or large volumes of information, requiring mandatory registration with the NDPC under the Nigeria Data Protection Act (NDPA).

In a statement issued on Tuesday by Babatunde Bamigboye, head of Legal, Enforcement and Regulations at the NDPC,  described the judgment as a major milestone for data accountability and regulatory oversight in Nigeria.

The commission said the ruling arose from a suit filed by Emmanuel Harunna against the NDPC in Emmanuel Harunna v. NDPC (FHC/L/CS/1116/2024), in which the applicant sought a declaration that Point of Sale agents were not Data Controllers or Processors of Major Importance under the Nigeria Data Protection Act and requested a perpetual injunction restraining the commission from registering them.

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According to the statement, Justice F.N. Ogazi examined the commission’s Guidance Notice on Registration alongside Sections 5(d), 6(c), 44, 45 and 65 of the Nigeria Data Protection Act before concluding that the commission acted within its statutory powers in designating entities under the Major Data Processing – Ordinary High Level category as Data Controllers and Processors of Major Importance.

Quoting the judgment, the statement read, “The Nigeria Data Protection Act was enacted to promote accountability, transparency and responsible data governance. Registration enables the Respondent to identify entities engaged in significant data processing activities, monitor compliance.”

It added that the court held that, “Far from undermining the constitutional right to privacy, the registration framework is one of the statutory mechanisms designed to safeguard that very right by subjecting data controllers and data processors to effective regulatory oversight.”

The statement further quoted the court as saying, “Looking at the recitals of the Guidance Notice, there is every indication that the Guidance Notice is also aimed at protecting the privacy and security of data subjects, thus bringing the registration requirement of the Guidance Notice within the protective shield of Section 45 of the 1999 Constitution.”

According to the commission, the court also held that, “Remarkably, Section 63 of the Data Protection Act provides that the provisions of the Act shall prevail over any other law inconsistent with its provisions on matters relating to the processing of personal data.”

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Reacting to the judgment, the commission described the decision as a significant boost to Nigeria’s data protection regime.

“The Commission appreciates the ground-breaking efforts of the court towards the advancement of the jurisprudence relating to data accountability in Nigeria, as eloquently demonstrated in this case,” the statement read.

Following the ruling, Vincent Olatunji, national commissioner and chief executive officer, had directed every Data Controller and Processor of Major Importance that had yet to comply with the registration requirement to register without delay.

The commission warned that entities failing to comply with the registration requirement could face legal consequences.

“Failure to register creates serious legal liabilities under the law, while compliance with registration requirements builds public trust and safeguards the fundamental rights and freedoms of data subjects in Nigeria,” the statement added.

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UNN to Partner Firm on AI, Smart Mobility Innovation Centre

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The University of Nigeria (UNN) is set to partner with The Roxettes Group to establish a research and innovation centre focused on artificial intelligence (AI), smart and green mobility, and digital technologies, in a move aimed at strengthening research, entrepreneurship and technology-driven industrial development.

Chairman of The Roxettes Group, Arc. Dr. Kaycee Orji-Kelechi, announced the proposed partnership while delivering his acceptance speech after receiving an Honorary Doctor of Business Administration (Honoris Causa) during the university’s convocation ceremony.

The proposed facility, to be known as the Dr. Kaycee Orji Centre for Artificial Intelligence, Smart/Green Mobility and Digital Innovation, is expected to provide a platform for research, innovation and collaboration between academia and industry, with a focus on developing commercially viable solutions to local and continental challenges.

Orji-Kelechi said the initiative was conceived as a long-term investment in human capital and technological advancement rather than simply another physical infrastructure project.

He said the vision was to position the University of Nigeria among Africa’s leading institutions in artificial intelligence, smart mobility and digital innovation through research, entrepreneurship and technology development.

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According to him, the centre will house five specialised laboratories covering artificial intelligence and machine learning, smart and green mobility, robotics and the Internet of Things (IoT), digital finance and financial technology, as well as cloud computing and advanced data centre technologies.

He also announced plans for the proposed Kaycee Orji Founders Innovation Challenge, an annual programme intended to identify, mentor and support innovative ideas from students, researchers and academic staff with the potential to become scalable businesses.

“Every student of this University should know that a great idea conceived in a classroom should have a pathway to becoming a patent, a startup, a global enterprise, and a solution that transforms society,” he said.

Orji-Kelechi disclosed that preliminary conceptual work on the project had commenced, with architectural and engineering designs being prepared by K.KH Contractors Ltd., a subsidiary of The Roxettes Group.

He added that discussions with the university would begin on identifying a suitable site for the project, while a comprehensive proposal containing architectural drawings, engineering designs and an implementation framework would be submitted after completion of the design phase.

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Reflecting on his career, Orji-Kelechi said Africa must move beyond consuming innovation to creating it through investment in manufacturing, technology and entrepreneurship.

“We have pursued one simple vision: that Nigeria and Africa must move from consumption to production; from importing innovation to creating it; and from waiting for opportunities to building them,” he said.

He urged graduating students to see their education as a foundation for solving societal challenges through innovation, leadership and enterprise, adding that he remained committed to promoting industrial development, youth empowerment and sustainable economic growth.

The proposed collaboration forms part of broader efforts to strengthen university-industry partnerships, which are increasingly seen as critical to improving research commercialisation, innovation capacity and technology-led economic development in Nigeria.

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