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Start-Ups Die Because People Launch Ideas Very Quickly- Nwaukor

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Hillary Nwaukor is the founder & CEO, I-Naira Integrated Resources Ltd
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Hillary Nwaukor is the founder & CEO, I-Naira Integrated Resources Ltd with over 10 years of business management consulting experience.
Nwaukor an avid sales person, started his career as a member of a guerrilla marketing team of one of the pioneer MTN Connect Stores- Tatacoms Integrated Resources Ltd, back in 2004.
He joined Nextzon in April 2009 as Head Business Development Unit of Institutionalization Advisory Services of the company; resigned in 2010 December because of his knack to do more outside paid environment and later established management consulting firm- Beefit Consults, with his colleagues, offering services to the private and public sector since 2010.
Nwaukor and his team set up the New Media Unit of the Group Public Affairs Division of the NNPC, pioneered NNPC’s engagement with the public on social media in line with the vision of Dr. IbeKachikwu, then GMD, and current Minister of states, Ministry of Petroleum Resources.
Nwaukor holds MBA in International Business from the University of East London UEL and a BA in International studies from Ambrose Alli University, Ekpoma Edo State and a member of Certified Institute of Auctioneers, Nigeria (CIAN) he spoke to peter oluka on the rationale behind I-Naira.com.

What Inspired I-Naira.com Launch
Thank you for your time to be with us today. Well, the need to do something that benefits everyday Nigerians and consumers in general informed the i-naira.com idea. We currently have two core products available to the public; first, Give & Take (Instant cash & items rewards) to customers who refer new users to our platform; secondly, iNairaBid (Auctioing).

Nursing The Idea of Launching a Platform for Auctions
Consistently, there is this innate itch to continually conceptualize new ideas that can add value to lives of people. I guess that is what sets me apart from others.
The idea to build a Consumer Sales Promotion (CSP) platform came to us since 2010, implementation began in 2011. Now for clarity, we are a CSPplatform – our customer centric strategy determines the marketing tool we deploy towards adding that extra value to customers.
Auctioning, just happen to be one of those tools. Many other tools will be deployed in the future as well; some with an element of chance beyond the control of the customer.

Is the Name One-Naira or i&Naira?
The name if spelt out in full is IDASHNAIRA.com, abbreviated is I-NAIRA.com. It is not ONE(1) but letter “I”.
The name choice is informed by patriotism to Nigeria and we know that the vision we carry will uplift how we as a people and country are treated by other nation states. Thus, we made the naira choice so that whatever the brand become tomorrow, everyone will easily know, it all started from Nigeria by Nigerians.

Values Users to Derive
As a Consumer Sales Promotion Company, we act as the middle man between merchants/ vendors and consumers in order to deliver that extra value to the end user.
This is otherwise known as “Value Bargaining” where all items showcased on our platform must reach the end user at a sales value lower than the obtainable market value without compromising the quality of the item.

Curbing Nefarious Activities of Online Auction Scammers
Every business has its own challenges. The issue about questionable characters parading themselves as auctioneers is one of the reason we have set up a technologically driven auction platform online that is endorsed by the Certified Institute of Auctioneers, Nigeria (CIAN); the only recognized professional auctioning institute in Nigeria. 
Go on the internet and search, there isn’t any online entity like ours. We are the first authentic auctioning platform out of Nigeria; possibly in Africa. Customs or any other agency of Government are not certified in any form to carry out the business of auctioning.
What the general public don’t know is that each time these agencies or any other business within Nigeria have needs to auction out items, they contact professional auctioneers from CIAN to come and carry out the task on their behalf. Just as a firm has needs for auditing, accounting, legal services and so on, when there is need for auctioning, only professionals can handle such. We are not in the business of tackling unscrupulous characters but can simply ask the general public to ask whoever is claiming to be an auctioneer, auctioning items on behalf of Customs or any other entity in Nigeria to show their membership certificate for verification. In the absence of such certification, the public will be dealing with such individuals at their own peril. 

Range of Services on i-Naira.com
Remember we are a consumer sales promotion company, thus we are focused on Real Estate, Autos, Electronics, Household and Fashion items.
That said, our system is quite robust to accommodate all forms of auctioning. For instance, we are in final stages of agreement to assist one of the foremost banks in Nigeria to auction out recovered assets from bad loans to the general public.
This sort of service will be driven by technology – carried out in private online auction rooms where only those that showed interest in participating in such unique auction will get “bidding paddle” after they register for the event.
There will be about a month publication to the general public on the upcoming auction and interested bidders will be directed to register for this specific event online. After the registration, they are then allotted a paddle number and full lot information about items available for auctioning is availed to them.
On the day of the event, which will last for about 2-3 hours, all participants will then log on with their paddle numbers to the unique portal for the event from the comfort of their homes and bid for recovered items by the bank. This is indeed a break away from the tradition of gathering everyone at a venue for such event.

The Processes to Using i-Naira.Com
What I explained earlier is the exclusive service designed for corporate entities in Nigeria. However, the process for auctioning service which we offer to the general public is simple.
We first of all reach a partnership agreement with the vendor, the vendor sends us a list of items they will like to auction plus prices at a reduced amount.
They give us express instructions and mandate to sell those items either through absolute or reserved bidding.
We place the items for the general public to bid. The highest bidder emerges as a winner in line with our agreement with the vendor after a specified period in time. This is usually 24hours but it can be more or less.

Plans for Sustainability
So far, the Federal Government has shown support to our company in very meaningful ways because of the potentials of the business to empower Nigerians through value bargaining. We are a pioneer company in terms of driving auctioning with the use of technology in Nigeria. We are set to continually innovate towards meeting the needs of our target audience.

i-Naira.com Operating System 
Our system is a self-aware intelligent system designed to bootstrap accordingly on any device you are logging in with.
Thus we don’t have a downloadable app at the moment but it does not limit customers’ ease to use because the system is designed to adjust accordingly on desktop, tablet and mobile devices.

Why Start-ups Close Shops Quickly
Start-ups die because people go to market very quickly with ideas. We have been building this system for six years, we have simulated our application and passed “proof of concept” test in 2013, we continued tweaking and testing; subjecting the application to vigorous test parameters that gave us confidence to go live in 2016.
Our go live date has little or no direct cost implication. Our system is designed to generate revenue from the word “go”. 
As a Consumer Sales Promotion company, there couldn’t be a better time to go live with such product than a time when people are trying to save more and spend less and that is the value we bring to the table. 

Support from NITDA Via OIIE
Oh yes. If there is an unsung glory of the Federal Government of Nigeria today, it will be their efforts at encouraging young entrepreneurs in Nigeria to innovate. It is a quiet revolution but it is loading heavily and championed by the State House (The President himself).
The level of encouragement from the Federal Government to innovators in Nigeria give you comfort that the future of this country will be in safe hands.
Several events such AVDD (Aso Villa Demo Day) are the footprints you see today as a genuine effort from the government to encourage innovators and enterprise; aimed at promoting entrepreneurship, innovation, job creation and economic growth through the use of new and emerging technologies. This is the first of its kind in our history to have the President directly champion ICT innovation and enterprise.

How Easy/Hard Was It for You to Raise Capital?
We developed our platform in a very organic way for six years and build the system within limited resources. We raised most of our finance through equity investment and savings.
We avoided debt financing because that type of finance is bad for SME businesses especially in Nigeria where you will be told to collateralize every follicle of hair in your body and everything else with your name tag on it.
If you ask me, banks in Nigeria are not designed to support SMEs, they simply don’t touch it because SMEs are considered high risk.

Advice to Young Innovators
Nurture your concept like a baby before seeking the hands of others for support. Be viable enough to determine who can put their money in your business. Keep your concept concise and simple in order to excite your target market.


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Court Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal

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Justice Yellim Bogoro of the Federal High Court in Lagos has declared the N60 billion fine imposed by the Advertising Regulatory Council of Nigeria (ARCON) on Facebook Nigeria Operations Limited Illegal.

Court Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal

Justice Bogoro stated that ARCON regulator exceeded its legal authority and breached the company’s constitutional right to a fair hearing.

He, who made the declaration while delivering judgment in Suit marked, FHC/L/CS/2205/2024, declared ARCON’s Notice of Violation/Demand for Compliance dated 21 October 2024, unconstitutional, unlawful, null, and void, and barred the agency from taking further steps to enforce it.

The judge also held that ARCON lacked the statutory power to impose fines for alleged criminal violations under the Advertising Regulatory Council of Nigeria Act, 2022, without first obtaining a conviction from a court or other competent tribunal.

The dispute arose from ARCON’s claim that Facebook Nigeria displayed advertisements on Facebook and Instagram to Nigerian audiences without prior approval from the Advertising Standards Panel, contrary to provisions of the ARCON Act and the Nigerian Code of Advertising.

Following these alleged breaches, the regulator ordered the company to cease displaying the advertisements and imposed an N60 billion penalty.

Apparently dissatisfied with the development, Facebook Nigeria, through Mofesomo Tayo-Oyetibo (SAN), its lawyer, challenged the action, arguing that ARCON lacked the legal authority to determine criminal liability or impose punitive sanctions via an administrative notice without allowing the company to defend itself.

The company also argued that it does not own or operate Facebook or Instagram, claiming both platforms are owned and controlled by Meta Platforms Inc., a separate foreign entity.

But ARCON, represented by Akinlolu Kehinde (SAN), contended that Facebook Nigeria acts as Meta’s operation in Nigeria and should therefore be held responsible for regulatory violations related to advertisements on the platforms.

The regulator further argued that the notice was simply a compliance directive, allowing the company the option to comply, pay the specified violation fee, or face prosecution.

However, Justice Bogoro dismissed the regulator’s arguments.

The judge stated that Facebook Nigeria is a distinct legal entity from Meta Platforms Inc. and that ARCON failed to present credible evidence showing that the Nigerian company owns, operates, or controls Facebook or Instagram.

The court maintained that the argument that Facebook Nigeria represents Meta’s interests in Nigeria was insufficient to establish liability for the alleged advertising infractions.

Regarding fair hearing, the court ruled that ARCON violated Section 36 of the Constitution by accusing the company of misconduct and imposing a N60 billion fine without first hearing its defence.

Justice Bogoro also held that Section 57(4) of the ARCON Act explicitly requires the regulator to provide a fair hearing before imposing any penalty.

The court further found that the alleged violations were criminal because Section 34 of the ARCON Act designates the unlawful exposure of advertisements as an offence.

The judge also held that, since the Act stated that punishment can only be imposed “upon conviction,” ARCON had no authority to impose the N60 billion fine through an administrative process.

He insisted that, regardless of what ARCON called it, the demand was a fine that could only be imposed by a court following proper judicial procedures.

As a result, the court invalidated the Notice of Violation/Demand for Compliance.

It declared ARCON lacked authority to impose fines for breaches of Sections 34(3), 54, or other criminal provisions of the ARCON Act.

Justice Bogoro also issued a perpetual injunction preventing ARCON, its officers, agents, and associates from enforcing the October 21, 2024 notice against Facebook Nigeria.


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History as Abia Unveil Nigeria’s First Manu-Tech UniPod @ MOUAU

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Abia State has inaugurated of the country’s first Manufacturing Technology University Innovation Pod (Manu-Tech UniPod) at the Michael Okpara University of Agriculture, Umudike (MOUAU).

History as Abia Unveil Nigeria’s First Manu-Tech UniPod @ MOUAU

Dr. Maruf Olatunji Alausa, minister of Education and Governor Alex Chioma Otti at the event

The inauguration marks a significant milestone in efforts to promote innovation, research commercialisation, and industrial development.

The landmark facility, established through a partnership between the federal government of Nigeria, the United Nations Development Programme (UNDP), the Tertiary Education Trust Fund (TETFund) and the Abia State Government under the National Innovation and Digital Transformation Partnership Programme (NIDTPP), is designed to transform academic research into commercially viable products, foster entrepreneurship, promote industrial competitiveness and create sustainable jobs.

Representing Senator Kashim Shettima, Vice President, Dr. Maruf Olatunji Alausa, minister of Education, described the project as a strategic investment in Nigeria’s future, saying it reinforces the Federal Government’s commitment to repositioning higher education as a catalyst for innovation, research commercialisation, entrepreneurship and job creation.

He stressed that Nigerian universities must evolve beyond conventional teaching and research to become centres for enterprise development, technology transfer and industrial competitiveness.

Speaking at the inauguration, Governor Alex Chioma Otti, declared that Abia is entering a new era where science, innovation and enterprise will power economic prosperity and position the state as Nigeria’s leading hub for manufacturing and technological advancement.

Delivering his keynote address titled “Science Meets Enterprise,” Governor Otti described the UniPod as a transformational investment that bridges the gap between academia and industry, noting that development flourishes through purposeful partnerships.

He said the decision of the Federal Government and the UNDP to site Nigeria’s first Manu-Tech UniPod in Abia reflects the confidence they have in the state’s enormous economic potential.

“The siting of the Manu-Tech UniPod in Abia speaks eloquently to the institutional faith the UNDP and the Federal Government of Nigeria have reposed in our dear State and the potential it holds as an engine of growth and economic prosperity in the region,” the Governor stated.

Governor Otti explained that the innovation facility will accelerate product development, industrial-scale manufacturing, renewable energy integration and entrepreneurship while equipping more than 500,000 students and researchers with technological and innovation skills over the coming years.

He expressed optimism that the project would unlock unprecedented opportunities for Aba’s renowned manufacturing ecosystem by improving product quality, branding, competitiveness and access to regional and global markets.

According to him, the UniPod will redirect research in tertiary institutions from theoretical publications to practical solutions capable of addressing everyday challenges in agriculture, healthcare, manufacturing and other productive sectors.

“The expectation is that research efforts henceforth will be directed at answering questions with practical, everyday applications,”

Governor Otti said, adding that improved research outcomes would reduce the mortality rate of Micro, Small and Medium Enterprises (MSMEs), strengthen investor confidence and stimulate sustainable economic growth across Abia and the South-East.

The Governor reaffirmed his administration’s commitment to innovation-driven development, stating that government fully supported the project because it aligns perfectly with its economic transformation agenda built on quality infrastructure, security, skilled manpower and strategic partnerships.

He also announced that the operationalisation of the UniPod would accelerate the implementation of other joint initiatives with the UNDP, including the expansion of the Jubilee Fellows Programme, the Aba Export Growth Lab, energy investment initiatives, industrial competitiveness programmes and the establishment of community innovation centres across the state.

Highlighting the opportunities presented by the African Continental Free Trade Area (AfCFTA), Governor Otti noted that businesses in Abia now have access to a market of over 1.4 billion consumers across Africa.

“The hour of big dreams and great ambitions has arrived. If we fully harness the potential of this Manu-Tech University Innovation Pod, our challenge will no longer be finding markets but building the capacity to serve customers across Africa and the world,” he declared.

In her remarks, Ms. Ahunna Eziakonwa, United Nations assistant secretary-general and UNDP regional director for Africa, commenced her official mission to Nigeria with the inauguration of the facility, underscoring the importance of strategic partnerships in driving inclusive and sustainable development.

Also speaking, Ms. Elsie Attafuah, UNDP resident representative in Nigeria, described the UniPod as part of a broader national innovation ecosystem designed to connect education, research, enterprise and manufacturing while enabling universities to become drivers of economic growth and global competitiveness.

She commended President Bola Ahmed Tinubu, Vice President Kashim Shettima, the Federal Ministry of Education, TETFund and the Abia State Government for their commitment to innovation-led development, while particularly praising Governor Otti for his vision of transforming Abia into Nigeria’s foremost manufacturing and industrial innovation hub.

Earlier,  Professor Ursula Ngozi Akanwa, vice-chancellor of Michael Okpara University of Agriculture, Umudike, described the inauguration as a defining moment in the institution’s history, saying the project fulfils the University’s mandate of deploying science, technology and innovation to advance agriculture, manufacturing and enterprise.

She expressed appreciation to the Federal Government, the Federal Ministry of Education, UNDP, TETFund and the Abia State Government for selecting MOUAU to host Nigeria’s first Manufacturing Technology University Innovation Pod.

The inauguration attracted top government officials, development partners, academia and industry stakeholders, including: Dr. Emmanuel Meribeole, secretary to the State Government; Pastor Caleb Ajagba, chief of Staff to the Governor, members of the State Executive Council, traditional rulers and other dignitaries.

The Manu-Tech UniPod is expected to provide students, researchers and entrepreneurs with access to advanced manufacturing technologies, prototyping facilities, business incubation support and industry mentorship, enabling innovative ideas to be transformed into market-ready products and positioning Abia at the forefront of Nigeria’s industrial revolution.


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KPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition

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KPMG Private Enterprise is inviting Africa’s most promising technology companies to apply for the KPMG Private Enterprise Global Tech Innovator 2026 competition. This competition offers innovators the opportunity to represent the continent on the global stage in Lisbon, Portugal.

Now in its sixth year, the competition brings together some of the brightest minds in technology innovation. If you are ready to demonstrate how your technology can make a difference in the world, this could be your moment to challenge the status quo, introduce transformative solutions through your unique lens, and help shape the future.

Eligible businesses from the 13 One Africa member firm countries across Southern Africa, East Africa, and West Africa are encouraged to submit their applications before Sunday, 2 August 2026.

Participants will compete through national and regional rounds, with winners advancing to the global stage where they will pitch alongside some of the world’s most innovative technology companies. Applications will be assessed on innovation, entrepreneurial spirit, growth potential, customer focus, and risk awareness by a panel of industry experts from within and outside KPMG.

Sandeep Main, Partner, Tax & Regulatory Services and Africa Head of Private Enterprise, said, “Africa continues to produce remarkable entrepreneurs who are solving complex challenges through innovation and technology.

“The Global Tech Innovator competition provides these businesses with a unique opportunity to showcase their solutions, build valuable connections, and gain exposure to investors, industry leaders, and potential partners on a global stage.

“We encourage eligible startups and scaleups from across Africa to enter and demonstrate the incredible innovation emerging from our continent.”

Beyond the competition itself, finalists will gain valuable exposure to business leaders, investors, industry experts, and fellow innovators from around the world. The overall winner will earn the title of KPMG Private Enterprise Global Tech Innovator 2026.

Applications are now open and close on 2 August 2026. To learn more about the competition, eligibility requirements, and how to apply, visit the KPMG Private Enterprise Global Tech Innovator competition webpage.


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