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Two Startups Win at CFA’s Startups Hangout as speakers pass on valuable nuggets to Startups
By peter oluka
The last edition of CFA’s Startups Hangout for 2017, was held on Friday, November 24, 2017 at Adna Hotel, GRA, Ikeja. The edition featured a Pitch session two Startups pitching.
Before the Pitch session, however, the invited speakers at the event, John Obaro, MD, SystemSpecs, (Remita) and Jane Egerton-Idehen, Country Manager, Avanti Satellite Communications , gave the attendee Startups some nuggets on what and what not to do, if they want to successfully run their Startup businesses.
First to speak was John Obaro, MD, SystemSpecs, (Remita). John was full of praises for the CFA team for organising the Start-ups Hangout.
He gave a vivid illustration of the power of technology, when he revealed that he had to resort to the use of the Google Map to guide him through the heavy traffic to arrive at the venue of the Hangout event, way ahead of some members of his staff that left the office earlier than he did, but we’re still stuck in traffic.
John, then, gave the Startups 19 nuggets that can assist them to run a successful business and also, to scale.
Some of these nuggets, as analysed here, include the fact that the Start-ups should be ethical in their approach to doing business and also have integrity. He admonished the Startups not to cut corners if they want to play for the long haul.
John also emphasised the need for the Startups to respect their employees, even though, they pay their salaries, as they cannot do the job alone.
He also stressed the need for the Startups to learn to work hard, stating that, being an entrepreneur calls for giving 24 hours attention to the business and they should not see it as an 8:00am to 5:00pm job schedule, if they want to succeed in it.
Another critical nugget that John passed on, is the fact that the Start-ups should get legal advise, all the way through the journey of their business, so as not to run into problems along the way. He also advised the Startups to learn to walk away from business deals that, in the end will make them lose focus of their objectives and goals and then, bring problems to the business, sooner or later.
“Not all jobs are for you, although, they may look attractive”, he stressed. He, however, agreed that this could be a tough call for a budding Startup, who needs to keep body and soul together as well as keep his business afloat, but he advised that they should be smart in choosing.
Startups should pioneer their own solutions, according to John. “It’s nice to copy, but it is better to be a pioneer. Pioneer your own solutions. Learn to carve out something distinct”, he encouraged the Startups.
Jane then, took the stage. She gave a different perspective to the whole scenario, when she stated that she was going to talk about her failure story, so that the Startups could learn what not to do. “Many successful entrepreneurs, always talk about their success stories and say nothing about the business they tried out, but failed in”, she stressed. “I am going to talk about a business I tried my hands on and failed in, so that you can learn what not to-do from it”, she explained.
Jane said that she started a business with some of her friends some years ago, called Moma, a fashionware outfit that pregnant women can patronise to get fitting wears for themselves during pregnancy. The first blunder that she and her partners made, was that none of them knew about fashion design processes.
She stated that, not until she started negotiating with factories in China and in India and she started to hear some fashion designing terms that were strange to her, that she now had to attend a Fashion Design school to keep herself up to date. According to Jane, the first lesson to learn, therefore, is to know the business you want to go into, in and out.
Jane also stated that, when the business was failing and there came a time to make a choice as to whether to source for more funding or wind down the business, she realised that her friends who were her partners were not interested in acting on any of the options and she stated that she just had to walk away from the business, preferring to lose all her investments instead of destroying friendship.
The lessons to learn here, she stated include the fact that, no matter who you are going into business with, whether they be your friends or whoever, always have a Memorandum of understanding drawn before you commence the business. Do not overlook the legal aspects of your business as this could be crucial in defining a lot of things in future.
Jane ended by saying that, as an entrepreneur, Startups should carve out time for their business and not just leave it solely for their Managers to run.
Out of the three Startups that were shortlisted and invited to participate in the pitch session, only two showed up. The two were Touchabl.com and wokkaholic.com.
Touchabl, according to Gabriel Eze, the Founder/UX Designer, is a platform, where you can instantly search for anything in a picture by touching it. He explained the attributes, traction, income and profit potentials, etc., of the business as well as what the business will be needing to move on to the next level.
Likewise, Victor Tams, Founder/CEO of Wokkaholic.com, explained that the platform is one, where professional skill-based services, such as graphic artists, etc., can be sourced. He also explained the modus operandi of the business, attributes, traction, income and profit potentials, etc.
At the end of the day, it was decided that the two Startups, who incidentally both came all the way from Port Harcourt, be given the opportunity of featuring in an interview with me on Tech Trends on Channels Television.
Ehi Braimah, the chairman of Neo Media & Marketing Limited, graced the November 2017 edition of the CFA’s Startups Hangout with his attendance.
The November 2017 edition of CFA’s Startups Hangout was sponsored by TAMS and Remita.
The organizers thanked the Media partners, Guardian Tech, NigeriaCommunications Week, Connectnigeria, ITPulse, Cyber Africa and Technext.ng for their continued support in publicising the event for the benefit of the numerous Startups.
Watch out for the next edition of CFA’s Startups Hangout @ http://startups.cfatech.ng
ValueJet is set to expand its fleet with the introduction of Boeing aircraft. The airline in a statement said that the introduction of Boeing aircraft was part of its effort at increasing capacity, strengthen its regional operations and position the airline for wider connectivity across Africa.
The acquisition of Boeing aircraft is coming after its successful operations with the Bombardier CRJ aircraft, which have supported its domestic and regional expansion since it commenced commercial operations.
Omololu Majekodunmi, Managing Director of ValueJet, said the move would enable it to accommodate more passengers and cargo, operate longer routes and respond to the growing demand for air travel within Nigeria and across the African continent.
Majekodunmi, also said that the fleet expansion was a defining moment in the company’s journey, noting that the introduction of the Boeing aircraft would open a new chapter for the carrier.
According to him, ValueJet has remained focused on building a safe, reliable and customer-oriented airline since its entry into the market, adding that the transition to Boeing aircraft was being supported by investments in manpower development and technical capacity.
He said: “The arrival of Boeing aircraft into our fleet represents an exciting new chapter for ValueJet. Since commencing operations with our CRJ aircraft, we have remained focused on building a safe, reliable, and customer-centric airline.
“As we prepare to induct the Boeing aircraft, we are also investing in our people by ensuring our engineers receive world-class training that will enable us to maintain the highest standards of safety, reliability, and operational excellence. This investment positions us for the next phase of our growth and reinforces our commitment to delivering an exceptional travel experience.”
According to Majekodunmi, as part of preparations for the fleet upgrade, ValueJet’s aircraft maintenance engineers are already undergoing intensive technical training on Boeing aircraft in Lagos.
The training, delivered by Boeing through its partnership with Nigeria’s Federal Ministry of Aviation and Aerospace Development, focuses on the Boeing 737 Next Generation (737NG), covering aircraft systems, maintenance procedures, safety standards and operational best practices.
The airline said the training would equip its engineers with the required expertise to maintain the new aircraft type in line with global aviation standards, including European Union Aviation Safety Agency (EASA) requirements.
Also speaking, Adekunle Soname, Chairman of ValueJet, said the introduction of Boeing aircraft was not just a fleet expansion programme, but a strategic investment aimed at supporting the airline’s long-term growth ambitions.
With the planned arrival of the Boeing aircraft, ValueJet is targeting expansion into more African destinations, including Abidjan in Côte d’Ivoire, Libreville in Gabon, Douala in Cameroon, as well as cities in Kenya and South Africa.
The airline said the new routes would form part of its strategy to strengthen intra-African connectivity and provide passengers with more travel options.
The Federal High Court in Abuja on Wednesday, July 15, ordered the final forfeiture of 48 properties linked to the immediate past Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, who is facing money laundering charges.
Abubakar Malami
The court, in a judgment delivered by Justice Joyce Abdulmalik, held that the properties, allegedly acquired with proceeds of crime, should be permanently seized by the federal government.
It held that Malami, who served as Justice Minister from November 11, 2015, to May 29, 2023, under former President Muhammadu Buhari’s administration, failed to rebut the reasonable suspicion that the properties were acquired through unlawful activities. The court dismissed contentions that some of the affected properties belonged to the larger Malami family in Kebbi State. According to the court, the legal issue was not “who owns the property, but how legitimate were the funds used to acquire them”.
Justice Abdulmalik held that Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act empowered the court to order the final forfeiture of illicitly acquired assets to the government. The judgment followed an application filed by the Economic and Financial Crimes Commission (EFCC).
Although the anti-graft agency sought the forfeiture of 57 choice properties it said were traced to the former minister, the court held that there was credible evidence establishing the genuine ownership of nine of the listed properties. The EFCC and Malami had adopted their final written addresses in the matter on May 26.
It will be recalled that the anti-graft agency had earlier secured an interim forfeiture order for the assets, valued at over N212 billion. According to the anti-graft agency, the properties, spread across three states (Kebbi, Kano, and Kaduna) as well as the Federal Capital Territory, Abuja—were believed to have been acquired with proceeds of crime. In an ex parte motion brought before the court, the agency said the interim order was needed as a precursor to the final forfeiture of the properties to the federal government.
Malami is currently facing a 16-count money laundering charge. He was arraigned before the court alongside his son, Abdulaziz, and one of his wives, Hajia Bashir Asabe. The defendants were alleged to have laundered public funds totalling about N9 billion.
According to the EFCC, the former Justice Minister, in a bid to hide his proceeds of crime, resorted to acquiring choice properties in various cities and states. Having granted the interim forfeiture order, the court directed the agency to publish, within 14 days, a notice inviting anyone with an interest in any of the properties to appear before it and show cause why they should not be forfeited to the government.
Dissatisfied with the EFCC’s application, Malami’s legal team approached the court to have it set aside, insisting the properties were legitimately acquired. He told the court that the properties were appropriately listed in various asset declaration forms he filed with the Code of Conduct Bureau (CCB), insisting the EFCC had failed to adduce any prima facie evidence that they were acquired through proceeds of crime.
Accusing the EFCC of suppressing material facts, Malami maintained that the agency moved against him over properties that “were lawfully acquired post-appointment of the respondent/applicant and declared with the Code of Conduct Bureau as legitimate assets of the respondent/applicant, in compliance with the 5th Schedule to the Constitution of the Federal Republic of Nigeria, in 2019 and 2023”.
He argued that the interim forfeiture order was obtained through “manifest exaggeration, malicious inflation of the value of the assets, and unreasonable and incompetent valuation deliberately manipulated to mislead the court, negatively affecting its discretion in granting an order based on manipulated facts and conclusions deliberately cooked up by the applicant/respondent (EFCC)”.
While adopting his final brief of argument, counsel to the EFCC prayed the court to grant the final forfeiture order, relying on a 47-paragraph affidavit and 46 exhibits filed in support of the motion. The EFCC counsel argued that Malami had failed to satisfactorily explain the legitimate sources of the assets and urged the court to order their permanent forfeiture.
In response, the counsel representing the former AGF urged the court to dismiss the application and set aside the interim forfeiture order earlier granted. The defense counsel relied on a counter-affidavit deposed to by Malami to argue that the EFCC’s case was founded on suspicion rather than credible evidence.
The court-ordered list of confiscated properties includes:
A luxury duplex at Amazon Street within Cadastral Zone A06, Maitama, purchased in December 2022 at N500,000,000.00 (value after enhancement, N5,950,000,000).
A two-wing, large storey building situated at No. 3, Onitsha Crescent, Area 11, Garki, Cadastral Zone A03, Abuja (formerly Harmonia Hotels Limited), FCT, purchased in December 2018 at N7,000,000,000.00.
Plot 683, Jabi District, Cadastral Zone B04, comprising a five-storey building (now Luxurious Meethaq Hotels Ltd, Jabi, with 53 rooms/suites), purchased in September 2020 at carcass level at N850,000,000.00, with an additional N300,000,000 to take possession (value after completion, N8,400,000,000).
Property No. 3130, within Cadastral Zone A04, Asokoro District, FCT, Abuja, comprising terraces, purchased in January 2021 at N360,000,000.00.
Property No. 3, Rhine Street, Maitama, Abuja (Meethaq Hotels Ltd, Maitama, with 15 rooms), purchased in February 2018 at N430,000,000.00 (current value after rehabilitation, N12,950,000,000).
Plot No. 1241B, Asokoro District Zone (No. 11A Yakubu Gowon Crescent), Asokoro District, purchased in July 2021 at N325,000,000.00.
Shop No. C82, Citiscape — Shariff Plaza, Plot 739, Cadastral Zone A07, Aminu Kano Crescent, Wuse II, FCT, Abuja, purchased in March 2024 at N120,000,000.00.
No. 4, Ahmadu Bello Way, Nasarawa GRA, Kano, purchased in December 2022 at N300,000,000.00.
Plot 157, Lamido Crescent, Nasarawa GRA, Kano, purchased in July 2019.
A plaza, commercial toilets, laundry facility, and warehouse tanks adjacent to Birnin Kebbi Market, purchased in 2021 at N100,000,000.00.
100 hectares of land along Birnin Kebbi–Jega Road, purchased in 2020 at N100,000,000.00.
A four-bedroom bungalow, Gesse Phase, Birnin Kebbi, purchased in 2023 at N101,000,000.00.
Shops Nos. A36 and B3, Vegas Mall, Wuse 2, Abuja, purchased in July 2023 at N158,000,000.00.
No. 26, Babbi Drive, BUA Estate, Abuja, purchased in 2022 at N136,000,000.00.
No. 27, Efab Estates Avenue, 59th Crescent, Gwarimpa, Abuja, purchased in January 2016 at N120,000,000.00.
A four-bedroom house with two-room boys’ quarters at No. 10B, Doka Crescent, Abakpa GRA, Kaduna, purchased in January 2018 at N40,000,000.00.
Plot No. 13, Ipent 7 Estate, Karsana District, Abuja, purchased in June 2018 at N85,000,000.00.
A four-bedroom duplex with boys’ quarters at No. 12, Yalinga Street, off Adetokunbo Ademola Crescent, Wuse II, Abuja, purchased in October 2018 at N150,000,000.00.
Two warehouse shops, B40 and B46, Wuse Market, Abuja, purchased in July 2020 at N50,000,000.00.
Twin houses at Zone E, Apo Legislative Quarters, Cadastral Zone B01, Plot 14014, Gudu District, Abuja, purchased between February and May 2017 at N250,000,000.00.
Properties acquired by the Khadimiyya for Justice & Development Initiative at Academic Garden City, Birnin Kebbi, sold by the Federal Housing Authority Mortgage.
Nine units of three-bedroom bungalows, three units of two-bedroom bungalows, and 5.4 hectares of land, purchased between February and September 2023 at N187 million.
A Federal Capital Territory (FCT) High Court sitting in Maitama has granted bail to former Chairman of the Code of Conduct Tribunal (CCT), Mr Danladi Umar, in the sum of N100 million with one surety in like sum.
Danladi Umar
Justice Peter Kekemeke granted the bail on Wednesday following Umar’s arraignment by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on alleged abuse of office and conferring undue advantage on himself while serving as Chairman of the CCT and Chairman of the CCT Tender Board.
Umar was arraigned by the EFCC on July 9.
During Wednesday’s proceedings, counsel to the defendant, Mr Sunday Edward, urged the court to admit his client to bail pending the determination of the case, citing relevant provisions of the 1999 Constitution and the Administration of Criminal Justice Act (ACJA).
Edward argued that the defendant was entitled to bail as guaranteed under the law.
However, EFCC counsel, Mr Christopher Mshelia, opposed the bail application, urging the court to deny bail and order an accelerated hearing of the matter.
In his ruling, Justice Kekemeke held that bail could not be denied based on mere suspicion that an accused person might commit another offence if released.
The judge said bail could only be refused on established grounds, including the likelihood of the defendant evading trial or interfering with witnesses.
Justice Kekemeke noted that Umar was no longer in a position to intimidate witnesses, adding that the prosecution failed to provide sufficient evidence showing that he would abscond or interfere with the trial process.
He held that it would be wrong for the court to deny bail based on an unsubstantiated belief.
Consequently, the judge admitted Umar to bail in the sum of N100 million with one surety in like sum.
The court directed that the surety must own a property within the jurisdiction of the court.
The matter was adjourned until Oct. 29 for trial.
Umar served as Chairman of the Code of Conduct Tribunal from 2011 until 2024, when he was removed from office by President Bola Tinubu following recommendations by the National Judicial Council.
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