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eCommerce and the Nigerian Amazon

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For long muted on Wall Street, the signal is now clear.

Amazon, global e-commerce giant, is on the verge of not only overtaking Apple as the world’s most valuable company but the first company worldwide to hit the $1 trillion mark.

 

Bullish projections indicate that this could happen in late August 2018 if Amazon’s stock, which has surged 83 percent over the past one year, continues its impressive revenue growth.

 

Aided by an astronomical increase in online shopping and growing patronage of cloud computing by businesses, an area in which Amazon Web Services dominates, Amazon has continued a remarkable run which saw it dislodge Microsoft Corp. as the No. 3 U.S. company by market capitalization in February 2018.

 

A few analysts have, however, attempted to douse the enthusiasm, citing the fact that stock gains are not a reliable predictor of future performance and also in view of the fact that Amazon’s recent streak has been quite outstanding.

 

For these, the expectation is that Amazon’s stock will rise 10 percent within the next year to reach $1,700, which would give it a market value of $823 billion.

 

Furthermore, data from Thomson Reuters shows that Apple’s stock price will expectedly rise 11 percent and reach $195 within the next 12 months, which would put its market capitalization at $989 billion, keeping it just ahead of Amazon.

 

The overwhelming view though remains: should Amazon’s stock keep up the exceptional growth trajectory seen over the past year, the company’s market capitalization would hit $1 trillion in late August while Apple would reach $1 trillion around a week later if its stock price continued to rise at the same pace seen over the past year.

 

There is no denying the fact that Jeff Bezos, founder and owner of Amazon, has shown the world just how far ecommerce and a disruptive approach can go in leading a business to record-shattering heights.

 

To a smaller extent, a certain Jack Ma who failed repeatedly in school and now the brains behind Alibaba, another e-commerce giant making waves in Asia, has also shown what can happen when e-commerce meets opportunity and a conducive/supportive business environment.

 

To put Amazon’s mind-blowing strides into sharp relief, it is worth considering a few facts.

 

Nigeria’s 2018 fiscal budget, which was recently passed by the National Assembly is about N9.1 trillion. This figure, which covers the country’s entire spending for the year, is just about $25b – a paltry 2.5 percent of Amazon’s projected $1 trillion worth.

 

Also worth considering is the identity of the first five most valuable companies in the world.

 

Of all the most similar attributes displayed, one thing binds Apple, Amazon, Microsoft, Alphabet (Google) and Facebook: they are first and foremost technology companies, all of whom, as described by Forbes in its recent valuation, have successfully consolidated their power in recent years by leveraging cutting-edge technology, driving huge profits and soaring market values.

 

There is indeed no doubting the power of technology as a leveler and game-changer. Technology can produce power-houses, global conglomerates with market capitalization figures that can make the annual budget of several nations pale into insignificance.

 

What has remained perplexing is the inability or refusal of the Nigerian government to see/appreciate the power of technology as perhaps the country’s best chance of closing the ever-widening gap between it and the advanced countries of the world.

 

Why is there hardly any meaningful form of government support for tech start-ups and other players in Nigeria’s technology sector?

 

Entrepreneurship in Nigeria is not a task for the faint-hearted.

The Nigerian business terrain/economy, blessed as it is with an overwhelmingly youthful population and the potential to catapult a business overnight sadly, still remains a very tough and challenging one. Start-ups here face a herculean fight staying afloat.

 

A recent survey showed that over 70% of start-ups in Nigeria go down under before reaching their fourth anniversary. Many of these go unannounced due to the stigma associated with failure in these parts. Indeed, one of the biggest fears of an entrepreneur in Nigeria is the fear of failure.

 

This is opposed to the case in advanced climes where business failure is treated as a cathartic process, one that is chronicled and encouraged as a learning curve for the person involved and others.

It is worse when you are a start-up entrepreneur in Nigeria’s technology sector, an industry in which the government has so far shown little more than a passing interest in and no demonstrable commitment; a battle of attrition for many.

 

It is a conundrum that has defied all forms of rigorous introspection, especially considering the seeming willingness of the government to commit sizeable funding and support to agriculture.

 

Perhaps, we are better reminded that we live in the 21st Century, one in which knowledge has become a right; where new technologies such as Robotics, Artificial Intelligence, Big Data and Machine Learning, among others, is redefining the scope of work, business and human engagement; where electric, driver-less or flying cars could soon see fossil-fueled ones become an anachronistic relic; where the power of technology and industrialization has made China, once derided as a paper tiger, a major world power giving the United States of America a good run for its money and where technology has transformed the four (actual) Asian Tigers of Hong Kong, Singapore, South Korea and Taiwan to global hubs of innovation and manufacturing excellence.

 

Today, Amazon has created jobs for over half a million people in America – a figure that is still rising. And in recognition of the company’s contribution to the United States’ economy, the e-commerce giant paid zero federal taxes in 2017. It is also being rewarded with further tax breaks at the state and local level.

 

How many potential Amazons would emerge from the Nigerian tech sector, should the Nigerian government toe the path its United States’ counterpart did with Amazon? Possibly enough to place our technology narrative and Nigerian tech companies/start-ups on the path of global reckoning.

Mr. Leo-Stan Ekeh, chairman of Zinox GroupLeo Stan Ekeh

Here in Nigeria, the country can boast of Leo Stan Ekeh, founder and Chairman of the Zinox Group – a technology conglomerate that has empowered thousands of Nigerians and through which he has created direct and indirect employment opportunities for millions – the closest entrepreneur in Jeff Bezos’ terms in these parts. It is instructive to note that he has also remained true to his chosen field of technology in spite of the considerable lure of quicker returns or existence of more institutional support in other sectors such as banking and the once-mighty oil/gas industry.

 

In Konga, one of Nigeria’s most prominent e-commerce pioneers which Ekeh acquired from erstwhile investors Naspers and AB Kinetic and which recently merged forces with another bold entrant Yudala, the country can also count on a business that has clear designs on improving the lot of Nigerians through a suite of creative avenues and expansionary moves.

 

One of these is a well-publicized impressive retail roll-out plan which is bound to see Konga establish a presence in Nigeria’s 774 local governments, a cost-intensive feat that will create tons of employment opportunities for residents in these various locations.

 

Renowned for its uncompromising stance on quality, a tradition that Yudala, which it merged it, was well-known for; the new Konga that emerged in May 2018 is now widely recognized as the best source for genuine products in Nigeria’s e-commerce space – a burden that has also reportedly seen the owners of the business invest in massive warehouses nationwide to enable it scale inventory/stocking, another investment that is bound to throw up additional jobs for Nigeria’s teeming unemployed youths.

 

But can an Ekeh, for instance, count on the government for tax breaks, tax holidays or any other form of incentives to encourage him to do more?

 

Your guess is as good as mine…

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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NITDA, API Partner Against Harmful Online Content

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National Information Technology Development Agency (NITDA), in partnership with the Advocacy for Policy and Innovation (API), has convened a one-day workshop in Abuja to advance dialogue on the draft Online Harm Protection (OHP) Bill to confront harmful online content.

NITDA, API Partner Against Harmful Online Content

The bill, a rights-based, locally rooted, and multi-stakeholder initiative, is aimed at addressing the challenges of the digital age.

The event, which held yesterday, brought together government officials, civil society, academics, digital platforms, and legal experts to shape a policy framework designed to combat online ills such as cyberbullying, disinformation, hate speech, digital exploitation, and gender-based violence, while safeguarding democratic freedoms and digital inclusion.

In his keynote remarks, Kashifu Inuwa, director general, NITDA urged a paradigm shift in the way society engages with digital technologies.

“For almost two decades, we have viewed digital technology through a consumer lens. But these technologies are not just products and services. They are transforming how we live, work, and interact. They shape our politics, our society, and our democracy,” he said.

Warning against unaccountable digital power in the hands of private corporations, the DG likened the digital journey to the tale of Alice in Wonderland, where initial fascination with innovation has given way to deeper concerns about privacy, autonomy, and manipulation by big tech platforms.

“We thought we were using Google, but now we realise Google is using us. Social media, once a tool of expression, has become a tool of surveillance and influence,” Inuwa noted.

He, therefore, emphasised the urgency of developing a democratic and accountable framework.  He explained that following the 2021 Twitter ban, NITDA facilitated dialogue between the government and platform operators, leading to a Code of Practice that stressed Nigeria’s sovereignty and legal standards.

According to him, the same process birthed the multi-stakeholder steering committee and the OHP White Paper in December 2024, laying the foundation for the current legislative push.

Earlier in her opening remarks,  Victoria Manya, co-founder, API, observed the moral and civic necessity of the bill.

Her words: “The internet did not break society, it merely revealed its unfiltered version. Every day, Nigerians are exposed to harassment, disinformation, exploitation, and even algorithmic violence. The OHP Bill is not a war on the Internet. It is a peace offering to its users, a social contract for a digital future that is safe, inclusive, and democratic.

“We cannot answer the question of algorithmic power with unchecked state control. We must answer it with shared, rights-based governance. This bill must not be written for the people, but with them.”


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How AI Alert by Airtel is Transforming Mobile Security in Africa

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These days, people rely heavily on their mobile phones for talking, texting, banking, social media, and storing important personal information. Because of this, scammers and spammers often target phone users.

Mobile fraud, like fake SMS messages and scams, is becoming more common and putting millions at risk of losing money or having their private details stolen.

Airtel’s new AI-powered Spam Alert Service offers a smart and timely way to fight back, marking a major step forward in protecting mobile users in Africa.

A brief look at mobile fraud and spam

Mobile fraud and spam are problems around the world, but they hit harder in places where mobile phone use is growing fast, and safety measures haven’t caught up.

A 2024 report from GSMA Mobile Economy shows that more than 20% of mobile users globally have experienced some kind of mobile fraud, with spam texts being one of the most common.

In Nigeria, the Nigerian Communications Commission (NCC) has noted a sharp rise in scam messages and fake calls, leading to yearly losses in the hundreds of millions of dollars.

These spam texts often include fake links, harmful ads, or tricks to steal personal details. Many people get caught without knowing, which can lead to stolen bank money, identity theft, or damaged devices.

Older spam blockers only work on certain phones or apps, leaving many people, especially those using basic phones, without protection.

Why Airtel’s AI Spam Alert Service stands out

Airtel, a top telecom company in Africa, has launched a new and free service called the AI Spam Alert Service. It’s the first of its kind in Africa and aims to protect mobile users from spam text messages as they come in.

What makes this service different is that it doesn’t read or check the actual message content. Instead, it uses advanced artificial intelligence to quickly study the sender’s behaviour using over 250 signs or patterns, all within a fraction of a second.

Some of those parameters, according to Airtel, includes:

  • How frequently the sender changes SIM cards.
  • The volume and frequency of messages sent by the message initiator to different recipients.
  • The geographical spread of the recipient numbers, whether messages are targeted locally or dispersed nationwide.
  • Whether the sender receives replies or only sends messages.
  • A cross-reference of numbers previously reported for spam activity.

The AI completes this analysis in just 2 milliseconds, faster than the blink of an eye, allowing real-time alerts to subscribers as suspected spam messages arrive.

How Airtel’s Spam Alert Service improves mobile safety and trust

Airtel’s new AI-powered spam alert system is set to make a big difference in mobile security across Nigeria and the rest of Africa. Instead of depending on users to block spam themselves, the service works directly through the network to stop suspicious messages before they reach people’s phones.

This kind of technology helps users feel safer and more confident using mobile networks—especially as more people rely on their phones for banking and other money-related services.

A 2025 report by McKinsey Digital shows that many Africans worry about mobile security when using digital financial tools. By reducing the risk of spam and fraud, Airtel is not only protecting its users but also helping to build a safer digital space where more people can take part in the growing mobile economy.

According to Airtel, within two months of its launch, the spam alert service system has identified 9,667,008 messages as potential spam.

Why this is a game changer

By building a service that is first-of-its-kind in Africa, Airtel is leading the way in offering spam alerts, powered by AI directly on its network, for over 150 million subscribers across the continent.

In addition, the service is quick, spotting suspicious sender activity in just milliseconds without reading users’ messages.

Finally, the service is free and requires no app downloads or extra setup. Airtel says the turns on automatically, making it easy for everyone to stay protected, even those using basic phones.

By sending signals to users before problems happen, Airtel boosts trust and encourages more people to safely use mobile money and other digital services.

Scammers are always finding new ways to trick consumers through the ubiquitous mobile phones, so increased demand for security improvements is, understandably, shifting to telecom companies.

Airtel’s AI Spam Alert Service is a strong and timely move toward better, smarter protection for users. As more people start using the service, it should help cut down fraud, keep personal information safe, and make mobile use more enjoyable.

As African economies continue to grow more digital, users of telecom services will need more secure and reliable ways to communicate, and Airtel is leading the way towards that safe future.

 


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Microsoft Server Hack Likely Solo Actor, Thousands at Risk

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A widespread cyberattack targeting Microsoft’s (MSFT.O) server software used by thousands of government agencies and businesses for internal document sharing was likely orchestrated by a single actor, a cybersecurity researcher said on Monday.

Microsoft Server Hack Likely Solo Actor, Thousands at Risk

Microsoft issued an alert on Saturday warning of “active attacks” on on-premise SharePoint servers.

The company clarified that SharePoint Online, part of the Microsoft 365 cloud suite, was not affected by the exploit, which is considered a “zero-day” vulnerability due to its previously undiscovered nature.

“Based on the consistency of the tradecraft seen across observed attacks, the campaign launched on Friday appears to be a single actor. However, it’s possible that this will quickly change,” Rafe Pilling, director of Threat Intelligence at Sophos, a British cybersecurity firm.

That tradecraft included the sending of the same digital payload to multiple targets, Pilling added.

Microsoft said it had “provided security updates and encourages customers to install them,” a company spokesperson said in an emailed statement.

It was not clear who was behind the ongoing hack. The FBI said on Sunday it was aware of the attacks and was working closely with its federal and private-sector partners, but offered no other details.

Britain’s National Cyber Security Centre did not immediately respond to a request for comment.

The Washington Post said unidentified actors in the past few days had exploited a flaw to launch an attack that targeted U.S. and international agencies and businesses.

According to data from Shodan, a search engine that helps to identify internet-linked equipment, over 8,000 servers online could theoretically have already been compromised by hackers.

Those servers include major industrial firms, banks, auditors, healthcare companies, and several U.S. state-level and international government entities.

“The SharePoint incident appears to have created a broad level of compromise across a range of servers globally,” said Daniel Card of British cybersecurity consultancy, PwnDefend.

“Taking an assumed breach approach is wise, and it’s also important to understand that just applying the patch isn’t all that is required here.”


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