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AfriTECH 2.0: Agada Lists Factors That Could Kill Startups
Immediate past Chief Executive Officer, CWG PLC, and Founder, Ixzdorelabs, an innovation hub and consultancy focused company, Mr. James Agada, has listed some factors that could lead to the premature death of a Startup.
James Agada, Immediate Past CEO, CWG and the Founder, Ixzdore Laboratories Limited delivering keynote address at AfriTECH 2.0
Agada, who spoke to the theme: Sustainability and the company of the future, at Africa Tech Alliance Forum (AfriTECH 2.0) held in Lagos on Wednesday, listed the factors to include non-reporting of sales figures, issues around corporate governance, Court or Government interference, and inability to create new business.
A well-regarded, innovative, and versatile technology expert, Agada, while aligning with the views of economists said in his keynote address at the event that the only way to determine whether a company is alive or dead is to check whether they are reporting their sales figures.
“When a company stops reporting its sales figures, it means the company is dead. For a startup, three things are obvious: Sales, Cash and Profit. At maturity, the company’s sales, or what they call cash cow, typically flatten out. Before then, you see a steep growth in sales or what you call exponential growth.
“That sale has to translate into profit, and profit must have cash. The only thing that can kill a company is when it runs out of cash. Another thing though is that sales do not necessarily translate to cash; if you sell, you must also collect the money and make a profit. At any point the company starts declining because it’s not able to generate enough cash from the declining sales to maintain itself, death beckons,” he said.
He said that at any point a company decides to do a life extension, that’s what is at the core for the sustainability of the company, noting that between the sales a company generates and the cash it gets, it is the funding that determines where the company is going.
“At maturity, you have a lot of debt funding because you are generating enough cash and trying to minimize business risk. Kodak had misjudged where the technology it developed was leading to, leading to its decline. Customers left Blackberry and went for iPhone and Android, and that left Blackberry behind if not dead.
“Therefore, the issue of corporate governance is another thing that can kill a company. The court or government can also decide to close your company. And the inability to create new business even when you are struggling with that company can as well lead to the death of a company,” he further explained.
Agada stated that a sustainable company is one that has figured out how to balance its business risk and sales to ensure that decline does not put it in a situation where it is no longer sustainable, contending that once a company is not growing, it is dying.
In providing a solution to this, Agada opined that “the real thing is that you are looking for increased profit and increased cash flow. You have to look at what is happening around you and take those defensive and offensive actions to prevent collapse and eventual death.
Kashifu Inuwa, director general of the National Information Technology Development Agency (NITDA) has said that the transformative potential of emerging technologies is vital in revolutionising trade and investment across Africa.
Director General of NITDA Kashifu Inuwa CCIE represented by Director of the Digital Economy Development, Engr. Salisu Kaka, presenting a cash prize of N10million to Get AI under the Regulatory Sandbox category, during the closing ceremony of the Nigeria AfCFTA Hackathon 2025 during the Science of Trade Conference in Lagos.
He said this while delivering a keynote address at the Nigeria AfCFTA Hackathon 2025, held as part of the Science of Trade Conference in Lagos State, highlighting how digital innovation can drive efficiency, inclusivity, and sustainable economic growth.
The DG who was represented by Engr. Salisu Kaka, Director of Digital Economy Development Department, stated that the African Continental Free Trade Area (AfCFTA) is one of the largest free trade zones globally, uniting over 1.4 billion people with a collective GDP exceeding $3 trillion.
He described the recent adoption of the AfCFTA Digital Trade Protocol as a pivotal milestone that will break down trade barriers, streamline regulations, and open new markets for businesses of all sizes.
“Nigeria, with its population of over 200 million and strong entrepreneurial culture, is uniquely positioned to lead Africa’s digital transformation”, he said.
While pointing out the rise of e-commerce and mobile payments as game changers, Inuwa said “From Abuja, I can order products online, conduct due diligence, make payments, and receive deliveries—technology has made trade seamless.”
“This Hackathon arrives at a crucial time following the African Union’s 2024 endorsement of the Digital Trade Protocol. It aims to harmonise digital regulations and eliminate trade barriers across all 54 African nations,” he added.
Inuwa stressed that while global technological advances have reshaped commerce, many African trade systems are still burdened by outdated procedures, excessive paperwork, and logistical bottlenecks. But a shift is underway, powered by innovations such as blockchain, AI, IoT, and digital platforms, which are now central to trade operations.
He cited the success of Nigeria Customs Service (NCS) in leveraging technology through the Nigeria Integrated Customs Information System (NICIS II), which automated key processes like declarations, cargo tracking, and risk assessment—leading to a 238% revenue increase between 2017 and 2023.
The Unified Customs Management System, introduced in December 2024 as a successor to NICIS II, has already generated over ₦31 billion, showcasing Nigeria’s progress in digital trade facilitation.
The Hackathon is structured around five priority areas: Youth and MSME Inclusion, E-Commerce Adoption, E-Commerce Policy and Trust, Digital Payments, and the E-Commerce Regulatory Sandbox.
These are sectors where digital tools can significantly enhance trade dynamics.
“I’m confident that the Hackathon will spark innovative, scalable solutions to boost intra-African e-commerce, streamline cross-border transactions, and empower MSMEs with digital capabilities to compete globally,” Inuwa stated.
He described the event as a springboard for innovations that will simplify payments, promote inclusion, and reinforce Nigeria’s leadership in actualising the AfCFTA digital economy framework.
In his welcome address, Dr. Olusegun Awolowo, National Coordinator of the Nigeria AfCFTA Coordination Office—represented by Olusegun Olutayo, Senior International Trade Policy and Law Expert, emphasised that transformation is a continuous journey.
He highlighted the continent’s focus on collaboration, innovation, and inclusive growth as essential to establishing Africa as a hub for digital trade.
Awolowo reaffirmed the transformative potential of the African Continental Free Trade Area (AfCFTA), emphasising that it presents Africa as a unified market of over one billion people—a vast opportunity for intra-African trade, investment, and economic growth.
He stressed that realising this vision requires active participation and shared ownership.
According to him, the Hackathon is a tangible mechanism for implementing the AfCFTA Digital Trade Protocol—prioritising inclusion, innovation, and equitable access.
It is expected to generate actionable solutions that bridge policy and practice, accelerating Africa’s digital economy and empowering the next generation of African innovators.
The recent success of the Shanghai Motor Show is a strong indicator of the growth of the Chinese automotive sector, particularly in terms of electric cars and onboard intelligence.
Of the 90 million vehicles (cars, trucks, and buses) produced worldwide in 2024, 31.3 million were produced in China, i.e. 34% of the glob al total, according to an Inovev report.
France is also following this trend, with many consumers now opting for cars from Chinese brands such as BYD, Xpeng, Beiking and Hongqi.
Against this backdrop, Sophos, a global leader of innovative security solutions for defeating cyberattacks, is drawing users’ attention to how their personal data could be used for malicious purposes. Indeed, it is inadvisable to synchronize one’s phone or any other device with a vehicle, whether their own or even more so in the case of a rental car, as the car could use its internet connectivity to make a copy of contacts and other sensitive data and upload to the Internet, long before one have the ability of deleting it when returning the rental car, for example.
A modern vehicle is packed with computers, lidars, various radios, and external cameras. What’s more, it is also equipped with aerial updating capabilities that could very well be repurposed as a surveillance platform.
According to Nate Drier, Technical Lead, Red Team, Sophos: “As with any technology, given the opportunity, necessity, intent, and capability, in-vehicle technology can be misused.
Car manufacturers can track the movements of modern vehicles in real time, and this is likely to be even truer for electric vehicles.
“Yet this information could be used to build rich maps of an environment encompassing both the physical and electromagnetic environment (by searching for Wi-Fi networks, the positions of cell phone towers, etc.).”
Sophos, therefore, recommends being aware and checking what manufacturers are collecting on vehicles, and what they can do using over-the-air update capabilities.
Federal Government of Nigeria has approved the launch of the NIMC NIN Authentication for a secure and seamless identity verification and authentication, even as President Bola Ahmed Tinubu, directed the use of NIN Authentication for verification and authentication across Ministries, Departments and Agencies (MDAs).
This is In line with the Commission’s mandate of regulating a reliable National Digital Identity for citizens and legal residents to affirm their identity
The launch of the “NIN Authentication (NINAuth),” a cutting-edge suite of services that include web, API and mobile verification designed to enhance data security, protect privacy, and simplify access to government services, is part of President Tinubu, Renewed Hope Agenda on strengthening the National Identity Management System.
The NIMC NINAuth application is the official service for integration with the Commission’s backend infrastructure.
It Introduces a robust layer of protection, empowering individuals with greater control over their personal information.
By requiring explicit consent before data is shared for Know Your Customer (KYC) processes or other verifications, the platform fosters trust, transparency, and user autonomy in digital identity management.
With NINAuth, individuals can securely verify their identity and access key government services, including:
• Sim registration and replacement
• Immigration applications and passport processing
• Tax filings and financial transactions
• Government Intervention Programs in various MDAs
• Driver’s license renewals and other regulatory processes, etc,.
Key Features and Benefits include:
• Enhanced Security—Protects personal data from unauthorized access.
• User Control—Empowers individuals with the freedom to manage their data-sharing preferences.
• Seamless Access—provides a secure single sign-on solution for convenient access to services.
This innovation reaffirms NIMC’s commitment to advancing secure and efficient digital identity management, ensuring a more accessible, transparent, and secure identity verification system in Nigeria.
The NINAuth application provides a secure, scalable, and interoperable interface for identity verification through API integration.
It is designed to facilitate real-time authentication of NIN records, thereby promoting effective service delivery, database harmonization, and compliance with the National Identity Policy of the Federal Government of Nigeria.
The NINAuth service has been designated as the exclusive platform for all NIN-based verification and authentication integration processes for optimal services.
Nigerians are required to download the NINAuth App on Google Play Store and Apple iOS App Store to use the NIN Authentication Service.
The implementation guide and process flow of the NIMC NIN Authentication are available at https://ninauth.nimc.gov.ng.
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