Telecom
COVID 19: NITDA DG Admonishes Startups To Possess Entrepreneurial Mindset
Amidst the uncertainties the novel COVID I9 pandemic is causing globally and indeterminable time the world would come out of it, the National Information Technology Development Agency, (NITDA), has resolved to continue with its planned activities aimed at increasing the capabilities of the startups in the country by leveraging on digital technology.
The agency on Friday, in a closing ceremony of the maiden online edition of Start UP Clinic, Abuja, one of such events already slated at pre-pandemic time, the Director General of the Agency, Mallam Kashifu Inuwa Abdullahi, delivered a motivational speech to 20 startups who have been in virtual booth camp in the last five days.
In his remark, the Director General acknowledged that, “things are not going to be the same after the pandemic and the world economic order is going to change” which he said would lead to closing down of lots of businesses, advised the Startups to possess both the entrepreneurial mindset and entrepreneurial environment capabilities in other to survive during and at the post pandemic world.
The DG stated that, to build these capabilities, the startups need to adjust their tactics, change course, and ignore the conventional wisdom that says; “go to school read hard, pass with flying colors and get a good job.
“No, there is not going to be jobs for you. I think what we need now is; you need to go to school, be a streetwise, hack the problem and be an entrepreneur.”
Mallam Abdullahi noted that by creating an entrepreneurial mindset, they would become successful startups adding that there is a significant difference between people who start their own companies and truly successful entrepreneurs.
“Many people start their own businesses but few people actually achieve the kind of success they dreamed of at the start. What is the difference between people who start up their own business and successful entrepreneurs? The answer is the entrepreneur’s mindset,” he added.
He enjoined the startups to have a mindset of creating businesses for themselves, rather than creating jobs to ensure continuity in case of their absence while the companies are still active.
According to the DG, “this means that you have been able to create a functional entity, not just a job position where you do all of the work. This is the type of mindset you must have if you want to become a truly successful entrepreneur.”
“Creating an entrepreneurial mindset starts at the beginning, before you do anything to start up your company. It means having a grand vision and passion. It means carefully considering all that you want your company to be before it even exists.
“ It means imparting your vision, your dreams and your principles into the company right from outset. You need to ask yourself meaningful questions so that you are able to focus on more than just the day to day functions of running your business. Your business must be built upon your dreams, your passions and your principles. This is the difference between a job and a business.”
He challenged them to leverage on the two capabilities to grow their start up to becoming unicorn businesses which means a privately-owned company that worth at least one billion USD.
While admonishing them on how to attain the feat of becoming a unicorn company, the DG stated that they could become Unicorn companies within short period by following the playbook of successful startups followed which are just three simple rules of beginning with a plan to disrupt an existing industry; injecting capital to grow as rapidly as possible and tolerating high risk in a rush to conquer and dominate the market segment.
Mallam Abdullahi noted that in the region, there are only three Unicorn Companies and while South Africa has two, Nigeria can only boast of one.
He however stated that our country has a competitive advantage to be among countries with many unicorn companies because of her digitally native population and untapped market.
He added that the government is creating an entrepreneurial environment for the start up to thrive.
He listed the government’s efforts to include, the culture, infrastructure and support.
Mr.Nnamidi Nwachuku, one of the participating Startups, in his remarks observed that the Online Start up Clinic as organized by the Office for ICT Innovation and Entrepreneurship (OIIE) has greatly impacted on their knowledge positively.
He noted that the experienced shared by many facilitators at the five days event would provide them the impetus to survive in their respective market segment.
He said, “We have similar experience like the Jigawa edition which was physical. The impact was good as if it was physical. The evaluation form would help us to improve on our innovations. Like me, I have vision to build my business to become a unicorn without looking at the investor and I know it is realistic because I know my capabilities.”
Dr Amina Magaji Sambo, OIIE National Coordinator, urged the participants to adhere to all the guidance availed them during the period and ensure that they keep updating the office of their progresses and challenges.
MTN Nigeria Communications Plc has achieved a historic milestone, becoming the first listed company on the Nigerian Exchange Limited (NGX) to reach a market capitalization of ₦10 trillion, as its share price closed at ₦480 on Friday, August 1, 2025.
The telecommunications giant’s shares gained ₦8 or 1.69% during Friday’s trading session, pushing the company’s market value past the ₦10 trillion threshold.
This remarkable achievement comes just two days after MTN Nigeria released its stellar half-year 2025 financial results on Wednesday, which showed exceptional performance across all key metrics.
The timing is not surprising based on what was said in the company’s H1 results, which revealed a dramatic turnaround from losses to profitability.
The telecoms operator reported service revenue growth of 54.6% to ₦2.4 trillion, while EBITDA surged by 119.5% to ₦1.2 trillion with margins expanding significantly to 50.6%.
Most importantly, the company achieved a profit after tax of ₦414.9 billion, marking a stunning recovery from the loss of ₦519.1 billion recorded in the same period last year.
Speaking on the H1 2025 results that have driven investor confidence, Karl Toriola, CEO, MTN Nigeria, said: “We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market.”
Toriola emphasized the company’s strong operational momentum, stating: “Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2.”
The CEO’s confidence in the company’s trajectory was evident in his commentary about future prospects.
“In light of the strong momentum in our business, we have upgraded our FY 2025 and medium-term guidance and we remain firmly on track to restore our balance sheet to a positive net asset position by the end of Q3,” Toriola declared.
This optimistic outlook, backed by upgraded financial guidance targeting service revenue growth of “at least low-50%” and EBITDA margin of “at least low-50%” for FY 2025, has clearly resonated with investors.
Toriola highlighted improving operating conditions that have supported the company’s performance: “The macroeconomic conditions in Nigeria showed notable improvements in the period under review, including a relatively stable naira, improved foreign exchange (forex) liquidity and easing inflationary pressures.”
He noted that “this backdrop helped to enable our improved business performance and set a more supportive context for increased long-term investments.”
The ₦10 trillion market cap milestone represents extraordinary value creation for shareholders.
Vitel Wireless, a mobile virtual network operator (MVNO), has announced the official launch of its nationwide network services in Nigeria.
In a statement, the company stated that starting yesterday August 1, it will release an initial batch of 50,000 SIM cards and eSIMs across all 36 states and Federal Capital Territory (FCT) to selected subscribers, bringing reliable, affordable, and high-quality connectivity to millions of Nigerians.
This milestone, it said, marks its commitment to transforming Nigeria’s telecommunications landscape by providing accessible and seamless mobile services to both urban and rural communities.
Commenting on the launch, Kenneth Nwabueze, executive chairman of Vitel Wireless Limited, said: “We are excited to bring Vitel Wireless’s innovative services to Nigeria, a vibrant and dynamic country with immense potential. Our goal is to deliver dependable connectivity that enables Nigerians to connect, communicate, and thrive in the digital age. This rollout is just the beginning — we look forward to expanding our services and making a positive impact across the nation.”
According to the company, with a focus on innovation, affordability, coverage, and customer satisfaction, it aims to bridge the digital divide and foster inclusive growth.
“More than half of the initial release will be made available through authorised retail outlets, Vitel Wireless Airport Kiosks, and mobile kiosks utilising Know Your Customer (KYC) verification via NIMC’s new SIM-NIN telecommunications registration platform.
“The remaining SIM cards will be allocated to subscribers for innovative value-added services, including Internet of Things (IoT) solutions, Safer Home AI camera systems (iSEEYOU), employment performance monitoring App (Oga-App), and location-based services solutions such as SecurMe and Push-My Location, among others. This initial deployment enables the company to rigorously test its network, optimise its MTN roaming partnership, and implement necessary adjustments prior to the full-scale launch in Q2 2025,” it added.
MTN Nigeria has rewarded the Nigerian Super Falcons with 150 million naira following their remarkable victory at the 2024 Women’s Africa Cup of Nations (WAFCON).
The announcement was made at a celebratory breakfast reception hosted by the technology company in Lagos, in the presence of Nigerian Football Federation (NFF) leadership and female executives across key sectors, alongside a host of MTN executives who came out to celebrate the champions and reaffirm the company’s commitment to football, inclusion and youth empowerment.
The Super Falcons’ win goes down as one of the most thrilling in tournament history. Facing Morocco on their home soil, Nigeria came back from 2-0 down to secure a dramatic 3-2 victory, clinching their 10th WAFCON title and reinforcing their status as Africa’s most decorated women’s team.
Delivering the opening remarks, MTN’s Chief Marketing Officer, Onyinye Ikenna-Emeka, highlighted the Super Falcons’ win as an inspiration for Nigerian women. “The Women’s African Cup of Nations (WAFCON) is a championship that has been held 13 times and Nigeria has won 10 times. This is no small feat. It is a testament to how determined Nigerian women can be when they set out to achieve something. What you have achieved not only makes Nigeria proud, but it makes us, even we women, proud. Here at MTN, we believe, and one of our values is ‘Can Do’, can do with integrity. Your final match exemplifies that.”
As the official telecommunications partner of the NFF, MTN presented the 150 million naira reward to celebrate the team’s resilience and achievement. MTN director, Ifueko Okauru explained that 115 million naira would go to the players and 35 million to the technical team.
“At MTN we believe in the power of connection, not just through technology, but through our soul, through our spirits, what we share and what unifies us,” said Dr. Karl Toriola, CEO, MTN Nigeria.
Toriola described the company’s investment in the NFF as fruitful. “As proud sponsors of the Nigerian Football Federation, this long-term significantly financially-heavy investment in supporting the NFF has borne so many fruits. We followed you through every match, every challenge, every trial and some of them losses. We followed you and we continue to support you and today we are so proud to say our efforts have not been in vain. We followed you for the big things, we followed you for the smaller things.
He added, “To the Super Falcons, you are more than athletes, you are inspirations. You are an inspiration for everyone in Nigeria, every young lady to go out there and make a difference. You are role models, you are ambassadors, and you are proof that when Nigerian women rise, the world will take notice.”
Captain of the Super Falcons, Rashidat Ajibade, thanked MTN and its board members for their warm reception and support. “We appreciate you a lot. We feel valued, we feel honoured, we feel respected, and this only inspires us to do better, and keep inspiring the next generation.”
“This win is for all of us,” she said, dedicating the 10th title not just to the current Super Falcons squad but to all the players who came before. While grateful for the milestone, she made it clear they were not content. “We want to take this to the next level. We want to be global contenders. We don’t want to be just local champions. It’s time to take it to the next level. We understand the huge responsibility on us, and we hope that we can all work together, the Federation, the federal government, and also private bodies to keep investing and keep supporting the Super Falcons Council so we can all achieve this objective.”
The breakfast reception featured a classical string quartet, stirring soul-Afrobeats choir rendition that had the Falcons on their feet, dancing joyfully in celebration of their hard-won victory. Singer Praiz also delivered a performance that drew cheers from the audience and added to the festive energy in the room.
As the nation continues to celebrate their victory, this moment stands as both a reward and a reminder of what Nigerian women can achieve when backed by belief, investment and opportunity. The celebration was especially timely as it fell on Pan African Women’s Day, a fitting moment to honour the strength, resilience and achievements of Nigerian women on and off the pitch.
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