Telecom
Elo Umeh Emerges One of IESE Business School’s 40under40
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By peter oluka
Elo Umeh, Terragon group’s founder and managing director, has made the 40under40 list of entrepreneurs by IESE Business School from over 46,000 alumni across 129 countries.
Through its Entrepreneurship and Innovation Center (EIC), IESE launched the “IESE 40under40” programme, selecting the 40 former students under 40 who have excelled in the development of new business projects.
This selection was made among the over 46,000 students who have participated in some of the training programmes taught by the School.
These 40 projects have allowed the creation of 2,197 jobs in 12 countries, from 4 continents, receiving € 544 million in external investment, and generating € 251 million in annual revenue for the economy.
Half of these start-ups were born during the last 5 years, and 17% of them began their activity by bootstrapping, without using external investment.
The selection of the “IESE 40under40” was been done by a jury of international experts, based on a rigorous analysis of the projects, especially their impact on society in terms of social contribution and job creation, in addition to the growth and the level of innovation, among other criteria.
The jury is composed of national and international experts in the development of new business projects, such as Lucas Carné, co-founder of Privalia; Brian Cohen, Founding Partner and President of New York Venture Angels; Jonathan Moules, Journalist specialized in entrepreneurship at the Financial Times; Pedro Nueno, Emeritus Professor of Entrepreneurship at IESE; Raimundo Sala, General Manager of PayPal and Ignasi Salvador, Director of Innovation of Celsa Group.
Commenting on this achievement, Umeh commended the initiative stating that it will inspire new entrepreneurs in their ventures and will foster the growth of the community of IESE entrepreneurs globally. “I am both excited and humbled at this feat and would like to thank my colleagues, clients, partners and all who have been with me on this journey. I would never have been able to make this list without their tremendous support and cooperation” he said.
The award-ceremony which will be on November 28 at IESE Barcelona, will bring together a large part of the selected entrepreneurs, as well as a broad representation of the entrepreneurial ecosystem, and the jury of the initiative.
Umeh is passionate about growing digital in Africa and with the company’s exploits, is transforming the way companies are reaching their customers leveraging data and technology. He participated in the Advanced Management Program in Media and Entertainment and holds a Global Executive MBA from IESE Business School, where he graduated as the Best Student of the class of 2016.
Main data of the 40 selected startups (aggregated data):
40 entrepreneurs.
4 continents 2,197 new jobs generated.
544 million euros of foreign investment received.
251 million euros of annual income for the economy.
31 years old (youngest entrepreneur) / 37 years old (older entrepreneur).
Projects founded between 2001/2016.
17% of projects were founded by bootstrapping, without using external investment.
65% of startups with service-based business model (35% in products).
Africa’s leading Digital Powerhouse, Terragon Group, is a data and marketing technology business committed to unlocking value for businesses using insight to reach mobile audiences in Africa.
Telecom
Starlink Becomes Nigeria’s Second-Largest ISP, Overtakes FiberOne
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Elon Musk’s Starlink has become the second-largest Internet Service Provider (ISP) in Nigeria, surpassing FiberOne in customer numbers while Spectranet remains the market leader.
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Elon Musk
This was revealed in a recent report by the Nigerian Communications Commission (NCC).
According to NCC’s Q3 2024 data, Spectranet maintained its top position with 105,441 active subscribers, despite losing over 8,000 users since December 2023.
Meanwhile, Starlink, which launched in Nigeria in January 2023, grew rapidly to 65,564 subscribers, adding 41,667 users in just nine months.
This pushed FiberOne to third place with 33,010 customers.
The report also showed that out of 241 licensed ISPs in Nigeria, only 124 had active users in Q3 2024, collectively serving 307,946 subscribers.
However, these numbers remain far below the dominance of mobile network operators such as MTN, Airtel, Globacom, and 9mobile, which together accounted for over 130 million internet users as of September 2024.
Starlink’s expansion has been driven by its satellite-based internet service, which provides coverage in remote areas where traditional ISPs struggle.
By the end of 2023, the company had already secured the third position with 23,897 users, marking a 113% growth from the previous quarter.
Its growth has also been supported by partnerships with Nigerian companies like TD Africa and Konga.
In 2023, Starlink briefly stopped accepting new orders in major cities, including Lagos, Abuja, and Port Harcourt, due to capacity issues.
Telecom
FG Commits $2Bn to Digital Infrastructure
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The Federal Government says it has committed $2 billion to enhance Nigeria’s digital infrastructure, aiming to boost the nation’s economy and safeguard the digital identities and rights of its citizens.
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Bosun Tijani, Minister of Communications, Innovations and Digital Economy
Bosun Tijani, Minister of Communications, Innovations and Digital Economy disclosed in Abuja on Tuesday while briefing newsmen on the forthcoming International Telecommunication Union, (ITU) Summit holding in Abuja from Wednesday to Thursday this week.
The ITU International Submarine Cable Resilience Summit will feature over 250 participants from 194 ITU member countries, with key representatives from the private sector and academia expected to attend.
Tijani who addressed journalists alongside Tomas Lamanauskas, the Deputy Secretary General of ITU,said the present administration was not making two billion dollars investments in digital infrastructures for the fun of it.
He said the present administration is committed to digital connectivity for the people to make lives more meaningful and impactful, adding that the investments would ensure that Nigerians enjoy the best quality of digital services and protection in the nearest future.
The ITU International Submarine Cable Resilience Summit aims to foster global collaboration, secure innovative solutions, and engage leaders from government, industry and international organisations to strengthen the global digital infrastructures.
“This investment is part of a larger vision to provide every Nigerian with access to high-quality digital services, while safeguarding their digital identities,” Tijani said.
The ITU International Submarine Cable Resilience Summit, co-hosted by Nigeria and Portugal, will explore innovative strategies to strengthen the security and resilience of submarine cables—vital infrastructure for global digital connectivity.
The summit is bringing together government leaders, industry experts, and international organizations to discuss ways to safeguard submarine cable networks, which are increasingly vulnerable to disruptions.
Tijani emphasized that the discussions at the summit will focus on finalizing a global declaration on submarine cable resilience, calling for heightened action from both governments and private sectors to protect digital infrastructure worldwide.
In his words, “Nigeria is not just solving local issues; we are taking a global leadership role in securing submarine cables, which are essential for digital connectivity”.
The summit will address the growing concern of disruptions in submarine cable networks, with an average of 150 to 200 cables being damaged or cut annually, severely impacting global digital connectivity.
To tackle these challenges, the summit will include key international organizations such as the International Maritime Organization (IMO) and the Food and Agriculture Organization (FAO), promoting coordination across industries such as telecom, shipping, and fishing, which impact submarine cable integrity.
Tijani also highlighted Nigeria’s leadership in the digital space, stating that while the country already boasts a robust submarine cable network, with around eight or nine cables landing in Nigeria, the key challenge now is expanding these networks inland and ensuring reliable, high-speed internet access for all Nigerians.
“We are committed to connecting every Nigerian, ensuring that digital infrastructure benefits all citizens,” he added. Tomas Lamanauskas, Deputy Secretary-General of ITU, praised Nigeria’s forward-thinking investments in digital infrastructure.
He highlighted that Africa is experiencing rapid growth in digital traffic, and Nigeria’s investments will play a pivotal role in ensuring the continent remains competitive on the global digital stage.
According to him, “This region is the fastest-growing for international digital connectivity, and Nigeria’s leadership is critical to ensuring Africa’s success in the global digital economy.
The summit is expected to provide a platform for robust discussions on enhancing submarine cable security, a critical pillar for the global digital economy, with over 50 countries participating in this essential dialogue.
Telecom
Network International Partners with MTN Group to Enhance Digital Payment Solutions Across Africa
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Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider.
This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.
With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.
The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.
Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.
Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa.
“It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region.
“We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”
Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond.
“It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.”
MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.
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