News
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
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its failure to account for the alleged missing ₦500 billion, which the company reportedly failed to remit to the Federation Account between October and December 2024.
SERAP’s legal action comes after allegations made by the World Bank, which revealed that out of the ₦1.1 trillion generated from crude sales and other income sources in 2024, NNPC only remitted ₦600 billion.
This left a deficit of ₦500 billion, which remains unaccounted for.
According to the lawsuit filed at the Federal High Court in Lagos on Friday, the organisation is demanding that NNPC explain the whereabouts of this missing amount.
The suit, number FHC/L/MSC/553/2025, seeks to compel NNPC to account for the missing funds.
In the legal documents, SERAP is asking for an order of mandamus to direct NNPC to account for the alleged missing ₦500 billion.
The organisation also wants the court to instruct NNPC to invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the funds.
Furthermore, SERAP requests that those responsible for the missing money be identified, held accountable, and handed to relevant authorities for investigation and prosecution.
The lawsuit follows NNPC’s response to SERAP’s Freedom of Information (FoI) request, where the company argued that the FoI Act does not apply to it.
NNPC’s lawyers, Afe Babalola and Co, claimed that the company is exempt from the FoI Act.
SERAP, however, argues that the NNPC must comply with the Nigerian Constitution and the Freedom of Information Act, along with international human rights and anti-corruption standards, in exercising its statutory functions.
In the suit, SERAP emphasizes that the missing funds have significantly contributed to Nigeria’s economic instability, including the country’s high deficit spending and crippling debt crisis.
The organisation argues that the NNPC’s failure to remit these funds has worsened an already precarious economic situation.
SERAP also stresses that the missing oil revenues reflect a broader failure in NNPC’s accountability and transparency. The organisation highlights that the company’s continuing disregard for these principles damages the country’s economic well-being and governance systems.
The lawsuit also references a recent Supreme Court ruling, which declared that the Freedom of Information Act applies to public records in the Federation, including those kept by NNPC. SERAP calls on the court to enforce the application of this ruling in the case at hand.
The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, read in part, “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.”
“There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the missing oil money.”
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”
“Without the full recovery and remittance of the missing ₦500 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”
“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.”
“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s anticorruption obligations.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived minimal benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.”
“The Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.”
“The World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of ₦500bn unaccounted for.”
“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so.”
“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.”
“Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the Constitution.”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.”
“These commitments ought to be fully upheld and respected.”
“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of the cost of living crisis in the country.”
“Had the NNPCL accounted for and remitted the alleged missing ₦500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfilment of economic and social rights, such as increased spending on public goods and services.”
“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing ₦500 billion of oil revenue.”
No date has been fixed for the hearing of the suit.
The leadership of Computer Village, Ikeja, has begun a biometric registration and enumeration exercise to sanitise the market, curb criminal activity, and restore investor confidence.
In a statement, Abisola Azeez, Iyaloja, described the initiative as part of a broader rebranding effort to address issues like phone snatching, fraudulent technicians, and substandard goods.
It stated, “The market’s leadership announced the move after a recent security incident led the Lagos State Task Force to consider a complete shutdown. However, market representatives intervened to safeguard legitimate traders. Under the new rules, only registered vendors with ID cards displayed at their stalls will be allowed to operate.
Approved street setups will be limited to plastic chairs, show glasses, and umbrellas, while wooden structures and open flames are banned to reduce fire hazards.”
Adeniyi Olasoji, baba Oja, noted the market’s damaged image, emphasising new security measures like CCTV, emergency alert systems, and increased collaboration with law enforcement.
“Other leaders, including Prince Tony Nwakeze, Ralph Chibuzor, Ben Onuorah, Nofiu Akinsanya, and Ikani Tony, affirmed the move as essential for transforming Computer Village into a structured, globally competitive digital hub.
The registration will be completed within two months, after which only verified traders will be allowed to operate.
Meanwhile, Fidelix Ezeugwu, executive secretary of the Ikeja Market Board, emphasised the market’s unified leadership, comprising representatives from four major ethnic groups, and the importance of updated data to align with global standards.
He said, “Additional upgrades include installation of walkie-talkies for improved communication, enhanced street lighting, and CCTV cameras to monitor activity.
“These improvements aim to position Computer Village as a world-class market, comparable to international hubs like Dubai and Singapore.”
First Asset Management Limited, a subsidiary of First HoldCo Plc, has received the prestigious Fund Manager of the Year 2024 award. This accolade was conferred during the inaugural Capital Market Choice Awards, hosted by Nairametrics Financial Advocate Limited, underscoring the firm’s commitment to excellence and wealth creation.
The prestigious awards ceremony honoured the significant achievements of key players in the financial market, including operators, regulators, investors, and stakeholders. Their commitment and impact were crucial in fostering the growth and stability of Nigeria’s capital markets industry in 2024.
First Asset Management has received recognition for its commitment to quality service and innovation in the investment and asset management industry. This recognition reflects the firm’s exceptional performance, excellence in service delivery, and significant contributions to the financial ecosystem.
Ike Onyia, Managing Director/CEO of First Asset Management, expressed his gratitude for the recognition and commended Nairametrics for its diligence and transparency in the award process.
“We are honoured to receive this recognition, which validates our unwavering commitment to delivering value to our clients and stakeholders. Client satisfaction is at the core of our operations. This award motivates us to continue pushing boundaries and providing innovative investment solutions,” he stated.
He further emphasised the company’s commitment to deploying customised investment strategies that address the varied objectives of its clients.
First Asset Management continues to elevate its reputation with an impressive collection of awards. For over five years, the firm has been celebrated as the Best Asset Manager in Nigeria at the EMEA Finance: African Banking Awards.
The firm has also earned recognition as a Great Place to Work and won the prestigious Excellence in Asset Management award at the 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, showcasing its commitment to outstanding performance and a positive workplace culture.
ARCON Probes 9mobile over Alleged N1Bn Advertising Debt
Farmers to Get Identity Card for Loans, Inputs
SERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability
Dyna.Ai Launches Operations in Nigeria
Ikeja Computer Village Begins Biometrics Registration to Tackle Crime
General News2 days agoUche Uzoebo, SANEF CEO Makes Case for More Financial Inclusion Strategies Targeting Women
Broadcasting2 days agoACAMB Champions Bankers Wellness with Aerobics Fitness Session
News2 days agoUK Minister for Africa Visits Nigeria to Deepen Strategic Partnership
General News2 days agoHydrogen, Lagos State Touch Thousands of Business Owners with “Healthy Heart, Healthy Business” Outreach
E-Business2 days agoSurvey Reveals Marketing Leaders See Strong Potential in gTLDS Despite Knowledge Gap
News8 hours agoFirst Asset Management Receives 2024 Fund Manager Award
General News8 hours agoNigeria Relaunches National Talent Export Programme to Unlock $1 Trillion Global Outsourcing Market
Telecom8 hours agoNiRA Holds 17th AGM, Elects New Leadership to Propel .ng Domain Growth