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Tekedia Capital Opens Countdown To Unicorns in Portfolio Companies

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Africa has 6 unicorn startups today. Unicorns are private companies, mainly in the tech space, which are worth at least $1 billion. Current unicorns  are Interswitch, Andela,  Flutterwave, Chipper Cash, OPay, and Wave. Though it is not public yet, I expect Twiga Foods and Cellulant to be very close. Possibly, Kuda is just around the corner. The African economy transformation is a decades-long opportunity and the redesign will be massive.

My assessment is that Africa will have at least 15 unicorns by 2023. Yesterday, I put a countdown that two of our entities in Tekedia Capital will be part of this show. The numbers are great and I expect to come here and break the news that we have left the solid bounds of mere startups to touch the ecclesiastical alpha, creating the unbounded era of massive entrepreneurial capitalism, with frictions fixed for customers and moments made for the innovators.

People, this is very amazing. It is indeed as I have also ordered another bell. I am told in New York that they give you a bell. But I promise that I will go with one from Ovim, Abia State, because that bell will unlock more unicorns. 

Believe in the boundless promises of tomorrow. The world is getting better despite what the press writes. The future is full of abundance and you must have the optimistic exuberance that you can lead part of the future. The unicorns are coming and Tekedia Capital will celebrate.

Innovators, what are you building? At Tekedia Capital, we make friends with the best builders

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Innovators, what are you building? At Tekedia Capital, we make friends with the best builders, makers, innovators and entrepreneurs. We provide more than money – we go further, offering advisory, support, networks, and more. And we also give Amazon AWS credit up to $25,000 through a partnership with Amazon. You know what? We’re not aware of any entity in Africa that issues up to $25k AWS credit.

Visit this page and let us know what you are working on.

Tekedia Capital invests in technology-anchored early stage startups and companies. Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop.  We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations. At Tekedia Capital, we fund the foundations of the NEXT African economy.

I expect the total number of African* unicorns to hit at least 15 by the end of 2023; India has minted more than 28 in 2021. Africa* has about 5 unicorns (companies, mainly private, valued at least $1 billion) at the moment:  Interswitch, Andela,  Flutterwave, OPay, and Wave.

I expect three to join HI 2022 but in 2023, the thing will ramp up. The African economy transformation is a decades-long opportunity and the redesign will be massive.

Tekedia Capital is working hard to be part of supporting these innovators and builders.

How Safe Are The Card Readers?

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Nigerians woke up in the early hours of Saturday, 16th February 2019 to shockingly learn that conducting the Presidential and National Assembly (NASS) elections billed for that very day was no longer feasible, hence was outrightly postponed by the Independent National Electoral Commission (INEC) to a fresh day, precisely on 23rd February 2019.

We were not unaware that prior to the unannounced decision taken by the INEC led by Prof. Mahmood Yakubu, virtually every sensitive material cum gadget had already been distributed to the various localities across the federation where they were meant to be used for the scheduled polls.

As at then, concerned, discerning and patriotic Nigerians were baffled over the safety of the sensitive materials to be used for the national ritual, knowing full well that they deserved tremendous technical and physical security watch.

The INEC could currently boast of the use of Electronic Card Reader otherwise known as ‘Smart card reader’ during elections in Nigeria. Since the inception of the INEC in Nigeria’s political terrain, the leadership of the institution had been working assiduously toward ensuring that the country could boast of free, fair and credible elections.

This may be the reason the former Chairman of the commission, Prof. Attahiru Jega thought it wise to initiate the said device prior to the last general elections, which has been in use till date.

Though Prof Jega may have succeeded in coming up with a novel idea by introducing the aforementioned gadget, it’s worth noting the current boss of the body, Prof. Yakubu has an enormous task ahead of him towards ensuring the laudable invention wouldn’t end up being a curse in disguise.

It’s not anymore news that the ongoing use of the device in question has been bedeviled by several shortcomings to include malfunctioning, inadequate power supply and what have you.

The INEC, inaugurated in 1998, has since inception encountered too many controversies and predicaments in the run up to elections in the country, most notably the April 2007 and 2015 general elections respectively. The ongoing challenges faced by the use of card readers seem to have added to the numerous plights of the commission.

A Smart card reader is an electronic device that reads smart cards such as the Automated Teller Machine (ATM) card and Voter’s card, as the case may be. There are so many forms of smart card readers used for different purposes.

In the banking industry, we have smart card readers that read the ATM cards. But here, we’re concerned about the electoral smart card reader. The electoral smart card reader is a portable electronic voter authentication gadget, configured to read only the Permanent Voters Cards (PVCs) issued by the INEC.

The device, which displays the authentic information of the prospective voter via the use of fingerprint, was designed specifically for the accreditation process or authentication of eligible voters before voting.

The machine is usually configured or programmed to only read the PVCs of a particular polling unit as well as work only on election day(s). The card reader has obviously helped in confirming the eligibility of the prospective voters. It has equally assisted in checking excesses as regards double/multiple registration.

Among all, it enables the electoral exercise to be carried out faster since it can accredit as many intending voters as possible within a shortest interval; suffice it to say that it saves time.

In addition, it enables the officials of the INEC to conduct the election easily or with ease unlike the manual system whereby the personnel would be required to put in or exhaust all their energies, thereby creating room for effectiveness and efficiency.

This implies that, if properly utilized, it warrants the electoral umpire to engage fewer individuals or ad-hoc staff for any impending election thereby saving reasonable funds. Hence, the card reader isn’t just labour effective, but equally cost effective.

Although the benefits inherent in the use of the smart card reader cannot be overemphasized, it’s worthy to acknowledge that the challenges that accompany it cannot be overlooked if truly we are concerned about embracing a society that can wholly boast of credible polls.

It’s not anymore news that, while in use, the card reader has reportedly malfunctioned in various quarters across the Nigerian State ever since it came into existence in the country, thereby making the INEC officials in charge of the concerned polling units to resort to manual voting.

To this end, there’s need for creation of a special technically-inclined unit within the INEC quarters. Such unit/department to be manned by an expert must contain all it takes as regards servicing or sustenance of the said gadget. The unit would go a long way to eradicate the ‘fire brigade’ approach, which isn’t unusual in Nigerian society.

It would also help to create a mobile technical committee that would monitor the functionality of the card readers throughout any election as well as ensure that the various polling units involved are well equipped with the needed materials including electricity supply gadgets prior to the election.

There would also be a need for the unit to be more concerned about providing special electronic chargers or charging devices at the various voting centres so that the card readers wouldn’t need to depend on power supply as long as the voting lasts.

Above all, there is a need for the device to be manufactured in the country henceforth. There are capable hands that can actualize it; all the government needs to do is to empower them via the proposed technical unit.

Nigeria can’t continue to import what she can produce, especially at this moment we are concerned about diversification. I therefore call on INEC to embrace the fullness of technology so that the awaited society would be embraced soonest.

Similarly, since the gadgets are usually configured against the original date of the scheduled elections, apt and well experienced hands ought to be involved in re-configuring them towards ensuring that lapses aren’t created in the process.

Nigerians need nothing less than safe card readers for credible and peaceful polls as expected come 2023. Hence, the INEC shouldn’t be reminded that it’s expected to do everything humanly possible to guarantee the required safety. 

Female Genital Mutilation In Nigeria On The Rise, Calls For An End

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Currently, we live in the 21st century where the world has evolved and is still evolving. It is disheartening to know that an estimated 200 million women and girls around the world have undergone female genital mutilation, with 80% of the cases in Africa alone. These statistics shows that there are still primitive people living in the stone age especially in Africa, if not this practice would have long been jettisoned. The United Nations recently marked International day of zero tolerance for female genital mutilation on February 6.

Majority of the girls who have undergone this practice are below 15 years of age. The surprising thing about female genital mutilation is that it is more common among elites. Female genital mutilation has caused more harm than good to these ladies who have gone through it. The most painful thing about female genital mutilation is that it is irreversible which also causes health issues coupled with a series of complications. Girls who have gone through it often experience urinary retention, pelvic infection, pain during intercourse, epidermoid cysts, etc. It has zero health benefits.

The United Nations children’s fund, Unicef stated that Nigeria accounts for the third-highest number of women and girls who have undergone genital mutilation. The United Nations strive for its full eradication by 2030, with the backing of sustainable development goals. While in power, President Goodluck Jonathan signed a decree to illegalize female genital mutilation in 2015, but it was poorly enforced. It is believed that there will be a population explosion in 2030 in the number of those affected by FGM in Nigeria.

It’s obvious a lot of people, agencies and governmental bodies are treating the issue of female genital mutilation with levity, which is the reason for the rise In FGM cases. This indeed is a wake-up call for everyone in the country, from top government officials, schools, communities, NGOs to all join hands on deck, to ensure that this menace is eradicated. Although some NGOs have helped in sensitizing and creating awareness on the dangers involved in female genital mutilation.

The process of social change in the community with a collective coordinated agreement to abandon the practice of “community-led action” is therefore essential. With improvements in education, social status of women, and increased awareness of the dangers of female genital mutilation. There should also be constant use of mainstream media to create awareness of the dangers of Female Genital Mutilation. Billboards mounted on various strategic positions talking about the dangers of FGM would play a very important role in curbing it. The more educated, more informed, and more active a woman is, the more she can appreciate and understand this harmful practice of Female genital Mutilation.

One of the reasons why there is a rise in the cases of female genital mutilation is that there is no federal law prohibiting the practice in the country. This is one of the main reasons for the slow progress in declining the prevalence of female genital mutilation. I believe once laws are established by the government, stating that people who carry out such acts would be penalized, female genital mutilation will be reduced. At the grassroots, campaigns should be held regularly to enlighten the people on its dangers. There is a strong need to ensure that this practice is eliminated because it has exposed a lot of women and girls to so many health challenges. This can only be achieved with an approach where legislation, health care professional organizations, empowerments of women in the society, and education of the general public at all levels with an emphasis on the dangers of female genital mutilation are taken seriously.

Tekedia Mini-MBA (Feb 7 – May 7, 2022) Edition 7 has started; Registration continues …

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The 7th edition of Tekedia Mini-MBA has started; registration continues for the self-paced program. It is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. Cost is N60k or $140; go here and register.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from Feb 7 – May 7, 2022.

If you have not joined, now is the time to register.


Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced and recorded which means participants do not have to be at any scheduled time to learn.

This sector-agnostic program has more than 200 faculty from leading companies like Flutterwave, Microsoft, MTN, Access Bank, Afreximbank, KPMG, Shell, Schlumberger, Nigerian Breweries, etc, handling courses in more than 32 domains of business and leadership. More students graduated from it in 2020 than any school in Africa. From executives in Singapore to Nigerian bank managers to startup leaders in India, the last edition attracted learners from 35 countries and their testimonials are positive.

The acquired capabilities have helped learners to get new jobs, get promotions, raised funding, and advanced their careers and the companies they work for. The Institute is currently working with dozens of companies, providing a mechanism to co-design growth strategies in companies. More than 30% of learners are sponsored by companies and those firms include Soulmate Industries, Lily Hospitals, Problem Space New York, to name just a few.

Prof Ndubuisi Ekekwe, a World Economic Forum YGL and a regular writer in the Harvard Business Review, and who holds two PhDs and four master’s degrees, including a PhD from Johns Hopkins University, coordinates the program. He recently licensed a robotics patent to the United States Government. The ace circuit designer co-designed the accelerometer used in Apple iPhone’s early generations.

Besides the program, participants get other benefits, including Prof Ekekwe’s books like “The Dangote System: Techniques for Building Conglomerates”, Career Week, Innovation Week, Special Labs on Remote Work Administration (Krozu, USA), Decentralization Finance (BoundlessPay), Digital Security (Infoprive), among others, as coordinated by the Institute.