Have you thought of this? Send a special Christmas or holiday gift of Tekedia Mini-MBA to that special person. And if you do that registration via Africa’s finest business journalism, BusinessDay, he/she will attend the region’s category-king business education on entrepreneurial capitalism and read the best professionals on business news and journalism.
Yes, register for Tekedia Mini-MBA at BusinessDay, get Tekedia Institute Mini-MBA + 1 year full access to BusinessDay. Same cost of N90,000 despite the extra benefits.
Do it today; it is the best combo for those going BIG in 2022 at scale. BEGIN here by registering and let us meet in the class in Feb.
I am so excited to announce that Tekedia Capital has invested in Africa’s finest digital banking institution. Mintyn has opened a new ordinance in banking and we’re very excited to be part of its investors. They are putting huge numbers with a business model that brings multiple plays around a One Oasis.
You have $5 to buy rice; that gives you say 5 cups. But with Mintyn technology, it helps you find neighbors and all of you can pool funds together in hours, buying a bag of rice. By the time the Mintyn team has finished, you go home with 20 cups.
To Obinna Ogbodo, Nnazilim Egbuonu and EZE AMUCHIE, Tekedia Capital is excited to welcome innovators like you. We know the pedigree from Oya (exited to Wakanow) to the one Jobberman acquired, we expect a bell ringing this time in New York, London or Lagos. As a teacher, I will bring the bell and ring it to open the markets. Welcome, innovators.
Good People, visit here and experience the banking of tomorrow today with a peerless UI/UX https://mintyn.com/
Tekedia Capital >> we make friends with innovators
Cyber security is one of the most important things in the digital world. Learn more about the importance of it and how it’s improved.
How Cyber Security Has Improved Around the World
Cyber security is probably the leading concern for everyone who works in the online space, banks in the online space, and who just generally enjoys the online space. When the internet first launched in 1983 (some argue it was before this), no one thought that cybercrime would even exist, but eventually, it did. But cyber security is extremely important as we must protect online gamers, the mother who does her daily online shopping, the student who naively enters an online chatroom, and even the high school teacher who is running a small business selling candles.
Why is cyber security so important?
Our current digital climate leaves little to no room for mistakes, mistakes that can ultimately cost you dearly. Everyone needs to protect their data – their personal information – and cyber security is important for this very reason. There is a range of data that must be protected at all costs. These include medical information, personal information (name, email, social security number, address, etc.), intellectual property, data, and government, and industry information systems. Basically, every single piece of data needs to be protected.
Some of the biggest data breaches in our history include:
Yahoo: In August 2013, 3 billion accounts were compromised.
Alibaba: In November 2019, 1.1 billion pieces of user data were breached.
LinkedIn: In June 2021, 700 million of its users were posted to a forum on the dark web.
Sina Weibo: A hacker obtained 538 million users and their personal details in March 2020.
Facebook: In April 2019, Facebook announced that 533 million users’ personal account information was posted online.
How cyber security has improved
In the US
While there is still so much to learn about cyber crimes as criminals are advancing their attacks every day, cyber security remains as relevant as ever. In the US, many companies are continuously prioritizing cyber security solutions. Measures and policies are slowly getting better, but as they do, the adversaries become smarter too. There were three major cyberattacks in the US, one in 2020, the effects of which were only experienced in 2021, and the other two were in April and July this year. In December 2020, a software company created by SolarWinds was the victim of a sophisticated cyber attack.
Fast-forward to April 2021, and Colonial Pipeline was attacked by hackers using a private account which was used by employees to log in remotely. Then in July, the Kaseya attack was a ransomware attack. What we notice here is that all these attacks are prime examples of how the threat landscape is changing but also staying the same. And while many ask if these attacks could have been avoided, it is important to note that the attacks mentioned are great examples of improperly monitored and protected systems. However, American companies are consistently improving their cyber security.
In Russia
A key trend to note is that the cybercriminal ecosystem has always been made up of different roles. However, there are constants in the system like the infrastructure needed to carry out cybercrimes and the tools used for it. So, the functions of people doing these cybercrimes depend directly on the infrastructure and the instruments.
If we look at 2021 alone, browsers are much safer as they update automatically without the user even being aware. And what’s great is that developers are actively finding and assessing new ways to invest in vulnerability assessments. What this is also doing is opening discovered vulnerabilities to developers themselves rather than having them go searching for the issues. With safer browsers, web attacks have become less attractive to cybercriminals, and it has become more expensive to target regular users rather than corporate users.
In China
According to the Reuters article on China’s new cyber security industry plan, the country issued a draft three-year action plan to develop its cyber security industry. The reason being that the Chinese authorities plan to improve their efforts to better govern data storage, data transfer, and personal data privacy.
Earlier this year, and to improve on overall cyber security measures, the Cyberspace Administration of China proposed the draft rules specifically calling on data-rich companies with over 1 million users to undertake detailed security reviews before they list their company overseas. Experts have called this a smart move in offering peace of mind to both the Chinese government and its citizens.
There’s always room for improvement
While there have been and continue to be improvements in the cyber security space, 2021 was a difficult year in this regard. The threat to digital wellness across the spectrum of consumers, governments, and companies cannot be understated. The country that is showing the best improvement must be the US. America is waking up and tackling cyber threats (for the most part) before they happen. This is a big win. In countries like China and Israel, while they have noted the increased need to stay on top of cybercrimes, they are two of the countries most affected by cybercrime.
Types of Cybercrimes:
Phishing attacks: Arguably the oldest and most-used form of cyberattack, and most people are aware of how it works, cybercriminals are continuously advancing their methods.
Ransomware: Cybercriminals release a type of malware that encrypts files on a network, leaving them unusable until the ransom demands are met.
Internal breaches: Most cyberattacks are external, but some do stem internally. Often disgruntled current and former employees launch cyberattacks to gain financially for what they feel the company has wrongly done against them.
Equipment sabotage: Technology provides a wealth of benefits but can also make people vulnerable if not used correctly. Exploitation is a major concern, and hackers are creating advanced means to sabotage equipment as devices are becoming more and more interconnected.
IP theft: Intellectual Property theft is an extremely sinister mechanism from hackers. If an IP is stolen, cybercriminals will have access to product design and innovative service solutions – often the most valuable information for an organization.
Using government data, we graduated more people in 2021 than any university or college in continental Africa. We also have more people from more countries than any university or college in Africa. We have the most diverse community, from 39 countries, than any university or college in Africa.
We have the most students from colleges and universities enrolled in our program than any university or college in Africa.
Our members unlocked more funds ($2 million from Bank of Industry alone), seeds, etc than any university or college in Nigeria.
Simply, with students of UNN, UNILAG, ABU, UI, etc and their peers across Africa massively coming to Tekedia Institute, we see ourselves as an operating system of modern business education for students.
First, Nigeria has to commend Funke Opeke, the CEO of MainOne, a pioneer West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire ; she did something big even though market dynamics may not have made things easier. Her vision was big – build the waterboards, electricity boards and airports of the future by creating the digital infrastructure of the future under the control of Nigerians. It was a tough call indeed.
We’re just reading that US-based Equinix, Inc has acquired MainOne. A few years ago, Iwrote extensively on the challenges before MainOne and other local operating players in this domain. Infrastructure investment in Nigeria is a thankless business whether it is a digital pipe or building a water facility.
With MainOne in the hands of the foreign investors, it is all complete: Nigeria has zero representation in the infrastructure of its digital future. From MTN Cloud, RackCentre, MainOne and Vodacom to others like AWS, Azure and Alibaba Cloud, everything is gone.
MainOne was built to dominate Africa but Nigerian digital startups did not come along largely because of financial muscles. With Amazon AWS and Azure winning the digital space, the future which MainOne needs to thrive was not certain.
Nonetheless, I congratulate Funke Opeke and the team for building this company but truly not excited that Nigeria has lost another core asset as we march into the digital future. This is like selling our water board, electricity board and airport in the digital space.
Sure – “o bu ahia” [it is all market] as they say in Igbo.
Full press release
REDWOOD CITY, Calif., Dec. 7, 2021 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company™, today announced its expansion into Africa through its intended acquisition of MainOne, a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire. The acquisition is expected to close Q1 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.
Global Reach of Platform Equinix with Expanded African Operations
The transaction has an enterprise value of US $320M and is expected to be AFFO accretive upon close, excluding integration costs, marking the first step in Equinix’s long-term strategy to become a leading African carrier neutral digital infrastructure company. With more than 200 million people, Nigeria is Africa’s largest economy and, along with Ghana, has become an established data center hub. This makes the acquisition a pivotal entry point for Equinix into the continent.
Equinix believes MainOne to be one of the most exciting technology businesses to emerge from Africa. Founded by Funke Opeke in 2010, the company has enabled connectivity for the business community of Nigeria and now has digital infrastructure assets including three operational data centers, with an additional facility under construction expected to open in Q1 2022. Upon closing, these facilities will add more than 64,000 gross square feet of space to Platform Equinix®, with 570,000 square feet of land for future expansions. MainOne owns and operates a subsea network from Nigeria to Portugal, as well as 1,200 kilometers of reliable terrestrial fiber network across southern Nigeria. These are all improving connectivity to and from Europe, West African countries and the major business communities in Nigeria. When completed, this acquisition will extend Platform Equinix into West Africa, giving organizations based inside and outside of Africa access to one of the world’s fastest growing markets.
Charles Meyers, President and CEO, Equinix:
“The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market. MainOne’s leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa. Growth of data consumption in Africa is amongst the fastest in the world, and our customers are looking for a trusted partner to pursue the opportunities presented by broad mobile adoption and greater connectivity across the region. MainOne’s infrastructure, customer relationships, partner ecosystem and operating capability will extend the reach of Platform Equinix and bolster opportunities for customers in Africa and throughout the world.”
Under the terms of the transaction, the management team, including CEO Funke Opeke, will continue to serve in their respective roles. Opeke holds a master’s in engineering from Columbia University and was named one of the World’s Top 50 Women in Tech by Forbes in 2018 for her efforts in sparking internet adoption. She was also recently named one of the Top 10 Women to Watch in the Data Center Industry by Data Centre Magazine.
Key Facts
Under the terms of the agreement, Equinix intends to acquire MainOne and its assets with an all-cash transaction at an enterprise value of US$320M, which is expected to be AFFO accretive upon close, excluding integration costs. The transaction is expected to close Q1 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.
MainOne’s assets include:
Three operational data centers, with an additional facility under construction expected to open in Q1 2022. These facilities will add more than 64,000 gross square feet space to Platform Equinix, in addition to 570,000 square feet of land for future expansions.
An extensive submarine network extending 7,000 kilometers from Portugal to Lagos, Accra and along the west African coast, with landing stations in Nigeria, Ghana and Côte d’Ivoire.
A terrestrial network of more than 1,200 kilometers of reliable terrestrial fiber in Lagos, Edo and Ogun States. Connectivity to terrestrial sites extends across 65 PoPs (points of presence) in cities across Portugal, Nigeria, Ghana and Cote d’Ivoire.
Access to key internet exchanges enabling low latency to key global networks, including Amazon, Microsoft, Apple, Google and Facebook.
An estimated 800+ business-to-business customers, including major international technology enterprises, social media companies, global telecommunications operators, financial service companies and cloud service providers.
Nearly 500 employees and a management team with a deep understanding of local and international markets.
The facilities generate approximately US$60M annualized (Q2’21LQA) revenue with a purchase multiple of approximately 14x EBITDA.
Globally, Platform Equinix is comprised of 237 data centers across 65 metros and 27 countries, providing data center and interconnection services for over 10,000 of the world’s leading businesses, including more than 50% of Fortune 500 companies.
Additional Quotes
John Dinsdale, Chief Analyst & Research Director, Synergy Research Group:
“Africa has been the missing piece in the Equinix jigsaw, and this acquisition of MainOne will be a great first step onto the continent. The demand for data center services in Africa is strong, with Nigeria at the epicenter of exponential economic growth in West Africa. Nigeria is Africa’s largest country by both population and economy, and its growth drivers include rapid mobile adoption, increased data consumption from its young population, good subsea and terrestrial connectivity, and a strong enterprise market. This is advancing the region toward a more digitalized economy and driving data center growth and expansion to provide much-needed digital infrastructure.”
Funke Opeke, Founder and CEO, MainOne:
“Equinix will accelerate our long-term vision to grow digital infrastructure investments across Africa. I thank our founding shareholders led by Mr. Fola Adeola, MainStreet Technologies, AFC, PAIDF, FBN, Polaris and AfDB for investing in the MainOne vision to bridge the Digital Divide in Africa. With similar values and culture to what we have jointly built in twelve years, Equinix is the preferred partner for our growth journey. The MainOne team is excited about the partnership created through the acquisition, and we look forward to building our next chapter together.”
Eugene Bergen, President, EMEA, Equinix:
“Expansion in Africa has long been a strategic priority for us. With MainOne, we have found a company that not only has highly complementary data center and connectivity assets, but can further accelerate the expansion of our business model and growth objectives. CEO Funke Opeke and her team have built a powerful and dynamic infrastructure that will enable international customers access to the continent and African organizations access to the global Equinix platform. Customers can take full advantage of Equinix’s leading global interconnection services to connect with customers and partners, participate in rich digital ecosystems and expand their business across Africa and around the world.”
Comment 1: It’s never easy, to build and hold requires lots of financial muscles, and if you are not getting the oil needed – your growth will be stunted.
That is why it’s disingenuous for any Nigerian not to appreciate what Aliko Dangote has done and is still doing, he remains peerless and pride of the nation. The man Dangote could have cashed out long time ago, in the same country we have most of global oil supermajors, but no working refinery…
The other day, the NCC announced three companies that would lead the march to 5G, and Globacom isn’t among them, and the company hasn’t issued any public statement as to why it’s not part of that exclusive party, I find it a bit worrisome.
We have to do more in the area of building internationally recognizable brands, no one says it’s easy or straightforward, but that’s also how you demonstrate that you have come of age, by doing what legends do.
It’s our work that will advance Nigeria and naira, and once we understand the enormous responsibility before us, then we complain less and work much more.
We keep going.
Comment #2: It is indeed most worrisome that the chickens we have been nurturing to lay the golden eggs are being slaughtered on the abattoir of economic disorientation daily. The future we all sort after is being compromised daily! One would have thought that the human capital advantage of Nigeria will drive the future of this nation, but never, the leaders don’t even care!
A situation where the most strategic sectors of a nation are been given out, then, little is left to be wondered at.
The lady, Funke Opeke is an enigma, I remember meeting her sometime in 2018 when I was seeking employment in MainOne. She is a woman with great insight, and you can’t meet her and not wonder how she is able to manage such an enterprise. I know she has better choices up her sleeve, she has done well.
