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Public Exit For Tech Companies in Nigeria – What Omatek Stock Teaches Us About The Market

By
Tekedia Editors
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0

Since Omatek Ventures became a public company, traded on the floor of Nigeria Stock Exchange, it has failed to produce the type of numbers that will motivate any investor to put money in a tech company in Nigeria and exit  through the public. Over the next coming weeks, Tekedia will be sharing insights on this company that has failed in the stock market. Trading at N0.50, it is basically a junk stock.

 

What happened to this company? Why couldn’t it execute? Why is the valuation so poor in the market? And why is the volume traded very abysmal? Tekedia Intelligence Lab will answer these questions. The company has a respected top leader in the person of  Mrs. Florence Seriki. Yet, the returns we expect in this company have eluded her. What she can do and how she can help this company. Where are the talents for engineering innovation? Investors need more from her – 1,000 trades in average daily volume is very bad.

 

Innovation will save this company and that innovation could come from creating contents. Assembling is a challenging business because it does not offer price-differentiation, especially in Nigeria where government does not manage importation. Branding is another area Omatek has to do a lot of work. They must borrow a page from Lenovo and reinvent itself it it wants to come back to the game. Omatek is missing the new platform – it has to get into tablets; PCs will lose more market share in coming years. With prices of PCs so low now, they must become a service consulting IT company. The success will depend on the talent depth, but hardware is not a sustainable paradigm.

 

We introduce the company in their own words:

 

Omatek Computers originally started as a training outfit and progressed into executive training for bank executives and their counterparts from the Oil and Gas Sector. Omatek is especially known to have had a stint training staff of shell petroleum and the NNPC.

The transformation continued and in 1990 Omatek Ventures Limited as the company was then known became a vendor of some of the world- class computers such as Dell, Compaq, IBM, ACER etc .

As a result of the excellent sales performance achieved by Omatek Ventures, the company was appointed as a premium partner of Microsoft. Omatek was selling these products with annual sales revenue of over $1 million dollars.

In the course of time, Omatek metamorphosed from being a computer selling firm to a computer manufacturer. The need to continue to meet the minimum order quantity requirement of some of the best manufacturers in order to sustain production quality, led to the embrace of the SME scheme in partnership with Zenith Bank and Guaranty Trust Bank to:

  • manufacture Casings, keyboards and Speakers from Completely Knocked Down (CKD) Components;
  • produce the OMATEK brand of Computers, Notebooks and Servers
  • export computers, casings and speakers within Africa and
  • Generate employment opportunities in the IT Industry for youths.

 

 

Omatek recently exited the SME scheme through a Private Placement which has culminated in its listing on the floor of the Nigerian Stock Exchange-the first ICT Company in Nigeria to be so listed.

Today, Omatek has grown into a Group of Companies with the establishment of subsidiaries to strengthen its operations. Omatek Ventures Plc has therefore become the holding company for the subsidiaries namely:

  • Omatek Computers Ltd
  • Omatek Computers (Ghana)Ltd
  • Omatek Ventures (Ghana) Ltd
  • Omatek Engineering Services Ltd
  • Omatek Ventures Distribution Ltd

Nigeria Techstars Series – Prof Akintunde Ibitayo (Tayo) Akinwande of MIT

By
Tekedia Editors
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1

 

Akintunde Ibitayo (Tayo) Akinwande joined the Department of Electrical Engineering and Computer Science at MIT in January 1995 as an Associate Professor. Prior to arriving at MIT, Professor Akinwande was a Staff Scientist at the Honeywell Technology Center in Bloomington, MN. While at Honeywell, Dr. Akinwande pioneered the development of thin-film-edge Field Emitter Arrays for RF Micro-Triode Power Amplifiers and Flat Panel Displays and demonstrated the feasibility of using the thin-film-edge FEA for these applications. Recent accomplishments include demonstration of very low voltage operation field emission arrays using the smallest gate aperture and radius ever reported and a technique of increasing resolution and brightness of emissive displays. Dr. Akinwande received his B.Sc. in Electrical and Electronics Engineering from the University of Ife, Nigeria, and an MS and Ph.D. in Electrical Engineering from Stanford University.

 

RESEARCH

Currently, Akinwande is leading a research effort in vacuum microelectronics, with applications to flat-panel displays. His devices are made using processes similar to those used in semiconductor device fabrication. He is particularly concerned with resolution, luminous efficiency, brightness, drive voltage, reliability, and manufacturability of display devices, vacuum microelectronic devices, and wide bandgap semiconductor devices. His current focus is on intelligent displays that utilize smart pixels.

Sony Playstation Users Credit Information Under Risk – Station Attacked By Hackers

By
Tekedia Editors
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2

Sony just explained (updated its site) that the outage on Playstation was caused by ‘external intrusion’ as we reported before. But few minutes ago, AP has this news. This is becoming a big problem for Sony.

 

Sony Corp. said Tuesday that the credit card data of PlayStation users around the world may have been stolen in a hack that forced it to shut down its PlayStation Network for the past week, disconnecting 77 million user accounts.

 

Some players brushed off the breach as a common hazard of operating in a connected world, and Sony said some services would be restored in a week. But industry experts said the scale of the breach was staggering and could cost the company billions of dollars.

 

“Simply put, one of the worst breaches we’ve seen in several years,” said Josh Shaul, chief technology officer for Application Security Inc., a New York-based company that is one of the country’s largest database security software makers.

Nigeria Can Build a Modern Democracy Plus Social System By Adopting Biometrics

By
Tekedia Editors
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0

In the United States, when a child is born, he/she is assigned a number. This is the social security number (SSN). That number follows the child till death. That number is unique and captures the child’s life history.

 

In Africa, there is no effective system of identifying citizens. Nigeria has tried many national ID projects and failed. In Kenya, the result is the same. Fraud, lack of records; nothing has worked for ID projects in Africa. Even when birth certificates are mandated, they are not big deals.  Many are born without being registered. Even if you do, does it really work?

 

If Africa asks my opinion, I will tell them that it would be a waste of time and money doing the ID project the ways they have approached it. It is already too late to start any national ID project based on photos and cards.

 

Simply, I will introduce biometric system where all the people will be scanned and a national database will be built from it. In that way, you will zero out the fraud along with multiple registrations and identifications.

 

This is going to be effective as we can just do fingerprints and forget the more sophisticated retina. In short, if you can do this, banking will come out better off. Forget all the checks and signatures. People will sign with their fingerprints and the national fingerprint ID can be uploaded to all the major banks and governments can service her citizens and get the unbanked banked. Loans can be disbursed with more efficiency since banks can easily validate the applicants.

 

A simple query on the system, financial related information about the applicant is on your screen.

 

But the big question is this: how can you implement such a system when there is no electricity. And that is why we must stop wasting money on this National ID exercise and its usual ritual. If you need electricity before you can pursue biometric alternative, fix the electricity before talking about National ID.

 

I proposed this strategy in Nigeria during a seminar in 2001. My plan was direct; get the fingerprints, have national data centers across the regions, synchronize them across the state, allow big banks to access them, issue terminals to shops for authentication; and get your citizens doing business with ease and freedom.

 

It is time Africa begins to use technology to solve all these problems. Biometric system is here to help it identify and identify its people effectively. That waste of card ID system must stop.

Ask Questions About Heath Issues – DokitaSays Got Answers For You. A Great Idea That Must Be Nurtured In Nigeria

By
Tekedia Editors
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0

DokitaSays is platform for question and answer for health-focused issues.The site is structured to enable users to answers questions and possibly get answers from real doctors. Of course, we are not sure that the answers on their site were written by doctors.

 

This is a very innovative idea that can actually go African-wide if resources are put into it. If the user base is expanded and more health experts provide good answers, this could become a game changer.

 

Most of the questions are unanswered despite being there for 6 months. The challenge will not just getting the answers but also differentiating them from WebMD and other highly known brands in the world. So, for the owners of this site, innovation can be focusing on local ailments like malaria, TB, polio, etc that Westerners do not have much expertise. That way, you can become an authority on something!

 

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