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iSON Chief: Africa’s $32b ICT Market Skewed



  • iSON Chief: Africa’s $32b ICT Market Skewed

The Founder/Chairman, iSON Group, Ramesh Awtaney, has said the $32billion market value ascribed to Africa’s information communications technology (ICT) market is skewed.

In a presentation on: Bringing Intellectual Property to Work: Create Onshore Model, Target Offshore Opportunities, at the 2017 London Business School’s Africa Business Summit, he said in a continent of over a billion people, the ICT market in Africa, excluding South Africa is valued at only $10 billion. South Africa’s ICT market is valued at over $22 billion. The country alone accounts for about 68 per cent of the entire market in Africa, making the figure skewed.

Ramesh examined the opportunities in Africa’s ICT sector in relation to India’s industry where ICT is creating a massive jobs. According to him, ICT is the propelling factor in India’s 6.5 per cent average annual gross domestic product (GDP) growth for past two decades and at present commands a 10 per cent share of the country’s GDP. Also, 38 percent of India’s export is ICT services. In the $2 trillion economy, the sector rakes in $100 billion in exports. The best case of ICT export in Africa is that of Kenya where contribution is 0.06 per cent of GDP.

India has been on its ICT journey since the 1990s. Globally, the country represents 55 percent of the ICT offshore market. The $100 billion ICT offshore industry has capitalised on the availability of educated youths. This was achieved through the engagement of all stakeholders through training. If the domestic market is included, the sector is worth $200 billion.

In 2015 approximately 230,000 new jobs were added in India’s ICT sector, while sector’s current overall employment figure remains well north of 10 million. This feat was not achieved on the back of profound innovation or sudden breakthrough. It was a collective determination to get things done by government, academia, and industry experts as a means to fuel economic growth.

Ramesh is convinced that what India did in 25 years can be achieved by Africa within five -10 years if India’s model can be replicated. Like India, all Africa requires is commitment to attain this height. The youth population of India in the age group 15-34, 400 million while Africa is comparable with 300 million youth. The ICT sector requires only one material which is educated youth which Africa seems to have in abundance. Furthermore, in Africa not only English but French, German, Spanish and Arabic are also widely spoken.

In the 1990s and early 2000, offshore was the buzzword in India as jobs moved from Europe and America to India, whereby know how of processes became the intellectual properties. As economies begin to grow in Africa, there is a need to outsource non – core functions. This can be achieved in two ways. Either one brings work to intellectual property or knowledge (intellectual property) to work.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.


Dana Motors Ignites a Green Revolution in Nigeria’s Auto Industry with CNG-Powered Vehicles



Dana Motors

Dana Motors Limited, the exclusive distributor of Kia in Nigeria, is leading a groundbreaking charge to revolutionize the transportation landscape in the country.

In response to the escalating fuel prices and mounting vehicle-related expenses, Dana Motors Limited has unveiled ambitious plans to introduce Compressed Natural Gas (CNG) vehicles into the Nigerian market.

This strategic move underscores Dana Motors Limited’s unwavering dedication to innovation and sustainability within Nigeria’s automotive sector, effectively tackling the pressing need for more economical transportation options.

Having previously set a precedent by launching Nigeria’s inaugural electric vehicle, the Kia Soul, Dana Motors Limited is now poised to introduce an array of high-efficiency CNG-powered vehicles.

Francis Ogboro, Vice Chairman of the Group, passionately stated, “At Dana Motors Limited, our ultimate objective is to provide Nigerians with innovative, environmentally-friendly, and budget-conscious automotive solutions. The introduction of CNG-powered vehicles seamlessly aligns with our overarching vision to elevate the quality of life for all Nigerians, while simultaneously mitigating the surging costs associated with vehicle ownership.”

Further amplifying this commitment, Olu Tikolo, Vice President of Dana Motors Limited, emphasized, “Recognizing the transformative potential of CNG vehicles for public transportation, we are steadfast in our dedication to making transit more accessible and affordable. Through this visionary initiative, we aspire to elevate the overall quality of life for all Nigerians.”

The forthcoming launch of CNG-powered vehicles by Dana Motors Limited is poised to make substantial contributions to Nigeria’s emission reduction efforts, foster sustainability, and establish a more economical transportation system. Dana Motors Limited is not just leading but reshaping the trajectory of the Nigerian automotive industry, forging a greener, more cost-effective future for all.

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Nigerian Autotech Startup, Fixit45, Secures $1.9 Million for East Africa Expansion




Nigerian autotech startup Fixit45 has successfully secured $1.9 million in equity and working capital to fuel its ambitious expansion plans into East Africa.

The funding round, spearheaded by Launch Africa Ventures, witnessed significant participation from notable investors, including Soumobroto Ganguly and Dave Delucia, alongside a diverse group of angel investors.

In a press release issued on Wednesday, Fixit45 underscored the significance of this capital infusion as a substantial stride towards broadening its footprint and influence within Africa’s thriving automotive aftermarket industry.

The company revealed that these funds have been earmarked to fuel its strategic expansion initiatives, with a particular emphasis on fortifying its automotive repair business.

Fixit45 also shared its unwavering commitment to enhancing its spare parts distribution capabilities through its online-to-offline platform, With a keen eye on the East African market, Fixit45 has set its sights on Kenya and Uganda.

Co-founded by visionaries Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 offers a unique platform that empowers car owners to seamlessly connect and engage with a vast network of aftermarket stakeholders.

This extensive network encompasses automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.

Pankaj Bohhra, one of the co-founders of Fixit45, expressed his enthusiasm, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”

Fixit45’s strategic move into East Africa holds the promise of ushering in transformative developments in the automotive industry across the region.

As the company intensifies its efforts, the future of automotive repair and spare parts distribution in East Africa appears poised for a remarkable evolution. Stay tuned for more exciting updates as Fixit45 continues to make waves in the autotech sector.

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Payday’s $3 Million Seed Round: From Hope to Headaches



PAYDAY-Africa-Investors King

Six months after securing $3 million in a seed round led by Moniepoint, Nigerian fintech startup Payday finds itself embroiled in controversy and uncertain about its future.

Founder and CEO, Favour Ori, confirmed that the company is actively engaged in discussions with potential buyers.

In March, reports surfaced that Moniepoint was in talks to acquire Payday, with an expected deal closure within three months. However, the deal fell through, reportedly due to Moniepoint’s board’s lack of enthusiasm. Despite this setback, negotiations to sell the company continue.

Payday faced a wave of negative publicity in August after suspending access to customer accounts following fraudulent activities that resulted in customer losses. The company was accused of misappropriating customer funds before acknowledging the account restrictions.

Internal issues further marred the company’s reputation, especially after Payday implemented contentious salary reductions for some Nigerian staff in July and failed to issue promised stock options to affected employees.

This led to dissatisfaction and several employee departures.

Payday’s COO, Ogechi Obike, also departed, citing goal misalignment and clashes with Favour Ori.

Accusations arose that Favour marginalized Obike in crucial meetings and decision-making processes.

Favour Ori’s management style came under scrutiny, with allegations of impulsiveness and a lack of transparency.

Employees claimed that he hired top talent but stifled their input, resulting in customer disruptions, including difficulties creating virtual cards and accessing accounts.

Amid these controversies, Favour Ori has reduced his involvement in the company, focusing on external work with GitHub while the co-founder, Elijah Kingson, is employed at Revolut.

Payday’s future remains uncertain, with the potential sale of the company and the need to regain customer trust and employee satisfaction hanging in the balance.

The company faces the challenge of restoring its reputation and stability while navigating a tumultuous period in its young history.

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