Experts call for due diligence in telecom contracts

Legal and finance experts have called for more investment in the telecommunication, Media and Technology (TMT) sector in a bid to grow the country’s Gross Domestic Product and create more employment opportunities.  This call was made at a breakfast session organised by the law firm of Duale, Ovia & Alex-Adedipe, (DOA). Speaking during the event, […]

Legal and finance experts have called for more investment in the telecommunication, Media and Technology (TMT) sector in a bid to grow the country’s Gross Domestic Product and create more employment opportunities. 

This call was made at a breakfast session organised by the law firm of Duale, Ovia & Alex-Adedipe, (DOA).

Speaking during the event, Adeniyi Duale, Managing Partner of the firm said Nigeria must collectively address the inhibiting factors to attracting investment into the telecommunication, FinTech, E-commerce and all other sectors of the economy that can help Nigeria realise its full potential and not continually depend on oil as mainstay of the economy.  According to him, in the last 10 years there has been an increase in the number of companies who have received funding from investors. 

Speaking during the panel session, Akintoye Akindele, Co-Founder, Synergy Capital Managers, advised tech entrepreneurs to ensure investor engagements are very memorable and have a proper business preposition. 

“You must have a good business model and must be able to explain your business. You must be sure of the capital you need to drive your business model. You must also get the right people that will provide a legal framework around your business idea,” Akindele added.

Obinna Ekezie, managing director, Wakanow, who also spoke during the panel session said Wakanow saw an opportunity and decided to create value to customers. 

“We identified lack of transparency, inability to make payment online and buy tickets as fast as possible. So, we used technology to create solution. This led to huge uptake for customers who needed these services,” Ekezie said.