The repossession of Etisalat, the passing of Omatek CEO and the sad reality of startup employees 

March 11, 2017
3 min read

The passing of Florence Seriki

The CEO and founder of Omatek Ventures Plc, Florence Seriki died on Sunday, March 5, 2017, after suffering from pancreatic cancer. She was an entrepreneur of note and a trailblazing industrialist.

Etisalat Nigeria allegedly obtained loans, which amounts to $1.72 billion from foreign and Nigerian banks. The loans were used to facilitate the expansion of Etisalat's network operations in Nigeria. However, due to their inability to pay up the loans, the telecommunications firm will now be repossessed by three Nigerian banks -- Access, Guaranty Trust and Zenith.

UPDATE: The NCC and CBN have stepped in to suspend the takeover.

The proliferation of startups could be seen as a blessing and a curse. While they are championing the cause of entrepreneurship in an economically gloomy country, the workers are suffering. They seem to be investing in the sheen (shiny and hip offices) and ignore the people that are actually giving their all to make the company better. The employees are overworked and underpaid. This is the sad reality of startup employees.


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Writer. Photographer. Interested in African culture, history, politics and policies.
Writer. Photographer. Interested in African culture, history, politics and policies.
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Writer. Photographer. Interested in African culture, history, politics and policies.

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