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

by | Mar 11, 2017

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.


This week on Techpoint

Watch a video version of this newsletter or read on below

Ngozi Opara is changing the natural hair game.

Her Heat Free Hair has been worn by celebrities such as Uzo Aduba, Brandy and Jill Scott. Ngozi started the Heat Free Hair Movement to tell women that they(and their hair) are powerful and they are enough.

Techpoint’s Omotola spent an afternoon with her, where she talked about her career and what the future holds.

Have you ever been curious about the number of tech hubs in Nigeria?

Look no further, Ifeanyi Ndiomewese has compiled a list of all the tech hubs in the country.

This is why ghost NYSC members should be scared.

According to Brigadier-General Suleiman Kazaure, apart from weeding out lazy and non-existent corps members, a biometric system ensures security and safety by discouraging frequent travelling by corps members.

Don’t waste your gap year!

Dear young graduate, you know that fallow period between your graduation and NYSC year? Don’t waste it. Here are 9 jobs that you can do while waiting to serve your fatherland.

Why is your product not selling and what you can do.

Most startups spend a lot of time and money marketing their product. But most of them still don’t make as much as expected. These are the reasons why your product is not making waves or profit.

Everything you need to know about programming in Nigeria

Programming has become essential in Nigeria today and it is a reflection of technology awakening in the country. Here are the ways to learn programming for free or a token.


                                                     Startup Weekly

Every weekday at 9 AM (West African Time), we feature up and coming startups looking to break into the Nigerian tech scene.

This week’s featured startups

                                                      Consumer Weekly

How to revive a wet phone.

That uneventful moment when you notice your phone in contact with water, quickly follow these steps for a chance to keep it alive.

This post is an extract from our weekly newsletter. If you would like to receive summaries like this every week in your email box, you can subscribe here

Omotola Omolayo
Omotola Omolayo

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

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