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FundAnEnterprise.org officially launches in Nigeria

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Fundanenterprise.org, Nigeria’s first donation based crowdfunding platform for supporting Medium, Small and Micro Enterprises (MSMEs) has been officially unveiled.

Crowdfunding activity is as old as mankind. However, Michael Sullivan in 2006 was credited with coning the term, with the launch of fundavlog in an attempt to raise funds to create an incubator for video blog-related projects.

Strictly speaking, the term “Crowdfunding” is the means or practice of raising funds, capital or money for a project, business or venture in small amounts from a large number of people, especially through the Internet.

Speaking at the launch of Fundanenterprise.org on Thursday, in Lagos, the Trustee, MSME Crowd Funding Foundation, the promoters of the platform, Mr. Magnus Nmonwu, described crowdfunding as an alternative means of raising money without going to the bank or financial institutions.

This means of injecting live into the operations of small businesses and the economy at large has been very successful in developed countries / continents – America, Europe Asia and so on, raising billions of pounds and Dollars.

According to an article by Chance Barnett, published in Forbes titled “Trends Show Crowdfunding to Surpass VC in 2016, over US$34 billion was estimated to be raised from crowdfunding as against the US$30 billion from VC’s.

However, Mr. Nmonwu said there are different types of crowdfunding, ranging from Reward-based, Equity-based, Software value token-based, Debt-based, to Donation-based.

Donation based crowd funding, is the second most commonly used type of crowd funding.  Fundanenterprise.org is a donation based crowd funding platform.  Kickstarter and Indiegogo are examples of other crowdfunding platforms in Europe.

“In the US, crowdfunding accounted for more than 85% of worldwide volume in 2013, while growth in Asia, specifically India has steadily improved and competing since 2010, with at least 15 crowdfunding platforms emerging on the Indian web”.

Crowdfunding in Nigeria

In Nigeria, he said, the potentials for crowdfunding are untapped, inexhaustible and yet to be fully embraced, in spite of its successes as funding alternative in other countries.

“We at MSME Crowd Funding Foundation however believe, that with huge investment in education and stronger regulations in crowdfunding activities, Nigeria would be on the path to crowdfunding revolution, like in other notable fields of the economy.

Why this is important to the economy

“It is a known fact that MSME’s are the drivers or backbones of world economies.  There are about 50million+ SME’s, 100million+ internet users and 120million+ mobile phone users in Nigeria.  MSME’s employ about 60million+ persons (as at January 2014), which contributed to about 48% or 38trillion of Nigerians GDP & 7% of export earnings.

“Nigeria is a country endowe with rich natural resources, but yet our economy cannot meet the basic needs of the citizens.

“According to a United Nations report, over 80 million Nigerians (out of the over 190million) live in abject poverty, despite the impressive statistics I just recounted.  There is such a huge disparity between these statistics and the reality on ground”.

“Given this imbalance and our recent rating as the poorest country in world, it is high time individuals, groups (private and/or public) and government joined hands together to change the economy to work again. It is high time we began to support one another in every littlest way in order to expunge the poverty index and make our economy great”, he said.

The MSME Crowd Funding Foundation, through www.fundanenterprise.org, is here, not only to provide the much needed relief to start-ups, small and growing businesses, but to change the way Nigerians in particular and the world in general support business operations.

“Our vision is to build the biggest network of entrepreneurial hub and act as the voice needed to change the landscape (policies and regulation) and challenge the status quo in favour of MSMEs.

“Our mission through www.fundanenterprise.org to lighten the burden of doing business in Nigeria and help build, as many as possible, thriving enterprises or businesses in Nigeria and beyond. By doing these, we believe we would support jobs creation, improving the standard of living of Nigerians and improve the Nigerian economy by extension.

“This aim of the MSME Crowd Funding Foundation is executed in threefold as follows:

  1. Skills Training – Equipping businesses within our network with the necessary skills, to start-up and run a successful business in Nigeria.
  2. Crowd Fundingfundanenterprise.org is the crowd funding platform used to support businesses raise the much needed capital to start, grow or scale their businesses.
  3. Handholding – This is a compulsory one-year hand holding support to enterprises who are beneficiaries of grants from fundanenterprise.org. his is with the aim to provide assurance to donors that the funds are utilized for its intended purpose.

“At MSME Crowd Funding Foundation, we believe that our economy will grow or be built or sustained by entrepreneurs.

A recent publication indicates that the Dangote Group contributes about 10% of Nigerian’s GDP.  Therefore an increase and aggregation of several successful enterprises in Nigeria would definitely build the Nigeria economy.

“MSMEs in Nigeria are confronted with a number of issues, which includes funding or access to funds to start or scale.  www.fundanenterprise.org is a bridge to this gap and is here to serve as an alternative funding source for start-up, micro, small and medium enterprises.  Crowdfunding has a huge potential in Nigeria following her large, fast growing population, widespread mobile and internet connection, strong social activities, a great network of family and friends and a booming entrepreneurial spirit.

“Therefore, MSMEs in Nigeria and initiators of creative ideas are encouraged to look at alternative sources of funding and consequently tap into the internet to solicit donations to sustain and expand their ideas.

 

“The Foundation has organized and completed seven skills training sessions with over 1,500 registered participants.

 

Target market

“Our target market are mainly startup businesses, micro, small and medium businesses who do not have what it takes to scale or start their businesses. So far, we are in the process of trying to scale up the operations of our Foundation, setup an advisory board and also raise grants from notable firms / donor funded agencies to support these businesses in our network.

Already, the platform has over 35 subscribers and an average daily statistic of about 250 views.  Nigeria needs to embrace the crowdfunding phenomenon, educate the populace and ensure appropriate regulations, especially as it affects equity crowdfunding, to give MSME’s easier alternative to help boost the economy.

“It is all intended to be a communal enterprise building circle, to empower our people and build our economy.  We are therefore calling on everyone out there including investors and investees who wish to make an impact in the society (no matter how small) to support us in this cause to make our economy buoyant again”, he appealed to the public.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

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Nigeria’s Biggest Tech Conference Opens in Enugu

Minister Bosun: I’ve never seen anything so big | Mbah: We’re driven by the knowledge that the future is technology, reports SANDRA ANI

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Enugu Tech Festival
L-R: Minister of Youth Development, Ayodele Olawande; Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tjinani; and the Governor of Enugu State, Dr. Peter Mbah, during the opening of the 2025 Enugu Tech Festival at the International Conference Centre, Enugu, Wednesday.

The 2025 Enugu Tech Festival being organised by the Enugu State Government kicked off on Wednesday with the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, describing it as the biggest technology conference that has ever happened in Nigeria.

Tijani said the Tech Festival, which attracted thousands of youths from within and outside the state, was a major leap for Nigeria’s determination to build a robust digital economy, noting that Enugu State under Governor Peter Mbah, had moved from policy to progress to lead the tech revolution in Nigeria.

This was even as Governor Peter Mbah urged the youths to embrace technology, insisting that the future is technology.

Speaking, the Minister said that the Tech Festival, tagged Coal to Code, fitted into the agenda and activities of the Federal Ministry of Communications, Innovation and Digital Economy, having recognised that the future of digital economy in Nigeria would not only be built in Abuja, but would instead be co-created across all states.

“Enugu is showing how this should and will be done. I have never, never been to a conference on technology in Nigeria that is this big. I founded the first technology hub in Nigeria, the very first in Nigeria. So, I know a thing or two when technology people gather. I can assure you that today, you are part of history because we have never seen anything this big in Nigeria before.

“There is something powerful about your state: the energy, the ambition, the possibilities. Just two years ago, only a few people could imagine this kind of tech momentum. But today, Enugu has not just imagined, Enugu is building it. Under two years, we have seen investment in digital infrastructure, and the innovation ecosystem of the state.

“What is happening today in Enugu is part of something bigger. We are now witnessing a generational rise, not one where people complain and protest, but one where creativity is used to shape the future. Not just with passion, but with precision,” he stated.

While commending the participants for rising to “create the kind of Nigeria the world will pay attention to,” Tijani called for collaboration, commitment, and hard work by all stakeholders to make it happen.

“Progress is not automatic, but needs all of us. It needs the government to continue to be brave. It needs the private sector to invest deeper. It needs mentors, builders, teachers, and it needs leaders,” he concluded.

Speaking, Governor Mbah, while highlighting how his administration had invested in technology to dramatically revolutionise security, land administration, education, among others, noted that the Enugu Tech Festival was part of his government’s wider efforts to build the youth of the state into wealth creators and highly sought-after workforce of tomorrow’s workplace.

“The power of technology and innovation and what we can accomplish is something that I want the youths to be mindful of. If you look at the way things are being done in the world today, we are now talking about an era where people just sit down with great ideas, create platforms where they begin to essentially benefit from that platform.

“An example is the Uber that came and disrupted the city taxi without owning a key. Today, they provide by far the largest traffic just by creating a platform. You can extend that to Airbnb. Without owning a key, these guys have disrupted the business of those who own several brick and mortar houses. You can also extend that to Tesla. That is the power of technology. This shows essentially that technology is where the future is,” he emphasised.

In his remark, the Commissioner for Innovation, Science and Technology, Dr. Lawrence Ezeh, said the Enugu Tech Festival, which would now become an annual event, underscored a paradigm shift from the old Enugu known for coal to one that has become a rising force in Nigeria’s tech-driven future, a beacon of innovation, intellectual capital, digital enterprise, and endless possibilities.

“For decades, our identity was built on coal, a resource that powered Nigeria’s industrial rise. But today, we stand in a different kind of power—the power of knowledge, innovation, and technology,” he stated.

Also at the event were the Minister of Youth Development, Ayodele Olawande; Speaker, Enugu State House of Assembly, Hon. Uchenna Ugwu; former Minister of Science and Technology, Prof. Barth Nnaji; Chairman of Zinox Technical, Leo Stan Ejeh; and the Group Managing Director, Afrinvest, Dr. Ike Chioke, among a host of others.

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Gov Mbah Commissions NITDA Regional Office in Enugu

Reporter: Sandra Ani

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Gov Mbah Commissions NITDA South East Regional Office in Enugu

Governor of Enugu State, Dr Peter Mbah has inaugurated the South East zonal office of the National Information Technology DevelopmentAgency, NITDA, saying it would open a new horizon for the youths of the region and move the nation closer to diversifying the economy.

Commissioning the office located at Nigeria Construction and Furniture Company (NCFC) Building at Onitsha Road, GRA, Enugu, Mbah commended the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the Director-General of NITDA, Kashifu Abdullahi, for the initiative, promising close collaboration with the Ministry and Agency.

“The call to diversify our economy, both at the national and the subnational levels has never been more compelling than now; and there are a few sectors that hold the opportunities for us to accomplish that like the information and technology space.

“But, just having the opportunity without bringing them to fruition won’t just cut it for us. The fact that opportunity exists, we must then take steps; and for me, I think that is what this NITDA presence in Enugu represents.

“It is an opportunity for our teeming young people to have the platform to imbue themselves with lifelong skillsets that would prepare them for the dynamic global workplace of today and tomorrow,” he stated.

Speaking earlier, the Minister of Communications, Innovation, and Digital Economy, expressed delight at what he described as an extraordinary technological revolution in Enugu State, saying the NITDA South East Zonal Office would serve as a permanent bridge between national policy and local potential.

“In just under two years, this state has emerged as one of Nigeria’s most promising frontiers for innovation. What we are witnessing here is not just progress—it is momentum; and I am proud that today, we are adding fuel to that momentum.

“This commissioning of the NITDA Regional Office in Enugu is far more than the opening of a building. It is the establishment of a permanent bridge between national policy and local potential.

“It is a strategic move under the Renewed Hope Agenda of President Bola Ahmed Tinubu — a commitment to decentralising opportunity, deepening inclusion, and unlocking the full power of Nigeria’s digital economy across every region.

“By placing NITDA closer to the people, right here in the South East, we are saying clearly: no region should have to wait for innovation to reach them. Innovation must grow with them.

“This new office will serve as an engine room for digital skills development, through programs like the Three Million Technical Talent initiative; support for startups and indigenous tech solutions; regulatory advisory to help businesses thrive within the frameworks that protect Nigerians; and closer partnerships with state governments, academia, and the private sector. And there is no better place to launch this than in Enugu — a state that is not only dreaming of the future, but building it.

“I want to commend Governor Peter Mbah for proving what determined, technology-focused governance can achieve in such a short time. We are not just here to witness Enugu’s transformation. We are here to amplify it,” he said.

Tijani enjoined the young people of the South East region to grab the opportunities presented by the new office.

“To our young innovators, developers, and entrepreneurs – you now have a home in NITDA. Use it. Grow through it; and let it become the platform from which your ideas reach the world.

“Together, we will ensure that the story of Nigeria’s digital economy is not written from one place — it will be co-authored in every corner of this nation, and Enugu is leading the way,” he added.

The commissioning was also witnessed by the Minister of Youth Development, Ayodele Olawande, among other dignitaries.

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Identity Management Day: Sophos Warns Against Data Breaches Linked to Identity Theft

REPORTER: Sandra Ani

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identity theft -

79% of data breaches are linked to identity theft and cost businesses an average of $4.5 million, according to reports from the Identity Defined Security Alliance (IDSA) and the Ponemon Institute.

Additionally, the 2025 edition of the Sophos Active Adversary Report reveals that the average time between the start of an attack and data exfiltration is only 72.98 hours (3.04 days), while the average time between exfiltration and attack detection is just 2.7 hours.

Cyberattacks are becoming increasingly fast, and the longer a compromised identity remains active, the greater the potential damage.

In light of this, Sophos, one of the world’s leading providers of innovative security solutions designed to neutralize cyberattacks, is taking advantage of Identity Management Day, which takes place on Tuesday, April 8, 2025, to remind businesses of the best practices they should follow to manage and secure digital identities.

Cybercriminals can use a compromised identity to access confidential information, steal data, move laterally within the organization, and launch further attacks.

It is therefore crucial to take immediate action to contain breaches and minimize their consequences.

In this context, automation plays a key role by enabling organizations to respond quickly and effectively to identity-related threats.

Five Automated Measures to Protect Against Identity Theft

1. Disable the User

When an identity breach is detected, one of the first steps is to disable the compromised user account. By preventing the attacker from using the stolen identity to access company systems and data, this measure outpaces the hacker and helps contain the breach.
Automation significantly speeds up this process. With automated response tools, businesses can quickly identify compromised accounts and disable them in real-time. This reduces the attack window and minimizes potential damage.

2. Force Password Reset

Passwords are often the first line of defense against unauthorized access attempts. In the event of an identity breach, it is essential to immediately force a password reset for the compromised account to prevent hackers from using stolen credentials.
Automated rules can be set up to trigger an instant password reset as soon as a breach is detected. This saves time and ensures that the reset process is initiated without delay, reducing the risk of further unauthorized access attempts.

3. Force Multi-Factor Authentication (MFA) Reset

Multi-factor authentication (MFA) adds an extra layer of security by requiring users to enter a verification code in addition to their password. If an identity breach occurs, it is crucial to reset MFA for the compromised account. This means that the user will have to re-authenticate using their MFA tool, which automatically invalidates any stolen authentication tokens the attacker may have acquired.

Automated rules can trigger the refresh of MFA tokens, ensuring that compromised accounts are quickly reauthenticated. This prevents cybercriminals from using stolen authentication tokens to access company systems.

4. Lock the Account

Locking a compromised account prevents hackers from attempting to use it until the issue is resolved. This also gives the organization time to investigate the breach and apply the necessary corrective measures.

Automation streamlines the account locking process, allowing businesses to lock compromised accounts as soon as a breach is detected. This immediate response helps contain the breach and blocks further unauthorized access attempts.

5. Revoke Active Sessions

In addition to disabling the user account and forcing a password reset, it is essential to revoke all active sessions associated with the compromised identity. This ensures that the attacker is immediately logged out of all systems they accessed using stolen credentials.
Automated actions can be configured to revoke active sessions in real-time, instantly disrupting any unauthorized access. This is a critical measure to neutralize the breach and prevent further malicious activity.

For more information, please visit: https://www.secureworks.com/blog/5-critical-response-actions-for-an-identity-breach

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