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Most Popular and Expensive Properties in Lagos, Nigeria

Nigeria Property Centre, a popular go-to website to find properties in Nigeria, today released popular places to rent a 3-bedroom apartment within Lagos state, Nigeria based on the extensive data and information found and listed on their website.

Lekki was revealed to be the most popular place for renting 3-bedroom apartments due to the large volume of properties listed in this local government area with Magodo and Ikeja coming in second and third place respectively. Kosofe and Isheri North were revealed to both having the lowest number of properties listed in 2013.

The most expensive 3 bedroom apartment listed in 2013 was found in Ikoyi going for N45 million naira (forty five million naira only), a slight drop from 2012 when a N55 million naira (fifty five million naira only) apartment was listed. Badergy had the cheapest 3-bedroom property that went for N180, 000 (one hundred and eighty thousand naira only) this year, which is also consistent with the property value in the same region for last year.

The 10 most expensive 3-bed apartments listed for rent in recent months are:

Ikoyi   – N6,750,000

Yaba   – N3,000,000

Magodo  - N18,000,000

Victoria Island (VI) – N4,000,000

Lekki  - N11,200,000

Ikeja   – N8,000,000

Ojodu     – N7,000,000

Maryland  -  N6,500,000

Isolo   –  N5,000,000

Gbagada   –  N3,500,000

You can check out the infographic containing more information about this data here.

About Nigeria Property Centre is a real estate and property website in Nigeria with property listings for sale, rent and lease; offering Nigerian property seekers an easy way to find details of property in Nigeria like homes, houses, lands, shops, office spaces and other commercial properties to buy or rent. More at

What You Need To Know About Startup Funding Rounds – Series A and B

venture round is a type of funding round used for venture capital financing, by which startup companies obtain investment, generally from venture capitalists and other institutional investors. The availability of venture funding is among the primary stimuli for the development of new companies and technologies.

Series A Funding

Series A Preferred Stock is the first round of stock offered during the seed or early stage round by a portfolio company to the venture capitalist. Series A preferred stock is convertible into ordinary shares in certain cases such as an Initial Public Offer or the sale of the company. Series A rounds are a critical stage in the funding of new companies.

A typical Series A round is in the range of $2 million to $10 million, purchases 20% to 40% of the company, and is intended to capitalize the company for 6 months to 2 years as the company develops its products, performs initial marketing and branding, hires its initial employees, and otherwise undertakes early stage business operations.

Jobberman is one company that fits this shoe. Because there are no public exchanges listing their securities, private companies meet venture capital firms and other private equity investors in several ways, including warm referrals from the investors’ trusted sources and other business contacts; investor conferences and symposia; and summits where companies pitch directly to investor groups in face-to-face meetings.

Smaller investment amounts are not worth the legal and financial expense, the burden on a company of adjusting its capital structure to serve new investors, and the analysis and due diligence on the part of institutional investors. A company that needs money for operations but is not yet ready for venture capital will typically seek angel capital. Larger amounts are usually unwarranted given the cost of business in fields such as software, data services, telecommunications, and so on.

However, there are routinely Series A rounds in excess of $10 million in fields such as pharmaceuticals, semiconductors, and real estate development. There are many Series A rounds in other business contexts, underwritten by investment banks, corporate investors, angel investors, public agencies, and others, that do not often receive press coverage. They all share a similar legal and financial framework, but specific terminology, deal terms, and investment practices vary according to business customs within different countries, business sectors, investor communities, and geographical regions.

Series B Funding

Because the company will generally have advanced its business by the time of the B-round financing, it will typically have a higher valuation by this time. This means that the Series B investor will usually pay a higher price for investing in the company than the Series A investor. Private equity investors prefer convertible preferred stock to common stock for the various financing rounds because of the special features of preferred stock, such as dividend accrual and anti-dilution, that may not be available in common stock.

As seen on Tech 360

Verge Now Offering SaaS Business Intelligence Solution

Verge, a fully scale SaaS Business Intelligence solution recently launched by technology entrepreneur and developer, Francis Osifo, aims at giving businesses full control and insight into operations of their entire business process and chain.

According to the founder, having seen the many challenges that businesses face including: problems with inventory management, loss of inventory and revenue generated from sales to theft, and lack of the necessary infrastructure and in-depth business performance and analysis report to enable business owners make more informed data driven decisions, there was a need for a solution like Verge.

Here are some use cases for Verge:

Do you have POS terminals?

Verge seamlessly integrated to the POS terminals of all your outlets and sync’s the data with the Verge cloud service ensuring you have access to manage and control your business wherever you are.


No basic infrastructure?

Verge’s strategic partnerships with hardware(Laptop, mobile, tablet) and data partners ensures you have the required resources to get started immediately in ensuring you enjoy the immense benefits of Verge.

Don’t have POS terminals?

Relax; as Verge can act as your POS terminal generating receipts and controlling the sales process. Verge automates the entire transaction flow of your business.


Have several Outlets to manage?

Verge allows you to create multiple outlets, warehouses, users, products etc while allowing you to determine where they fit into your business operations.

Want to move content to/from Verge

Verge allows you to seamlessly import and export customer, transaction and product information making the process of dealing with large dataset
a breeze.


With Verge, common operations such as managing, controlling and planning the direction of your business is guaranteed to be easy, fast,and virtual. It is also quite affordable with three different pricing offers – basic(N2000), complete(N5000), and premium(N7500) monthly subscriptions.

More information available at

4 Tips On How To Grow Your Web Ranking

Editor’s Note: Evans is a Senior Designer who works in both web and print, driving creative solutions through the Evans Akanno Creative Design Agency. His eye for precision was developed from his background in industrial chemistry and has grown into one of the agency’s unique proposition. More at

On the internet today, there are certain organisations whose jobs are to develop algorithms and standard procedure that assist in measuring business growth online and using rankings to interpret. Social media metrics, web traffic, page views, bounce rates are all considered in the process.

Online presence is such a major concern for brands today because of the growth associated with it and so it is very important to get it right first time. We recently featured top 10 growing startups in Nigeria according to and here is a work through manual to get your startup ranked among the leading brands in Nigeria.

Submit your domain to web directories

When you pay for a new domain, its like moving into a new house. When you are new in the neighbourhood, no one knows who you really are and you might have to introduce yourself to your new neighbours and sometimes take with you apples in a basket. Otherwise, there is no way anyone shows up for your parties even if you’ve got the best looking samosas on display. The thing is, no one will know about your party unless you take time out to introduce yourself, it’s that simple.

It is the same with new start-ups and web directories. The only start-ups that web directories recognize are start-ups that in their directories. Begin by acquainting your start-up with major services like Alexa, Google pagerank, Dmoz, Startuprankings, and so on. This is done by submitting your urls and other web info so that your website is entered in their directory. It is your first step to building recognition and presence for your brand. Once they taste some of your samosa (contents, engagement and activity), they will start to talk about you and when that happens, there will be growth in rankings.

Maintain a fluid web structure

From designs down to the links on a website, your web structure constitutes a lot to your web ranking. For example, fast websites are ranked higher than slow websites. Web ranking services monitor the number of links on a website and how relevant they are in content. The more inbound and outbound links that your website has, the more likely to rank high with web directories and web ranking services. Also, pay attention to page titles that properly describe a page’s content, media files, etc as these are associated largely with getting found, web traffic and ultimately Higher web rankings for your business.

Be active on Social Networks

By practising acceptable social media marketing, you can increase your page rankings with web directories. Nothing speaks better than a brand who engages optimally with its audience on social media. One good conversation can either mean one happy customer or one happy prospect. Either way, keep your conversations on social media insightful and satisfactory because they eventually lead to web traffic. Remember word of mouth? Well, social media is word of mouth on a larger scale and so be sure to use that to your advantage. Understand that people listen; customers and web directories as well.

Create New and Insightful Content

Rich and steady Content is a must-have for every start-up and should be taken very seriously. Know your audience and create contents relevant to their craving. Fresh content is a joy for web directories to see. New and relevant contents rank in a fact, higher on Search engines than the cliche kinds.

People search on the web everyday with different kinds of keywords and so new contents not only keep your current readers engaged but attract new ones. Only way this is headed is more traffic which is vital for ranking high on web directories and web ranking services.


BBM Resumes Cross Platform Rollout With Samsung In Sub-Saharan Africa

BBM resumed its rollout for other platforms around the globe. For Samsung customers in Sub-Saharan Africa, BBM will be available to download today from the Samsung Apps store. iPhone and other Android users in Africa will be able to download the app in three days’ time.

The enthusiasm and demand already seen for BBM on other platforms has been quite incredible. About six million people have pre-registered at Did you know that more than one million people have already found creative ways to “side load” BBM on their iPhone? Clearly the demand hasn’t lessened.

While this interest is a testament to the public’s appetite for BBM, it also means that the demand needs to be managed. As a result, a simple line-up system is being implemented to ensure a smooth roll out. Here is how it will work:

  1. Visit to be connected to the BBM page in the Samsung App Store
  2. Download the BBM app from the Samsung App Store;
  3. Once the app has been installed, open it and enter an active email address. This will ensure that the user is placed in a queuing system
  4. Notification will be sent to users via that email once they have reached the front of the line, and they will then be able to launch the application and officially sign-in and start using BBM.

However, for those who pre-registered for launch alerts at, front of the line access is to be enjoyed.

As seen on


No, Seriously, Why You Should Have Your Card Enabled for SafeToken

Online transaction and the issues that come with it seem to be what we talk about these days, and a critical bit of it involves ATM Card activation for Safetoken registration for use on Quickteller and other WebPay enabled websites. But why should you stress yourself or even bother to do it?

For one, it enables you carry out online transactions above the limit set by your bank. It also provides greater online security of your transactions as your card is tied to your phone and generated One-Time Passwords (OTPs) are sent to your registered phone number. You can also enjoy features like the Remember Card feature for Verve Cards only which allows yoo list one or more activated Verve Cards as payment options and requires only your CVV2 and PIN to complete transactions

Not forgetting you can use the other Quickteller payment platforms – USSD, SMS & IVR with ease as well, there are 3 ways you can enable your card for Safetoken for use on Quickteller and other WebPay enabled websites including bank activation, self activation at the ATM, and app activiation.

More information on these activation methods are available in details here.

Photo Credit: Trois Têtes (TT) via Compfight cc

How To Swap Your Old Phone with a New Lumia 520 device?

Do you have an old Nokia phone and you have always wished you could lay your hand on the Lumia 520 device? Are you tired of your old phone of any brand and ready to move with times? Your prayer has been answered. There is no better time than now for you to switch all thanks to the partnership between Airtel and Nokia in Nigeria. This isn’t the first offer Airtel is bringing to its customers in Nigeria. And we expect many more to come before the end of the year.

What’s the Catch?

Nokia Nigeria is partnering with Airtel Nigeria to give people an opportunity to swap an old functioning device (yes, device of any brand) with the Lumia 520 in addition to paying N23,990 in any of the Airtel outlets nationwide. The good news is that you can switch to more than 1 Lumia 520 device as along as you have more than 1 old phone with you.

The Lumia 520 currently goes for around N28,000 in retail. So, if you have an old phone that you don’t want to use again, what are you waiting for? This might be an opportunity for you to live your dream. Customers who partake in this transaction will also get up to N10,000 worth of value (N4,000 discount on the retail price of the device, enjoy N3,000 worth of airtime and N3,000 data spread over a 6-month period).

RELATED: Nokia Lumia 720 And 520 Unveiled In Nigeria

Speaking on the offer,  the Chief Sales Officer of Airtel Nigeria,  Inusa Bello,  said that the initiative is another first by any operator in Nigeria. He believes this will further provide telecoms value to Nigerians in line with Airtel’s commitment to become the most loved brand in the Daily lives of Nigerians.

How does the Lumia 520 upgrade program works?

  • Upgrade your handset to Lumia 520 smartphone at only N23,990. Current Retail Price is N28,000

  • Customer will also have to text “SMART” to 141 to activate the free 500 MB for 6 months. The customer MUST recharge with minimum of N1,000 monthly to get the free 500 MB. The free offer is for 6 months.

  • Once the customer drops the old device and picks the new devices, the customer MUST text “UPGRADE” to 141 to receive the N6,000 value.

  • The value is split as follows:

    • 6 Months Free Airtime worth N3,000 – spread across 6 months

    • 6 Months Free Data worth N3,000 – spread across 6 months

    • Lumia 520 device discount worth over N4,000

  • The Lumia 520 device MUST be activated with an Airtel SIM (old or new) before given back to the customer.

  • The agent at the showroom will assist the customer migrate data from existing line to the new Lumia 520.

So, do let us know your experience by dropping your comment below.

5 Steps To Raising Fund For Your Startups – Entrepreneur Resources

Raising fund may be a tough task in Nigeria as many entrepreneurs are tirelessly looking for investors. But taking a look at the other side of the story shows that investors are also looking for viable business opportunities. So, what is the problem? And how do we resolve this? We at OTEKBITS are looking at identifying the problem and at the same time provide some tips on how to overcome the problem.

Starting from today, we will be sharing resources that can help to prepare the entrepreneurs for the right investors and bridge the gap between the investors and entrepreneurs. We will be bringing you this resources in partnership with VC4Africa which has broad number of expert investors. So, if you don’t have an account yet on VC4Africa, now is the right time to do this. It only takes you few minutes to complete the required steps.

Today, we will be sharing 5 steps on how to prepare yourself and venture for fundraising and connect with investors on VC4Africa.

Prepare your Venture

Before your venture is put into fundraising mode, it is important to post documents to your venture profile. This gives investors an opportunity to do a first assessment of your business and is required as part of your fundraising application. So, if you are thinking of raising fund for your business via VC4Africa, you need to upload a copy of your certificate of incorporation and also a pitch deck and/or summary of your business plan. The recommendation is that you should add financial projections, letters of Intent from strategic partners (if available), or contracts with existing customers to increase your chances. And most importantly add relevant media that can help to give the right impression of the company and team. Interesting thing is that you don’t have to worry as only investors registered as part of the VC4Africa Investor Network can access your documents.

Also, you need to add team members and advisors to your team page. As part of this process, you will be asked to complete the VC4Africa Quick Scan. This is a straightforward questionnaire to help you check if your venture is investor ready and to identify any points that need to be addressed before investors can take you seriously. After you have completed the Quick Scan document, upload it to the documents section of your venture profile. The VC4Africa team provides investors with a pre-assessment of your venture and it is important you provide the most relevant documentation when you apply.

SEE ALSO: The Anatomy Of A Failed Startup

Register your Intention

Given the results of the VC4Africa Quick Scan, the next step is to register your intention to raise a round of funding. You need to indicate the financing stage – Seed, Start-up, 1st round (Series A), 2nd round (Working cap), 3rd round (Mezzanine) and 4th round (Bridge). You also need to indicate the financing type – Equity, Debt or Hybrid and your capital needs (between USD $10,000 and USD $1 million). Your registered intention is reviewed by the VC4Africa team. Once approved, your venture is added to the list of ventures fundraising on VC4Africa.  The next step is to garner investor interest and secure a lead investor. Post updates and progress to your venture profile showing you are on your way to achieve the milestones indicated in your documentation. Investors who are interested in your work can express their interest to join as a possible lead investor.

Engage Potential Lead Investors

If you have done your work and your venture clearly shows traction, you will hopefully secure interest from a number of possible lead investors. You can engage them and work to understand the differences between them. It’s up to you to decide who the best investor for your business is and agree to a fair term sheet. Do not approve the lead investor until you feel confident about the terms of the deal they are offering. If they have not made the investment into your business, you can ask them to send a bank guarantee showing they have the required capital on reserve. When the lead investor is approved, you can upload the term sheet to the documents tab on your venture profile.

Raising Capital

Once a lead investor is secured, the venture can go into “Raising Capital Mode” for 90 days. At this stage, investors registered on VC4Africa can review the term sheet and express their interest to participate. They can outline how they plan to contribute in non-financial ways and any terms or conditions they might have as part of their participation. The amount of capital pledged by each investor will appear in the progress bar indicating your venture finance goal. At the end of the 90 day period, copies of these pledges are sent to the entrepreneur and lead investor.

RELATED: How To Make An Angel Investor – Iyinoluwa Aboyeji

Closing the deal

At the end of the 90 day period, it’s time to close the deal. You will receive copies of the registered intentions and can follow-up with the lead investor to close the financing round. Once completed, the venture is put back into building mode. Update your network on progress and make sure you maintain the foundations needed to raise additional capital in the future!

About VC4Africa

Venture Capital for Africa is the continent’s leading founder’s network, the largest and fastest growing community of entrepreneurs and investors building promising companies in Africa. Our focus is connecting people and ideas on a peer-to-peer level. We are the only open and accessible platform dedicated to the subject and our network of entrepreneurs and investors extends to more than 159 countries around the world. The community currently supports more than 1,000 ventures in more than 30 African countries. Already, entrepreneurs have been featured in mainstream media, established joint ventures and secured funding.

Mobile Phones Nigerians Want, And At What Cost [RESEARCH]

With the way original equipment manufacturers (OEMs) keep releasing various mobile devices into different markets, one wonders if the released devices are meeting consumers’ needs.

OTEKBITS partnered with Eskimi to carry out a research on the type of phones Nigerians are looking for and how much they would want to pay. The research was done with Eskimi user base system and 450 unique customers participated.

Here is a breakdown of what we found in the Eskimi Database:

Are you planning to upgrade your phone in next 6 Months?


What kind of phone are you planning to purchase?


How much are you planning to spend?


If you plan to buy a new one –  which manufacturer?


The result above show clearly the type of phones Nigerians are planning to buy and how much they are willing to spend for the next gadget. This result can also help developers to understand the right market to focus on when developing mobile applications.

 About Eskimi

Eskimi is developed by a mobile marketing company ActiveSec. Eskimi is a mobile social network having more than 5 million registered customers.