32 Views

Meet Abasiama Idaresit, The Nigerian Tech Millionaire Who Turned $250 Into $6M

In less than five years, Nigerian-born Abasiama Idaresit turned $250 in startup funds into more than $6 million, and he may be on his way to becoming the continent’s first tech billionaire.

The 36-year-old’s company, Wild Fusion, is one of Africa’s leading digital marketing agencies. He founded it in 2010 and by 2015 it was worth $6 million. Wild Fusion offers Internet marketing and digital strategy for such clients as Visa, Vodafone, Pepsi, Samsung, and Unilever. The company has offices Accra, Ghana; Lagos, Nigeria; and Nairobi, Kenya.

Wild Fusion was Google’s first AdWords-certified partner in West Africa. The online advertising service enables advertisers to compete to display advertising copy to web users based, in part, on keywords.

Idaresit spoke to AFKInsider about how he overcame business challenges and what’s next for Wild Fusion.

AFKInsider: What was your path back to Nigeria in 2010 to start your own business?

Abasiama Idaresit: My first degree was in information systems and management and afterwards I enrolled in an MBA from Manchester Business School. I grew up in Nigeria and it was just natural to set up here after  school.

AFKInsider: What made you decide to return back to Nigeria?

Idaresit: I was born and raised in Nigeria. I was born in a beautiful and very clean city called Calabar in Southeast Nigeria and had my primary and secondary education here. I have always been passionate about my country, Nigeria, and the continent Africa. Starting a business  here was something I had always wanted to do and a natural course.

AFKInsider: Why did you open Wild Fusion, a digital marketing company?

Idaresit: At the time of launching Wild fusion, technology adoption in marketing was in its infancy or early stage in Nigeria. I was convinced advertisers and marketers will succeed using technology and I decided to facilitate this success by setting up in Africa’s biggest economy, Nigeria.  Wild Fusion enables advertisers and brands achieve their marketing  objectives using technology. This isn’t limited to mobile, email or social networks but includes data, search engines, analytics, voice, SMS and USSD (unstructured supplementary service data).

AFKInsider: How did you fund the venture?

Idaresit: (It was) 100 percent self funded by reinvesting retained earnings.

AFKInsider: Is Nigeria helpful to new business?

Idaresit: Nigeria is a huge market with tremendous opportunities. It is literally littered with opportunities. There are challenges in carrying out business activities and the government is very committed to ensuring a business friendly economy. If you look at the current 2016 budget, there is a significant portion allocated for capital investment, or expenditure — the highest in recent times. With more investment in infrastructure (both human and physical), we will begin to experience a much more business friendly and helpful environment.

AFKInsider: What is the Nigerian business environment like currently?

Idaresit:  It is challenging right now especially with the current oil price, (forex) regulations, and infrastructure. This has affected lots of businesses as you will see in how our stock exchange has performed recently in 2016. I am certain we will weather the storm and certainly those who are patient and persistent will definitely reap the reward.

AFKInsider: What are some of the best things about doing business in Nigeria?

Idaresit: The size of the market, the culture and people. Nigerians are very open to new products and services making it an attractive market with a very young demographic.

AFKInsider: What are some things you’d like to see changed in the Nigerian tech industry?

Idaresit: I will like to see more exportable Nigerian technology and services that can compete globally or regionally. I definitely want to see the tech industry attract talents and capital, creating exportable global products.

I have recently been involved in the venture capital space, identifying and investing in some companies, empowering and enabling them to scale their models while keeping  the focus on the international market. By this year’s end, I will alongside some partners commit significant amount of resources in enabling other African businesses succeed and scale. We are just starting.

AFKInsider: Your reach is also to Ghana and Kenya. Why did you expand to other countries?

Idaresit: First of all we believe strongly we have solutions that shouldn’t be confined to this market but enable other regions — especially in Africa — to succeed. Second of all, as Africans we must invest in our local markets and encourage trade within the continent as this naturally attract foreign investors or capital.

AFKInsider: What have been some business challenges?

Idaresit: Having to deal with inadequate infrastructure (both human and physical) and also doing business outside the home country has proven challenging. Access to finance for expansion especially when in a growth a growth phase can equally be challenging.

AFKInsider: What are your goals for 2016?
Idaresit: Other than Wild Fusion business goals, we are looking to invest in building or developing local technologies and business models — not only tech.

We will do this by investing as a business and also as a venture fund while enabling our clients to succeed in these difficult times. With currency crises in Nigeria today, lots of businesses are looking inwards on how to reduce foreign exchange liabilities and produce locally. The same applies to us. We must build local technology alternatives while integrating these alternatives with global systems. Basically we are looking to localize some elements in the value chain — backward integration if you may. This is our goal and focus in 2016.

AFKInsider: What is your biggest business goal?
Idaresit: My biggest business goal will be to build a social business model that is commercially viable while transforming local communities.

Source: AFK Insider

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Popular Actress, Toyin Abraham Aimakhu’s Father Is Dead
Entertainment
33 views
Entertainment
33 views

Popular Actress, Toyin Abraham Aimakhu’s Father Is Dead

MT - October 23, 2017

Nollywood actress, Toyin Aimakhu reportedly lost her dad today. This was revealed by her sister, Fatimah Ogunsanya who wrote on Facebook; “It saddens me to the core…

PHOTOS: Dangote, Otedola, Ebuka And Wife Attend Ifeoma Williams’ Michael Jackson Themed 40th Birthday Party
Entertainment
35 views
Entertainment
35 views

PHOTOS: Dangote, Otedola, Ebuka And Wife Attend Ifeoma Williams’ Michael Jackson Themed 40th Birthday Party

MT - October 23, 2017

Former beauty Queen, Ifeoma Williams, who turned a year older recently held her 40th birthday party yesterday which billionaire businessmen Aliko Dangote, Femi Otedola and some Nigerian…

Why Crude Oil Prices May Rise Above $60 Per Barrel
Business
30 views
Business
30 views

Why Crude Oil Prices May Rise Above $60 Per Barrel

PH - October 23, 2017

Oil prices rose on Monday over supply concerns in the Middle-east as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent…

Jim Iyke Bares It All On His Relationship With Nadia – ‘I Never Dated Nadia Buhari’
Entertainment
40 views
Entertainment
40 views

Jim Iyke Bares It All On His Relationship With Nadia – ‘I Never Dated Nadia Buhari’

MT - October 23, 2017

Nollywood actor, Jim Iyke who in an interview with Punch revealed that the romance report between him and Ghanaian actress, Nadia Buhari, was never true. According to…

Tecno Unveils New Phantom Smartphone Yesterday In Dubai
Technology
29 views
Technology
29 views

Tecno Unveils New Phantom Smartphone Yesterday In Dubai

MT - October 23, 2017

Tecno Mobile, dropped the hint on social media about its next flagship device. After launching series of the low-end devices like Spark K7, WX3, and others, the…

Check Out What The FG Is Saying About Nnamdi Kanu’s Whereabout – ‘He’s In Abaribe’s Custody’
Politics
38 views
Politics
38 views

Check Out What The FG Is Saying About Nnamdi Kanu’s Whereabout – ‘He’s In Abaribe’s Custody’

MT - October 23, 2017

The Federal Government has replied to Senator Enyinnaya Abaribe’s application seeking to withdraw as one of the sureties for the leader of the proscribed Indigenous People of…

Colourful Photos From Wedding Of An ‘Oyinbo Man’ And His Beautiful Bride From Imo State (Photos)
Romance and Love
46 views
Romance and Love
46 views

Colourful Photos From Wedding Of An ‘Oyinbo Man’ And His Beautiful Bride From Imo State (Photos)

MT - October 23, 2017

The excited Oyinbo man drinking wine from a cup given by the wife A Nigerian lady identified as Jennifer Asinugo has tied the knot in style with…

This Is What Rochas Said About Nnamdi Kanu After Declaring Support For Buhari In 2019
Politics
24 views
Politics
24 views

This Is What Rochas Said About Nnamdi Kanu After Declaring Support For Buhari In 2019

MT - October 23, 2017

The Governor of Imo state, Rochas Okorocha has described the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu as a mad man, according to a report…

Why FIFA Moved To Change Nationality Rules
Sports
44 views
Sports
44 views

Why FIFA Moved To Change Nationality Rules

MT - October 23, 2017

FIFA is considering changing the rules that govern a player’s eligibility to represent a national team, BBC Sport reports. At present, players who have played a competitive…

How Buhari Doused Tension Between Nigeria And Turkey
Politics
28 views
Politics
28 views

How Buhari Doused Tension Between Nigeria And Turkey

PH - October 23, 2017

President Muhammadu Buhari employed diplomacy to douse the tension that the issue of the Fethullah Movement would have created between Nigeria and Turkey, Minister of Foreign Affairs,…

Why We Reinstated Wanted Ex-Pension Chief Maina – FG
Politics
53 views
Politics
53 views

Why We Reinstated Wanted Ex-Pension Chief Maina – FG

PH - October 23, 2017

Nigeria’s Minister of Interior, Abdulrahman Dambazau, has reacted to an exclusive PREMIUM TIMES story on how the federal government reinstated a sacked civil servant despite a pending…

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking
Business
89 views
Business
89 views

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking

PH - October 22, 2017

Nigerian entrepreneur and YALI fellow Idongesit Umoh today shared details of how her bank account got debited of N2.1m through some suspicious action on her online banking app. She…

Omawumi, Akpororo Announced As Judges Of New Reality Show
Entertainment
54 views
Entertainment
54 views

Omawumi, Akpororo Announced As Judges Of New Reality Show

PH - October 22, 2017

Last Resort entertainment working in partnership with Global Resources Limited, have announced the launch of Nigerian Icon, a first of its kind in talent scouting and entertainment…

Abia State Announces N10m Grant For Film Production In The State
Entertainment
37 views
Entertainment
37 views

Abia State Announces N10m Grant For Film Production In The State

PH - October 22, 2017

Abia State government has expressed its enthusiasm for the ZUMA Film Festival that is set to take place between the 1st to 5th of December, 2017 in…

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister
Politics
53 views
Politics
53 views

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister

PH - October 22, 2017

President Muhammadu Buhari held bilateral meetings with President Alpha Conde of Guinea and Prime Minister Shahid Khaqan Abbasi of Pakistan in Turkey on Saturday. See photos:

37 Job Opportunities Open For Nigerians In UN
Politics
44 views
Politics
44 views

37 Job Opportunities Open For Nigerians In UN

PH - October 22, 2017

UN deputy secretary-general, Amina Mohammed has said that there are 37 career openings for young Nigerians under the United Nations bureaucracy. Amina disclosed this at a Cultural…

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues
Business
71 views
Business
71 views

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues

PH - October 22, 2017

The extra resources derived from the OPEC production concessions which Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources has been fighting for are boosting the…

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State
Entertainment
110 views
Entertainment
110 views

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State

PH - October 22, 2017

Davido's friend, Tagbo Umeike who died from suffocation and alcohol poisoning on the eve of his birthday at Shisha Lounge in Lekki, Lagos on October 2, has…

Loading...