Nigerian Netrepreneur lands ‘windfall’ in domain name sale

Nigerian Netrepreneur lands ‘windfall’ in domain name sale

Nigerian Netrepreneur lands ‘windfall’ in domain name sale

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Mr Destiny Amana, Managing Director of Ice Cool Contracts, a web services company, has told Technology Times how he landed ₦1 million in one domain name sale, to underscore opportunities available on the .ng, the official Internet real estate of Nigeria.

[sociallocker]Amana who spoke with Technology Times on the sideline of the Nigeria Network Operator Group (ngNOG) annual workshop in Abuja says reselling of .ng domain names is now a growing business trend “as the investment is yielding maximum profit.”

Amana recalls further that, ”I told him I would help to confirm how much it will cost. He didn’t know I was the owner of the domain name. After a few days, I called him back to tell him the domain name costs ₦1.5 million. After negotiation, he parted with ₦1 million. So that was the beginning of a trend because as soon I sold that, I started looking for another domain name. So, I researched and found out that business.com was sold for $8 million and I said to myself that Nigerians have not woken up to the value of this thing yet.”

Explaining how he came about the ₦1 million windfall a few years ago, the Ice Cool Contracts MD recalls that ”my wife is into property and I was helping her with some ideas to get online with her business. So, I told her that to get a property in Nigeria, the best domain name to register is property.com.ng, so we decided to register it.”

According to Amana, ”I registered it for ₦2,500 and paid for five years. Few years later, a colleague told me he wanted to register a domain name where people in Nigeria and abroad can buy property and I told him that there is a domain name and it’s quite expensive, property.com.ng. So, he said he wanted the domain name.”

Mr Desting Amana pictured in on of the tracks at the ongoing Nigerian Network Operators Group
Mr Destiny Amana, MD of Ice Cool Contracts, pictured speaking at one of the tracks at the Nigerian Network Operators Group (ngNOG) workshop in Abuja

Amana recalls further that, ”I told him I would help to confirm how much it will cost. He didn’t know I was the owner of the domain name. After a few days, I called him back to tell him the domain name costs ₦1.5 million. After negotiation, he parted with ₦1 million. So that was the beginning of a trend because as soon I sold that, I started looking for another domain name. So, I researched and found out that business.com was sold for $8 million and I said to myself that Nigerians have not woken up to the value of this thing yet.”

Amana also recollects in the interview with Technology Times that, ” I registered madeinnigeria.com.ng and I sold that ₦800,ooo five months ago.”

According to him, Small and Medium Enterprises (SMEs) must leverage technology to be able to  compete favourably with their foreign counterparts. Online presence will help Nigerian SMEs to cut cost of running their business, while still maintaining the quality and efficiency of their products or services, he says.

“Ignorance has been one of the challenges we have with many business owners today. Nigerians tend to do things at the last moment. If you check through, .com domain names are very hard to find. Most English words have been registered on .com”, he says.

”As a Nigerian business owner, using Yahoo or Gmail is unprofessional. You print your business card and you have a Gmail or Yahoo email address and expecting to give that business card to a serious indigenous company to bid for a contract and you want him to give you, it’s impossible”, Amana says.

Amana recalls further that, ''I told him I would help to confirm how much it will cost. He didn't know I was the owner of the domain name. After a few days, I called him back to tell him the domain name costs ₦1.5 million. After negotiation, he parted with ₦1 million. So that was the beginning of a trend because as soon I sold that, I started looking for another domain name. So, I researched and found out that business.com was sold for $8 million and I said to myself that Nigerians have not woken up to the value of this thing yet.''
Technology Times file photo shows phone customers at a phone shop in Ikeja, Lagos. Amana is concerned that many Nigerian SMEs have don’t have online presence because “they don’t think global and many of them say they don’t have content to put on the site.

Amana is concerned that many Nigerian SMEs have don’t have online presence because “they don’t think global and many of them say they don’t have content to put on the site.

”But my advice is that a one page website is okay providing basic information of your name, telephone number, email address and a simple definition of what you do.”

The Netrepreneur says that ”for example, if as an office man, I do a Goggle search of where I can buy clothes in Victoria Island and your one page websites comes out with your telephone number, all I need to do is call you and we discuss business. That’s e-commerce without paying for licence. All you did is to use your domain name to get more clients.”

Revd.Sunday Folayan, President Nigeria Internet Registration Association(NIRA)
Reverend Sunday Folayan, President, Nigeria Internet Registration Association (NIRA)

Amana, like other key stakeholders in the technology space are advocating the hosting of locally-relevant content as key to saving foreign exchange for the Nigerian economy.

He says that majority of content accessed by Internet users in Nigeria are hosted abroad, and such content traverse often expensive and sometimes under-provisioned international links before it can be hosted.

According to him, ”the problem we have in Nigeria is bandwidth is not affordable to get a server connected to the Internet but the speed of connection cannot compare to speed of servers hosted abroad.

”At the moment there are hosting centers in Nigeria but the cost per gigabyte of data is so high it’s quite hard for individual companies to afford. But some companies, including mine, are forming consortium to purchase servers and put them in Teir III data centers so that we can have a wide range of Internet service providers providing bandwidth.”[/sociallocker]

 

Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027

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