Kofo Akinkugbe, founder and CEO of SecureID Limited, a market leader in smart card manufacturing and digital security, has highlighted 11 mindset tips which led to the growth of her business.
She narrated her business success story during a panel discussion at the 13th edition of BusinessDay’s CEO Forum, themed ‘Builders of the New Nigeria: Stories of Scale, Grit and Innovation’.
During the panel session which focused on the entrepreneurial spirit shaping the ‘New Nigeria’, Akinkugbe, shed light on tips that contributed to SecureID’s growth to become the only smart card production plant in West Africa and one of only six on the continent; also fully certified by VISA, Verve and MasterCard.
Here are some highlights of her entrepreneurial journey:
Start where there’s a gap even if uncharted
Akinkugbe emphasised that innovation often means entering markets with little precedent, hence entrepreneurs must be bold enough to pioneer solutions where none currently exist.
She shared that SecureID was built when a major gap was identified in Nigeria’s financial services industry.
“At the time, Nigeria’s banking sector was heavily reliant on cash transactions, and the few cards in use were based on outdated technology,” she recalled. “There was a clear gap, and nobody locally to benchmark against so it truly felt like navigating uncharted waters.”
Read also: Shettima lauds SecureID’s contributions to Nigeria’s manufacturing, digital solutions sectors
Values must outweigh risks
She identified the importance of assessing risks critically and allowing letting long-term value creation, instead of fear to guide business decisions.
“The values far outweighed the risks. We carefully analysed the risks, but what kept us going was a deep belief in what we could build”, she said.
Certify early for global competitiveness
She shared that compliance with global standards opens international doors. Therefore, early investment in quality and certification pays off in long-term credibility and market access.
“We sought global certifications early, not just to meet local requirements but to ensure we could operate across borders,” she explained. “Today, we export to more than 20 African countries”, she noted.
Growth must be intentional and continuous
Akinkugbe underlined that growth requires deliberate effort and businesses must constantly evolve. Continuous improvement, both in vision and execution, is essential for sustainability.
“Growth is never static. It’s about understanding your values, aligning your team with that vision, and maintaining resilience through shifting business cycles”, she said.
Read also: Market understanding, refocusing key to business success in tough times – CEOs
Funding is not a silver bullet
While capital is vital, Akinkugbe warned against overreliance on it. She explained that having deep market knowledge, trend analysis, and strategic agility are far more crucial.
“Funding helps, but it’s not everything. Truly knowing your market, your business, and staying ahead of the curve is what sustains success,” she said. “You must commit to constant reinvention. Be prepared to disrupt yourself before someone else does.”
Disrupt yourself before others do
She advocated for a mindset of proactive disruption, urging founders to lead change rather than react to it.
“The most successful companies are those that challenge their own models before competitors do”, she said.
Global awareness is essential
Akinkugbe shared the importance of understanding global trends which was key to SecureID’s long-term planning.
She noted that local businesses must adopt a global lens and anticipating shifts in international markets ensures one is not left behind.
“What’s changing internationally will eventually reach Nigeria; are you ready for it?” she asked.
People alignment is critical
No matter how strong the vision, without an aligned and empowered team, execution suffers.
“Invest in talent development, internal communication, and succession planning. A motivated, aligned workforce fuels long-term growth”, she stated.
Build a world-class culture, not just a product
Akinkugbe stressed the need for internal systems, delivery capacity, and business environment to match global standards.
The lesson she learned is that world-class execution must be embedded in every part of the business and not just the final product.
Read also:NGX, BOI empower SMEs with skills to access funding through capital market
Choose investors who share your values
She underscored the importance of value-aligned investors and partners.
“Misaligned shareholders can derail your mission. Strategic partnerships must be built on shared purpose and vision”, she notes.
Embrace change and adaptability
Her concluding message was simple but powerful, “Don’t fear change. Embrace it.”
In other words, agility is no longer optional because businesses that adapt quickly are the ones that endure and thrive.
