Favour Ori sells his educational resource app for ₦22 million
On February 28, 2020, ABiT Network acquired Favour Ori's app, College Situation.
On February 28, 2020, ABiT Network acquired the three-week-old app of Nigerian Favour Ori, College Situation.
The College Situation App is a platform that connects students—mostly Nigerians and Africans—with schools, scholarships, and fellowship programmes in Canada, the United Kingdom, the United States, and other countries abroad.
ABiT Network, a company with offices in Nigeria, Dubai and the US, is focused on providing blockchain-powered solutions to all of Africa. Their mode of entry is via the introduction of various marketplaces that harnesses blockchain technology.
Although the College Situation android app finally went live on February 9, 2020, Founder and CMO of ABiT, Mr Gaius Chibueze was quoted to have said that "he has always wanted to buy over the startup and it took months to get Mr Favour Ori to accept a Buy-Over". Favour acknowledges that himself and Gaius had long maintained a relationship (since 2017), such that as soon as the app was live, ABiT jumped on it.
"ABit Network saw the app upon release in February...they invited me to their office in Dubai and we closed the deal", Favour Ori explains to benjamindada.com.
The deal will see Favour Ori retain 2% ownership of the company for life, while ABiT Mobile Application owns 98%, according to a statement from ABiT.
Simultaneously, the acquisition has seen Favour join ABiT Network as product manager for the College Situation App, with an expanded role as Chief Technology Officer (CTO) of ABiT. As CTO, Favour has to oversee the build of nearly 15 apps, one of which is going to be College Situation. While the others are existing blockchain solutions from ABiT Network like TATCOIN, ABiT Trader, ABiT Crowd and ABiT discount shoppers.
"We (ABiT) are building like almost 15 apps, so I currently work with Gaius as a CTO", he tells benjamindada.com.
Favour describes his situation as being paid to develop his brainchild.
"It's still my app, it's still my product. So, I'm basically getting paid to work on my product", he explains.
I'm basically getting paid to work on my product.
The deals hook according to ABiT Network is the fact that TATCOIN will now become the de facto transactional currency on the College Situation App. "This is historic for Tatcoin Holders as the Application will use Tatcoin as its Transactional currency".
Describing how College Situation came to be, Favour said that he started working on the project as a result of how difficult it was for him to secure admission to study in the United States in 2016.
"I was driving home from church one day when the idea hit me. How about you build something to automate the process of studying abroad? A platform that gathers all the schools, housing, scholarships, and fellowship programmes. That's how College Situation started."
He is also the founder of FavCode54—a non-profit on a mission to train, mentor and build the next generation of African software developers.
Many students find it difficult to access the right information concerning further studies, and College Situation might hold the answer.