F.I.V.E Questions with Modupe Ajibola, CEO of Nigex

Photo credit: @iLabAfrica

Modupe is a serial entrepreneur with an exceptional drive and passion towards problem-solving. A few years ago, Entrepreneur.com put out an article on the “7 Traits of Successful Entrepreneurs” which are Tenacity, Passion, Tolerance for Ambiguity, Vision, Self-belief, Flexibility, and Rule-breaking. Modupe embodies all seven characteristics. Having enjoyed a decade of success at Texas Instruments, he went on to found multiple companies that are now making a difference in the lives of many professionals across North America and Africa.

I caught up with Modupe while he was visiting Silicon Valley to engage Investors and Strategic Partners about his latest venture, Nigex (more info below). What excites me about the Nigex venture is the potential it has to uplift a generation of talented minds in Nigeria, and the rest of Africa.

1. Briefly describe your background- education, work experience, etc. 

Modupe is the founder and CEO of Nigex, a proprietary Agile Software Platform that enables resources from Africa to consult seamlessly for global jobs with the backings of a US company. Nigex developed agreements and tools that both consultants and clients can use to facilitate secure vetting, training, managing, and holding resources accountable. Nigex is a cost-effective way to outsource Software Development work without the typical issues of language barriers or requirement miss-alignment.

Modupe is also the co-founder of the award-winning technology and company called OTGPlaya. OTGPlaya connects end-users to digital content by leapfrogging existing bandwidth constraints of internet infrastructure. Since its founding in Austin, Texas, OTGPlaya has won the USAID Africa Diaspora Marketplace Award in 2012 and the 2013 LLGA City Pilot for City-Wide Wi-Fi in Lagos, Nigeria.

Modupe is also the founder of Vision Invent Inc (VI), a leading Design House and technology rep firm in the USA that supports hundreds of Original Equipment Manufacturing (OEM) customers.

Before forming VI in 2008, Modupe blazed his path successfully at Texas Instruments (TI) and served in several leadership roles. Modupe studied Electrical Engineering at Texas A&M University.





2. Flashback and then fast forward to the present, what has surprised you the most about your journey thus far? What advice do you have for others looking to take a similar path?

One could say I wasn’t such a risk taker, but when I found that my job at TI was never going to satisfy my desire to solve problems I cared to solve, I knew it was time to hire myself. So my advice here is to take your ambitions more seriously than anyone’s belief or disbelief in you.

My career at TI grew based on my ability to solve problems which made my job and those around me easier. I remember creating a tool for the Technical Team to use in isolating the right processor for a target client requirements by using a drill down signal chain block diagram system. Management found out about the tool and gave me my first promotion. The advice here is to not complain about what limits you, but find ways to solve and test your assumptions on the solution as opposed to looking to get credit for your unproven ideas.

Entrepreneurship is first about solving problems, but I was surprised to find that it is not sustainable without the right partnerships or resources. I learned this over the years of winning and losing business because of my inexperience with managing expectations. To fix this, I had to give shares of my company away to those who specialized in building a company and team; and before I knew it, everything I did began growing instead of shrinking. The advice here is not to become a jack of all trades and master of none. Master what makes you unique and comes easily to you while surrounding yourself with complementing partners that have measurable track records of success. In picking partners, focus on strengths and ensure you set goals, so everyone knows what to do and when. If a partner misses a goal, you should quickly evaluate the partner’s position and keep or vote them out based on their ability to meet the agreed upon goals.

3. Why is the cause you are pursuing or problem you are solving the most important for this generation? How would future generations benefit if it’s successful? What is at risk if you do not succeed?

The power to enable smart African kids is of significant value to me from a business and personal standpoint. I also believe technology is the great equalizer that can help young Africans circumvent government bureaucracy and transcend the corruptible reputation of Africans globally.

The Government and African leaders have yet to realize the goldmine of human brain resources they have, so why not me is what I asked. This realization is why I have decided to invest in the great minds and ensure a paradigm shift based on results and not just words. People tend to believe in what works which is why it is important to prove that a global job market will best serve our young minds.



4. Reflect on all of the key sacrifices and trade-offs you’ve had to make to get to where you are today. Which of these would you say was the most pivotal and why?

My realization about sacrifice is to prepare to lose it all before gaining what you seek. I had to sell my house and shed many cost centers that would have caused me to look back when I became an entrepreneur. You need to believe that you have what it takes to do more than what you have in your possessions, and rid yourself of any potential distractions.
5. What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

My friend, dad, and mentor, Alade Ajibola shared this with me “Success is a journey and not a destination, so chase your dreams only if the process is fun and rewarding.”

Mezie Avu! Elevating Higher Education Even Higher

The following post is from my e-book, The Most Interesting Thing About Investing in Africa.
***

Students-Owerri

Investment: Education in Jomeka Commercial Academy, AVU, Owerri – Elevating Higher Education 

***

Chief Dan Obiyo was an early investor in Jomeka Commercial Academy.  Chief Obiyo is also the CEO of AVSECO NIGERIA LIMITED. AVSECO’s mission is to eliminate all security challenges through an aggressive training development of hands and minds in the aviation workplace. Recent civil aviation experiences pose the rhetorical question of which way forward for emerging economies.  Government efforts cry out to be complemented through supportive private expertise… now provided by AVSECO.



SITUATION

Avu town is located about four miles west of Owerri municipality in Imo state, Nigeria. Avu Community Secondary school, the town’s only secondary education facility was not easily affordable to most parents. The subsistence farming community was poor, requiring a more affordable alternative for the teeming applicants in Avu and environs. Professor J.O.C. Obiyo took on this challenge head-on upon his retirement after a successful career in Abuja. Jomeka Commercial Academy was established to provide primary school rejects as well as secondary school dropouts with placements in a vocational school to realize their dreams. Students whose guardians could not cope with the exorbitant fees at the public school, students who do not have the aptitude for formal education, and indigent students became the target demographic for Prof Obiyo’s vision.

For everyone everywhere, literacy is…a basic human right. 
– Kofi Annan, Former UN Secretary-General

Mean-Years-of-Schooling

ACTION

Away from downtown Avu but within easy reach of the cluster of houses bordering the village to the north, Prof. Obiyo secured an ideal location for the academy. Registration formalities with the Ministry of Education, construction of temporary structures at site of classrooms and basic facilities to kick start the project were primarily

funded by Prof Obiyo’s retirement benefits. Notices were put up in church services to canvass for students and skilled staff. Volunteers and National Youth Service Corps members were requested to beef up the staff strength. Cash Crunch-Provision was made for students with special cases to pay their fees in several installments without interrupting studies. The vision was actualized.

Nigerian-Literacy-2013-2014

RESULT

Igbo Kwenu!  Mezie Avu!  Twilight gradually changed to dawn for the tiny town which separates the city of Owerri from the large food producing areas of Ohaji. Education in Avu gradually became less of an effortless privilege and more of an earned right. Avu town discovered that vocational school graduates were more readily employable.  The National Basic and Technical Education Board certificate gained popularity in Avu opening up a wider horizon for higher education. Knowledge is power which opens doors for greater opportunities to do even greater things.

Investment: Education in Jomeka Commercial Academy, AVU, Owerri – elevating higher education 




L = 50

I = 50

C = 30

Business Idea Metric: 130

The Most Interesting Thing About Investing in Africa: Innovative News Platform About Nigeria

Akin Akinboro (left) and Mobolaji Sokunbi (right) are the Co-Founders of The 234 Project

 

The following post is from the e-book, The Most Interesting Thing About Investing in Africa, which features a series of conversations with entrepreneurs, community leaders, students, executives, and doers both home and abroad driving economic empowerment in several parts of my beloved continent of Africa.

***
Mobolaji is a results-driven Marketing Executive and Entrepreneur. In his capacity as a marketing manager, he established a track record of successfully recruiting and training top sales teams, managing a $150M+ sales campaign P&L, and driving innovative strategies across multiple business units. He has a remarkable gift for identifying and evaluating intricate challenges in an organization and successfully communicating solutions and recommendations to senior leadership. His experience spans across notable companies including Dell, Procter & Gamble, and The Southwestern Company. In his capacity as an entrepreneur, Mobolaji consistently makes things happen from a business development standpoint including as the co-founder of The 234 Project. He is passionate about sharing the untold stories of Nigeria’s greatness and publicizing the achievements of Nigerians around the world.
***
Akin exhibits a masterful set of skills in his work as an Enterprise Systems Engineer and Entrepreneur. Pertinent to his work as a systems engineer, Akin enjoys bridging the gap between IT experts and non-experts alike. Throughout the course of his career, he has established a solid foundation in product & solution development; and he is very experienced in leading efforts related to solution design, infrastructure architecture & implementation, test & testing frameworks, and project management. This experience has allowed him to excel in a variety of engineering roles with major technology companies such as Oracle and Dell. In his entrepreneurial endeavors, Akin is involved in a number of successful ventures including co-founding The 234 Project. He believes that the future for Nigeria is bright and thus essential to the world. Akin is passionate about impacting lives positively and encouraging others to find sustainable solutions to everyday challenges.

Investment: Online Platform to Tell the Positive Stories of Nigeria | The 234 Project

SITUATION
There are many fascinating things about investing in Africa, especially investing in projects that empower young minds. To that end, Mobolaji and Akin sought to develop a deeper understanding of the growing interest in startups and self-employment among young Africans, particularly young Nigerians. This perceived interest seemed to be buoyed by a number of factors like high levels of youth unemployment, lack of opportunities at more established companies in Nigeria, and the foreign investment shift from BRIC (Brazil, Russia, India, China) to MINT (Mexico, Indonesia, Nigeria, Turkey) countries with Nigerian startups at the beneficiary forefront of this shift.

Upon closer examination, Mobolaji and Akin discovered that young Nigerians were not only motivated by economic factors, they were also motivated by the opportunity to live out their own definition of success; and so, working with a startup or being self-employed in Nigeria offered them the best chance to stay close to home and stay even closer to self-actualization.

Brck-Maslow-YourStory-Africa-624x495

Historically, many young Nigerians yearned to leave Nigeria for greener pastures in North America or Europe (see Forbes article on Brain Drain). They tended to identify with a skewed version of professional success in life i.e. the “non-African” version. Nowadays, with the widespread use of the internet and mobile phones, more young people in Nigeria opt for a career path which allows them to think global but act local.

In his interview, Mobolaji expressed that he had always wanted to reach out to young Nigerian professionals in Nigeria… “to be a mentor or offer some advice from the standpoint of [his] experience in sales and marketing”. The 234 Project now allows him to take his mentoring to a whole new level– the project is an ongoing investment to tell a different story of Nigeria.

“For some time now, if you ask people, particularly westerners, what they know about Nigeria, you’re likely to hear about terrorism, corruption, the Niger-Delta violence, or those kinds of negative stories; before you hear many westerners and sometimes even Nigerians say anything positive about Nigeria, they probably would have already gone through a list of negative things,” he noted.

 

I am Nigerian

In 2011, I was at a stopover in London Heathrow Airport and I met a young man from Katy, Texas (United States). He worked for Shell and was on his way to Port Harcourt, Rivers State (Nigeria). He was reading a thick book about the dangers of living in Nigeria. We got into a conversation about his trip and I could tell he was petrified about going to Nigeria. At that moment, I thought to myself, what if this young man also had easy access to the positive elements of living in Nigeria? Imagine a platform that would have shown him great places to eat and visit while living in Port Harcourt.
-Mobolaji recounts his experience on a business trip

Akin and Mobolaji believe that Nigeria, known as the Giant of Africa, has positive stories to tell– from technology to politics, from politics to entertainment, from entertainment to fashion, there are people making positive waves…

M.O.

While attending a youth event in Johannesburg, South Africa for the MTV BASE Meets show, First Lady Michelle Obama (wife of the 44th President of the United States, Barack Obama) was spotted wearing Nigerian label Maki Oh by the young designer Amaka Osake. Michelle Obama took to the stage wearing a chiffon blouse from the Spring/Summer 2013 collection. – Source:africanfashionguide.com

 

 

 

The 234 Project is not in the business of denying that there are negative things to report about Nigeria, instead the project is simply advocating for the other side of Nigeria’s story.

Nollywood

The cinema of Nigeria, referred to as Nollywood, grew quickly in the 1990s and 2000s and became the second largest film industry in the world in the number of annual film productions, placing it ahead of the United States and behind only India. In 2013, it was rated as the third most valuable film industry in the world after generating a total revenue of NG₦1.72 trillion (US$10 billion) in 2013 alone, placing it behind India and the United States.
– Source: un.org/apps/news/story (UN News Centre)

ACTION
Akin and Mobolaji, in collaboration with their global team (a collection of young, brilliant minds), are building out an online platform with global access to tell the positive stories of Nigeria– from positive stories that impact celebrities to politicians, from boardroom bosses to classroom champions. The platform will be used to create and share content.

There are two value proposition pillars that they are keeping in mind:

Stewardship;
Empowerment

  • Stewardship – they are employing a network of young people in Nigeria to help create the content.
  • Empowerment – they are then connecting the content they create to action items like raising awareness, project fundraising, and professional networking.

 

RESULT
They have implemented some key performance indicators that are part of an ongoing evaluation process to measure the success of the project on multidimensional scale. Notably, in five years, the groundwork is in place to create hundreds of jobs (across different disciplines such as videography, writing, editing, and more).

Investment: Online Platform to Tell the Positive Stories of Nigeria
L = 50
I = 30
C = 40
Business Idea Metric: 120

To learn more about The 234 Project, please check out the online community

The 234 Project is active on social media: Twitter – @the234project | Facebook – The 234 Project | Instagram – @the234project

The Most Interesting Thing About Investing in Africa: Mobile Banking in Nigeria

The following post is from the e-book, The Most Interesting Thing About Investing in Africa, which features a series of conversations with entrepreneurs, community leaders, students, executives, and doers both home and abroad driving economic empowerment in several parts of my beloved continent of Africa.

Amara Udokporo, MHA and Kenny Udokporo, MCE, MCO
***
Amara and Kenny are investors in Net Gold Business Consulting.

Amara-Kenny

Investment: Banking of the People, By the People, and For the People in Nigeria
SITUATION
The Central Bank of Nigeria (CBN) spends approximately 34 billion Naira (N34bn) a year to print new paper money due to currency mutilation.  To address this critical issue of “cash waste” in Nigeria, CBN introduced the “cashless” initiative as part of an overall policy framework in 2011.  The framework identified a number of cashless methods (including checks, ATM cards, online banking, and POS terminal); but the most promising solution, both from the standpoint of dealing with cash waste and pulling the unbanked out of the shadows, has been mobile money.  Mobile money consists of a number of money transfer processes but it’s basically an electronic payment system that enables one individual or entity to transfer a specified financial value through a mobile phone to another individual or entity without using a bank account.

Unbanked

ACTION
NETGOLD MOBILE worked with the CBN to register as an aggregator and set up partnerships with CBN-licensed mobile money operators such as eTranzact International, First Bank, and Pagatech.  Here’s how the work flows:

  • Central Bank of Nigeria (CBN): Provides general oversight and issues licenses to the Operators.
  • Mobile Money Operators: Manage the technology platform needed for the financial transaction (eTranzact, First Bank etc.).
  • Aggregators: Act as the middle man between the Operators and the Agents.  An aggregator is a company that is registered with a specific Operator.  An aggregator recruits, trains, and manages agents within the platform.  NETGOLD MOBILE is an aggregator.
  • Agents: Sign up users and make a commission on the active users that they sign up. Agents are individuals recruited by an aggregator, and they can also conduct transactions on behalf of their users.
  • Users: Use the mobile money service to send and receive payments. Registration is usually free.

The daily mission for NETGOLD MOBILE is to break down the banking barriers for the unbanked (many of whom are located in rural areas) while providing job opportunities for agents (many of whom were previously unemployed).

Unemployment Word Cloud

RESULT
NETGOLD MOBILE is making progress in breaking down the following mobile money barriers:

  • Too Few Agents – By partnering with investors like Amara and Kenny, who have sophisticated professional and family networks that they can tap into, a concerted effort has been put in place to continue to attract more local agents.
  • Lack of User Awareness – The steady increase in local agents will lead to a steady increase in user awareness. In a survey last year, it was estimated that only 57% of available users knew about the service; but that number is now on the rise.
  • Agent Income and Business Model – As user awareness goes up, the earning potential for each agent goes up as well. Looking ahead…the good news is that the service continues to improve on key performance metrics and tools to help all the stakeholders involved manage the workflow.

Investment: Mobile Money Banking and “Banking On” the Unbanked in Nigeria
L = 10
I = 20
C = 10
Business Idea Metric: 40

To learn more about this service and get more information on how you can participate, please contact: Amara Udokporo | Kenny Udokporo

Andela Alumni “Tech-Effect” on Africa’s Youth

Andela wall art

Andela is on a mission to revolutionize Africa through technology spearheaded by Africans. This is a big challenge due to the inadequate supply of highly skilled tech talent in Africa. History informs us that successful revolutions require critical thinking, preparation, cultivation, and execution. So for Andela’s Africa tech revolution to materialize, there needs to be supply of local talent and the infrastructure to develop these talent to execute flawlessly.

Even Nigeria, Africa’s largest economy, is struggling with an adult literacy rate of just over 50% according to UNICEF. Although Nigeria allocates N392B ($1.9B) of the Federal budget to Education, assuming most of the money isn’t siphoned off to enrich corrupt officials, this is still disproportionately low for a country with a population size of over 170M. Moreover, (teacher) strikes at government-owned universities and colleges have become routine that many schools are forced to close for months while the students idle away. The students end up suffering the most from these strikes. And yet, these same students are supposed to be prepared to lead us into and in the future. Do you see the conundrum here?

A typical office at the Andela campus.
Some of Andela’s offices are set up like your personalized living rooms

According to a report by the UN, Africa boasts the youngest population in the world, a figure estimated at 200M aged between 15 and 24. In the same UN report titled: ‘Africa’s youth: a “ticking time bomb” or an opportunity?’ the authors point to the staggering youth unemployment rate as one of the major concerns of Economists. I don’t think you have to be an Economist to be concerned about the potential economic impact of this issue. In Nigeria alone, youth unemployment is well over 50% according to a report by McKinsey. This figure is alarming and does warrant asking if it is in fact a “ticking time bomb”. Remember Egypt?

Lunch time at the Andela campus...jollof rice, fried plantain, fried fish, and chicken was served.
Lunch time at the Andela campus (jollof rice, fried plantain, fried fish, and chicken was served that day)

Andela sees this degree of unemployment as an opportunity which is why the founders are placing big bets on Africa’s youth with their bold approach. The company’s business model, perks, and culture have been detailed in prominent publications such as Inc., Forbes, and Wired. They make for a good read. Read all of them.

Recent Andela Fellows
These fellows are taking advantage of one of the many open-work spaces

 

A cubicle free lounging room

During my last trip to Lagos earlier this month, I spent some time exploring the Andela Lagos campus with Iyinoluwa Aboyeji  Co-founder of Andela, Ebun Omoni – Director at Andela, and a group of recent fellows (Andrew, Oscar, Blessing, and Adebayo) to experience this revolution unfold firsthand.

 

 

With Ebun Omoni, Director at AndelaI left the campus feeling excited about the potential impact that current fellows could have once they leave Andela to start or join a new tech venture.

 

 

 

 

 

Andela recruits some of the brightest minds in Africa with their very selective process and puts them through an intense boot-camp that teaches a combination of computer programming and interpersonal skills before staffing these fellows on projects with clients abroad. The fellows get paid from day one of acceptance, no gimmicks. At Andela, it is much more than being just an amazing programmer, you also have to believe fully in their audacious future of Africa and take a lead role in shaping that future. Five to twenty years from now, many of these fellows will credit their time at Andela as the springboard to their successful venture. As Andela fellow’s technical expertise, business acumen, and confidence continue to accelerate, it will only be a matter of time before these fellows become tech job creators, not only for talent in Africa but talent across the world. I call this the Andela Alumni “Tech-Effect” on Africa’s youth (and the world).

With Iyi, co-founder of Andela
With Iyi, co-founder of Andela

Update as of June 16, 2016: Mark Zuckerberg, co-founder of Facebook, and Priscilla Chan, his wife, through their joint venture (Chan Zuckerberg Initiative LLC) invested $25M into Andela. This is just another validation that Andela is heading in the right direction.

 

 

 

 

 

Rooftop ping pong is one of the many perks at the campus
Rooftop ping pong is one of the many perks at the campus

Andela is hiring. Apply at  www.andela.co

Andela currently has locations in Lagos, Nigeria and Nairobi, Kenya; with plans to expand across Africa in the near future.

Follow and join their discussions on Twitter: @andela

 




25 Tips To Review Before Driving In Lagos

Lagos is the heartbeat of the economy in Nigeria which means life is fast there. It is not a place for the weak-minded. So, it’s no surprise that the driving condition in Lagos is a reflection of the city’s unique culture. As a driver and a passenger, the experience is scary but can be quite thrilling at the same time.  One thing is for sure, if you can successfully drive on the crazy streets and highways of Lagos, driving anywhere else will be effortless.

Night traffic in Lagos
Night traffic in Lagos

I consider myself a decent and polite driver; however, when I got behind the wheels in Lagos, I felt my driving style completely mutate into something I couldn’t recognize…but I knew I needed it to survive. Here are some tips I picked up as a driver and passenger.

    1. The lines demarcating the lanes are recommendations; at best suggestions. Actually they are opinions. It’s acceptable to ignore them. Just ignore them. If you see an opening, go for it, that’s your lane. In Lagos, you can create your own lane.
    2. The roads are so bad in many areas that the sight of good roads could make you want to accelerate. Go ahead and accelerate. Enjoy it while it last.
    3. Traffic lights are also suggestions. Red means go. Green means go. Yellow means go. Basically, just go. It’s always a pleasant surprise when a driver adheres to the traffic light.
    4. Try not to make awkwardly long eye contact with any of the street vendors unless your intention is to purchase something. By the way, you can buy just about anything from those vendors…even a new car!
    5. Signaling with your hand is more effective than using your signal light.
    6. The majority of traffic jams are caused by drivers slowing down to avoid multiple potholes on busy roads. #fixthebadroads
    7. Everyone is always in a hurry and impatient because their time is apparently more important than yours. Deal with it.
    8. When you cut someone off just stare them down as you do it. They will respect your audacity. And it will also make you feel like the “OGA ON TOP” of the road.
    9. It’s safe to assume other drivers do not have insurance. In the words of one of the taxi drivers that gave me a lift: “Wetin be insurance?”
    10. Be advised that the yellow taxi buses can stop anytime and anywhere so don’t follow too closely, unless you have brand new brake pads and comprehensive auto insurance.
    11. Expect pedestrians to cross the busy highways and freeways. Watch out for them.
    12. It doesn’t matter where you are going just know that there will be traffic.
    13. If you’re involved in a fender bender with a yellow bus taxi driver he would more than likely beg you to forgive him by lying flat on the ground. Forgive him and move on, it’s not worth the argument back and forth.
    14. Keep one hand on the steering wheel and the other hand next to the horn.
    15. Honking your horn is part of the driving culture in Lagos. It’s just a convenient way to let other drivers know that you do not trust their decision-making skills.
    16. The only person to trust on the road is you. Remind other drivers and pedestrians you don’t trust them by honking your horn loud and proud.
    17. Expect to get into screaming battles with pedestrians trying to cross the busy roads. Be careful because they may put juju on you.
    18. If you have any paraphernalia related to the Nigerian Police, Army, Air Force, or Military, then make sure it is displayed visibly for others to see. It will help you bypass those random police checkpoints.
    19. There is nothing random about a random check by the police. The police officers are skilled at sizing you up as you pull up. If you do get pulled over, make sure you have some lose cash (you know why) or a lot of time to spend arguing back and forth with them about random things like showing your permit for tinted windows.
    20. Non-injury accidents are taken care of at the scene of the accident. In essence, there is no veering off the road. Both drivers would more than likely step out of their vehicles and engage in a screaming match in the middle of traffic.
    21. Okada drivers always feel they have the right of way even when it’s obvious they don’t.
    22. Always lock your doors and wind up your windows as you drive, especially when stuck in stop-and-go traffic at night.
    23. One-ways are more like two or three ways. If the road can fit three cars why restrict it to just one car when three cars can go multiple directions? The unapologetic perpetrators are the Okada and Keke drivers.
    24. Okadas are like water. They find voids in traffic, unassigned lanes, sidewalks, and just flow through. Watch out for them.
    25. Many drivers liter. Watch out for trash flying out of vehicles in front of you.

 


An Okada driver transporting 2 passengers on a cloudy day in Lagos
An Okada driver transporting 2 passengers on a cloudy day in Lagos

What other tips would you add to the list above?