Duale, Ovia & Alex-Adedipe (DOA), a leading law firm, successfully hosted the third edition of its TMT Business Law Breakfast Series on May 2, 2024. The event, themed “The Nigerian Tech Ecosystem: Policies, Investments and Global Trade,” brought together key stakeholders in the tech industry to discuss critical priorities for fostering growth and attracting global investments in the Nigerian tech ecosystem.

The event featured two panel sessions with distinguished discussants, including Olumide Soyombo (Co-Founder, Voltron Capital & Bluechip Technologies), Kola Aina (Founding Partner, Ventures Platform), Tosin Eniolorunda (Founder, Moniepoint), Yanmo Omorogbe (COO and Co-Founder, Bamboo), Olu Oyinsan (Managing Partner, Oui Capital), Tosin Faniro-Dada (Partner, Breega), Dr Femi Kuti (Founder, Reliance Health), and Femi Ogunjimi (Co-Founder, Cardinal Stone Capital Advisers). Hon Olatunbosun Alake, Commissioner for Science Innovation and Technology, Lagos State, also graced the occasion.

 

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In his keynote speech, Kyari Abba Bukar, Chairman of ARCA Payment Limited, emphasized Nigeria’s potential to become a preferred destination for investments, provided regulatory concerns and barriers are addressed. He stressed the need for government support, regulatory relaxation, and an overhaul of the educational system to meet the demands of a technology-driven future.

During the first panel session, titled “Unlocking Investment Policies, Reforms, and Regulations,” moderated by Adeniyi Duale (Partner, DOA), panelists shared insights on various aspects of the tech ecosystem. Hon Olatunbosun Alake discussed Lagos State’s investment fund initiative, while Adesuwa Okunbo Rhodes (Founder, Aruwa Capital Management) emphasized the importance of harnessing local investors and encouraging private capital mobilization. Tosin Eniolorunda shared his experiences in navigating regulatory challenges and the need for compliance in the fintech industry. Femi Ogunjimi advised startups on key considerations for building scalable businesses, and Kola Aina highlighted the significance of having local investors with context and connections to guide startups in navigating the Nigerian market.

 

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The second panel session, “Show Me the Money,” moderated by Nicole Yembra (Founding Partner, The Chrysalis Company), delved into fundraising experiences and investor perspectives. Yanmo Omorogbe shared lessons learned from Bamboo’s Series A funding round, emphasizing the importance of local angels and the challenges of dealing with international investors. Tosin Faniro Dada discussed the criteria and metrics she prioritizes when evaluating startups, including experience, market understanding, and storytelling prowess. Olumide Soyombo expressed his interest in backing companies addressing fundamental challenges in Africa, while Olu Oyinsan highlighted the significance of market potential and team dynamics in early-stage investments. Dr Femi Kuti shared his experiences in navigating investor relationships and the timing of fundraising.

The TMT Business Law Breakfast Series serves as a platform for stakeholders to engage in meaningful discussions and collaborate on strategies to drive the growth of the Nigerian tech ecosystem. By bringing together industry leaders, investors, and policymakers, DOA aims to foster an enabling environment for innovation and global competitiveness in the tech sector.

As the Nigerian tech ecosystem continues to evolve, events like the TMT Business Law Breakfast Series play a crucial role in shaping policies, attracting investments, and positioning Nigeria as a hub for technological advancements on the global stage.

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