IYINOLUWA Aboyeji, a Nigerian entrepreneur, has achieved remarkable success in the tech industry, co-founding two unicorns, companies valued at over $1bn. Despite not having the personal wealth of prominent figures like Elon Musk or Mark Zuckerberg, Aboyeji’s accomplishments have positioned him among Africa’s most successful tech innovators.
Africa has seen relatively few unicorns compared to the United States, with only seven in the continent’s history, highlighting the significance of Aboyeji’s achievements. Often referred to simply as ‘E’ and known for his aspirations to build a tech-focused city, Aboyeji emphasises that African entrepreneurs should aspire to greatness while acknowledging the need for a unique approach.
‘We admire these guys, they’re inspirations,’ Aboyeji told AFP. ‘But when we’re looking for a path, we don’t look to them because they’ve got a completely different reality from ours. You’ve got to find your own way.’
Now 32 years old, Aboyeji has transitioned to funding startups, relinquishing his roles in both of his unicorns, Flutterwave, a fintech firm, and Andela, a training platform backed by Zuckerberg. His firm, Future Africa, one of the continent’s largest startup funds, is preparing to launch a new round of investments.
Despite the global economic downturn affecting tech startups worldwide, Aboyeji remains confident. He believes that the recession has unleashed people’s ability to build, as evidenced by the resilience and determination of African tech entrepreneurs. Future Africa has already invested more than $10 million in numerous projects, with a particular focus on fintech startups aimed at improving access to loans and banking services.
While continuing to support startups, Aboyeji is also leading an ambitious project to establish a tech-focused city named Itana. Comparing it to Delaware, the US state known for hosting international companies with its low taxes, Aboyeji envisions a similar environment in Lagos. Itana aims to provide housing for thousands of tech workers and offer tax breaks and incentives, with an estimated budget of $500 million. Notably, Silicon Valley investor Peter Thiel is among the project’s backers.
Regarding concerns about Itana being a tax haven or an attempt to bypass state control, Aboyeji and his partners vehemently deny these allegations. They assert that Itana will operate within an established free trade zone and abide by Nigerian law.
Aboyeji’s upbringing in a pastor’s family influences his investment choices, which he describes as ‘faith-driven.’ He seeks out companies with redemptive qualities that can transform communities and improve people’s lives. With a passion for creating opportunities, Aboyeji recognises the potential of the internet in lifting incomes and reducing unemployment in Nigeria, where over half of the population is under 18.
Reflecting on his journey, Aboyeji recalls witnessing thousands of young Nigerians desperately seeking opportunities to emigrate and find work. This experience motivated him to explore avenues for raising incomes in the country. Recognising the internet’s transformative power, Aboyeji believes that African entrepreneurs can dream big, even considering space travel if their ideas can enhance communication, akin to Musk’s StarLink mini-satellites.
While Aboyeji acknowledges the possibilities, he maintains a humble perspective, saying, ‘Never say never. But we’re not going to do space exploration or space tourism. I don’t think we’re there yet. I’ll leave that for my kids to contemplate.’
(with AFP)