Aliko Dangote decides to open a US office to diversify investments

Aliko Dangote said he will open an office in New York, United States, to help diversify his investments and avoid the risk of currency fluctuations in Nigeria.
“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.

Dangote’s announcement to diversify his wealth to the United States had becomealmost indispensable following the African Billonaire’s the collective value shareholding in his companies reduced by a whooping N724.3 billion in 2019, dropping him to the 95th richest person in the world. Economic uncertainty in Nigeria and across Africa, as well as fluctuations in the naira, prompted this move.

Bloomberg Billionaire Index revealed that the net worth of the Nigerian businessman declined from $17.8 billion at the beginning of the quarter, to $16.4 as at, the 31st of March 2021.

The billionaire who is the founder of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his wealth decline by about 7.9% this year following the fall in the shares of his listed businesses.

Diversification is an investment strategy aimed at managing risk by spreading your money across a variety of investments such as stocks, bonds, real estate, and cash alternatives. Diversification does not however guarantee a profit or protect against loss.

A member of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC), Prof. Adeola Adenikinju, warned that the naira faces a big challenge ahead unless certain conditions in the economy challenging the local currency’s stability are addressed.
In his personal statement to the CBN, the Research Professor at the Centre for Econometrics and Allied Research, University of Ibadan, Prof. Adenikinju, said the fall in foreign reserves and deterioration of current account balances are red signals pointing to a difficult time ahead for the naira.
The naira depreciated at the Investors’ & Exporters’ (I&E) windows by 0.49 percent to close at N363.49/$ from N361.7/$ but the local currency has stayed around N306.95/$ at the official market. Gross external reserves declined further by 1.16 percent to $39.24 billion from $39.7 billion at the beginning of the month. The sustained decline in external reserves led to a reduction in Nigeria’s import cover from 9.88 months.

Adenikinju explained that although the foreign exchange rate markets remain relatively stable at both the Bureau De Change and the Investors’ & Exporters’ (I&E) windows, the weak performance of the current account balances, fall in foreign reserves and the small margin between oil price and the benchmark price for oil, implies that there could be increasing pressure on the naira in the medium term if the existing conditions subsists.(

The pressures from the underperforming Nigerian capital market influenced by a bad Nigerian economy poses serious risks to assets loss of the Africa’s richest. Hence, the need to protect his wealth.

The COO of the Enterprise Ecosystem Support, Clement Davids shares his thoughts on this issue;

“With so much institutional voids present in Nigeria some of which would include corruption, unfavorable business policies, unstable business ecosystem, high inflation, insecurities amongst others raises concerns for investors and reduces FDI to Nigeria.
One would imagine that someone like a Dangote who sits as the richest African man would be concerned about the Nigerian business climate and will look to secure his investment offshore.

In order to boost and attract more FDI to Nigeria, the government must constantly tackle these institutional voids. It must be able to assure investors of investment securities by tackling the high rate of inflation, providing security across its regions, and enacting policies that will help businesses grow rather than stifle them out”.

African companies can learn from Dangote’s diversification and globalization strategy using the Dangote cement company as an example.

“The Dangote Group is the largest industrial conglomerate in West Africa and one of the leading diversified business conglomerates in Africa. It employs in excess of 21,000 people. The product range and interests include cement, sugar, flour, salt, pasta, beverages, and real estate, with new projects in development in the oil and natural gas, telecommunications, fertilizer, and steel” Gabriel Domale . (

Relocating assets to a more stable to prevent loss was a strategic move.

Crypto: Nigeria will soon have its own digital currency— CBN 


“We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.” Godwin Emefiele

The CBN’s recent announcement by its governor on Nigeria having its own digital currency soon has been met with mixed feelings from citizens.

Following a directive issued by the Central Bank of Nigeria in February, banning cryptocurrency trading in Nigeria,  The central bank of Nigeria (CBN) has through its, Deputy Governor Adamu Lamtek clarified a statement it issued last month that seemed to order financial institutions to shut down all accounts associated with cryptocurrency trading. The directive is not to be mistaken for an outright ban but only reiterated an already imposed 2017 ban on institutions facilitating cryptocurrency transactions.

CBN had never banned cryptocurrency activity in the country. He expressly clarified.

In the meanwhile, BBC reported estimates show that of the top 10 countries for trading volumes, Nigeria ranked third place after the US and Russia in 2020, generating more than $400m worth of transactions. Consequent to CBN’s directive on the supposed ban, more cryptocurrencies were traded.  Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer-to-peer trading in Nigeria surged by 27% since the CBN directive took effect.

The concerns of an average cryptocurrency trader are the questionable motives of the CBN following its hostility in recent times. The truth however remains that cryptocurrency is the future of currency and everyone had better come into that awareness soon. The CBN is not excluded and would rather have its own digital currency for the nation.

The worries of cryptocurrency volatility is another factor on one end following its recent rise and deep leaving a lot of traders in humongous losses. Livemint reports Bitcoin investors lost $14.2 billion in recent crypto crash. A number of huge losses also followed on Altcoins. The market dump were reportedly instigated by Elon Musk’s tweets and maybe some behind the scenes we are not privy to. However, the concerns of its volatility remains major. The market can get choppy. Given these factors, what holds for businesses in transacting crypto as a medium of payment?

Over four years after the CBN had recognized the disruptive power of the digital currency, it backtracked in February, rolling out a new directive to insulate the financial system from the ruin of digital currency investment, a bull run that has since popped. But the CBN’s recent move is a flash in the pan in a seemingly coordinated race to curtail the speed of crypto investment or, perhaps, its volatility.

Suggestions of regulatory bodies for cryptocurrency have been voiced. If the regulations occur, then the  uniqueness of the blockchain is about to be tampered with.



Africa Day; Impacts and Implications on African Businesses



This year’s celebration of Africa couldn’t have been more remarkable. Africans all over the world came gathered to celebrate Africa day. The tales of the African heritage is not infamous. The sufferings and events that have gotten Africa this far.

The emergence and impacts of Covid-19 cannot be sidelined. The whole world was at the mercy of the virus. The world’s recovery from the pandemic is ongoing. Africa resisted the virus. Scientists proposed Climatic factors and genes of the black race to be contributors in putting a resistance against the virus. Yet again, Africa is proven to survive.

On May 25, The day formerly known as African Freedom Day and African Liberation Day) is annually celebrated in the commemoration of the founding of the Organisation of African Unity (OAU) on 5 May 1963. This year’s theme was Arts, Culture, And Heritage: Levers for Building the Africa We Want.

Colonialism was a huge blow on Africa. The stories of the white masters and slaveries have been passed down to generations. On this special day, the continent celebrates African Unity and the attainment of independence from the yoke of colonial powers.

Birthed out of quest for all African states to achieve political independence, the goal has become broader and encompasses having a united, economic-booming Africa.

Sadly, Africa still faces a host of challenges as it cannot boast of full economic and social independence. There is still much to be done for the full economic and social liberation of the African continent.

“We must unite now or perish… We must recognize that our economic independence resides in our African union and requires the same concentration upon the political achievement.” – First President and Prime Minister of Ghana, Kwame Nkrumah in his address at the founding of the OAU, Addis Ababa, 1963.

Small businesses play a pivotal role in the economic growth of Africa accounting for about 80% of all businesses in Africa. It is safe to assert that the African economy thrives on the success of these SMEs.

In South Africa, SMEs account for 91% of businesses, 60% of employment and contribute 52% of total GDP. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment (

With so much grounds covered by SMEs in the economic growth of Africa, a host of challenges ranging from lack of access to funding, non-conducive environment for business growth, harsh government policies, corruption, power shortage, poor management skills and inadequate information. These challenges have taken huge turns on Africa curbing its growth.

In light of celebrating Africa’s day, African should be reminded of where it used to be. Our resilience from gaining independence. A continent strong enough to cater for its people and relieve worries of the basics. We are reminded of the sweats and labor of the heroes past. The courage of those who fought for African countries independence.

A reminder of what we can achieve with a united effort, a reminder to our leaders of the oaths they swore to serve the people right, a reminder of integrity and honesty, a reminder to the business owner to do business excellently defiling the odds, a reminder to the struggling business of how the Africa always gets the job done. It’s a wake-up call to everyone, the feats achieved so far, and the future that lies ahead.

“The evolution of humanity says that Africa reaffirms that she is continuing her rise from the ashes. Whatever the setbacks of the moment, nothing can stop us now! Whatever the difficulties, Africa shall be at peace!” –Thabo Mbeki former President of South Africa, “I am an African” speech delivered on 8 May 1996.

On the development and sustainability of African SMEs, The Organization for economic cooperation and development ( OECD) shares;

SME development requires a cross-cutting strategy that touches upon many areas (e.g. ability of governments to implement sound macroeconomic policies, capability of stakeholders to develop conducive microeconomic business environments, inter alia, through simplified legal and regulatory frameworks, good governance, abundant and accessible finance, suitable infrastructure, supportive education, sufficiently healthy and flexibly skilled labor as well as capable public and private institutions, and the ability of SMEs to implement competitive operating practices and business strategies). Thus, SME development strategy must be integrated in the broader national development strategy and/or poverty reduction and growth strategy of transition and developing countries.

Dialogue and partnerships between the stakeholders (public sector, private sector, and civil society) fosters ownership of these strategies, engenders them more implementable (by better addressing SME needs), making them politically credible, and sustainable.

Access and integration into local, national, and global markets require substantial investments in sustainable institutional and physical infrastructure development and service delivery to SMEs in all areas, including those that are rural and/or remote. Continued dialogue and partnerships between stakeholders into implementation and review of supportive measures, particularly, those related to capacity building in executing institutions, yields improved outcomes.

Enhancing women’s ability to participate in SME development should be taken into account at every level, as women account for an important share of private sector activity and contribute most to poverty reduction. Gender dimensions need to be mainstreamed throughout SME development strategies and programs, with additional specific, targeted initiatives directed at critical roadblocks.

While celebrating Africa for its heritage, resilience, beauty, and culture, we also stand up to the best of how Africa can get. The  race was never known for cowardice.


Enterprise Ecosystem Support Ghana Entrepreneurs Workshop


The 2021 Ghana Entrepreneurs workshop featured selected Ghanaian aspiring and existing entrepreneurs for a 2-day intensive workshop facilitated by the Enterprise Ecosystem Support on the 21st and 22nd of May, 2021.

Despite SMEs contribution towards the development Ghana’s economy by making up over 70 percent of the Ghanaian GDP (IPA), the numerous challenges affecting this sector include; lack of credit schemes and facilities, low capacity of research and development in technology, globalization and inadequate managerial knowledge and skills. .(SSRN)

Moreover, research by Ricoh reveals that small and medium-sized businesses (SMEs) are in danger of failing if they don’t adapt to digital disruption, regulatory requirements and the economic shifts that are fundamentally changing their markets. 3300 SME leaders surveyed from across 23 countries say they will go out of business by 2020 if they aren’t able to innovate in response to these changes.

More than ever, the need for SMEs to embrace digital in order to thrive in a none-spared disruption has become pertinent.

This is the drive for the Ghana Entrepreneur Workshop facilitated to support small business in scaling through these challenges and others.

Farouk Khailann, the Chief Executive Officer of Premium Africa Holdings facilitated Validating your business Ideas. He reiterated the need for testing an idea prior to launching, practical tips on how to rightly validate as well as providing answers to participant’s questions.

Opeyemi Awoyemi, former co-founder of Jobberman and the founder of who-go-host, one of Africa’s finest young entrepreneurs and industry leaders facilitated leveraging technology in building a global business. whilst also providing tons of answers to participants’ questions.

Gabriel King, founder of SOLNetwork facilitated on business processes and structures.

Divine Egbunna, Brand strategist at Cognitrix consult gave amazing insights on branding and practical tips on how to build a good brand reputation

“ The sessions have been nothing but awesome. I have more knowledge and insights to push my business to the next level. Thank you Enterprise Ecosystem Support” John Kubo  said.

“My joy was clicking on that link that registered me for this workshop. I am seeing results in just few days”

Princess Fuda had to say.

Workshop post-training support provided participants with supports ranging from access to funding, the opportunity to network with our community of business leaders in Africa, mentoring, business updates, and relevant discussions that enable growth



Bumpa; Our May Business Startup Crush                                                                                                          

The paradigm shift from traditional methods of business processes and management to leveraging technology has become imperative for efficiency and scalability.

Leveraging technology is a strength the MIGHTIES have always explored. Industry giants being privy to some tools have always used them to their advantage. “Companies that invest more in digital transformation actually outperform their peers over time. These companies are more prepared for disruption, better able to monetize new digital channels, and better able to build a bigger user base. What’s more, this phenomenon exists regardless of industry.”  Geoff Cubitt, CEO, Isobar US.

With the help of technology, digital transformation enables businesses to improve customer experience and get customers what they want conveniently. Hence, more than ever, the need to embrace and adopt digital into strategies has become pertinent.

With digital eruptions sweeping everywhere, automations have become more prevalent;

The use of technology to execute recurring tasks or processes in a business where manual effort can be replaced. A call for efficiency demands that processed and management go digital while humans play supervisory roles.

In the celebration of May’s business startup crush, we acknowledge Bumpa; a business and processes management tool providing ease for businesses across.

Bumpa is an amazing no-code tool that developers or business owners need to sell online and manage their business from their mobile phone. Bumpa provides you to;  set up a free website, manage your inventory, track your transactions, debtors and orders across all your sales channels including social media, marketplaces and your physical store.

Bumpa also provides you with an easier way to create and host a website for your business for free, manage your sales across social media platforms, engage your customers and manage your cash books for free both online and offline, all from your phone.

Bumpa is free and can be downloaded via any of  these links below;


Never a good option to be like these two (lol)

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