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Jumoke Oduwole, Ayo Babatunde, Okey Nwuke, Sonnie Ayere, Adia Sowho attend Tokunbo Orimobi’s Doing Business in Nigeria Series

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Distinguished business leaders and professionals in Nigeria gathered together at the Doing Business in Nigeria Series on Saturday 12th January at the Radisson Anchorage Hotel, Victoria Island, Lagos. The event which was part of the week-long 40th anniversary celebration of the global law firm, Tokunbo Orimobi, was an opportunity for panelists and guests to discuss Nigeria’s economic outlook in 2019.

In his welcome address at the event, Mr Michael Orimobi, Global Chairman of TokunboOrimobi, remarked: “40 years ago, we started this journey as a very small business in Surulere. We started with a team of just 2-3 persons. Today, we are a global business with eight offices in five countries, and at least a staff of 50 persons globally.We have also become the only and the first truly international legal practice out of Nigeria. We’ve shown people what Nigerians can do and we’ve been the only law firm in Nigeria that has real presence out of this country.”

Giving a speech during the event, Keynote Speaker, Dr. Jumoke Oduwole, Senior Special Assistant to the President of Nigeria on Industry, Trade and Investment, emphasized efforts the government has made in creating an enabling environment to do business with ease in Nigeria. “The mandate of the Presidential Enabling Business Council (PEBEC) is to remove bureaucratic bottle necks and to fix the perception of the business climate in Nigeria.A lot of hard work continues to go on and we don’t intend to have a wasted year in 2019,” she said.

A key highlight of the event was the panel discussion including, Mr. Sonnie Ayere, Managing Director, Dunn Loren Merrifield, Dr.Okey Nwuke, Group Managing Director, Coscharis Group, Mr. Ayo Babatunde, Managing Director, SunTrust Bank and Ms. Adia Sowho, Managing Director, Mines.IO Nigeria Limited. The panelists encouraged guests to have an optimistic outlook towards the growth of the Nigerian economy in 2019 and further urged businesses not to view the forthcoming elections with apprehension.

The Doing Business in Nigeria Series came to a close with the cutting of the Anniversary cake and the closing remarks from Mr Michael Orimobi.

More event pictures..

Cross section of participants

Tokunbo Orimobi Partners

Michael Orimobi, Dr Okey Nwuke and Adia Sowho

Dr Okey Nwuke, Sonnie Ayere, Adedoyin Jaiyesimi, Adia Sowho and Ayo Babatunde

MC: Deyemi Okanlawo

Cutting of the anniversary

For more information about Tokunbo Orimobi, please visit https://tolegalgroup.com/.

 

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Press Release

AfCFTA Extends Reach To North Africa

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The African Continental Free Trade Area (AfCFTA) Secretariat and N Gage Consulting signed a Memorandum of Understanding (MoU) to enhance implementation of the AfCFTA within Africa, with a focus on North Africa and Arabic speaking countries as well as harness the potential of the AfCFTA through targeted outreach towards positive impact in Africa. The MoU was sealed by the AfCFTA Secretary General, H.E. Mr. Wamkele Mene and Mr. Karim Refaat, Chairman of N Gage Consulting and Dr. Sherif Fahmy, CEO.

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The was established as an effort to eliminate trade barriers among African countries with the aim of creating a single market size of 1.3 billion people with a combined annual GDP of $3.4 trillion. As the largest free trade area in the world, the AfCFTA is expected to increase intra-African trade and promote regional economic integration of Africa and, as a result, contribute to the sustainable economic and social development of the continent through the creation of employment opportunities and the reduction of poverty.

Pursuant to the MoU, the two parties commit to strengthen cooperation and promote concrete activities in areas of conducting webinars, tailor effective roundtable sessions, public-private dialogues and to develop a series of monthly newsletters to disseminate relevant information through social media platforms with the aim of raising awareness of business and governments on the AfCFTA, its objectives and showcasing AfCFTA’s Guided Trade Initiative and its role in powering trade among members states. 

Additionally, the collaboration will facilitate the preparation for the AfCFTA Business Forum and The Intra African Trade Fair (IATF) and the execution of different capacity building programs for the member states in order to leverage the AfCFTA to boost intra-African trade and utilise Public Private Partnership (PPP) projects to support investment in infrastructure.

The MoU is expected to promote the AfCFTA as a trade liberalisation instrument and sustainable development enabler and accelerator as well as enhance intra-African trade as an engine for economic diversification and industrialisation.

As one of the leading companies operating in the area of government relations and public policy in the MENA region, N Gage Consulting is committed to support the AfCFTA and will deploy all the necessary resources to strengthen and expand cooperation with the AfCFTA Secretariat to enhance African trade integration. 

In addition to her impressive legal background, Rosemond has cultivated a niche expertise in the tech startup ecosystem. She has consistently provided comprehensive consulting, due diligence, and investor readiness services to numerous companies in the tech sector.

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Press Release

Koa Academy Wins MEST Africa Challenge 2023, Secures $50,000 Funding

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Koa Academy team

MEST Africa, a leading Pan-African tech entrepreneurship training program, seed fund, and incubator, proudly announces Koa Academy as the grand prize winner of the 2023 MEST Africa Challenge (MAC), securing a $50,000 equity investment after a competitive pitch battle among Africa’s brightest tech innovators.

In a thrilling showcase of ingenuity and entrepreneurial spirit, Koa Academy from South Africa stood out at the MEST Africa Challenge finale in Accra, Ghana, surpassing contenders from across the continent. This coveted startup competition, known for identifying and nurturing tech talent, saw Koa Academy clinch the top spot with its groundbreaking solution, poised to transform the Edtech industry.

The competition drew applications from hundreds of early-stage tech startups, rigorously assessed on criteria such as innovation, scalability, and team strength. Finalists from Ghana, Nigeria, Senegal, South Africa and Kenya competed in the grand finale, demonstrating their unique solutions and business models to a panel of esteemed judges, including investors and industry experts.

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Koa Academy, Winner of the 2023 MEST Africa Challenge and a South African innovator in online education, offers dynamic and interactive courses for grades 4-12. With a focus on engagement and accessibility, it champions digital learning, making quality education available to anyone, anywhere, and transforming the educational landscape in South Africa. The startup impressed the judges at the MAC Finale showcasing significant market potential, revenue growth, and social impact.

“Winning the MEST Africa Challenge has been an amazing experience for the Koa Academy team. It highlights the hard work and dedication that everyone has put into growing Koa. This recognition is not just an award; it’s a testament to the passion and perseverance that drives us every day. Amidst the challenges, this journey has brought us closer to others across the continent, forging relationships and connections that fuel our mission even further. We are reminded that we’re not alone in this endeavor and are incredibly grateful for the support and learning opportunities this challenge has presented,” said Lauren Anderson, Co-founder and CEO, Koa Academy, expressing gratitude and optimism for the future of tech startups in Africa.

Ashwin Ravichandran, Portfolio Advisor at MEST Africa congratulated the winner and finalists for their exceptional achievements and resilience. The event also highlighted the support of Absa Bank Ghana for contributing to the challenge’s success. The MEST Africa Challenge continues to be a pivotal platform for emerging tech startups in Africa, offering funding, visibility, and support to innovate and scale. Koa Academy’s victory underscores the vibrant potential within Africa’s tech ecosystem, promising a brighter future for the continent’s digital landscape.

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Deel Acquires PaySpace

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Deel announced today that it is acquiring African-based payroll and HR solution company PaySpace for an undisclosed amount. It is one of Deel’s largest acquisitions to date.

PaySpace has more than 20 years of payroll technology experience, providing payroll engines and HR services in 44 countries across Europe, Latam, Middle East and Africa for more than 14,000 customers. Its size, expertise, and proprietary disruptive payroll technology give it unrivaled scale and reach. Customers include multinationals across various industries such as Heineken, Coca-Cola Beverages and Puma Sports SA.

By acquiring PaySpace, Deel will become the first global payroll & Employer of Record (EOR) with its own full-stack payroll engine localized in 50 countries and integrated into its offering. Deel has the ability to be the system of record for HR organizations worldwide and can give its customers a simple and single interface to manage their global teams. All of this results in greater efficiency and control for companies, faster payroll cycles, more localized compliance insights relevant to their workforce, plus the ability to make changes to their payroll at any time.

The news follows Deel’s acquisition of leading APAC payroll provider PayGroup. Deel now owns the full HR stack- entities, local teams (legal, HR, payroll), and local payroll engines – across six continents. Its four-year ambition is to serve 100 countries with native payroll engines, and this acquisition is a significant step toward that goal.

Deel co-founder and CEO Alex Bouaziz said, “Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world. PaySpace’s single-platform payroll expertise and breadth of coverage, particularly in Africa and the Middle East, combined with PayGroup’s presence in APAC, will give Deel customers the reach they need to grow their businesses globally. Our long-term vision is to be the most comprehensive payroll system in the world.”

PaySpace’s proprietary technology is a cloud native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can localize much faster than any other payroll provider.

Clyde van Wyk, PaySpace Director explained, ”Like PaySpace, Deel strives to evolve its offering through disruption. We set out to modernize the payroll industry, which was burdened by manual processes and stringent legislative and compliance requirements, much like Deel revolutionized global hiring. This acquisition brings together leading employment services and payroll technology expertise, delivering a unique and powerful customer offering with unrivaled automation, flexibility and scalability.”

Deel also announced today that it has achieved $500M+ in annual recurring revenue (ARR) organically, outside of this acquisition. In under five years, the company has grown to 3,000 team members in more than 100 countries. It has been EBITDA positive and consistently generating cash for a year and a half.

Since its founding, Deel has transformed into the all-in-one HR and payroll solution for global teams. It owns 150+ entities in the world and now manages in-house in-country payroll teams in over 70 countries, in addition to offering Employer of Record, contractor, immigration, HRIS, and performance management services worldwide.

 

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