Connect with us

CEO Corner

Pineapple TV: Delivering Positive Impact And Instilling African Culture – Carl Raccah

Published

on

Carl Raccah is the Managing Director of Pineapple TV and has been firmly embedded in various disciplines in the Nigerian Entertainment Industry since 1996. He is a Creative Industry Professional with vast experience both internationally and locally. In this exclusive interview with Alaba Ayinuola of Business Africa Online, He talked about the inspiration behind Pineapple TV and his journey into the entertainment, media and production industry in Nigeria and Africa. Excerpts.

Alaba: Could you briefly tell us about yourself and journey into media and production in Africa?

Carl: I have been involved in the creative industries since I left school, though initially as a singer, songwriter, and performer. In the mid 80’s I worked with the two-time Grammy Award winner, the late Nigel Gray, at his legendary Surrey Sound Studios. Older readers may remember his work with The Police, Godley & Crème, Paul Brady, and a host of others. The engineer for my projects, who is still a good friend of mine, was Jim Ebdon; he’s now the live sound engineer for the artist Sam Smith.

In the 90’s, I had the amazing privilege of working with the musical genius and Grammy Award winner David Hentschel who produced, engineered and arranged works for Genesis, The Yellow Jackets, Elton John, Missy Elliot, L.L. Cool J, and the list goes on. I was born in Kano, Nigeria but went to school and lived in England until I came back to Nigeria in 1995. One of the first gentlemen I met was Mr. Jimi Awosika who was then the Creative Director at Insight Communication. He, very kindly, based on my music background, started giving me jobs for some of their clients. I worked on the music for the Pepsi Big Blue Campaign, I composed jingles for UBA featuring Daddy Fresh and I created the theme music for the original series of The Ultimate Search. I was also the Music Director for The X-Factor here in Nigeria.

This, and the revelation that Nigeria had a largely untapped popular music scene, made me interested in staying in the country and working alongside some of those artists. I mention this only to highlight that I was firmly embedded in music; I didn’t think I would ever be involved in producing television content let alone co-own a TV Channel. I always mention that the inspiration for the TV Channel came about when I noticed my son watching, learning and absorbing information from the shows on CBBC and Disney Junior. This made me wonder if there was content available that would resonate more with the African Child, content that they could identify with. This was ten or so years ago, and I was amazed that there had been nothing since the NTA show, ‘Tales by Moonlight.’ I understood then that there was a space, so that’s how the idea for Pineapple TV came about.

Alaba: Kindly tell us about Pineapple TV, the inspiration and who is your target market?

Carl: Pineapple TV started with a focus on a target market of children from the ages of 4 to 16. After about 3 months of broadcast however, we started getting feedback from parents and grandparents saying that they were enjoying the channel and were watching alongside the children. Then we noticed teenagers outside of our target responding also; those of the 17 to 20 something age group. We have now shifted our content production and acquisition to include shows for the family while ensuring that Pineapple TV continues to be a safe viewing space.

Alaba: How is your brand unique and what kind of content are you creating to entertain African families in the continent and in Diaspora?

Carl: I believe we are the only channel on the African Continent broadcasting Africa for Africa family content. By that I mean, 95% of our shows must be produced or licenced on the African Continent fulfilling our mandate of invigorating this sector of the Creative Industry while providing quality content that resonates with our audience, which is the African Family. The remaining 5% allows us to partner with content producers elsewhere on projects that will impact our audience. At this time, most of the shows we have produced are made in Nigeria, and I don’t see this changing. I have seen that in Nigeria we have the producers, directors, and crew who, given the opportunity, can deliver content to an international broadcast standard. They are dedicated, professional and passionate.

Carl Raccah and His Team (Imagecredit:PineappleTV)

We are currently developing a Pineapple TV Mobile App. When this is available our content will be available to families in Diaspora and the rest of the continent. We are in discussion with various broadcast platforms who have indicated an interest in licencing the channel to other parts of the world. I’m pleased to say the importance of the Pineapple TV initiative and concept is beginning to be understood.

Alaba: Can you share your major challenge and how are you navigating through this dire time?

Carl: As a new channel, there are a few challenges that we had to overcome. The most difficult is convincing a broadcast platform to understand what your channel offering is. I was very lucky in that I was given an opportunity to present the Pineapple TV concept to The Honourable Minister of Information and Culture, Alhaji Lai Mohammed, who understood fully what I was trying to achieve and actually said and I quote, “Carl… You are preaching to the converted.” He kindly asked Mr. Segun Adeyemi to oversee the progress of the project. Mr. Adeyemi in turn introduced me to the COO of Startimes. Mr. Tunde Aina and that is how we are now on Startimes Channel 129. These three gentlemen have played a significant part in our progress and I am grateful to them.

Alaba: What is your leadership style and philosophy?

Carl: That’s an interesting question but perhaps better answered by those in the Pineapple TV team. I do think that in a creative space however, one should have defined parameters, so procedures, reporting and work flows are adhered to, but at the same time ensuring the office space is friendly so that creativity can flow. I like to encourage the whole team to suggest creative ideas no matter how out-of-the-box they may seem and no matter what position you hold in the business; I have an open door policy and I ask the executives and heads of departments to offer the same; we’ve had some exciting content concepts come to fruition in this way.

Alaba: Which is more important, data or content to the future of marketing?

Carl: In my opinion it’s always going to be content. Consumer’s won’t spend their hard-earned money on data if the content isn’t appealing… I am of the mindset that, as consumers are able to access content via ever more varied and available platforms, that what they want to access becomes even more important. So, whether its an advert, a series, a film or a song, it better be fantastic! As the saying goes, ‘Content Is King’ and I believe this is hugely relevant now.

Alaba: How do you see the convergence of digital and TV play out?

Carl: In Africa, for the foreseeable future, I think both will share the same arena. Data is still quite expensive, and coverage is not available everywhere, or all the time. I am looking forward to when the country flips fully to DTT. That will give a great option for consumers and producers alike.

Alaba: How does your organization measure its impact and what is the future for Pineapple TV?

Carl: Pineapple TV is here to stay. We will continue to invest in our area of the Creative Industry to ensure Nigerian talent across the whole process of our production needs is supported and invigorated. By that I mean the various women and men who are actors, producers, scriptwriters, film crew and content producers.

Carl Raccah and His Team (Image credit: Pineapple TV)

We will also broaden our content appeal to ensure that Pineapple TV is the channel that African Families tune in to for safe viewing, educational, inspiring and entertaining programming. We measure our impact by the positive feedback from our partners.

Alaba: What would be your advice to aspiring media entrepreneurs and investors in Nigeria and rest of the region?

Carl: Pineapple TV took me over 10 years to get going from concept to first broadcast. I experienced many hurdles on the way. So, the most important advice I would give to aspiring media entrepreneurs is to understand from the onset that it will not be easy, you must be ready to persevere. It helps if you are passionate about what you are trying to achieve, because if you’re not, it may be difficult to endure, figuratively speaking, the bumps and bruises you will undoubtedly receive on the way to fulfilling your ambition.

Also, it’s important to note that the creative sector is a business just like any other, and that it’s vital that whatever your discipline within the industry is, it is approached with the same tenacity as other entrepreneurs apply to other sectors. As far as investors are concerned, because the Nigerian Creative Sector is exciting and vibrant at every level, it has many years of potential growth ahead of it. Whether investing in studios, concert venues, equipment rental, movies, make up outfits, fashion design, book publishing and all the other areas that make up the creative industries, there is room for dedicated professional well managed entities in every area.

Alaba: How do you relax and what is your favourite tourist destination in Africa?

Carl: At the moment, I don’t have too much time to relax, but that’s fine by me. I’m so grateful to have the opportunity to see 10 years of hard work trying to get this project off the ground actually moving now. Of course there are challenges, but every challenge resolved is a step forward. That’s a more relaxing place to be than wondering if the concept might ever get off the ground. For me and my co-directors, Heitham, Ali and Hadi Safieddine and for our Chairman, Mr. Francis Ogboro, The Pineapple TV project has become vocational.

We all fully understand the impact that our programming is having in inspiring culture and pride in all that is Nigerian and indeed African. We are happy to be playing a small but important part of Nation Building. As for my favourite tourist destination in Africa, that has to be Kano. I was born there, so whenever I go back, I’m filled with nostalgia and many amazing memories. When I visit Kano I feel I’m home.

Also Read Zahara Chetty: Equipping The Next Generation With 21st Century FutureSkills

P R O F I L E

Carl Raccah has been firmly embedded in various disciplines in the Nigerian Entertainment Industry since 1996. He is a Creative Industry Professional with vast experience both internationally and locally. As a musician he composed the jingles for many successful advertising campaigns and the theme tunes for The Gulder Ultimate Search Reality Show and ‘Diamond In The Sky’ for Diamond Bank.

As a producer he recorded successful albums for Yinka Davies, Ashionye, Daddy Fresh, Fadabasi and others. As a Production/Technical Manager, Carl has worked on some of the most ground-breaking live events in Nigeria such as Yello Fest, Star Trek, Star Mega Jam, The Tetmosol Girl Power Concert Tour and others. In conjunction with Sonic Spaza South Africa, he negotiated (licenced) the selected works of Ruggedman and Styl-Plus for use on the Nokia Express Music Phone and negotiated the works of various Nigerian artists, ‘The Nigerian Selection’ for use by Virgin Atlantic Airways as part of their in-flight entertainment bouquet. Carl Raccah is the Managing Director of Pineapple TV.

Visit: Pineapple TV

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

CEO Corner

Graça Machel Trust Appoints Melizsa Mugyenyi as New Chief Executive Officer

Published

on

Graça Machel Trust New CEO, Ms. Melizsa Mugyenyi (Image: Supplied)

Board of Trustees of the Graça Machel Trust, announces that Ms. Melizsa Mugyenyi has been appointed as the new Chief Executive Officer (CEO) and commences her tenure in this leadership role as of September 6, 2021.

A Ugandan by birth, and residing in Kenya currently, Ms. Mugyenyi brings to the Graça Machel Trust an impressive range of executive management and strategic partnership building skills, as well as extensive experience working in multi-country settings. We look forward to her leadership to expand our Pan African programming, nurture our diverse women’s empowerment Networks, and develop the necessary relationships to fortify our resource base and long-term sustainability.

Download BAO E-MAGAZINE

Ms. Mugyenyi will spearhead the conceptualization and implementation of a bold new Strategic Plan for our institution and take our work of social and economic transformation to greater scale and impact. The Board has every confidence in Ms. Mugyenyi and her ability to effectively steer our organization, in conjunction with our staff and stakeholders, to augment our impact on the African continent and expand our thought leadership globally.

“We are grateful to Dr. Shungu Gwarinda, who steadfastly served as our Interim CEO, driving us forward with a determined focus on advancing the rights of Africa’s women and children, and strengthening our institution and Networks during this interim period.  Dr. Gwarinda will be actively supporting this management transition and will resume concentrating her leadership in her substantive role as Director of Programmes.  We are grateful for her invaluable contributions to further the mission of the Graça Machel Trust”. said Mrs. Graҫa Machel, Founder and Chairperson of the Graҫa Machel Trust

To our valued partners, both current and future, we look forward to positively transforming the lives of Africa’s women and children together with you as we enter this exciting new chapter of our institution’s journey.

 

Continue Reading

CEO Corner

Interview with Katharina Dalka CEO of StellarOne, strategic and investment advisory firm operating in EMEA

Published

on

Katharina Dalka the Founder and CEO of StellarOne, seasoned strategic and investment advisory firm based in London, UK with presence in Europe, Africa and Middle East. Highly specialized in the technology sector, she advises investors, tech companies and financial institutions on all aspects of potential investment and collaboration opportunities. In this interview with Alaba Ayinuola of Business Africa Online, Katharina speaks about her career in finance and tech, StellarOne, investing and technology in Africa. Excerpts. 

 

Alaba: Could you briefly tell us about yourself and your career-path into investment and technology?

Katharina: I am German born and raised and studied finance and competitive intelligence in Paris. However, I started my career as an IT project manager, managing post-merger integrations like the one of Air France and KLM – a very hands-on job. It’s only afterward that I integrated a boutique consulting company providing strategy consulting to IT companies and investors that invest into IT.

In this company I was fortunate to work with an amazing boss who gave me the leeway to found my own in-house corporate development practice that I built first in France, then in Germany and finally in the UK. By then I lived in London and  took on an internal role as Head of Corporate Development in a tech company before founding StellarOne. I have always navigated between Tech and Finance, and likewise between operations and strategy – I can only advise on one if I know the other.

 

Alaba: What inspired you to launch StellarOne?

Katharina: I come from a family of entrepreneurs and felt the entrepreneurial fever for quite a while. It simply was time and I went for it. I knew I would bring something to the table with the unique approach of combining deep knowledge of Tech, Strategy and Corporate Finance skills. Also, it’s a highly male dominated environment, more women need to enter the space. It was an opportunity to contribute to do something I care much about. It was and still is challenging, however I must say that, beyond that, I receive the most amazing support from my male colleagues and friends.

 

Alaba: As an investment and strategy advisory firm in tech, what is StellarOne’s unique offering?

Katharina: First of all there is the knowledge of both operations and strategy/finance. I believe that it is important to know both, no point to provide high-fly advisory if it is not practicable. The StellarOne team is equally diverse in terms of competencies and background.

Furthermore, we emphasize on human relations and intercultural differences. The technical part of a deal is complicated but can be mastered. No deal is ever made if people don’t get along. It is important to manage energies in a deal, it’s not a one- off thing, people need to work together once the deal is signed. Also, what is offensive in one culture, is not in another – that can lead to a lot of misunderstanding during negotiations. Intercultural knowledge is something particularly important in cross-border deals, an area we specialized in.

 

Alaba: Who is the typical StellarOne Client?

Katharina: Either it is an investor who invests in a technology company. We accompany them from the target search, to the negotiation and the post investment enhancement. Or it is a technology firm, seeking for strategy advice, or wanting us to accompany a transaction. We are about to officially launch an offering for Financial and Public institutions in Africa that wish to work with tech companies. There are amazing opportunities, but a lot of gaps to fill. So, please stay tuned.

 

Alaba: Kindly share some of the investment advice you have made and the impact?

Katharina: Our projects are strictly confidential, so I won’t communicate any details or names. However I can say that we recently advised a specialized tech investor on a post investment enhancement project. The work took place over several months and redefined the entire corporate strategy leading to an important increase in growth.

 

Alaba: As an investment and strategy professional in tech, what are some of the challenges you face?

Katharina: StellarOne is very specialized and we provide custom advice. Every project is different, every client is different. This requires constant intellectual agility, depending on where we work. There are also geopolitical aspects to be taken into account. The most challenging part in my job is certainly the negotiation part though, it’s unpredictable.

 

Alaba: Women in technology are still in the minority. How are you encouraging and supporting other women to come be part of the ecosystem?

Katharina: First of all, I am leading by example. I want other ladies to see that both finance and tech are not reserved for men. I experience quite some adversity and I also encourage women to become knowledgeable, train and educate themselves. In a male-dominated environment, we need to be 3 times as competent until we can equal it out. Education is power.

 

Alaba: What is your view on the growth of investing and technology in Africa?

Katharina: It is a market of opportunities, with huge growth potential provided the entrepreneurs have the right accompaniment. Africa is a continent and doing business in Kenya is not like doing business in Ivory Coast. It requires people that know the business environment “on the ground” and can support the entrepreneurs in their growth. The continent is “leapfrogging” a lot of technology developments that more mature markets like Europe and the US went through before getting to where they are right now. This is accelerating the growth speed and innovation – for example, mobile money as we know it is an African innovation.

 

Alaba: If you weren’t in the technology industry, what else might you be doing?

Katharina: Most likely an architect or a musician.

 

Alaba: Where do you see yourself and StellarOne in the next 5 years?

Katharina: Always striving for excellence, supporting our clients in their growth, with a competent, skillful, diverse team operating in Europe, Africa and the Middle East. At that point in time we will consider the US market, too. 

 

Alaba: Finally, what advice would you give professionals who may be less experienced in this area?

Katharina: Be prepared to have stamina, it’s a hard job but it is extremely rewarding intellectually. Educate yourself – so many great free resources out there. And network as much as you can.

Visit StellarOne

 

Download BAO E-MAGAZINE

Continue Reading

CEO Corner

Ayodeji Balogun: The Genius Unlocking The Potentials of Africa’s Commodity Value Chains

Published

on

Ayodeji Balogun is the CEO of AFEX where he is leading a team of experts leveraging technology, innovative finance, and inclusive agriculture to connect agriSMEs and smallholder farmers to commodity and financial markets. He holds an MBA from Lagos Business School, Pan-Atlantic University; Global CEO – Africa from IESE Business School and a certificate in Creative Leadership from the THNK School of Creative Leadership. Ayodeji has almost 20 years’ experience trading across West Africa as well as in building and scaling businesses across Sub-Saharan Africa. He serves on several capital market boards and works with several institutions on food security and financing agriculture. In this interview with Alaba Ayinuola, Ayodeji shares the AFEX Story, Impact, future and more.

 

Alaba: Could you briefly tell me about AFEX, the gap it’s filling, and the strategic role you play?

Ayodeji: AFEX unlocks the potential of Africa’s commodity value chains through the development of innovative products and services around storage, logistics and trade with access to finance and a ready market serving as supporting pillars. Our processes are technology enabled, allowing for transparency across operations that support risk management structures and the flow of capital from diverse sources. This play is backed by huge investments in infrastructure which promotes a sustained growth in the commodities ecosystem with an attendant increase in the country’s productivity.

A key aspect of the work of commodities exchanges, and our work at AFEX, is to unlock financing. The pervasive view of agriculture as a high-risk endeavour dissuades the flow of capital into the sector, and to unlock finance, the first fundamental is to ensure that the risk profile is low and manageable. With systems for price discovery and transparency that are provided by a commodities exchange, it becomes easier to monitor the flow of money in and out of the sector, and by extension measure and manage risk, increasing the amount of finance that is made available to value chain efforts over time. 

Alaba: Where did the journey begin?

Ayodeji: The journey started in 2014. At the core of our operations was the need to lift African smallholder farmers out of poverty by providing scalable solutions in areas of finance, storage, and access to the market. Farmers live in a vicious poverty cycle primarily because they are financially excluded. They remain cut off from the formal economy, and almost all their assets exist in cash or near cash. This prevents wealth creation, especially, in an inflationary economy, and results in the continued reality of smallholder farmers, who produce over 90% of food in Africa, remaining the poorest and most underserved group in Africa’s economy. The commodity exchange model provides the infrastructure for fairer and more transparent trade by offering up its platform as a shared resource for key groups of people to participate in.

AFEX Team (Image: AFEX)

We believe in having firsthand contact with farmers we work with while bringing technology right to their doorstep by providing services such as access to warehouse receipt systems, financial inclusion, and access to credit and micro-insurance. On top of this, AFEX has built a platform that facilitates effective trading and settlement commodity transactions, helping to structure and formalize the commodities markets. The Exchange facilitates the aggregation and trading of grains through its expansive network of warehouses across the country, allowing farmers to access markets.

Alaba: Why are commodities exchanges important in the agriculture value chain?

Ayodeji: The essence of a commodities exchange is to set up a transparent and fair market system that determines the fair value of agricultural commodities and promotes a fair exchange of prices among key players in the value chain. Essentially, the commodities exchange unlocks price transparency and investment opportunities that drive wealth and prosperity to everyone involved.

Our five-year legacy in this industry is underpinned by a robust infrastructure to support trade, post-harvest processing, and manage risk in the sector. By engaging with the Exchange, farmers will be able to gain access to finance in form of inputs like fertilizers, seeds, and crop protection products while also being enabled to access support in terms of extension services that impart knowledge on good agronomic services. At the end of the season, the farmers can also access larger markets through the Exchange as their products can be aggregated with that of other smallholder farmers and furnish the orders of Exchange clients on the processor side.

This process is a transparent one where farmers can get information on prices and determine for themselves when to sell considering that our storage infrastructure also allows the farmer to store their produce in AFEX warehouses which have certain quality parameters that ensure that the grains retain their value.

Alaba: As one of the biggest victims of the pandemic. What actions have you implemented to remain in business and stay competitive?

Ayodeji: Yes, there were shocks to both the demand and supply side of the agriculture value chain that happened as a result of the pandemic. I think that it became evident to everyone, however, that it was important to figure out how to keep the country’s food systems resilient, and as a business we definitely stepped up to the plate to get this done. Our technology infrastructure was probably the biggest help in staying competitive.

Ayodeji Balogun (Image: AFEX)

We leveraged our value chain management platform, WorkBench, to continue running seamless operations, where our field officers could easily execute transactions and sync up with the head office in a way that ensured timely settlement of trade, precise logistics and relevant data gathering. This helped us have one of the best years so far in the business during the pandemic.

Alaba: Do you think the industry is still very attractive despite the pandemic?

Ayodeji: The agricultural industry is still very much attractive considering the number of challenges that still need to be solved for agriculture on the continent. The sector remained resilient despite COVID-19 induced shocks. In Nigeria, the sector grew by 2.14 in 2021, outperforming all sectors of the economy except for Telecommunications which grew by 12.9 percent. The economy is currently grappling for growth and the need to diversify the economy has never been more important. The agriculture sector holds the key to diversifying the country’s revenue base. By 2050, Nigeria’s population is forecasted to increase by 2.6%, reaching 400 million. This means more and more people to feed. Irrespective of what shock hits an economy, households must feed which makes agriculture play a vital role. Nevertheless, AFTCTA presents more opportunities for commodities and Nigeria has more comparative advantage.

Alaba: Could you highlight some of AFEX’s achievements and impact in the West African market?

Ayodeji: We now have the largest supply chain infrastructure/ network in Nigeria with over 70 warehouses across 19 states in Nigeria, which serve as hubs for smallholder farmers and traders to transact. AFEX also accounts for over 100,000MT of total national storage capacity, helping to prevent post-harvest losses. Over the past five years, we have reached over 160,000 farmers and traded over 200,00MT of commodities with a total turnover of USD68. 3 million (NGN 28 billion); matching orders from smallholder farmers and brokers with buyers on our trading platform at fair prices, continuously bringing value to farmers and ensuring quality in the ecosystem.

To date, AFEX has a record of many firsts, including being the first commodities operator to create and list the first-ever commodities index in Nigeria, and working with capital market players to structure debt securities to finance over 160,000 smallholder farmers. AFEX also launched the first Asset-Backed Commercial Paper in Africa to bridge the financing gap for processors.

Ayodeji Balogun (Image: AFEX)

We also have the largest database of credible farmer data complete with bank verification numbers and land coordinates. Still, on a platform level, we introduced the first digital trading platform for commodities in Nigeria, ComX, with an increasing array of innovative commodity-backed securities, and a learning module that further facilitates the education and information needs of the commodities market on the continent.

Alaba: In your view, what needs to be done to scale the commodities trade in West Africa where you operate?

Ayodeji: The first step is an investment in Knowledge. We must fill in the information gap about commodities trading. This can be achieved by deploying several education initiatives to foster financial literacy in the market. Already at AFEX, we have over 300 publications of our price data reports and quarterly reports on key commodities that can be traded on our exchange. Once data and information are available, we can scale at an exponential rate. When people have access to the right information on commodities trading then they can make informed decisions around it.

Secondly, we need to continue to solve the problems around productivity. Basically, ensuring that we are actually producing the volumes required at the other end of the chain. Part of this is ensuring that producers have access to credit and inputs that they require to improve their productivity. The third part is then ensuring the efficiency of our market systems. So there’s transparency and liquidity that incentivizes players to continually participate in the market.

Alaba: What benefits does the commodity market offer smallholder farmers?

Ayodeji: What the commodity market offers to farmers is an enabling environment for transparent and efficient trade. Farmers can access market information that allows them to make advantageous decisions in selling their produce.

Farmers enjoy key benefits in;

  1. Productivity: helping farmers produce at the right quantity and quality through access to credit (input financing program) and extension services.
  2. Storage: Warehouse infrastructure enables farmers to store produce and determine when to sell. Also, outreach networks at that level drives farmer registration and inclusion.
  3. Aggregation: Individual farmer produce can form part of a larger order for AFEX clients giving the farmers access to larger markets.

Ayodeji Balogun (Image: AFEX)

We already have a process in place via our outreach structure, which allows us to profile farmers and include them in our systems after which we disburse loans in form of inputs and actively provide support for them through the production cycle up to harvest when we trigger our repayment structures, but also enable the farmers to get access to a market for their leftover commodities.

Alaba: Early this year, AFEX secured $50 million for finance Agri-SMEs in Nigeria. What is the update and when do we start seeing its impact?

Ayodeji: The program is under implementation as we speak with many of the benefits playing out effectively. Essentially, the unique structure of the program is having a dual impact of helping food processors ensure constant volume all through the year and also mitigating the impact of price volatility. Despite the huge volatilities we have seen so far this year, the participants have been able to save millions of naira as they have been able to aggregate the required grains at key market-moving periods of the year.

Alaba: What are the future and next milestones for AFEX?

Ayodeji: Over the next 5 years, AFEX aims to scale 10 times on all our key numbers and metrics. We are looking to expand our trade infrastructure to include a 1 million MT storage capacity that will support a robust supply chain network. The goal is also to enhance the livelihoods of 1 million smallholder farmers, aggregate 1 million MT in trade volumes, and facilitate funding of 500 million dollars for a viable commodity value chain through which farmers and commodity merchants can access commodity and financial markets.

Alaba: A piece of advice to a young and budding investor, entrepreneur, or CEO out there?

Ayodeji: I believe that the tools needed for success in life are beyond building complex financial models and creating insightful decks. They require understanding people (millennials and tech-natives particularly) and how to keep them continuously motivated; understanding the world’s wicked problems (poverty, financial inclusion, climate change and adaptation) and how to create solutions that are commercially viable; and even harder, raising capital to solve these problems and creating social and economic value.

 

Download BAO E-MAGAZINE

 

Continue Reading

Ads

Most Viewed