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Ruby Jubilee: Interview With Michael Orimobi, Global Chairman, Tokunbo Orimobi Legal Group

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Michael Orimobi, is the Global Chairman and Managing Partner of the Nigerian office of Tokunbo Orimobi Legal Group, a global law firm listed with the International Financial Law Review (IFLR1000) as one of the world’s leading financial law firms and has the status of a “Recommended Firm” with the IFLR1000 with presence in Africa, Europe and America. In this e-Interview, Michael speaks with Alaba Ayinuola, on the firm’s 40th Anniversary, running a global law firm, accomplishments, diversity and inclusion, predictions for 2019 amongst others . Excerpts.

 

“I am extremely grateful that all our plans to be Nigeria’s first international legal practice are unfolding.”

 

Q: Tell us about the history and heritage of Tokunbo Orimobi Legal Group, and how the firm has evolved? 

A: Tokunbo Orimobi was established on January 12, 1979. The firm will be 40 years this week. From a small boutique law firm in Mainland Lagos founded by my late father – Mr. Tokunbo Orimobi – in 1979, the firm has grown into a full service commercial law firm with 8 offices in 5 countries today. Our total staff strength as at today is circa 50 persons globally.

 

Q: Few days from now, your firm will be celebrating her 40th Anniversary. How do you feel and what thoughts and emotions come to mind? 

A: It is not very often you see any business survive four decades. God has been very faithful and we thank God for His mercies and grace. It has been an interesting and exciting journey for the firm. We had a vision and we stuck to that vision. I am extremely grateful that all our plans to be Nigeria’s first international legal practice are unfolding. I am happy, elated, ecstatic and proud of what we have achieved as a law firm.

 

Q: With offices in Africa, Europe, and America, what are some of the challenges in running a global business, and how are you leveraging opportunities? 

A: Growth and expansion are very good and exciting concepts but they need to be managed wisely. Ambition coupled with Wisdom leads to Sustainable Growth and Development. If one of these traits is present and the other absent, then you might have a problem. One of the major challenges of running a global business is that you have liabilities in multiple currencies thus; the movements in currencies become quite important to your cash flow. Also, having a global business means you are having to deal with the laws, rules and regulations of different jurisdictions. With offices in five countries, we are gradually becoming a global one-stop shop for bespoke legal advisory services. Clients have started engaging us for multi-jurisdictional retainers and for solutions to their legal problems in multiple countries.

 

Q: What are the biggest accomplishments since inception in 1979?

A: We became Nigeria’s first international legal practice with offices in Abuja, Ibadan, Lagos, London, New York, Port Harcourt, Port Louis and Pretoria. We grew in size with circa 30 people in Nigeria and circa 50 people globally. We have made a profit as a business every year since inception with a growth of at least 10% in gross income annually. Quality clientele has increased over the last few years with over 200 active clients globally.

 

Q: Where does your firm stand regarding diversity and inclusion, specifically female partners? 

A: We are committed as a business to diversity, equality and parity. As at today, I believe we have more female employees and most of our heads of departments are female. They are very committed and less distracted with the vicissitudes of life than their male counterparts. We have had a female partner in the firm in the past and currently have a female partner in our Mauritius Office. I look forward to having more female partners in our offices globally and even as members of the executives in our Global Executive Committee.

 

Q: What is the future for your firm and in what ways are you expecting growth? 

A: We are constantly expanding and growing and we look forward to having 10 offices by the end of 2019. Our plan is to be a global one-stop shop for our clients. When you come to us, you have access to our multiple offices, our partners and other fee earners globally. “Global” is the new currency of law practice and we are happy to be the mastermind of this new style of legal practice in Nigeria. We have also set up a foundation with which we would run our various CSR projects. We have benefited a lot from the society and we are definitely giving back in full scale. I intend to transition from the law firm and run the foundation full time in a few years from now.

 

Q: Tell us your leadership style and the best piece of leadership advice you have received? 

A: Tokunbo Orimobi is a knowledge bank. You come in, you learn and you are free to use the knowledge in whatever manner you want to use it. I love to train my staff, expand their legal knowledge and make them complete entrepreneurs. Our lawyers get exposed to administrative matters like business development, branding, budget, finance etc. This is the way I run the business. If you are open minded, you come in as a greenhorn and if you decide to leave the firm, you leave as an full-fledged entrepreneur. We might not be the wealthiest law firm in town, but we are certainly one of the smartest business lawyers in town.

Q: How do you feel as an African Entrepreneur?

A: Exciting times ahead for Africa. Africa is already becoming the toast of global investors. Africa is a territory of high risks and high rewards. I love taking calculated risks hence my penchant for making Africa the launchpad for all my businesses. Over the years, I have transitioned from being a commercial lawyer to being an investor with interests in various sectors of the African economy – banking, financial services, manufacturing, agriculture, commodities etc. I also sit on the Board of a decent number of African and Global businesses. This is why I love being a lawyer, it is a veritable spring board to do absolutely anything legal and beneficial. I started my career as an investment banker and this has helped a lot in transitioning me into an emerging face of Corporate Nigeria.

 

Q: What are your predictions for 2019?

A: As a capital markets and finance lawyer in Nigeria, I will focus my answer on the fiscal and economic matters.

Fiscal policy should loosen up in Q1 2019 due to scheduled elections in Nigeria; possibly another round of devaluation also in 2019. Due to increased spending from elections, there would be inflation which would increase the yield on bonds and thus bond prices would fall.

Fast-Moving Consumer Goods (FMCG) and Services sectors should drive growth in 2019 as we expect some increase in disposable income and consumer spending.

Most likely, investors would be in a holding pattern trying to see what happens with the scheduled elections in Nigeria. We are hoping that the government focuses on the economy this time around rather than on only corruption. We have a massive budget we need to fund and it is time to think out of the box.

For investors with “long-term money” this is the time to raid the equities market. Most stocks are trading below book value and stock fundamentals remain resilient.

Visit Tokunbo Orimobi Legal Group 

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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Press Release

Dream VC Launches Its 2024 Venture Capital Fellowship Program

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Dream VC, Africa’s foremost venture capital institute and investor accelerator announces the commencement of applications for the 2024 cohorts of their flagship African-focused Venture Capital training programs. Founded in 2021, Dream VC has trained more than 170 African and Africa-focused investment professionals across 3x successive cohorts and 5x programs, many of whom are currently leading and operating in different investment roles across over 65x African investment firms.

The annual remote venture capital fellowship programs provide the ideal launchpad for all aspiring and current investors to break into the African venture space, with an extensive curriculum, practical training, and direct exposure to world-class investors provided to both junior and more venture enthusiasts.

Dream VC’s tailored educational investor training programs are dedicated to creating the necessary pipeline of talent, the next generation of African-focused investors. Investor Acceleratorand Launch into VC are Dream VC’s remotely delivered flagship venture capital fellowship programs, both run entirely virtually. The two concurrently running programs provide an ideal launchpad for all aspiring and current investors to learn, practice, and sharpen the skills needed to successfully find, invest in, and grow African technology businesses.

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“The Dream VC fellowship was a big part of my journey into Venture Capital, it allows you to work alongside enthusiastic venture capitalists in the African VC ecosystem, gain hands-on experience in due diligence and deal sourcing, and build a strong network in the industry,” said Cinderella Alinaitwe, now an Investment Analyst at Pearl Capital Partners, a Dream VC alumni (2021 cohort).

“Dream VC is what I wished I had access to when I started my VC journey. The barrier to entry is high for anyone looking to break into the African VC industry, and going through Dream VC equips individuals with the necessary skills set needed to land that entry-level role at an African VC firm. With more African funds springing up every year, there is a huge opportunity to fill positions and get the best talent. The current gaps in the market for talent are huge, and Dream VC is plugging into a critical pain point. With Dream VC, you are sure of the best talents to hire from.” echoes Dayo Koleowo, General Partner at Microtraction and a past speaker at Dream VC’s venture capital training programs.

This year, Dream VC is back in full force with an expanded team and a success rate evidenced by the many funds that count Dream VC alumni on their teams. In 2024, the investor accelerator will accept applications for their now-familiar venture capital training programs from today, the 27th of February 2024. The two programs running for this year are:

Dream VC’s focus on accessibility continues, and Dream VC is proud to share that they have once again secured a round of commitments from their partners and alumni to enable the Dream VC Access Foundation (Dream VC’s scholarship arm) to provide much-needed support and financial assistance to any aspiring investor-in-training, who makes it through the application process but cannot cover a portion of the program costs.

“Our commitment at Dream VC extends far beyond merely churning out a set number of investors within a specific timeframe. We’re dedicated teachers and builders, meticulously identifying and bridging gaps within the investor ecosystem across Africa. We firmly believe in the immense potential of African talent. Through our programs, we’re shaping future leaders poised to enter various roles within the venture capital landscape, from joining VCs and launching funds of their own to becoming angels, venture builders, and ecosystem enablers at ESOs,” remarked Mark Kleyner, Co-Founder of Dream VC, highlighting Dream VC’s pivotal role and continued success rate in nurturing and empowering investors, funds, and corporate entities to actively participate in Africa’s burgeoning startup scene.

Applications for the 2024 cohort for “Launch into VC (LIVC)’’ and “Investor Accelerator” programs open on Tuesday, February 27th, and will close at 23:59 GMT on the 14th of April 2024.

Both programs will run concurrently from summer to autumn. Launch into VC runs for 4 months from June to Late September. The Investor Accelerator program commences in June and runs until October for a total of 5 months.

Interested applicants can apply for the 2024 cohort of Dream VC’s programs here before 23:59 GMT on April 14th, 2024: https://forms.gle/DJuY7QHsMMYxBEBZ9

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