Lagos, Nigeria, 5 February, 2015 – In furtherance of its vision to provide funding & growth capital for small businesses in Nigeria, and West Africa, the management of CBO Investment Management has provided seed-funding worth $2500 USD to three I.T entrepreneurs.
The entrepreneurs emerged as winners and finalists at the Entrepreneurs Pitching Contest organized as part of the recently held British Council Creative Industries Expo in Lagos, Nigeria.
Speaking during the presentation of the cheques to the finalists, at the CBO head office in Lagos, Chuka Mordi, Director, CBO Investment Management said: “The early stages of any business are absolutely crucial for entrepreneurs. By supporting these start-ups during their formative years, we are relieving them of the financial concerns, so they can focus on other key areas that contribute to the overall success and growth of their businesses.”
“We included a pitching contest for the first time this year in order to showcase the hidden talent among Nigeria’s creative and digital entrepreneurs and bring them to the attention of potential financiers, mentors and partners. We are delighted that CBO Investment Management recognized the value in this program and stepped up to support the next generation of entrepreneurs,“ said Nkiru Asika, CEO of Enterprise Creative, Nigeria’s leading development agency for the creative industries and the producers of the British Council Expo.
The event witnessed the finalists giving live demonstrations of their sites and online portals, and taking questions, comments and investment advice from the CBO Investment Management team.
Sulaiman Teslim Olalekan, founder of Shopinfo.com.ng, a mobile application that helps shoppers source goods in local shops, check stock availability and compare prices, was the overall winner at the contest. The two runners-up were David Ugoagbara of Priceleakers.com, an online marketplace for building materials, and Ayodele Elegba of Comicpanel.org, an online hub for comics and related industries.
Fielding questions from the entrepreneurs and providing business advice to them, Bex Nwawudu, Director CBO Investment management said: “The first lesson that entrepreneurs must learn is that having a bright idea is not enough. They must learn to innovate, monetize and build those ideas into sustainable businesses that positively impact the Nigerian and African economy. At CBO Investment Management, we are committed to continue raising funding for businesses such as these, because the growth of small businesses is truly the only way that we can develop Africa.”
CBO Investment Management is a West Africa focused Investment Manager that advises on investments, and manages funds on behalf of institutions, private clients, and African diaspora and retail investors.
CBO has invested over USD$49m and returned over USD$70m to investors. The company is focused on recycling ‘African Funding for African Business’ and using such to generate further foreign direct investment. In line with this mission, CBO is actively investing and raising a USD$150m Growth PE Fund, that is focused on SME investments within the West African sub region.