Yahaya Maikori, a seasoned Nigerian attorney and businessman, has made significant strides across various sectors including gaming, sports, technology, media, and e-commerce throughout Africa. As the founder of Law Allianz, established in 2008, and co-founder of the renowned record label Chocolate City, Maikori’s expertise spans a diverse range of industries. He is a graduate of Obafemi Awolowo University and the University of London, and he was called to the Nigerian Bar in 1994. In 2013, Maikori became a member of the Law Society of England and Wales. His professional journey has been marked by notable achievements, especially in mergers and acquisitions, as well as debt and equity financing. In an exclusive interview with KENNETH ATHEKAME, Maikori discussed Nigeria’s regulatory environment and the risks and uncertainties faced by businesses in the country.
Navigating Your Entrepreneurial Journey in Nigeria
Maikori reflects on his early years, admitting that, despite his qualifications, the first decade post-graduation wasn’t particularly fruitful. Initially drawn to law by his father’s influence, he had dreams of becoming a contractor. However, due to a lack of connections and resilience, and the economic limitations of military rule, his ambitions did not materialize. After a brief stint at a bank, he realized that paid employment wasn’t for him and left without a clear plan, signaling a pivotal moment in his career.
Exploring New Sectors: Gambling, Tech, Sports, and E-commerce
After avoiding the legal profession for nearly a decade, Maikori eventually returned to it, seeing law as his safety net after other ventures had faltered. Yet, instead of focusing on traditional legal practices, he sought opportunities in emerging sectors. His interest in gaming, technology, sports, entertainment, and e-commerce grew as he realized the potential of these industries to converge through technological advancements and broadband access.
The Venture You’re Most Proud Of
While all his ventures, including Chocolate City and The Global Gaming Company, have been exciting, Maikori expresses the most pride in his law firm, Law Allianz. It has served as the foundation for his entrepreneurial journey and opened doors to numerous opportunities. The firm has played a pioneering role in sectors like gaming, technology, and entertainment.
Opportunities and Challenges in Nigeria’s Market
Maikori identifies several challenges in Nigeria, such as poor infrastructure, lack of access to credit, and low purchasing power. Nevertheless, the entrepreneurial spirit in the country is thriving. With a population of over 200 million people and approximately 30 million viable customers, Nigeria offers ample opportunities, especially when compared to smaller African markets. By introducing innovation and embracing technology, there’s great potential to revolutionize how business is conducted in various sectors.
Regulatory Impact on Business and Opportunities for Growth
The regulatory landscape in Nigeria plays a significant role in shaping businesses. In the gaming sector, a recent Supreme Court ruling has shifted regulatory responsibility from a two-tier system to state-regulated governance, which is still unfolding. However, there are concerns that overregulation may soon stifle the industry. In sports, the government’s dissolution of the Ministry and establishment of the National Sports Commission is seen as a positive move, especially with increased funding for infrastructure. Maikori advocates for a state of emergency in creative industries, which are the second-largest employers after agriculture. He also stresses that broadband access should be considered a critical government priority, on par with sectors like healthcare, as it facilitates access to commerce and knowledge for all Nigerians.
Adapting to Nigeria’s Economic and Cultural Realities
Context and localization are key factors in adapting any business to Nigeria’s unique economic and cultural environment. Maikori emphasizes that understanding local dynamics and tailoring solutions to meet these needs is essential for any business to thrive in the country.
The Role of Entrepreneurship in Nigeria’s Future
Entrepreneurship remains the driving force behind Nigeria’s economy. Faced with the absence of basic infrastructure, Nigerian entrepreneurs have developed innovative ways to solve problems related to power, security, and water supply. Maikori believes that Nigeria’s resilience in the face of economic challenges is due to the entrepreneurial ingenuity of millions of people who are engaged in informal trade and business activities.
Supporting Entrepreneurs and Small Businesses in the Digital Space
The Nigerian government has taken steps to support entrepreneurs through initiatives like the 3MTT and plans to deploy digital hubs nationwide. However, Maikori suggests that further investments in training, education, and grants will provide the necessary support to foster growth in the tech and digital sectors, enabling entrepreneurs to thrive in a competitive landscape.
