33: How to Build a Company Ethically in Africa aka "NOT 419"

In this episode, Eunice Ajim discusses the challenges and risks associated with building a company in Nigeria. She highlights the negative impact of the African press on the perception of African startups and emphasizes the need for more positive coverage. Eunice also emphasizes the importance of due diligence in the investment process and shares her experiences in detecting fraudulent practices. She discusses the consequences of fraud for founders and the legal implications, especially for international investors. Finally, she provides recommendations for investors to mitigate risks and encourages ethical business practices. Takeaways - The African press should focus on sharing positive stories and successful use cases of African startups to counterbalance the negative perception. - Due diligence is crucial for investors to identify and mitigate risks associated with fraudulent practices. - Fraudulent practices can have severe consequences for founders, including reputational damage and difficulty in raising future funding. - International investors should be aware of the legal implications and potential challenges when investing in African startups. - Investors should consider working with experienced funds or syndications to leverage their expertise in conducting thorough due diligence. Chapters 00:00 Introduction and Setting the Context 01:17 The Role of African Press in Shaping Perceptions 02:12 The Importance of Due Diligence in Investing 03:10 Detecting Fraudulent Practices 05:00 The Consequences of Fraud for Founders 07:22 Legal Implications and International Investors 08:16 Recommendations for Investors 09:16 Conclusion Make sure to connect with Eunice Ajim on various platforms: Ajim Capital Website: https://www.ajimcapital.com/ Eunice Ajim Website: https://euniceajim.com/ LinkedIn: https://www.linkedin.com/in/euniceajim/ Twitter: https://twitter.com/euniceajim/ Instagram: https://www.instagram.com/euniceajim/ TikTok: https://www.tiktok.com/@euniceajim