Sasyrae Sandiego: Nigeria

Friday, August 2, 2013

In Pursuit of the African $$$ - Why the Barclay's/UBS/Citigroup Growth Strategy is Alarming

Aliko Dangote - Africa's Richest Man

Bloomberg posted an article today about big acquisitions of African wealth accounts as a primary growth strategy for some of the largest banks in the world, namely Barclay's, UBS, and Citigroup. As Europe and the US continue to struggle with the ever-lasting recession, Africa's growth and wealth prospects are high. "The number of Africans with at least $1 million of investable assets climbed 9.9 percent to 140,000 in 2012, according to a report published on June 18 by Cap Gemini SA (CAP) and Royal Bank of Canada. That was the fastest rate of increase outside North America."

Nigeria, Ghana, Kenya, and Mauritius are leading the pack. Wealth disparities aside, I am all for Africans building wealth both individually and that which trickles down into communities however the involvement of large European banks stinks of the 1600's. Barclay's as some of you know was handed one of the biggest reparations fines in history and was one of the first banks to explore opportunities on the continent at the beginning of the recent boom. They have largely been successful in acquisitions of business because they know the terrain. Let's not forget that pre-colonial Africa was doing quite well with the Ashanti tribe and others holding what today would be millions of dollars in gold and other assets. Barclays, as has been revealed time and time again was one of the most active banks involved in the slave trade and has had some presence for quite some time.

The vestiges of that history was evidenced by then State Assemblyman Hakeem Jeffries in his opposition to the naming of the Jay-Z endorsed Barclay's Center in historically black Brooklyn. I don't claim to be a conspiracy theorist or a financial scholar but I do know that fire need only to burn me once. As Africa's wealthiest build their legacy's, I hope their eyes are open to who they are leaving it in the hands of.

Sunday, March 3, 2013

My week in Lagos aka Las Gidi aka the time of my life!

Ocean Front High Rises on Banana Island

I was in Lagos, Nigeria last week for Social Media Week. It was the first African city to host the event and I had to be there to check out the action. I moderated a panel with the prince and princess of Lagos aka Luvvie over at Awesomely Luvvie and Tiwaworks, international man of mystery and founder of the Atlanta Greek Picnic. My sorors, Afripolitans, and dear friends Maadie and Tahira rounded out the bunch for what ended up being an EPIC week. As Tahira kept saying, after visiting Lagos, I understand my Nigerian friends on a whole other level! Lagos is a clash of everything you thought you knew about Africa and everything you would least expect. It's luxury at the highest level and people living on a dollar a day, they even have a section in their newspaper, The Guardian, called a day in the life of $1 per day where they feature an interview with an actual person - crazy! Imagine the NY Times featuring a weekly piece called life on a WIC check, too much.

I arrived on Sunday on a Delta flight (sidebar: if you don't go to Africa bc you think it's too expensive, you can get a Delta or Arik Air flight to Lagos for under $800 RT) and wasn't sure what the night would bring. But I was in Las Gidi and there is something going on seven days a week. We headed out to a party at Elegushi Beach, the nicest beach in the city, and rocked out until about 3AM. Mind you when we left some people were just arriving. There was a strip of clubs with indoor/outdoor space, it was pouring down rain outside and that didn't stop anyone from getting their entire lives on the dance floor. It was definitely a great "welcome to Lagos" night.

Monday was gametime, our panel "Entrepreneurship in the Digital Age" was sold out and we gave tips on social media for business to a packed room at the Porsche Center. Check out the livestream if you need some tips, get it while it's free. The energy of the young entrepreneurs in the room was so live you could touch it. You had locals and expats who were hungry to grow their businesses and contribute to Lagos' success on the world stage. That evening, the Afripolitans hosted a "landing reception" at the Sheraton Four Points Lagos". Our rooftop shindig was a sight to see, you think the Brits and Parisians have fashion on lock, visit Lagos. Men and women were putting on for their city! I wish I was going back for Arise Fashion Week this month.

Other than our panel, my highlight of Social Media Week, was meeting Lemi Ghariouku the man behind Fela Kuti's album art. The Showcase presented by 37th State and Eclipse Productions in some ways captured the essence of Lagos. It was held in a mansion, on Victoria Island, and was all about fashion, film, and culture. The people were beautiful and the Patron sponsorship, froyo sundaes, and kettle corn definitely added a nice touch. (Sidenote: The amount of free liquor I was offered daily in Lagos made me hate my Lent choice of no hard liquor). Mr. Ghariouku is the Nigerian Harry Belafonte, all at once all artistic and talented but DEEPer than rap music. It was an honor to hear him speak about his experience, thoughts, and connecting Africa to blacks in the diaspora around the world.

Life outside of Social Media Week was way too much for one blog post but I'll say this, if you're looking for a place to vacation - the beaches, nightlife, and history in this city will only leave you wishing you'd spent two weeks there instead of one. If you're smart - you'll also look to Lagos as an investment opportunity. Depending on your funds - Eko Atlantic a new development project is poised to be the Dubai of Africa. Get in while you can, Bill Clinton visited the project while I was in town. If you go, you must visit Banana Island (similar to Star Island in Miami Beach), I'd suggest staying at the Radisson Blu (we had lunch with the architect, she's 30 and amazing!), def hit up a few markets, check out Club 111, the 14th St Guesthouse for 24 hour chinese food, and take a day trip to Badagry to see Lagos' history as a slave trading point.

Check out my week in pictures below.