Business
How Aboyeji built $2b companies from Lagos
By Juliet Umeh
For years, Africa was seen mainly as a market for technology products developed elsewhere, with few believing globally successful technology companies could emerge from the continent.
That perception is changing, and one of those leading that transformation is Iyinoluwa Aboyeji, who co-founded Andela and Flutterwave, two technology companies that have each achieved valuations of over $1 billion.
Speaking in a recent interview on School of the Hard Knocks, Aboyeji shared the principles that shaped his entrepreneurial journey, offering lessons for young Nigerians seeking to build successful businesses.
Inspired by a dream
Aboyeji said his entrepreneurial journey began after watching The Social Network, a movie based on the rise of Facebook founder, Mark Zuckerberg.
“The really funny thing is that I watched The Social Network and, full circle, Mark Zuckerberg ended up investing in my first billion-dollar company,” he said.
That first company was Andela, a technology talent company that trains and connects African software developers with global employers.
For Aboyeji, what started as inspiration eventually became reality, demonstrating that ideas developed in Lagos could attract global investors.
Building systems, not just companies
Asked about the secret behind building billion-dollar businesses, Aboyeji did not point to funding or luck.
“It’s all about systems,” he said.
He recalled advice from one of his billionaire mentors, saying: “A billion-dollar company is just a bunch of people who could have individually built $10 million businesses but decided to come together and build one business.”
According to him, “the success of any organisation depends less on one exceptional founder and more on building strong systems supported by capable people.”
Teamwork makes the difference
Aboyeji repeatedly stressed that no entrepreneur succeeds alone.
“It’s the team,” he said.
He explained that assembling talented people around a shared vision was one of the biggest factors behind the growth of both Andela and Flutterwave.
Echoing that view, ARISE News co-host, Dr. Reuben Abati, said one of the biggest lessons from the interview was the importance of teamwork.
“He made a point about the team. He said it’s about the team. Teamwork, teamwork. If you come together and you have a good team, you will produce results,” Abati said.
According to him, many people mistakenly attribute business success solely to individual brilliance.
“Oftentimes, many Nigerians are delusional. They think you are such a genius that’s why you are progressing, but businesses are products of the quality of people that make that business,” he added.
Creating value first
Beyond teamwork, Aboyeji urged young entrepreneurs to focus on serving others before seeking personal rewards.
“The biggest advice for networking is to serve people. ‘How can I help?’ Those four words are the most powerful words in the world,” he said.
He warned against approaching relationships with a selfish mindset.
“Don’t be a taker. Give, give, give, give, give, and eventually, it will be given unto you.”
He added: “The more money you make other people to make, the more money you’re going to make yourself.”
According to him, “entrepreneurs who consistently create value naturally attract opportunities and long-term success.”
Learning from mentors
Aboyeji also acknowledged the role mentors played in shaping his entrepreneurial journey.
He said many of the principles that guided his businesses came from conversations with experienced business leaders who challenged him to think differently about leadership and growth.
Reflecting on the interview, Abati noted that mentorship, opportunity and divine favour all played important roles.
“First, he said, ‘Look at God.’ There is a God factor because sometimes you just find favour. It’s an opportunity,” Abati said.
He added that Aboyeji’s relationship with Zuckerberg and other global investors also underscored the importance of support and strategic partnerships in building successful businesses.
Simplicity despite success
Although Aboyeji has helped build companies worth billions of dollars, those who know him say he has remained remarkably humble.
ARISE News presenter Rufai Oseni described him as one of Nigeria’s most inspiring entrepreneurs, recalling interviewing him during the early days of Andela.
“I remember when I first interviewed him around 2012 or 2013. He came to tell the story of Andela, and shortly afterwards the company received that major investment from Mark Zuckerberg,” Oseni said. According to him, Aboyeji has continued to push boundaries.
“He’s a double unicorn. These two companies have crossed the billion-dollar mark, and he keeps pushing the envelope. He’s a great inspiration to young people.”
His colleague, Vimbai Mutinhiri-Ekpenyong, said one lesson that stood out was Aboyeji’s modest lifestyle.
“He’s one of the simplest, most understated people you’ll meet. You won’t see him coming and think there are billions around him,” she said. According to her, successful entrepreneurs often focus less on luxury and more on creating lasting value.
“People who are committed to building are ready to make sacrifices. They don’t spend too much time on unnecessary luxuries; they focus on doing the work.”
Building from Nigeria
Perhaps the most memorable part of the interview came when Aboyeji reflected on how perceptions about Africa have changed.
“There was a time people just didn’t believe billion-dollar companies could come from this part of the world. But look at God. Build, build, build,” he said.
Aboyeji’s story shows that Nigerian entrepreneurs can build businesses that compete globally despite challenges such as poor infrastructure and limited access to funding. His journey proves that success is possible with a clear vision, the right team, good systems and a commitment to solving real problems. His message to young Nigerians is simple: “Build, build, build.”
