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FORBES AFRICA has told many spellbinding business stories in its five years. The story of its own difficult birth is one of the most riveting.
The idea of the pan-African business magazine was born in the heart of a financial crisis which wiped out many investors and left businesses lucky to survive. The media suffered the most.
In the depths of the downturn in 2007, soon after launching CNBC Africa, a business and finance TV channel, the two founders, Rakesh Wahi and Zafar Siddiqi, wanted a magazine. It was the worst time to launch.
“The whole publishing market was collapsing around us. To launch a new title at that time; people externally would have said you are foolish. Some of our other shareholders did not want to invest in the publishing business owing to the economic downturn,” says Wahi.
The pair refused to throw in the towel.
“I had a strong feeling this was going to work. When I told Zafar about it, he only asked if how I felt about it and I told him that the brand would be an instant success and after his thumbs up, we ran with it.”
Towards the end of 2009, a meeting in New York sparked the interest in joining the worldwide FORBES family. The magazine has a string of franchises around the world, from FORBES MEXICO to FORBES INDONESIA.
Wahi followed his gut, in the face of scepticism.
“Every time we spoke about FORBES, people’s eyes would light up,” he says.
It was the right time, he believed. The pair waited for the market to turn around slightly and made their move.
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“We didn’t like that very few African business leaders had made it into the international version of FORBES… people didn’t understand that there is so much entrepreneurship going on in the continent,” says Wahi.
It wasn’t easy. Building a pan-African magazine was expensive and complicated; but the gap in business and finance reporting in the continent was there to be filled.
It took about two years to complete the legal agreements of the franchise. The most difficult challenge was hiring the right people to steer the magazine to the top. Wahi’s 13 years in the Indian army, where he had become one of the youngest to receive the Vishisht Seva Medal (a military decoration in India) in 1986, helped.
“The army teaches you about looking after people. The core of it is that you have to do things together and you have to inspire people.”
He brought these principles with him to the world of entrepreneurship.
“When we were looking at finding an editor for the magazine, I searched around trying to see who would be the right fit… I was impressed by the experience people brought to the table but something was always missing… Chris Bishop’s name came up because he had done a great piece of work for me a couple of years before that, and impressed, so we took him on… He said he would even do this job for free,” recalls Wahi.
Magazines were in trouble everywhere. In the United States, according to MediaFinder, 152 closed in 2011 and 82 in 2012. In South Africa, Heat, Seventeen, FHM, Sports Illustrated and Shape are a few magazines that shut down because of declining advertising, circulation and competition from online.
Despite this, on September 28, 2011, on a night of glitz and glamour in Johannesburg, billionaire Patrice Motsepe unveiled the historic first cover of FORBES AFRICA.
It turned out that Wahi’s decision to hire Bishop was the right one. In just five years, the team has turned FORBES AFRICA into the leading business magazine in Africa against the odds.
The magazine came out ahead of its competitors in the IPSOS Affluent Survey Africa in 2014 and 2016. The independent research study, released on August 4, shows FORBES AFRICA reached 163,000, or 4.7%, of the 3.4 million qualifying adults, aged between 25 and 64, across seven markets.
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“What we have managed to achieve in just five short years is truly remarkable. Our success is attributed to the hard work and dedication of our teams from across the continent,” says Sid Wahi, Executive Director at ABN Publishing (FORBES AFRICA).
The IPSOS 2016 figures show a 7% increase from the 2014 survey.
“As the founding editor of this magazine it gives me immense pride to see our circulation figures increasing; all this at a time when magazine circulation around the world is falling. I think this is a tribute to the hard work and determination of our young band of highly talented journalists,” says Bishop.
FORBES AFRICA’s work has been recognized by various accolades awarded to the journalists and the editor. The hard work is also appreciated by readers. In Zimbabwe, entrepreneur, Blessed Mushamiri, says he drives around the city looking for a copy each month.
“Sometimes I have to drive to five different uptown shops to bump into one but I don’t stop looking. If I can’t find one, I ask people in South Africa to send me some copies. When I read FORBES AFRICA it engages me in an affair of pure pleasure, an exciting brush with business in Africa that shows me, as a young entrepreneur, that I can participate in something rare and thrilling. It is a must-read for every businessperson,” says Mushamiri.
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In West Africa, Emeka Akano, CEO and Co-Founder of Jara Mobile Ltd, says reading about entrepreneurs from different backgrounds who make it to the FORBES lists has inspired and motivated him.
“Features in the prestigious FORBES AFRICA magazine have gone a long way in giving me much more exposure to a credible audience, increased my personal profile beyond measure, opened doors for new business opportunities and business connections,” says Akano.
No matter the praises, Wahi says there is still more work to be done. He wants to grow the magazine to an even bigger success story, as with many of his other businesses.
Wahi is a smart entrepreneur and risk taker. An audacious one, five years ago, put this magazine in your hands.

Behold The Business Bible Of Africa

There is a new avant-garde edifice in the heart of Lagos’ swanky Victoria Island. It is no mere edifice. Typically, it is where you would find Nigeria’s art, design and fashion fraternity converge under one roof.
You could call this edifice, a multi-level design gallery and retail haven named the ALARA concept store, a library of pan-African luxury.
Its founder Reni Folawiyo’s ambitions can be likened to the monumental edifice she has built. An art and design aficionado who worked as a lawyer for a decade, Folawiyo describes her store as a celebration of who we are as Africans today, a sign of our cultural awakening and a statement of where we are going as a continent.
It is clear Africa is developing a noteworthy appetite for luxury design.
When we meet at the store, we sit on contemporary carved wooden stools, with subtle Angolan Kizomba and Pasada music playing in the background. Folawiyo exudes a simple sophistication just like the surroundings we are in.
“I believe we need iconic platforms to project Africa and celebrate the different Africans doing great things all over the world,” she begins.
For this, she started from the bottom.
“I started to grow my passion by seeking to understand the creativity of the artists and designers on the ground. My association with them was important just for my own interest but it also began to grow into a curiosity for their functionality, growth and how they earned a living.”
Folawiyo left her career in law to chase her interests, one that saw her collaborating with young artistes in the design schools and the College of Arts and Technology in Lagos. She held weekend brainstorming sessions to help them monetize their creations.
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“We had fashion designers, painters, sculptors and I thought to connect them to our world would be to create contemporary objects that would be useful to people in their everyday lives. That way, they were utilizing their creativity and for me as an entrepreneur, it was viable,” says Folawiyo.
From organic wooden seats to hand-embroidered cushions created by fashion designers, the functional items were presented at exhibitions for sale. A variety of materials were also showcased, including leather and indigenous raffia fiber.
With demand for more pieces, Folawiyo soon decided to set up her own studio.
“I looked at the numbers and gaps in the market and realized there is nobody doing contemporary doors and joinery… I wanted to keep it local and tool it to perfection so that, if anyone looked at the piece, would recognize that it is African but also very contemporary.”
This led to the launch of Folawiyo’s joinery and doors company, a one-stop shop for all interior design requirements. As she began to travel more on the continent, she began to have a better appreciation for traditional artisans and designers.
“I realized there were many people like me who were trying to use old skills to do contemporary pieces. I became curious and started to inform myself about them, to see how they got to where they were and what they were doing to operate.”
Folawiyo speaks about a lack of exposure and appreciation for Nigeria’s artistes and designers.
“It is difficult for the artistes to break through as there is an aesthetic that people relate to which is different from what contemporary artistes are doing and if with this space [ALARA], we can encourage people and support artistes to produce collections that can be put in stores, then that will be a great feat.”
She highlights the need for design schools, technological support and encouragement in preserving artisanship.
“It’s important to find a way to preserve what we are doing locally and elevate it. This brought me to a point where I felt I needed to celebrate what I had found. Africa has not been seen as sophisticated and I wanted to show people that this is not the case.”
At ALARA, Folawiyo currently stocks names such as Loza Maleombho, Jewel by Lisa, Tiffany Amber, Maki Oh and a host of others.
“I also decided that in fashion especially, it was important to put both African and international designers in the same space because I feel that in order for our designers to grow and be respected, we need to place them side by side with the best of the world,” she says.
And to Folawiyo, every creation she lays her hands on has a touching story.
“A woman weaving a basket tells a story of her life. Her final product may be aesthetically pleasing but it is stronger for me because of the story behind it.”
Art. Design. Fashion. Folawiyo is on to the next chapter of her African success story.

Mrs-F14

‘We Need Iconic Platforms To Project Africa’

“I may have left Nigeria, but Nigeria has not left my heart,” says Beatrice Hamza Bassey, a Nigerian partner at the New York offices of prestigious law firm Hughes Hubbard. She is a product of a country many have fled to seek greener pastures in the great Nigerian brain drain.
Nigerians are fanatical about tertiary education. At home and abroad, they pursue exceptional professional qualifications; however, only a handful, willingly invest their expertise in the country as many a Nigerian are caught in the zeitgeist of ‘finding the golden fleece’. The gross underfunding of educational institutions has left the quality of education questionable as many migrate to develop expertise abroad.
Expatriate skills are highly sought after to make up for the lack of skill in the country. For many, the causes of the brain drain, is a double-edged sword. Those who were privileged to be educated in the West easily secure employment in Nigeria, which prompts young Nigerians to follow in their footsteps. At the same time, there is a high rate of unemployment among local graduates.
This shows a dire need to establish more educational institutions to accommodate the country’s expanding population while simultaneously providing the same standards as Western institutions.
Bassey, who also sits on the board of the Nigerian High Education Foundation, says: “Nigeria produced people like me. The education I had there prepared me to compete on the global stage. This means that we once had an excellent structure which we must find a way to return to. I’m very passionate about issues concerning education in Nigeria and the plan is to help raise more funds to push this course forward.”
She is a product of the famous Queens College, Lagos, University of Maiduguri and Nigerian law school. Bassey believes that in spite of the good, corruption still has the country in its firm grip.
“I was noticed because I worked hard. With hard work, the sky is your limit here. In Nigeria, hard work is not just enough.”
At the Pan African University, home to the prestigious Lagos Business School, FORBES AFRICA meets graduate students who are passionate about entrepreneurship.
Graduate student, Chivuzo Offiah, is positive about the future.
“We have the resources, the human capital and immense potential, this is why there are so many expatriates doing business here. Yes, a lot of professionals have left the country but there are still a lot of equally smart people here who can turn this situation around.
“Nigeria needs to give these people a chance. Executing the right policies at government level will make all the difference. Nigeria is a market for any economy. We need a critical mass of Nigerians who will clamor for change. You don’t wait to be empowered, you grab empowerment with your hands,” he says.
Offiah’s view is echoed by Godson Ikiebey, a PhD student in government policies.
“The government is inept, corrupt and incompetent but I still believe in the future of this country. I believe in remaining here to be the change we are clamoring for,” he says.
Jeremiah Iyamabo, a PhD student in marketing communications, is from a different school of thought.
“Based on the status quo and my goals, I do not intend to remain in Nigeria as the structure is not enabling. I tie the issue of the brain drain to the collapse of our collective value system, which has led to the breakdown of infrastructure. Why would I be faithful to a system that doesn’t have an enabling infrastructure for our development? There is a great disconnect between the educational institutions and what the industry needs. It is the responsibility of the government to bridge that gap and put the right structures in place.
Tope Falade, another master’s student, is also concerned about the future.
“I blame the citizenry of this country for not being bold enough to demand accountability from those we put in power.”
Previous attempts to reverse the brain drain, by attracting talent that had left the country, proved futile. For Nigeria, the impact of the brain drain is too costly and cannot be ignored any further.
In recent years, the Nigerian government—under the leadership of President Olusegun Obasanjo—addressed the issue of turning the brain drain into a brain gain through the formation of two new organizations. Nigerians in the Diaspora Organization (NIDO) and the Nigerian National Volunteer Service (NNVS) were created to harness the skills and talents of the Nigerian diaspora.
Bassey said: “On the brain gain, I won’t hesitate to find ways to lend my expertise to my country where required and I will embrace the opportunity to bring my skills back home in due course.”
From the halls of Nigeria’s finest institutions, to the corner offices of prestigious firms across the globe, all voices lean towards one truth—the future of Nigeria’s work force, dangles on a precarious precipice.
“We will be doing ourselves a great dis-service as Nigerians, if we don’t find a way to return to the previous level of excellence on all facets,” says Bassey.

Tag: Pan African

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