MOVE BEYOND THE THE RHETORIC ON CORRUPTION.... DAPO SIMON AJENIYA SPEAKS ON POLITICS AND MUSIC IN NIGERIA.move beyond the rhetoric on corruption

Mr. Dapo Simon Ajeniya, CEO Green36concerts

 

Dapo Ajeniya Simon (DSA) is the founder and CEO of Green36 Concerts, a firm that promotes musical concerts and creates tours for teeming un-engaged but yet talented young people in Nigeria and around the world. Before now he was a business advisor in the Diamond Bank Building Entrepreneurs Program few years back  and  he co-founded the advisory firm, Thomas & Wright and has worked with over 50 SMEs over the last ten years; through this organization, he worked on the success of emerging brands such as Wilsons Lemonade and Loopy Music which was co-founded with an award winning rapper artist, M.I (Jude Abaga) which later merged with Chocolate City in April 2014 to become the biggest (artist roster) indigenous record label in Nigeria. He has also had brief stints at Cash Link Finance and Investment Plc., the defunct Intercontinental Bank Plc. and Chams Plc.

Mr. Ajeniya has had the best of local and international education and his craving for knowledge at various times, has taken him to study at University of Tel Aviv, Israel, University of Ilorin and Lagos Business School with certifications in humanities and an MBA in Business Administration. In addition to his entrepreneurial odysseys, he is a political animal and one Nigerian who is passionate about good governance in our country. Femispremiseblog.spot.com  recently interviewed Dapo on many socio-political issues in Nigeria as well as on the future of music industry in year 2016 and his thoughts on these issues are deep and mind blowing, please enjoy below.

 It’s been over seven months that the new government has been in power, how will you rate this administration’s in terms of delivering its electoral promises to Nigerians vis a vis the expectations that came with its victory at the polls?

Clearly this government has said its main intention is to rid Nigeria of corruption. That is a laudable intention. Its execution may require scrutiny. On most of the electoral promises, I am not sure the government can achieve all within the shortest possible time frame, as I feel campaign promises in our clime tend to be more grandstanding rather reality based. In the long term, the opportunity exists. At the moment, this government is presently enjoying massive public goodwill. They should work to not squander it.

The new government of President Buhari recently presented N6.08 trillion 2016 fiscal budget to the joint session of the National Assembly and the President and his team said the budget would address many of the country’s problems. Do you really think that the government through this budget know the solutions to the current economic challenges? 

There are usually many ways to solve a problem. The important thing sometimes is the sincerity of purpose and the focus on the issues. Presently, I think the government and the opposition is way too divided to deliver on all her promises. To achieve the kind of economic recovery that Nigeria deserves, it is important that the government reaches across the divide. Our goal should be giving the Nigerian a better life and whatever is needed to do such should be contemplated.

Presently, there isn’t a clear cut strategy to fast track the rebuilding of the foreign reserves. Its depletion could lead the country into many social crisis which in turn could have an impact on the time frame for all the economic programs. I am excited about the stress on need to revamp agriculture. Again, it is a bit too early to give a verdict. I think after the first quarter, things will become clearer.

Listening to President’s Buhari’s speech while presenting 2016 budget at the joint session of the National Assembly recently, the President re-assured Nigerians of his strong commitment to fighting corruption in the country, what is your opinion on this issue please?

Like I said earlier, it is laudable. Clearly we need to move beyond the rhetoric on corruption. Every government since 1966 has promised to rid the nation of corruption. You should read up the first address giving by every incoming government since then. My opinion is the government can go about the fight in a more methodical manner, which will not put so much stress on the economy. What investors are most scared off isn’t necessarily corruption but instability. However, we as a nation are agreed that we need to rid ourselves of public sector corruption. Many government sectors have been so disrupted now to the point (with the anti corruption crusade) that business within the real economy is slowing. It will be interesting to see GDP figures and other metrics for year end 2015.

Now and then, we hear the new administration talk about the impunity of the past government, giving Nigerians excuses on issues. What are your thoughts, do you think these excuses are not already over flogged?

The coup plotters of 1966 blamed the problem on the    previous administration. The Obasanjo and subsequent PDP led governments blamed the issues on the prolonged military rule. Well today, this administration blames PDP rule. It will be interesting to see who will be blamed in 2019 and 2023. It will be sad though to actually have someone to blame then. I want to believe this government sought this mandate knowing all the issues. Their blame game is overflogged, There is too much work that needs to be done. According to McKinsey in 2014, youth unemployment was up to 50%. That’s enough work for any administration, not to mention the infrastructure challenges, security issues (Boko Haram) and currency rate instability. Youth unemployment is a ticking bomb. However, therein lies an opportunity, if you can get people working, you are half way there.

The mantra of the new government is “change”, what do you think will change in the governance of this country as we enter the historic milestone in 2016?

What should change is that we start to build institutions that can stand the test of time. A lot of our institutions are built around personalities. The EFCC had its glory years, same for NAFDAC and a few parastatals, and clearly their successes were tied to their heads. We need to bring these institutions to work and deliver on the assignment regardless of who the head is.

Nigerians have been advised to brace up for a tough year in 2016, beyond the challenges ahead, what opportunities do you see for entrepreneurs?

The vastness of the Nigerian market has always been a great asset for entrepreneurs. The Agriculture sector will open up. A $20 oil barrel regime is very near possible in 2016. Labor costs will go down which means this is probably the best time to launch a new business, provided one can find decent finance options. Again, going forward, Nigerian banks will seek to play a more active role, as most of their traditional incomes and floating capital are been capped through new policies.

Now, to the entertainment industry. Specifically the music industry in which you are one of the major stakeholders has been said by CNBC Africa in February 2015 that it produces over 550 albums of various genres annually with records sales that have tripled in the past five years and a projection that the entertainment industry would hit I billion dollar by 2016. Do you think this projection may come to reality given the recent economic challenges in the country?

Clearly, the industry can and will surpass one billion dollar mark in my estimation. Its main impediment is that there isn’t an entity or entities adequately equipped to market and distribute on a national and regional level. Most times the industry relies on informal sources which are still dealing with a capacity issue on their own.

Technology is proving to be a resource to help achieve this aim. Nearly 80 million people currently have access to the internet, especially through mobile technology. Most of the music marketing and distribution companies are currently private, but I think there might be need for consolidation in the industry or possibly having entities with a regional approach could help fast track the process. The Nigerian market is indeed vast and the right type of investments isn’t currently available within the industry. Hence, it means for such companies to not bite more than they can chew. Such niche positioning across the country

May I ask you, what opportunities do you for see in the entertainment industry in year 2016 with the recent purse string economy, mainstay set back, exchange rate crisis, infrastructural deficit etc.?

Clearly, artist performance revenues from shows are likely to take a hit in a downturn, but music like female fashion many times prove recession-proof. It is also likely that artists will choose more performances over favorable pricing. Expect more artist tours. There might be fewer pricey endorsements.

The music industry is a cohesive sector, which will keep having that conversation. I am certain by the time Nigerian Entertainment Conference comes up at the end of the first quarter, most of these questions will be answered. Downturns usually breed more innovation. People will be less averse to risk. There is a correlation between the level of innovation and the level of risk taking. Nothing ventured, nothing earned

 In January 2012 on your blog dapo-simon-ajeniya.blogspot.com you wrote an amazing article titled “ Mr. President: Simon has an advice for you” advising the then President Goodluck Jonathan on many socio-political issues, what advice will you like to offer President Buhari’s new government?

Channel youth unemployed youths towards agriculture

There is need to support technology accelerators and incubators. At least 3 Nigerian cities should vie to be the Silicon Valley for West Africa and indeed Africa over the next three years.

Work extensively on the energy sector. Getting to 10000mw over the next 2 years will create a vast improvement in economic fortunes and further aid the country’s competitiveness regionally.

Focus on rail transport. There is too much emphasis on road.(Lagos should focus on rail and water transport).

Continue with a zero tolerance for public sector corruption as well as focus on building lasting institutions

Reinvigorate the YOUWIN business plan competition from the last administration and the Bank of Industry accelerator funds.

And finally, what will be your advice to young entrepreneurs in Nigeria?

It’s hard, extremely hard, but it is in you to overcome it. Learn more about your business, surround yourselves with peers and mentors in your industry, don’t quit the idea, refine the idea if you must, and remember to sell your products every time, everywhere.