NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
Nigerian-British Businessman, Tomi Davies
Nigerian-British Investor Tomi Davies recently shared an anecdote about a surprising success in an early investment, where he turned a modest $5,000 investment into a substantial windfall.
Speaking with Big Tech This Week on Monday, Davies reflected on the unexpected growth of a venture he had initially taken part in back in 1999.
Davies recalled, “In 1999, a friend of mine encouraged me, and I invested $5,000 in a fantasy league soccer comic. We got the distribution up, and then we started to look at animation and video, which caught the eye of a South African company.”
This interest from a South African firm marked a crucial turning point for the project, as they sought to acquire a majority stake in the business.
He explained, “They decided to buy into the company and needed part of my shares to make their 51% ownership.”
When the firm wired the money for the transaction, Davies was shocked by the amount, saying, “For two days, I couldn’t sleep. Why? Because I didn’t want them to think Nigerians were fraudsters. I thought they made a mistake in the amount because it had an extra zero that I wasn’t expecting.”
Upon receiving $250,000 instead of the $25,000 he anticipated, Davies was certain an error had occurred. He reached out to his friend who had started the company, saying, “‘Hey, Ollie, there seems to be a problem. I was expecting $25,000. They sent me $250,000. Please, there’s been a mistake.’”
To his surprise, the response from his friend was reassuring. “‘Oh no, there hasn’t been any mistake. The valuation of the company means I just got three and a half million dollars. I’ve just bought myself a house,’” his friend told him.
Reflecting on the unexpected success, Davies shared, “So, I said $5,000 for half my shares, and I got $250,000.” The venture’s journey didn’t stop there; the company later became a valuable asset in the entertainment world. “That particular company today belongs to Disney,” Davies added. (Nigerian Tribune)