Doing business in Nigeria full of challenges, opportunities — Oluwaseyi Fayemi

The founder and Chief Executive Officer of SohCahToa Investments Limited, Oluwaseyi Fayemi, tells KEHINDE AJOSE about his entrepreneurial journey and other issues

As the founder of SohCahToa Investments Limited, what are your responsibilities?

My responsibilities are multifaceted. I oversee the overall strategic direction of the company, ensuring that we remain aligned with our vision and goals. This includes making key business decisions, managing resources, and leading our executive team. Additionally, I am heavily involved in developing and maintaining relationships with our clients and stakeholders, driving business development efforts, and ensuring operational excellence across all our services.

What are the services your company offers?

We specialise in delivering innovative and tailored financial services that empower our clients to thrive in a dynamic economic environment. Our services include financial advisory and risk assessment. We also provide bespoke solutions for wealth management and market research, aiming to deliver comprehensive support that helps our clients achieve their financial objectives.

What were some of the challenges you faced when you started the business?

Starting the company came with its fair share of challenges. Initially, securing funding was a significant hurdle, as convincing investors of the vision required perseverance and robust financial planning. Building a reputable brand from scratch in a competitive market also posed difficulties, especially in gaining the trust of potential clients. Additionally, navigating regulatory requirements and ensuring compliance with industry standards were crucial challenges that we had to meticulously address.

 What are the hiccups you encounter in the course of doing your job?

Even as an established company, we encounter various hiccups in our daily operations. These include managing market volatility, which can impact investment strategies and client portfolios. Additionally, staying abreast of regulatory changes and ensuring continuous compliance can be complex and time-consuming. We also face challenges related to technological advancements, as keeping our systems up-to-date requires significant investment and adaptation.

How would you sum up your experience doing business in Nigeria?

Operating in the Nigerian business landscape has been a mix of challenges and opportunities. The dynamic and often unpredictable economic environment requires a high level of agility and resilience. However, Nigeria’s growing economy and its entrepreneurial spirit provide ample opportunities for growth and innovation. Networking and relationship-building are vital in this context, and understanding local business practices and cultural nuances is essential for success.

Do you think that many Nigerians are financially literate?

Financial literacy among Nigerians is gradually improving, but there is still significant room for growth. While more people are becoming aware of the importance of financial planning and management, a portion of the population lacks access to reliable financial education resources. Enhancing financial literacy is crucial for economic development and personal financial security, and it is an area where concerted efforts from both public and private sectors are needed.

What have been the highlights of your experiences in the financial services sector?

My experience in the financial services sector has been both rewarding and challenging. The sector is dynamic, requiring constant learning and adaptation to new trends, regulations, and technologies. It has allowed me to develop a deep understanding of financial markets and client needs, and to build a robust network of professionals. Despite the challenges, such as regulatory complexities and market fluctuations, the sector offers immense opportunities for innovation and impact.

How do you handle tough clients?

Handling tough clients requires patience, empathy, and effective communication. I believe in understanding their concerns thoroughly and addressing them with well-researched and transparent solutions. Building trust is key, so I ensure that we maintain open lines of communication, and manage expectations realistically. In challenging situations, I rely on the expertise of my team to provide collaborative and comprehensive support to resolve issues satisfactorily.

What business principles have been instrumental to how far you have come in your career?

Several business principles have been helpful in my journey. Integrity and transparency are at the core of our operations, ensuring that we build trust with our clients and stakeholders.

On another hand, adaptability and continuous learning have allowed us to stay relevant and competitive in a rapidly changing market. Additionally, fostering a culture of innovation and teamwork has been crucial in driving our growth and success.

What are the biggest mistakes entrepreneurs make as regards doing business?

One of the biggest mistakes entrepreneurs make is underestimating the importance of market research and planning. Without a clear understanding of the market landscape, customer needs, and competitive dynamics, it is easy to make misguided decisions. Another common mistake is neglecting cash flow management, which is critical for the sustainability of any business.

Additionally, many entrepreneurs fail to build a strong support network and seek mentorship, which can provide valuable insights and guidance.

What advice has been instrumental on your journey so far and who gave it?

One piece of advice that has been particularly helpful came from a mentor early in my career, who said, “Success in business is not just about having a great idea, but about execution and perseverance”. That advice has guided me through numerous challenges, reminding me that determination and consistent effort are key to overcoming obstacles, and achieving long-term success.

What sets your company apart from others in the industry?

Our commitment to personalised service and unwavering integrity distinguishes us. We prioritise building long-term relationships with our clients, understanding their unique financial aspirations, and tailoring investment strategies accordingly.

Furthermore, our agility in adapting to market changes and our relentless pursuit of excellence set us apart as a trusted partner in achieving financial success.

How do you navigate economic uncertainty and mitigate risks for your clients?

Economic uncertainty is an inherent part of investing, particularly in emerging markets such as Nigeria. To mitigate risks, we employ a diversified investment approach that spans multiple sectors and geographic regions. Rigorous risk assessment, coupled with proactive portfolio management, enables us to navigate turbulent economic conditions while safeguarding our clients’ investments.

What advice do you have for individuals looking to invest for the first time amid economic hardship?

During times of economic hardship, it is crucial to remain focused on long-term objectives, and avoid reactionary decisions. Start by educating yourself about different investment options and seek guidance from reputable financial advisors.

Diversification is key to mitigating risk, so consider spreading your investments across various asset classes.

What are your thoughts on the current state of the financial industry, and how do you see it evolving in the future?

The financial industry is undergoing rapid transformation fuelled by technological advancements, changing regulatory landscapes, and shifting consumer preferences. I foresee a continued emphasis on innovation, particularly in areas such as digital banking, fintech, and sustainable investing. Moreover, the democratisation of finance through accessible investment platforms and tailored solutions will play a pivotal role in shaping the industry’s future trajectory.

How do you prioritise transparency and communication with your clients?

Transparency and communication are the cornerstones of our client relationships. We believe in fostering open, honest dialogue, and providing transparent insights into our investment strategies and performance. Our clients have access to comprehensive reports, regular updates, and personalised consultations to ensure they are well-informed and empowered to make confident investment decisions.

Beyond doing business, how does your company touch lives, especially in the community you operate from?

We believe in giving back to the community and making a positive impact beyond financial markets. We actively engage in various corporate social responsibility initiatives, focusing on education, healthcare, and environmental sustainability.

From supporting educational scholarships to promoting eco-friendly practices, we are committed to contributing to the wellbeing of society and fostering a brighter future for generations to come.

How do you relax?

I enjoy spending quality time with my family, staff and friends, which helps me unwind and recharge. I also find solace in reading, especially books on history and accounting, as they provide a different perspective and stimulate my mind.

Additionally, I enjoy outdoor activities, such as tennis, football, and running, which help me stay physically active and mentally refreshed.