Nigerian Tech Founders: Then vs Now — The Journeys Behind Africa’s Billion-Dollar Startups

Nigeria’s tech ecosystem has come of age. Once dismissed seemingly peripheral player in global innovation, it now commands millions of dollars in venture capital, produces unicorns at pace, and exports ideas and founders to the world. But behind the valuations and headlines are stories of persistence, setbacks, reinvention, and vision.

The country’s biggest Nigerian tech founders did not spring from nowhere. Most sharpened their skills in the backrooms of banking halls, global consultancies, or obscure side projects before their companies became household names. Today, they are not just running startups — they are shaping sectors, building institutions, and in some cases, reimagining cities themselves.

Here’s a long look at Nigeria’s most influential tech entrepreneurs — then vs now — expressing their visions and journeys in their own words.

Olugbenga “GB” Agboola — Flutterwave | A Leading Nigerian Tech Founder

Then: Engineer at PayPal, GTBank, and Standard Bank; launched Flutterwave in 2016.

Now: Flutterwave has raised $470M+, reaching a valuation of $3B in 2022, making it Africa’s most valuable startup. Agboola, as co-founder and CEO, is often estimated to hold a stake worth tens of millions of dollars.

“The vision is to simplify payments for endless possibilities.” — GB Agboola

Iyinoluwa Aboyeji — Andela, Flutterwave, Itana

Then: Co-founded Andela in 2014 and Flutterwave in 2016.

Now: His new project Itana has raised $2M pre-seed. Andela hit a $1.5B valuation in 2021, while Flutterwave peaked at $3B. Aboyeji is one of the most influential Nigerian tech founders, with a reported net worth in the low hundreds of millions.

“We’re not just trying to get together a bunch of opulent, rich people into a space… what we’re trying to do is pull together a productive young population.” — Iyinoluwa Aboyeji

Mitchell Elegbe — Interswitch

Then: Founded Interswitch in 2002.

Now: In 2019, Visa valued Interswitch at $1B, making it Nigeria’s first unicorn. Analysts estimate its worth above $1.3B. Elegbe remains a pioneer among Nigerian tech entrepreneurs.

“Compelling business opportunities exist only where there are challenges.” — Mitchell Elegbe

Tosin Eniolorunda — Moniepoint (formerly TeamApt)

Then: Software engineer at Interswitch; founded TeamApt in 2015.

Now: Rebranded as Moniepoint in 2023, the company is valued above $1B, serving 2M+ SMEs. Eniolorunda is among the youngest Nigerian fintech millionaires.

“We want to power every small business in Africa with the tools to thrive.” — Tosin Eniolorunda

Shola Akinlade & Ezra Olubi — Paystack

Then: Founded Paystack in 2015.

Now: Stripe acquired Paystack in 2020 for $200M, making both founders multimillionaires. It was the first major Silicon Valley acquisition of a Nigerian startup.

“We are a payments company. We help merchants in Africa accept payments from their customers.” — Shola Akinlade

Sim Shagaya — Konga; uLesson

Then: Founded Konga in 2012.

Now: uLesson, launched in 2019, has raised $25M+ and is valued at $100–150M. Shagaya is one of the most respected Nigerian tech founders in edtech.

“Africa cannot build fast enough physical universities, so technology must deliver knowledge at scale.” — Sim Shagaya

Tayo Oviosu — Paga

Then: Ex-Visa; launched Paga in 2009.

Now: Paga has raised $35M+ and processed $20B+ in transactions, with a valuation of $400–500M. Oviosu’s net worth is in the tens of millions.

“Cash is still king in Nigeria, and our mission is to digitize cash.” — Tayo Oviosu

Odunayo Eweniyi — PiggyVest

Then: Launched Piggybank.ng in 2016.

Now: PiggyVest has 5M+ users and ₦2T+ ($2.5B+) in cumulative savings, with an estimated valuation of $150–200M.

“Aim very high. Work very hard. Care very deeply.” — Odunayo Eweniyi

Bode Pedro — Casava

Then: Founded Veda Technology; launched Casava in 2021.

Now: Casava raised $4M pre-seed and is valued at $20–30M. It is Africa’s first 100% digital insurance startup.

“We are building Africa’s first 100% digital insurance company, because everyone deserves protection.” — Bode Pedro

Chijioke & Ngozi Dozie — Carbon (formerly Paylater)

Then: Founded Paylater in 2016.

Now: Carbon has raised $15M+, valued at $100M+, and is evolving into a pan-African digital bank.

“Our mission is simple: make access to credit as easy as buying airtime.” — Ngozi Dozie

Etop Ikpe — Cars45; Autochek

Then: Founded Cars45 in 2016; exited before launching Autochek.

Now: Autochek has raised $20M+ and is valued at $70–100M, expanding through acquisitions across Africa.

“Buying or selling a car in Africa should not be stressful — we are changing that.” — Etop Ikpe

Femi Kuti — Reliance Health

Then: Doctor; co-founded Reliance Health in 2015.

Now: Reliance raised a $40M Series B in 2022, valued at $120–150M, making Kuti one of the leading Nigerian healthtech founders.

“Healthcare should be affordable and accessible to everyone, regardless of income.” — Femi Kuti

Adia Sowho — Migo; MTN Nigeria

Then: Former 9mobile Digital Director; led Migo Nigeria.

Now: Migo has raised $40M+ with a valuation around $150M. Sowho is now CMO at MTN Nigeria, the country’s largest listed company (market cap $5B+).

“Innovation happens at the intersection of constraints and creativity.” — Adia Sowho

Onyeka Akumah — Farmcrowdy; Treepz

Then: Founded Farmcrowdy in 2016; Treepz in 2019.

Now: Farmcrowdy raised $2M+ before merging into EMFATO Holdings. Treepz has raised $5M+ and is valued at $30–40M.

“We wanted to connect millions of farmers to finance and market access — and that’s how Farmcrowdy began.” — Onyeka Akumah

The Rise of Nigerian Tech Founders

From billion-dollar fintechs to pioneering agritech and healthtech platforms, Nigerian tech founders are rewriting Africa’s economic story. Their company valuations are not just abstract numbers — they reflect ecosystems of jobs, innovation, and global relevance.

As their personal fortunes grow — from multimillion-dollar exits to unicorn valuations — these entrepreneurs show that Africa’s digital wealth creation is both possible and scalable.