5 major ways how the arrest of Invictus Obi will affect honest Nigerian entrepreneurs
Forbes celebrated Abuja based “entrepreneur” and CEO of Invictus group, Obinwanne “Invictus” Obi Okeke who rose to fame after he appeared on the cover of Forbes in 2016. Later that same year, he appeared on Forbes Africa “30 under 30” list as a billionaire and “inspiring” entrepreneur. Early in the month of August, he was arrested by the FBI after a 13-month investigation and the aftermath of that arrest has been massive. He reportedly stole over $11 million (N3.7 billion) from Unatrac Holding Limited. Apart from the 77 Nigerian fraudsters arrested and declared wanted by the FBI, hard-working Nigerians are also feeling the heat of his fraudulent activities.
In this post, TechCapon will take out time to explain 5 major ways Nigerian entrepreneurs will be affected by his arrest.
Nigerians who do online businesses and freelancers will be affected:
Those honest Nigerians who engage in several online businesses and transaction should brace for the hard times ahead. This is because the level of trust foreigners now have for Nigerians at the moment is next to zero.
2. Future Nigerian startups will face challenges in getting funds
The biggest challenge facing Nigerian Startups and entrepreneurs is accessing of funds. That challenge is even about to get more critical as new Startups will face a massive challenge in accessing funds from investors such as Angel Investors and Venture Capitalists because our reputation is already destroyed.
3. Challenges in getting visa applications for Nigerian travellers
Massive sweep in Via rejections has already started hitting Nigerians really hard. Especially for the USA and Europeans countries. Since our reputation has already been destroyed, foreign embassies will make it more difficult to gain access to their countries slamming the door shut in the face of honest Nigerians.
4. Reduction in invitations to leadership gatherings
Invictus Obi attended almost all the major leadership gatherings for African Entrepreneurs. He spoke at the Wharton Africa Business Forum. The forum brings successful entrepreneurs together to discuss ways to push Africa forward. A year later Invictus was a speaker at Yaba TEDx in Lagos (DNA OF THE NIGERIAN ENTREPRENEUR). After his widely publicized arrest, big organizations will definitely think twice before inviting other Nigerian entrepreneurs for any major event.
5. Escalated victimization and intimidation of young men by SARS
This is the most obvious one on the list as we see it happen every day. Almost every young man on the street who dress well is a yahoo boy as far as policemen are concerned. You drive a Mercedes Benz your name is sorry and better don’t wear dreadlocks while driving it. That’s what the country has been reduced to for Nigerians.
Do you know other ways the arrest of Invictus Obi can affect honest Nigerians, let us know in the comment section?