I wanted to give you some quick update about something we’ve been working on.
It’s four years today since we launched our third company ID Africa. When we opened for business on February 27, 2015, our flagship company BHM had just crossed the $1m mark, and had less than 40 staff.
ID Africa became profitable in its first year, and now has a cumulative revenue of almost N300m with year on year growth of around 60%.
Group revenue grew 166% in 2018, and I’m particularly happy that we increased staff compensation by over 300%. The group now employs over 70 full time staff and hundreds of free lancers and suppliers. We estimate staff strength to grow to around 40 by quarter three 2019.
Today marks another chapter in our history as we publicly announce two things everyone working here has been aware of since late 2018: the acquisition of our media business NET Newspapers LTD (owners of Nigerian Entertainment Today, Neusroom, 234star, Orin, etc) by ID Africa.
This move will make ID Africa bigger and better, with the aim of becoming one of the biggest players in the media, marketing and technology space.
And I’m happy to announce that starting today, I’m stepping down as CEO of ID Africa.
Femi Falodun, who has done an amazing job as COO for the past couple of years, will now take up full leadership as chief executive officer, with a mission to build a company and culture we’ll all be proud of.
I met Femi on twitter over five years ago when he sent me a DM seeking an opportunity to work with us. He left his job at Zenith bank, took a pay cut, and joined our digital media team. Meeting with him is one of the best decisions I’ve taken. And I’m happy to say that some of our best employees have always come from people who have reached out to me, or that I’ve private messaged on social media.
The ideas we have are bigger than our resources, but I believe we have a solid opportunity to do things differently.
Me? I still have a job at BHM, I just don’t know for how long.