From Setback to Unicorn: The Untold Rise of Tosin Eniolorunda and What It Says About Nigeria's Investment Culture
Tosin Eniolorunda, founder and CEO of Moniepoint, is one of Nigeria’s most compelling tech success stories. At just 39, his journey from software consultant to fintech billionaire encapsulates the promise and paradox of Nigeria’s entrepreneurial landscape. With an estimated stake in Moniepoint worth over $100 million, Tosin's rise speaks volumes—not only about grit and innovation but also about how access to the right support at the right time can shape destinies.
Humble Beginnings at 1004 Estate
Before founding Moniepoint in 2017, Tosin lived modestly at Lagos' 1004 Estate, running a software company called TeamApt. His company provided core banking software and mobile app solutions for financial institutions across Nigeria. Banks like Sterling and Unity were once key clients. However, things took a sudden turn when Sterling Bank pulled the plug on their partnership. Tosin received the devastating email while driving on Ikoyi Road—a moment that could have crushed any startup dream.
Instead, it became the catalyst.
When One Door Closes, Another Opens
With dwindling cash flow and a shaken team, Tosin regrouped. Out of the ashes of that loss, the Moniepoint vision was born—an ambitious fintech platform aimed at democratizing digital payments across Africa.
But it wasn’t just vision that turned Moniepoint into a billion-dollar unicorn. It was belief. And that belief came from one man—Olu Oyinsan, Managing Partner at Oui Capital, a venture firm with a keen eye for high-impact African startups.
Impressed by Tosin's grasp of Nigeria’s banking tech stack and his hunger for impact, Oyinsan invested $150,000 for a 1.2% stake in Moniepoint back in 2019.
That single act of faith changed everything.
Fast Forward to 2024: Moniepoint is a Unicorn
Today, Moniepoint is valued at over $1 billion, serving millions of Nigerian businesses and processing billions in monthly transactions. Oyinsan’s $150,000 investment has matured into over $10 million, with an $8 million partial exit recently completed—one of the rare successful exits in Nigeria’s fledgling tech ecosystem.
Moniepoint is now a poster child of African fintech and a symbol of what’s possible when innovation meets access to patient capital.
A Stark Contrast: Why Is the Southeast Still Chasing Vanity?
But Tosin’s story also raises a haunting question: Would he have succeeded if he were Igbo, born and raised in Onitsha?
According to social commentator Ozii Baba Anieto, the sad truth is—probably not.
The Southeast has the talent, no doubt. But it lacks a key ingredient: visionary investment culture. Instead of backing tech founders or investing in scalable innovation, many of the region’s elites prefer to splash wealth on lavish burials, weddings, and status-driven pageantry.
In fact, during a recent burial in Anambra, over ₦1 billion was reportedly raised among friends. Meanwhile, in a wedding committee I joined, over ₦200 million was pooled—yet I doubt that same group would give ₦150,000 to a young entrepreneur building the next Moniepoint.
This is the cost of misplaced priorities.
Brain Drain and the Lost Future of the East
The consequence? Brain drain.
Young Igbo talents are fleeing the Southeast for Lagos, where ecosystems exist and investors like Oyinsan recognize promise when they see it. The few who stay back are battling frustration and self-doubt—trapped in communities that fail to understand, much less support, their tech-driven dreams.
What’s even more painful is that the next Tosin might be in Aba or Enugu today, coding in his room, trying to pitch a world-changing idea. But unless he finds his own "Olu Oyinsan," his dream might die stillborn.
Time for a Cultural Reset
It’s time for the Southeast to reflect.
We must evolve from an investment culture that celebrates opulence to one that empowers innovation. Our land is not poor by destiny—it is poor by distraction. Until we start placing substance over status, and back our brightest minds with patient capital, we will continue to mourn missed opportunities.
Tosin’s Moniepoint story is not just a tech success—it’s a call to action.
Let us heed it.
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