On 6th May 2025, Ugi Augustine Ugi had the privilege of taking the stage at the Afribond Ltd × Barclays Eagle Labs Summit in London—an event hosted by Barclays Bank under the theme “De-risking Investments in Africa.” As President and Group Chair of Nugi Group, he was not merely delivering another corporate pitch; He was telling Africa’s story through the lens of people, purpose, and possibility.
Starting his technology career in 2006, Ugi dreamed of building companies that would drive real impact—and today he leads Nugi Group, a multi-sector ecosystem of more than ten technology-first ventures spanning education, infrastructure, power, logistics, media, urban planning, e-commerce, agriculture, and real estate. Each was born from a relentless curiosity and a commitment to solve problems across diverse sectors, and while some are still growing, six are already making bold statements in their fields.
With nearly two decades of experience leading innovation across the continent, Ugi identifies that Africa—and particularly Cross River State in Nigeria —is not just brimming with potential; it’s ready for investment. The Venture Capitalists and great thinkers present at this event were not persuaded with promises of a brighter future, but with proof: evidence of initiatives already transforming communities, catalyzing innovation, and de-risking the path for global partners to join us in Africa’s next chapter.
“This is not about theory. It’s about people.” - Ugi Augustine Ugi
Ugi began by noting a powerful point that Africa’s future is being shaped by its people—over 70 percent of Sub-Saharan Africans are under 30, and Nigeria’s median age is just 18.1. With a population of 1.54 billion (18.8 percent of the world) growing at roughly 34 percent annually—and Nigeria itself at 234.6 million (up 2.37 percent year-on-year, 54.86 percent urban)—these are not just numbers. Africa’s rapid growth is mostly influenced by youth demographics, a tech-savvy population, and rising life expectancy.
One of the most human-centered examples Ugi shared was in Cross River State, where Nugi Technologies partnered with the government to lead digital and legal reforms like automating land titles, protecting contracts, and enabling revenue-sharing models with clear accountability that directly improve lives—and investment outcomes.
“Investors no longer have to wonder if the rules will change tomorrow,” Ugi said. “We have made sure the foundation is solid.”
Thanks to platforms like Cross River Pay, internally generated revenue jumped from an average ₦20 billion per year (over the past decade) to ₦31 billion in 2023 and ₦46.7 billion in 2024—up over 120%—while citizen engagement apps simplified communication with the government.
What impressed many at the summit beyond the tech itself, was the intentionality behind the robust systems, laws and legal frameworks Cross River has built to de-risk investments. They include:
- PPP-Enabled Revenue Sharing: Automated, real-time profit splits between government and private partners with full transparency.
- Policy Continuity: Contracts and revenue-sharing agreements survive political transitions, using embedded sustainability clauses.
- Digital Contracts & Fast-Track Arbitration: Investors gain speedy, enforceable dispute resolution in a local and globally respected setting.
- Digitized Land Titles (C of O): A fully online process reduces delays and prevents double allocations.
- Legally Backed Automated Revenue Collection: Hospitality, transport, and service sectors benefit from clear, accountable tax systems.
- Transparent Public Procurement: Open bidding and anti-corruption measures make infrastructure projects more trustworthy.
- Digital Asset Registry: State-owned properties are logged and traceable, protecting public-private partnerships against disputes.
On top of these, Cross River is drafting laws for data privacy, digital identity, and public-private collaboration on digital infrastructure—sending the message that Africa isn’t just a land of potential, but one of preparedness for 21st-century commerce.
Ugi outlined that Cross River State has shifted from abstract megaprojects to real, investor-led initiatives that deliver tangible impact across transport, energy, healthcare and digital infrastructure:
- Cross River Air (US$200 m+ valuation)
A PPP to acquire a four-aircraft fleet (two new), linking Calabar to regional markets. It boosts logistics efficiency, tourism and agricultural exports, positioning the city as West Africa’s air hub. Status: financing closed; ongoing capital injections. - Calabar–Northern Cross River Railway (US$400 m valuation)
A long-term concession PPP connecting Calabar to the state’s northernmost LGAs. By cutting logistics costs and opening trade corridors, it integrates rural economies into urban supply chains. Groundbreaking is complete; private partner secured. - Bakassi Deep Sea Port (US$3 b valuation)
An investor-led PPP with Arise Group, Afreximbank, AfDB and Chinese Exim. Near financial close, it will transform Cross River into Central Africa’s primary maritime gateway. - Cross River Data Center (US$30 m Phase 1; US$70 m total)
A modular, scalable facility for AI, e-governance, private cloud and disaster recovery. Under investor discussions, it underpins the state’s digital sovereignty and cloud-native economy. - Greater Calabar Smart City (US$800 m valuation)
A 470 ha mixed-use innovation zone powered by Nugi Group. Features include a data center, medical city, creative economy hub, renewable energy, diverse housing, farm complex and a 30,000-seat event center—blending technology, sustainability and livability.
Each project reflects Cross River’s move toward private-sector leadership, reduced fiscal exposure and scalable, legally underpinned impact.
Perhaps the most human part of Ugi’s presentation was his challenge to the global community: “Stop treating Africa as a problem to solve. See it for what it really is—a partner ready to build with you.” He acknowledged the challenges but pointed to real progress—people-first policies, transparent systems, and courageous local leadership. Africa is no longer “emerging”; it is engaged and delivering.
Today, with rapid population growth, a young, increasingly skilled workforce, rising life expectancy and modernized legal frameworks, the continent’s foundations for sustained investment success are firmly in place. Cross River State exemplifies this readiness: bold governance reforms, robust public-private partnership models and a pipeline of strategic, investor-led projects across digital infrastructure, logistics, energy, healthcare and smart urban development.
Following his presentation, a vibrant panel discussion—moderated by Barbara AO and featuring Parminder Vir Obe and Sidi Saccoh—explored “Venture Capital Trends & De-risking African Investments.”
Ugi emphasised the critical role of policymakers education to incorporate conducive legal frameworks for investors. He further stressed the need for founders and business leaders like himself to replicate themselves in successors through mentorship to allow continuity and sustainability. The panel also addressed how to dismantle barriers to funding African ventures—from regulatory complexity to founders’ challenges—and highlighted the urgency of equipping public-sector officials with a clear understanding of private-sector realities.
Final Words from Ugi:
“What makes Africa the smart investor’s next big move isn’t just what it offers now—it’s the future it is building,” Ugi noted. “When you invest in Africa, you are not just investing in numbers or markets. You are investing in people, and that is the most secure investment you can make.”
