‘Women must muster courage to take risks, boldness to do big things’

Bolaji Sofoluwe has over 20 years of expertise in Africa and the United Kingdom, driving market expansion and international trade activities. Through her role as co-founder and Group Managing Director ETK (Enterprises, Trade and Knowledge) Group, Sofoluwe has a proven track record of strategically positioning businesses from start-ups to established corporates to enter and thrive within complex African markets.

She holds a Bachelor of Arts degree in Languages and Linguistics from the University of Calabar, and an M. Sc in International Business Leadership and Management from York School of Management, United Kingdom. Sofoluwe has led ETK’s consultants to help global companies make connections in 34 African countries to date. Her professional career spans various business sizes, covering diverse sectors including aviation, financial services, health tech, oil and gas, agriculture, luxury, fashion and beauty, manufacturing.

An entrepreneurship expert with Saïd Business School at Oxford University, she is also an Export Champion for the Department for International Trade; a coach on the Mandela Mile; a mentor for Innovate UK Edge and an angel investor to a small portfolio of female-led African businesses. Sofoluwe, who is also a conference speaker and trade policy analyst, spoke to IJEOMA THOMAS-ODIA about standing out in your chosen field as a woman while living your dreams.

Take us through your career path.
I started my career at the Central Bank of Nigeria and then transitioned to Halifax Bank of Scotland in the United Kingdom before leaving the banking industry entirely, moving into business consulting (first in the start-up space and then mid-sized companies) across various sectors within several African countries.

My role focused on assisting these companies in crafting business plans and securing financial, strategic and technical partnerships. This also included elevating their capabilities to meet global standards for operational and strategic policies and ensuring the implementation of the right structures and processes that would make them attractive for sought-after partnerships. Subsequently, on March 10th, 2011, ETK Group was established helping global companies make African connections as well as African companies make global connections.

Your work involves strategically positioning businesses to thrive within complex African markets; how are you achieving this?
ETK Group specialises in providing strategic advisory services to companies aiming to enter or to expand their operations within the African market. Our mission is to empower businesses by facilitating trade opportunities and finding the right relationships to catalyse their growth. We achieve this by providing effective strategy, planning, implementation and e-consultancy to enable seamless and successful expansion into and across Africa. Our approach involves thorough market research, cultivating local partnerships, customised market entry strategies, regulatory compliance, capacity building, risk management, technology integration and a commitment to sustainability. By connecting global businesses with African opportunities, ETK Group aims to contribute to the growth of the continent and develop equitable, mutually beneficial business relationships.

Your career also cuts across diverse sectors; how has it helped you evolve?
I started my work life way before my professional career began. I have always been self-sustaining, even though I had very supportive parents. I began my work in the retail industry in England – this gave me a creative, solution-driven work ethic, quite early on. However, my professional journey began at the Central Bank of Nigeria. This part of my career offered me valuable insights into policy creation and strategy formulation. In this role, I gathered information from both Anglophone and Francophone West African countries and presented it to senior management. Subsequent career moves deepened my understanding of corporate governance, strategy development, and navigating operational and regulatory risks. I gained firsthand experience in ensuring daily operational processes aligned with strategic objectives, emphasising the importance of robust measurement and monitoring for compliance. Managing remote resources across multiple countries further honed my managerial style, contributing to my overall evolution across diverse sectors. The joy of working in consulting is your ability to experience different businesses. You learn a lot as you interact with clients and understand their internal processes and their scale-up strategies.

Your organisation helps global companies make connections and is now in 34 African countries. What has been the impact for you and how are you strengthening global business ties through your activities?
Being at the forefront of fostering global connections, ETK Group has supported more than 400 global companies to make connections in 34 African countries to date. Our efforts have resulted in strengthened global business ties through a multi-faceted approach. By serving as a bridge between international companies and diverse African markets, we have facilitated impactful collaborations and partnerships.

Our strategic advisory services and consultancy work have empowered global businesses to navigate the complexities of these markets, fostering sustainable and mutually beneficial relationships. Our emphasis on technology integration has streamlined business processes, enabling seamless communication and operations across borders. Additionally, our commitment to sustainability aligns with global expectations, contributing to the positive perception of our clients in the international business community.

How can more African businesses go global? What should they do differently?
It’s important to remember that there is no one-size-fits-all approach for African businesses to go global. Every business we work with has its own DNA, its own unique proposition and its way of working. So, it is key for each of them to develop a customised strategy based on a specific industry, target market and resources. African businesses need to seize the opportunity that this global shift is creating by thinking bigger and operating better. ETK is uniquely positioned to provide this advice and guidance using our unique methodology, which I also share with my students and mentees.

In your years of practice, would you say you are impressed with the number of women leading in the public and private sectors? And what can be done to increase or sustain this growth?
If we look at the broader picture, no. Not entirely. However, my vision is quite skewed because I work with a fabulous group of C-suite women in various sectors/industries and I have learnt a great deal from them. I realise that there is more to be done in various industries. In order to sustain the growth, we need to create clearer career pathways, and have more female champions at the C-suite level, who do not wish to sit there alone, but would like to introduce and coach more women into management roles and leadership positions.

What drives you to success?
I am mainly driven by my desire to see change. I am keen to see a shift in global trade equity, as well as linear values placed on commodities at different stages of the value chain. I am also driven by the need to see more successful black female CEOs, so that others can emulate them, believe in themselves and know that “they can too”.

How do you combine your many sides as a lecturer, coach and entrepreneur and still be at your best?
I have an incredible team and I am secure enough to delegate. They will make mistakes, we will fix it and we will move on. I am not the fountain of all knowledge so I am still learning myself; so if I don’t allow others to learn, then I would have failed as a leader.

I also have to be very organised and keep a very strict diary. I have a famous saying “If it is not in the diary, it’s not happening.” Of course, this doesn’t stop me from being spontaneous, but it helps me align my various roles and hats – the most important of which is being a wife, mother, daughter, sister and friend.

How can we get more women to become successful and rise to the top as you have done? What tips do you have for younger women?
My major tip for women is “Know thyself, then specialise.” Make sure you know everything that needs to be known about your field. Be excellent and your gifts and talents will speak for you, and will open doors for you.

What key lessons have you learned in your years of practice and impact?
The first key lesson is to be authentic. I have learned that you can be bold and admit that you may have a knowledge gap in a certain area – as long as you make an attempt to plug that gap.
I have also been exposed to my flaws and I have been proactive about getting help to fix them. Get a mentor; join a mastermind group; read. Do what you must.

What do you hope to see African women do differently?
If I am honest, nothing! We are killing it out there. We must muster the courage to take risks where we can, and the boldness to do big things. I would like to see more female-led acquisitions, and more collaborations – particularly when it comes to taking the global market/space. There is definitely strength in the sisterhood.