Ewaen Sorae, an entrepreneur, Investor, and Founder / Group CEO of Esorae Home successfully built a diverse business portfolio spanning retail, hospitality, food & beverages, education, philanthropy, real estate, and technology.

In this interview with The Guardian, he discussed how the diversified approach to business and investing allowed him to not only create a positive social impact but also foster sustainable growth across various sectors in Nigeria and Africa.

What inspired you to venture into the diverse investment sectors of retail, hospitality, food & beverages, education, philanthropy, real estate, and technology?
Throughout my career as a business leader here in Nigeria, I have always been drawn to identifying opportunities and fostering growth across various sectors. The Nigerian market presents a unique and dynamic environment, and I believe diversification is key to understanding its complexities.

Venturing into commercial real estate wasn’t just about acquiring space; it was a strategic move to fuel our retail growth. As I have always pointed out, physical stores (brick and mortar) remain crucial for expansion. However, we took it a step further.
By developing our commercial real estate portfolio, we gained greater control over the retail experience we create. We weren’t limited to pre-existing spaces that might not fully reflect our brands. Instead, we could develop purpose-built environments that seamlessly align with our aesthetics and brand concepts.

This strategic move has several long-term benefits. We can ensure our stores consistently deliver a brand experience that resonates with our customers, fostering loyalty and brand recognition. Additionally, owning the real estate allows for greater flexibility in store design and future expansion plans, giving us a competitive edge in the market.

My passion for giving back is deeply rooted in my family values. Growing up, I witnessed my parents’ unwavering commitment to helping others, which instilled a strong sense of social responsibility in me.

This dedication led me to establish the Esorae Foundation. Our focus on building Pershing Hills Schools stems from this same philosophy. With over half of Nigeria’s population under the age of 17, investing in elementary education is not just a philanthropic act, but a strategic one.

How do you envision these investments contributing to Africa’s economic growth and development?
By providing quality education at the elementary level, we’re laying the foundation for a skilled and knowledgeable future workforce. This aligns perfectly with our family office ecosystem, as it fosters a more educated and empowered population, ultimately benefiting all sectors, including retail. Education etc. Our huge investment in the manufacturing of bedding accessories for the hospitality industry is a testament that we believe in Africa.

Could you share a specific example of how your investments have positively impacted local entrepreneurship and job creation?
Let me illustrate this point with a concrete example from our own experience at Esorae Home. We recognised a significant reliance on imported duvets and blankets in Nigeria. This presented an opportunity for import substitution and local market development.
By expanding our production capacity to over 700,000 thousand duvet quilts, blankets, bed runners, Mattress Toppers and mattress protectors, Esorae Home has not only reduced foreign exchange expenditure but also catered to the essential needs of the hospitality sector, including hotels, hospitals, and short lets.” And also we understand the importance of fostering a thriving entrepreneurial ecosystem. Our wholesale distributor pricing structure allows small business owners to enter the resale market, providing them with an opportunity to build their businesses without the need for expensive overseas travel to source their inventory.

What role do you believe leadership plays in achieving sustainable business growth and community development in Africa?
In my experience, leadership plays an absolutely crucial role in achieving sustainable business growth and community development in Africa. We face unique challenges here, such as significant infrastructure deficits in areas like power and transportation. These deficits can significantly increase the cost of doing business, hindering both growth and development.”
As an example, I’ve travelled to Accra several times for market research. While the potential for Nigerian businesses like ours is vast across Africa, infrastructure limitations can create significant barriers. Imagine the impact improved regional connectivity could have on trade and economic exchange.

How do you ensure that your investments align with your core values of putting people first, maintaining integrity, striving for quality, and being goal-centered?
As a faith-driven entrepreneur, I believe our role extends beyond just generating profits. We are called to be kings and priests in the marketplace, making a positive impact on both people and society. This translates into our investment strategy, where aligning with core values is paramount. We conduct thorough due diligence, ensuring our investments are made with transparency and ethical practices. We wouldn’t invest in companies that compromise their integrity or engage in activities that harm people or the environment.

We seek out companies committed to quality products and services. This ensures not only customer satisfaction but also contributes to a sustainable and responsible business ecosystem.

But these values don’t negate our financial goals. We actively search for investments that have the potential for strong financial returns alongside positive social impact. We believe these two goals can be mutually reinforcing and by prioritising impactful investments, we strive to create a ripple effect of positive change.

In what ways do you see the technology sector in Africa evolving, and how are your investments nurturing this growth?
As a diversified business leader, I recognise the importance of fostering a healthy entrepreneurial ecosystem. Technology is a key driver of progress, and I believe we must invest in this sector’s growth.

A recent example is our investment in a healthcare technology business. This company is developing solutions that empower blue-collar workers. By focusing on career building, financial inclusion, and insurance access for this crucial segment of the workforce, they’re not only addressing a critical need but also contributing to a more financially secure and empowered society.

Can you elaborate on how Esorae Urban’s build-and-operate model is revolutionising the real estate sector in Africa?
Esorae Urban’s build and operate model is fundamentally changing the landscape of Nigeria’s Commercial real estate. We’re moving beyond just developing spaces; we’re creating thriving commercial ecosystems that cater to the evolving needs of both shoppers and retailers.”One key aspect of our model is prioritising the shopper experience. We design our spaces with convenience in mind. For example, our focus on window displays allows retailers to showcase their products effectively, attracting customers and creating a vibrant shopping atmosphere.”We go beyond just providing space. We curate a strategic retail mix to ensure consistent foot traffic throughout our facilities.

This careful selection process ensures a tenant synergy that benefits both retailers and shoppers. Our tenants thrive because we attract a diverse and engaged customer base.
The success of this approach is evident in our tenant satisfaction. We have established a reputation for providing grade-A facilities in prime locations. Our tenants wouldn’t trade our locations for anything, which speaks volumes about the value we deliver.

What challenges have you encountered in your entrepreneurial journey, and how have you overcome them?
One of the biggest challenges I’ve faced as an entrepreneur in Nigeria is the ‘Japa syndrome’, the mass emigration of skilled talent seeking opportunities abroad. This talent drain can significantly hinder business growth and innovation.

Losing skilled employees disrupts operations, weakens knowledge transfer within the company, and limits the talent pool available for future growth. It’s crucial to find ways to retain our brightest minds and foster a strong internal talent pipeline.
We’ve also implemented several strategies to address this challenge. We focus on creating a positive and growth-oriented work environment. This includes offering competitive compensation and benefits packages, investing in employee training and development, and promoting a culture of recognition and career advancement opportunities.

We understand that retaining talent requires a multi-pronged approach. Beyond offering competitive packages and a positive work environment, we’re taking proactive steps to cultivate the future workforce.

How do you approach philanthropy, and what impact do you hope to achieve through the Esorae Foundation?
“Philanthropy is deeply personal for me. The Esorae Foundation reflects my strong belief in providing opportunities and empowering individuals. We focus on three key areas: education, leadership development, and social outreach.
Firstly, we provide scholarships and support programs to bright children from underprivileged backgrounds. We want to bridge the gap between them and their more privileged counterparts, giving them the tools and resources to compete on a level playing field.
Through these combined efforts, the Esorae Foundation aspires to create a ripple effect of positive change. We want to empower individuals, nurture future leaders, and ultimately contribute to a more just and equitable society.

How do you balance the financial objectives of your investments with the social impact you aim to achieve?
As an accountant-turned-entrepreneur, I understand the importance of financial discipline. My background instilled in me a strong focus on managing cash flow, analyzing balance sheets, and ensuring the financial health of our investments.”
However, for me, financial success goes beyond just profitability. I’m a strong believer in impact investing. This means seeking investments that generate positive social and environmental returns alongside financial returns.
We achieve this balance through a rigorous evaluation process. We assess potential investments not only on traditional financial metrics but also on their potential social impact. We consider factors like job creation, community development, and environmental sustainability.

What advice would you give to aspiring entrepreneurs looking to make a difference in Africa’s business landscape?
For aspiring entrepreneurs in Africa, my advice would focus on four key principles: building strong relationships, maintaining unwavering integrity, adopting financial discipline, and embracing delayed gratification.

Firstly, Africa is a relationship-driven continent. Building strong relationships with mentors, investors, and potential partners is crucial. These relationships can provide invaluable guidance, support, and access to opportunities.
Secondly, never compromise on integrity. In Africa, where trust is paramount, a reputation for honesty and ethical conduct is your greatest asset. It will open doors, attract investors, and foster long-term success.

Thirdly, financial discipline is essential. As an entrepreneur, you’ll face financial challenges. Develop a strong understanding of your finances, manage your cash flow meticulously, and make data-driven decisions.

Finally, be prepared for delayed gratification. Building a successful business takes time and hard work. Don’t expect overnight success. Focus on the long-term vision, and be prepared to reinvest your profits for future growth.

Looking ahead, what are your future plans and vision for Opes Venit and your other ventures in Africa?
Looking ahead, my vision for Opes Venit is to transform it into a leading multi-family office in Africa. We aim to provide ultra-high-net-worth families with the expertise and resources needed to preserve and grow their wealth across generations.
In Africa, we often see wealth dissipate within a single generation. This is a challenge I’m passionate about addressing. By offering sophisticated wealth management solutions, we want to help families establish a sustainable financial legacy that benefits future generations.

We draw inspiration from established families like the Fords, Rockefellers, and Rothschilds, who have successfully built wealth that endures. The key lies in strategic planning, responsible management, and a long-term vision. This is exactly what we aim to offer our clients at Opes Venit.
However, Opes Venit is just one piece of the puzzle. My broader vision is to see Africa flourish. Through my diverse ventures, I hope to contribute to the continent’s economic growth and social development. Whether it is by fostering innovation in real estate (Esorae Urban) or empowering future leaders (Esorae Foundation), I’m committed to creating a positive and lasting impact.
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One of the biggest challenges I’ve faced as an entrepreneur in Nigeria is the ‘Japa syndrome’, the mass emigration of skilled talent seeking opportunities abroad. This talent drain can significantly hinder business growth and innovation.