Fiyinfolu Awotoye (Folu) is a technology director with 20 years of experience across three continents, leading localised and global technology initiatives for organisations such as the UK NHS, LifeNet Health US, and Cotecna Nigeria
Fiyinfolu Awotoye (Folu) is a technology director with 20 years of experience across three continents, leading localised and global technology initiatives for organisations such as the UK NHS, LifeNet Health US, and Cotecna Nigeria. He has led different aspects of technology implementations, aligning technology with business goals, strategic planning, and budget management. With his track record of mentoring technology teams, he has also led both co-located and far-flung teams across continents. In this interview with KENNETH ATHEKAME, he spoke about the Nigerian business, exploring digital transformation and the Nigerian economy and how technology can be leveraged to mitigate the risks associated with business. Excerpts:
Nigeria’s economy is currently facing high inflation, fluctuating exchange rates, and an infrastructure deficit. How would you ensure the technology strategy you develop aligns with these realities we are currently facing as a nation?
In such an environment, I will consider a lean technology strategy that will focus on cost efficiency, agility, and resilience. Some key things I’d consider for the strategy would include: Adopting cloud pricing models that’ll avoid large capital expenditures (CapEx). Avoiding reliance on a single cloud provider and if possible, avoiding billing options in foreign currencies, which could increase the vulnerability exposure to currency fluctuations and pricing changes. Reducing software licensing costs by considering open-source alternatives; considering low code or no code options to enable faster application development with minimal investment in skilled developers.
Using AI-driven process automation to cut down on repetitive tasks and operational inefficiencies. Where possible, focusing on quick, iterative releases rather than large-scale implementations. Designing systems that can scale or shrink based on market conditions or budgetary constraints. Given the infrastructure deficit, I would consider investing in cyber risk insurance to mitigate financial damage from possible attacks. Reducing operational costs (office space, travel) by considering remote-first work policies.
From a Human Resource Management perspective, given the mass exodus of technology talents from Nigeria, I could consider creating a revolving door between new graduates and the organization’s recruitment process. We could also consider prioritising employing older people with families into entry level roles; given the same pay as their single counterparts, the chances of leaving the country faster would be slimmer for those with families than it is for singles. Consider relocating some technology teams from high cost areas to low cost areas. This will drastically cut down on infrastructure and real estate costs in addition to boosting staff productivity. The indirect effect of staff productivity boost is that you probably don’t have to hire as many people as you had. If you consider the cost of running a technology department in Victoria Island/Ikoyi or in Marina versus running such a department out of Akure, Calabar, Ilorin or other less expensive locations, you’d find a lot of cost savings and increased staff productivity. Increased staff productivity because staff will spend less time in less stressful traffic in these places compared to Lagos. This means that they have more time to spend with family and on relaxation, longer time to rest overnight, which means they can have fresher brains when they start work each day. Moreover, the lower cost of living in these other areas would also offer the staff better quality of life. Organizations like JP Morgan in the UK located some technology departments in Bournemouth and others Glasgow instead of in their UK head office in the buzzling London City. While front office functions remained in JP Morgan’s London HQ, back-office functions related to technology, operations and other services that must be in the UK and do not have to be in London were moved to the 4,000-man strong JP Morgan campus in Bournemouth. Other UK Banks like Barclays and BNY Mellon have explored similar strategies. I believe these would help stretch and align technology budgets in the environments you just described.
Many Nigerian businesses are exploring digital transformation. What are some key considerations for a company in Nigeria when adopting new technologies, particularly given the current economic climate, and how would you prioritise technology investments; awareness of local market dynamics, ROI focus, and practical implementation?
We must remember that technology is meant to support business operations. In the process, technology might redefine business operations. However, business operations ultimately determine how technology can be used. As such, prioritising technology investments means deciding which technology investment will have the most positive impact on business outcomes. This decision has to be made in conjunction with the business services/departments.
How would you balance the need for cutting-edge technology with the imperative for cost-effectiveness in a Nigerian context? Can you share an example of how you’ve achieved this balance in a previous role you held?
Implementing a technology solution because it is considered “cutting-edge” should not be the first driving factor in decisions around technology to be implemented. Alignment with business goals, operational efficiency, and financial feasibility are to be considered first. When I say financial feasibility, I don’t mean affordability, but more around ROI. You want to ask questions like: Does the technology support the organisation or business unit’s core objectives and long-term strategy? How does the technology contribute to competitive advantage (e.g., cost reduction, customer experience, speed to market, etc)? What is the total cost of ownership (TCO), including licensing, infrastructure, and maintenance? What is the expected ROI? Does it reduce costs, increase revenue, or improve efficiency? Is the solution CapEx (capital expense) or OpEx (operational expense), and which model aligns best with financial goals?
I led the team managing the technology stack of an organisation during a major global market shakeup. Income had plummeted and the $350M revenue organisation had to stay afloat. Questions like those mentioned above were asked for several business units and responses captured in measurable ways. A lot had to be done from a technology perspective to allow employees to work remotely in a way that aligns with the strict regulatory requirements in the highly regulated industry. The first consideration was to offshore several new roles that were to be added to the team I led. That helped us stretch the technology budget while immediately ramping up the development capacity. This led to the hiring of tens of remote offshore developers, who worked tirelessly to modify the existing applications and infrastructure. At least 10 major projects were initiated and in a couple of months, we were able to alter the technology landscape significantly to accommodate the new requirements. These were accomplished with about a third of the budget if we were to use local US resources. Due to confidentiality limitations, I cannot provide more details about the projects or the organization.
Local talent development is crucial. How would you build and retain a high-performing technology team in Nigeria, considering the competition for skilled professionals and the need to manage costs?
All over the world, reducing the churn rate of technology teams will be difficult if budgets are lean. In such a situation, I would first identify the core skills that are needed in-house to efficiently run the technology delivery. I’d then consider having standard training arrangements to groom new entrants; chances are high that the lean budgets might not be sufficient to keep very experienced resources. These new entrants would be matched with a handful of experienced resources, who will serve as architects and guides to the newbies. I will also understand the sad reality that I am grooming these new people and letting them have work experience, so they’ll be qualified to be hired by companies that can pay them more. With that in mind, I would create a pipeline of resources at all levels that can be hired with short notice as people exit the organisation. Specifically, for the Nigerian context, I’ll consider moving some of the technology teams to cities where these resources will have a better work-life balance. That may distract them from jumping on just any offer in the busier cities. Lastly, with the current japa syndrome, since there are no age discrimination rules in Nigeria, when selecting new entrants to be groomed, I’d consider favoring people who have families (spouses and children). These people have more to do to relocate regionally or internationally. Also, they have to spend more for sustenance; so, the chances of keeping them longer would be higher because it will likely take them longer to pull resources together for international relocation. Moreover, the immigration laws of most western countries where people relocate favours the younger ones more than the older ones. While these measures might not create a water tight situation, I believe it will ameliorate the present churn rate.
How can technology be leveraged to mitigate the risks associated with operating in a volatile economic environment like Nigeria’s considering its political instability?
First, the conditions mentioned affect business operations more than technology. Technology is meant to support or redefine business workflows. I believe if the business gets it right, then technology can be appropriately leveraged. I would also argue that the exchange rate is meant to work in the favor of Nigerian players if they choose to produce more for global consumption. In addition, I believe there are lots of things we can learn from countries like China and India. When China started manufacturing for the world, they had a massive infrastructure deficit and some people manufactured from their backyards or living rooms. Road quality and road networks were poor. Power supply was erratic. As of 1989, in some regions in China, people needed approval from local authorities to own tricycles instead of the bicycles approved for everyone. Yet, at that time, China was still manufacturing for the world and we can learn from that. One other thing to consider is that even with Nigeria’s infrastructure deficit, manufacturing can still happen for sales that will have competitive prices in a globalized market. I believe we should first focus on leveraging technology to open Nigeria up to the global market. Consider a company whose paying customers/clients are in Europe or North America. Such a company will easily survive the volatility in Nigeria. And if Nigeria’s polity works against the company’s favor, they might easily move their operations to other neighboring countries.
Describe your experience in developing and managing technology budgets, particularly in a resource-constrained environment. What strategies do you employ to ensure budget adherence and maximise ROI?
In such situations, I routinely ensure that technology investments MUST be aligned with business priorities and high-impact areas. When needed, I use a zero-based budgeting (ZBB) approach where every expense in each budgeting cycle must be justified rather than relying on historical spend. I also classify technology spend into three buckets: (a) Must-Haves – critical for business operations, (b) Nice-to-Haves – improves efficiency but not essential, and (c) Aspirational – future-focused but not urgent. Spending is usually focused more on buckets (a) and some of (b). In some situations, I would also consider a quarterly budget review or rolling forecasts rather than static annual budgets. This allows for flexibility to reallocate funds based on needs. In cash strapped scenarios, I would consider shifting CapEx to OpEx to improve cash flow.
Nigeria’s currency volatility can significantly impact technology procurement costs. How would you mitigate this risk when budgeting for and acquiring hardware, software, or cloud services?
Besides other thoughts mentioned before now, I would tactically hedge against currency fluctuations by considering forward contracts or currency options to lock in exchange rates for future purchases. I would also have the organisation consider multi-currency accounts to hold stable foreign currencies in advance. In addition, I would encourage the organization as a whole to consider setting up natural hedging by generating revenue in the same currency used for technology spending. This goes back to selling to the global market instead of the local market. I would also consider a healthy contingency buffer/margin in the budgets. I would consider negotiating multi-year contracts with vendors to fix prices. For instance, I could work with cloud providers that offer reserved instances to secure pricing for 1-3 years in the local currency. I don’t know if that would be possible, but it is worth trying.
How do you measure the financial performance of technology investments and demonstrate their value to the organisation’s bottom line in a Nigerian context?
I have never had to do that in the Nigerian context. On a general note I would use a combination of financial metrics (e.g. ROI and TCO calculations, payback period, net present value and value addition of the technology to the organization), and operational KPIs, such as cost savings, productivity gains, impact on revenue, compliance and customer/employee satisfaction. These will be built into strategic reports to the c-level executives, to prove the impact of technology spend to the organization’s bottom line.
What are some innovative approaches to funding technology initiatives in Nigeria, beyond traditional capital expenditure budgets? (e.g., public-private partnerships, venture capital?
Besides the options you mentioned, we can consider government grants and technology funds, crowdfunding, corporate funding and industry partnerships, blockchain and tokenised funding, technology accelerator and incubator programs, and international grants. I would also encourage companies to target having paying customers located in richer and more financially stable countries.
How would you lead and motivate a technology team in Nigeria, given the unique challenges and opportunities presented by the local business environment? Considering difficulty in accessing finance, high corruption levels, inconsistent government policies?
Foster a problem-solving mindset within the team. Then encourage a globalised view of solution provision. Go global and normalise servicing global clients. The technology team can consider expanding their services to other customers (local or international) outside the mother organization. Amazon’s technology department started offering cloud services to external clients. That cloud business has now become a major arm of Amazon. Globalization and the expansion of services to customers outside the mother organization would improve revenues and profits for the technology department. This in turn can be used to cushion demotivation within the team.
The regulatory landscape for technology in the world is constantly evolving. How do you stay informed about these changes and ensure the organisation’s technology practices remain compliant?
Read, read and read some more. I constantly learn and unlearn. I also make sure I get schooled over and again. Lately, I have been engaging in policy advocacy. For instance, I am privileged to be a member of the technical committee on ethical AI for the Canadian Digital Standards Governance Institute.
How do you foster a culture of innovation and continuous improvement within the technology team, even with limited resources and competing priorities?
First, I recognise that even with limited resources and competing priorities, innovation can thrive when an organization embraces agility, creativity, and a growth mindset. I would encourage experimentation with fail-fast and fail-forward mindsets. I would also root for agile & continuous improvement practices. Precisely, I’ll encourage the Kaizen continuous improvement processes in the team’s daily work. I will encourage documentation and knowledge sharing within the team whilst also providing opportunities for continuous learning and growth opportunities. I would recognize and reward employees for innovative contributions and invest in continuous learning to keep the team ahead of trends. Lastly, I’ll make sure innovation efforts align with business priorities.
How do you build strong relationships with key stakeholders (both internal and external) to ensure alignment and support for the technology strategy?
I would do some influence mapping to map out and understand who influences or is impacted by technology decisions (e.g., c-level executives, department heads, technology teams, end-users, customers, vendors, regulators). For each of these groups of people, I would learn and understand their priorities, challenges, and expectations as it relates to technology. My communication and relationship building approach for each stakeholder would be customized based on their specific concerns. For instance, finance cares about ROI, operations about efficiency, customers about UX, etc. I would translate technical benefits into business impact (e.g., revenue growth, cost reduction, customer satisfaction) and use data-driven storytelling, combining numbers with real-world impact, to present these outcomes to each stakeholder. I must bear in mind that at different levels, people want to see different things. For instance, executives are more interested in high-level impact & ROI, technical teams are more concerned about details on implementation & security and the end-users will bother more on how technology improves workflow & productivity. I will work on building trust through transparency and accountability, making sure expectations are clearly set; underpromise and aim to over deliver. I will identify influencers and early adopters and leverage on their influence within the organization. When possible, I will socialize with these stakeholders.
Nigeria’s and the world’s technology ecosystem is rapidly changing. How do you stay abreast of emerging trends and ensure that organisation remains competitive and adaptable in this dynamic changing environment? Market awareness?
I typically adopt a proactive market awareness strategy. I follow tech publications, track industry reports from the likes of McKinsey, Forrester, and IDC. When I can, I participate in industry forums and regulatory discussions. I sometimes forge strategic partnerships with other professional colleagues and industry players to gain early access to cutting-edge innovations. By staying informed, and being agile, I can anticipate change, embrace disruption, and maintain a competitive edge in the global tech ecosystem.
