Folashade Adeyemo is a Senior Lecturer in Commercial Law at the University of Liverpool and the newly appointed Associate Dean for Global Engagement, she is well-versed in banking regulation, financial crime, and whistleblower protection. But her talents do not stop at academia.
Inspired by her mother’s hair salon, Adeyemo took a bold step into the beauty industry, founding Hair by Nubian in Lagos. Growing up, she learned the business side of hair making and the skills she now uses to make her salon stand out.
Adeyemo manages her academic responsibilities and professional obligations with grace despite the challenges she faces. In this exclusive interview with BusinessDay, she discusses her journey, the difficulties presented by Nigeria’s economic situation, and how she manages to succeed in both fields. Excerpts:
Your journey from a legal academic to an entrepreneur is quite inspiring. Can you share your academic background and what motivated you to venture into the beauty industry with Hair by Nubian?
I have always been interested in law, research and education. It probably explains why I became an academic in the first place. In terms of background, I am a member of the Nigerian Bar Association, and I also have a PhD which examines banking regulation in Africa, namely Nigeria. The economies of South Africa and Kenya are also captured in the discourse. My research focuses on three areas; banking regulation, financial crime, and whistleblower protection, and I examine these through the lens of the global south. As a result, I have published widely in these areas and have established myself as a leading academic in this space. Currently, I am a Senior Lecturer in Commercial Law, at the University of Liverpool, and have recently been appointed as the Associate Dean for Global Engagement for the School of Law and Social Justice. I am also the founder of the Global South Dialogue on Economic Crime, and we’ve been doing some outstanding work in focusing attention on financial and economic crimes affecting global south countries.
In terms of motivation for starting Hair by Nubian, my mother actually owned a hair salon, so from a very young age, she was very proactive in making sure I had a solid understanding of the hair making process for clients. Not many people know this, but I am an excellent braider myself and can do a variety of hair styles. So sometimes, when we’re extremely busy at the salon, if I am around, I step in to assist the staff with the clients. Circling back to the motivation aspect, my mum also made sure that I had an in depth knowledge of the business, operational and management side of things. I suspect from a very early age, my mum knew that that I would engage in a business venture outside of my career, and so much, if not all my entrepreneurial skills, I owe to her. I was always coming up with different business plans and ideas, so she took it upon herself to harness me in that regard. In terms of setting up, the vision for the salon was born a couple of years ago. I knew I would get into the beauty industry, but I was not exactly sure what it would be, if I am honest. One thing about me – I am adamant about excellence, and it has to be the foundation of anything I lay my hands on. My staff know this about me, my students would say the same about me. So to bring the vision about, I needed time to cultivate and develop the plans.
Even though I was born and raised in England, I have always loved Nigeria. I was called to the Bar over 10 years ago, so I spent a great deal of time here during that period. In my previous and current role, my administrative function means I am heavily involved in student recruitment activities, and this meant I travelled a lot. Nigeria, amongst other countries was one of my frequent destinations. To achieve my vision for the salon, I spent the last 4 – 5 years visiting different salons on both the Mainland and Island. This gave me the opportunity to be in the client chair and understand what the customer experience was in Lagos. I wanted to understand what the quality of service provided was and know what people were used to. This helped me carve out how I could make my brand stand out. With Hair by Nubian, my mission was to create something different; an establishment which encourages self-care and confidence. An environment where women, and men, can be catered to and forget about their daily troubles, even if it is just for the few hours that they spend with us. Hair by Nubian was created from that desire and allows me to combine my entrepreneurial spirit with my commitment to excellence Now HBN is off the ground, I have had time to think a bit more holistically about other areas I am passionate about, and I am presently in the process of establishing a few other ventures – so I guess you could say Hair by Nubian is the first of many to come!
Given the current inflation rates in Nigeria, what are some of the significant challenges you’ve faced as a business owner in the beauty industry, particularly regarding operating costs and pricing strategies?
I will be honest; the status of the economy and inflation, has significantly impacted many businesses, particularly with the rising costs of supplies and utilities. Everything has increased in prices and most times, when we place an order, it’s always a different price to the last time. Balancing affordable prices with quality service has become a delicate task, so we have had to be more strategic in our purchasing, opting for bulk buying and negotiating with suppliers for better deals.
How has inflation impacted the purchasing power of your customers, and what strategies have you implemented to maintain customer loyalty during these tough economic times?
The economic status, for businesses generally, will affect any clientele’s purchasing power, and will certainly make them more budget conscious. To address this, we’ve introduced reward programs and specific client centred incentives that provide value to maintain their loyalty. For example, we have discounts on specific services during the week; we have a HBN loyalty card which is given to each client on each visit – when they reach a certain number, they receive a free service; we have also partnered with Bolt, to give our clients discount on their ride when they patronise us. Above all however, our primary focus is to provide excellent customer experience, making each visit unique and worthwhile. We’ve also built relationships and trust by staying in touch with our clients and which also allows us to receive tailored feedback. We want our clients to know that we understand the country’s situation and are committed to supporting them – after all, we’re all in it together.
Your role as Co-Editor of Bank Insolvency in Developing Economies touches on critical issues. What do you believe are the primary factors contributing to bank insolvency in developing economies?
The core issue at hand is the quality of the regulatory frameworks, which at best, in my opinion, remain insufficient for many developing economies. Other important factors to consider include, to a degree, ineffective risk management methods, and economic volatility, as well as weak political will, corruption and a lack of transparency. These factors, combined or individually, can exacerbate these problems, and result in a loss of trust and confidence in the banking sector. Strengthening regulatory oversight, improving governance, and promoting financial literacy are crucial tools to addressing these challenges.
You have been quoted and referenced in legislative discussions and have presented internationally. How do you perceive the impact of your work on policy and regulation both within Africa and globally?
It is incredibly fulfilling to see my work influence the development of policy and regulation. Particularly from the Nigerian perspective, I have written extensively and contributed to the discourse on Nigeria’s Banks and Other Financial Institutions Act 2020, as well as the regulatory powers of the Central Bank of Nigeria. Over the last few years, my research has moved into the terrain of exploring unexplained wealth and it is the focus of my new book, which comes out later this year. I have also led some discussions in this area. I am particularly interested in exploring why African countries experience more corruption when measured against other economies, and one of the questions I raise is whether corruption is intrinsic to African countries or whether its learned behaviour dating back to colonialism. In this book, I am examining two emerging economies, namely Nigeria and Kenya. My ongoing work in this space has contributed to a better understanding of the challenges and potential solutions in this for economies falling into this category. Internationally, my involvement in legislative discussions, invited keynote speeches and invited presentations helps to highlight the unique perspectives and needs of developing economies. My aim is to continue to drive positive change and to continue to promote more effective and inclusive regulatory frameworks by contributing to these conversations.
Balancing an academic career with running a business can be challenging. How do you manage these dual responsibilities, and what drives you to excel in both fields?
I will be honest – balancing both roles are not easy. I am a full time academic, and I have a full time business – both of which demand me to perform at my very best to ensure maximum impact. Having said that, I embrace both with meticulous time management and an extremely strong support system. What drives me is a passion for excellence in both fields and an unyielding commitment to making a difference. If my name is going on it, you know it must be excellent. So, seeing the positive impact of my work, whether it’s in the lecture hall or at the salon, motivates me to keep going and do better.
As the Associate Dean of Global Engagement at the University of Liverpool, how do you see the current economic challenges in Nigeria affecting international collaborations and academic research, particularly in the field of commercial law and financial regulation?
So, a quick caveat – I take up this role in September 2024. To your question, the economic challenges in Nigeria can hinder international collaborations due to funding constraints and logistical difficulties. This is even so much presently, given the volatile exchange rates currently and the impact it has on students wishing to further their education abroad. However, I am more of an optimist, so I try to look at the positive side of things. I think the economic challenges also present opportunities for innovative solutions and partnerships. We can maintain and even enhance collaborative efforts by leveraging on technology and virtual platforms. In the field of commercial law and financial regulation, these challenges highlight the need for more research and dialogue on sustainable economic practices and regulatory reforms that can withstand economic pressures.
Hair by Nubian is a unique venture compared to your academic and legal work. What inspired you to start this business, and how do you integrate your entrepreneurial skills with your academic expertise?
With both careers, I have people at the centre of it. Whether it is when I deliver lectures to over 300 plus students or when I am invited to present my research in a room full of other respected and seasoned experts. With the students, most, if not all, want to know what they must do to achieve the best score which is a First class degree. So, I work with the students, to the best of my ability, to show them what they need to demonstrate in their exam and coursework submissions, and the skill set they require and need to develop to excel in the legal world. It is the same with my business.
As I mentioned earlier, my mum had a salon, so I grew up in this environment from an early age. I became very versed in the business side of things, as well as understanding the clients’ needs and understanding the best way to achieve the best results, for the client. So, in essence, you could say I have cultivated my skills in and out of the classroom and transposed them to fit in the business, by putting my client’s needs, first.
What motivates you to continue pushing boundaries in both your academic and entrepreneurial endeavours despite the economic hurdles?
The drive to positively impact and contribute to meaningful change motivates me to push boundaries. In academia, this means advancing knowledge and influencing policy, while in entrepreneurship, it involves creating value and enhancing customer experience, one visit at a time. Economic hurdles present challenges but at the same time, they offer opportunities for innovation and growth. By focusing on what I know is important, I have been able to strive for excellence in both arenas.
Looking back at your career so far, what are you most proud of, and what legacy do you hope to leave behind in both your academic and entrepreneurial endeavours?
I think I am most proud of the impact my work has had on policy and education. Seeing that my work has influenced development through my research, is not a feeling I can quantify. I am equally so proud of the business I have built over the last year, even whilst maintaining my 9-5. My team are really the best and they are receptive to training and ensuring that clients have the best experience each time they visit us for a service. Customer service is our cornerstone, and I invest heavily in internal and external training, so I am always elated when we receive positive feedback from our Hair by Nubian clients. In terms of what I want to leave behind, first and foremost, I want to leave a legacy of excellence. Whatever I put my hand in, I do it well and excelling at that task or project is my primary goal. If my name is going on this piece of work, you can be rest assured it will be done with excellence. I also want to leave behind a legacy of innovation and empowerment. Everyone that comes into my space, always leaves (hopefully!) a better version of themselves. Staff, friends, family. My goal, therefore, is to set a standard for exceptional customer service and community engagement in entrepreneurship, demonstrating that businesses can thrive while still making a difference. In academia, I genuinely love to teach, and I love the impact I leave on my students and how this shapes them for their career ahead. I’ve been told I can be a bit tough in the classroom, but almost always, students will come back voluntarily to say they are thankful for the extra push because it was what helped them to excel in their assessments and in developing their skills sets. My hope is to continue inspiring future generations of scholars and practitioners to pursue impactful research and advocate for effective regulation.
What advice would you give to young professionals and academics who aspire to have a multifaceted career like yours?
My singular advice is that my faith has really helped me to get to where I am today so the first I offer is that you should pray. Pray, pray and then, pray a tad more. That’s the first thing I do before I venture into anything. My general advice however would be to stay curious and open to new opportunities.
Balancing multiple careers requires dedication, focus, time management, and a strong support network. In your quest and strive for excellence, you may even lose friends or relationships along the way. Don’t be deterred. Many simply cannot come with you to this next level you are about to embark on. So, keep your eye on the target, keep your on your vision. Stir up your passions with determination, and don’t be afraid to take risks.
That’s what makes life, life. Finding synergies between different fields and leveraging your skills across various domains is also essential. Most importantly, stay true to your values and leave an indelible positive impact in whatever you do.
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