Collaboration does not eliminate competition, it boosts one’s comparative advantage – Abimbola Ojenike

Abimbola Ojenike is a lawyer and social entrepreneur. He is a co-founder of The Destiny Trust, a social intervention focused on education, care giving and empowerment for underserved children. In this interview with Kenneth Athekame, he speaks about business, innovation and collaboration, technology and the future of global business.

Can you describe your experience with innovative projects and solutions have you developed or implemented?

In our everyday work as lawyers, a significant aspect of what we do is supporting visionary founders in the innovation industry, helping them transform their ideas into viable solutions within a sound legal framework.

This role makes us more than just legal advisors; we actively participate in the iterative process of innovation, offering practical insights from the outset on how regulations may apply, what can be approached differently, and leveraging potential regulatory sandboxes. It is truly rewarding to see these solutions succeed in the market and witness the impact of our clients’ innovative efforts.

Personally, beyond my role as a legal advisor, I am passionate about innovative solutions that promote education equity and provide relief for underserved children and young people. Together with like-minded individuals, we are exploring solutions for expanding access to quality education and adaptive learning, particularly for children in hard-to-reach areas with limited internet connectivity.

How effective are you at collaborating with others to foster innovation?

Collaboration is key to success in the innovation industry. Working in a silo can lead to reinventing the wheel; missing out on the acceleration or ease you would gain from collaborating with others who have relevant cases and existing integrations that could enhance your work. This awareness informs our drive to collaborate. Collaboration doesn’t eliminate healthy competition; in fact, it can be the very factor that helps you identify your comparative and competitive advantage or distinctive value. It also helps in placing commercial value or realizing the potential exponential impact of your innovation, especially in non-profit contexts.

How do you design solutions that address multi-dimensional problems in relation to economic indicators?

Designing solutions that address multi-dimensional problems using economic indicators require a multi-pronged approach. The critical step is to understand the wider implications of the problem. Using education as an example: when creating a solution, you need a comprehensive data-driven evaluation of how a lack of education impacts broader social and economic factors like job opportunities, income levels, and people’s access to information essential for improving their quality of life. The next step is identifying the specific segments of the population affected by the problem, ensuring the solution is designed with people in mind. This opens room for stakeholder engagement and impact analysis to understand both the direct and indirect effects of the solution and how to measure outcomes. While using data-driven models and scenario planning to predict outcomes is helpful, incorporating feedback mechanisms early on and building with the people helps keep solutions grounded and responsive to real needs.

What role does innovation play in business and technology?

Innovation is the life of business and technology. To grow, stay competitive, and sustainable, businesses must embrace and invest in research and development more deliberately and strategically. It is how they differentiate themselves, respond to changing market conditions, and prepare for emerging opportunities. Today’s market is constantly evolving in response to disruptive innovation. If you are not actively leading innovation, you become less competitive as circumstances in the market change. Kodak once dominated the photography industry with its products but was outpaced by the digital revolution and lost its competitive edge despite having one of the first digital cameras. In today’s fast-changing market, you either go big with innovation or go home.

With innovation, what problems do you want to solve in the business community and environment?

Distance or geography is not a barrier to quality learning. The illiteracy epidemic in Nigeria is an existential crisis, and we urgently need solutions to address the inequities in both access to and the quality of education. When we talk about education for the poor, it is not just a charitable appeal; it is a fundamental issue. Illiteracy is undermining Africa’s human capital, fuelling insecurity, limiting access to innovative technology, and stripping away choice in the democratic process. Tackling the education problem is not just a moral obligation—it is enlightened self-interest for both the business community and society as a whole.

Can you explain the significance of intellectual property in the current business landscape?

In today’s knowledge-based economy, Intellectual Property is a key driver of value creation. Beyond traditional financial assets, a company’s value now lies more in its creativity, innovation, and brand identity. IP rights, such as patents, trademarks, and copyrights, grant businesses exclusive control over their products, technologies, and branding, enabling them to capitalise on their innovations and build long -term value.

This is more critical for industries like technology, entertainment, and pharmaceuticals where innovation is more rapid, IP provides essential legal protection for investments, and helps strengthen market position.

How does intellectual property impact business competitiveness in relation to the businesses in Lagos State?

Lagos is the commercial nerve centre of Nigeria. Talking about how intellectual property impacts business competitiveness in Lagos is essentially asking how IP drives competitiveness in general. However, Lagos presents unique challenges that inspire innovation. It is possibly why Lagos is the heart of Nigeria’s innovation ecosystem. The dynamic market, collaborative environment for tech innovators and fast-pace of the city create a perfect setting for businesses to solve everyday problems and leverage their intellectual property as a strategic asset. This way, IP not only drives individual company success but also contributes to the overall competitiveness of the city and expands Nigeria’s digital economy.

How often should companies review their company’s intellectual property strategy in today’s world?

Companies should regularly review their intellectual property strategy to stay ahead in the constantly evolving business environment. A periodic review helps businesses on short-term and long-term goals and for their research and development efforts and to also optimise their IP portfolios. It also enables them to identify risks and opportunities early. With this, they can make necessary adjustments to their IP strategy or product offerings in response to market shifts, regulatory changes, or new innovations.

How can companies ensure compliance with contract terms and conditions in today’s complex business environment?

Companies need an efficient contract management system that covers everything from pre-contract documentation to post-execution.

Compliance begins with a clear understanding of the contract terms and the obligations or rights they create. This is why modern contract drafting uses simple, precise language for clarity. Centralised contract management and regular audits generally help track key obligations, milestones, and conditions precedent while identifying potential issues early. When challenges are anticipated, open communication with stakeholders and consulting legal counsel can minimise risks, build trust, and maintain strong business relationships. Many contractual liabilities arise from treating the contract as a static document rather than a living document that governs the relationship or transaction. You can’t simply sign contracts and leave them until obligations arise. You can’t remain silent when challenges begin to surface. Regularly reviewing and actively managing contracts ensures that potential issues are identified and addressed before they become liabilities.

How have you been able to stay current with changes in intellectual property laws and regulations?

Providing guidance to clients requires us to stay current with changes in the law. We engage with policies and practices daily because our clients often seek advice on how the law applies to their situations. Our lawyers are recognised as thought-leaders in many areas of practice. We stay informed by keeping up with regulatory updates, participating in conferences, and sharing knowledge within the space. Laws rarely change overnight, so as practitioners, we are often aware of potential areas for legal reform and closely monitor trends as they evolve.

What is your advice to clients on data privacy and cyber security issues?

Data privacy and cyber security are fundamental issues, especially for companies in the innovation space. It is critical to maintaining customer trust. Companies require effective data privacy compliance planning. They also need to establish incident response plans, threat intelligence monitoring and comply with regulations.

At industry level, cyber threat is one of the biggest challenges of the technology space. NCC reported an estimated annual loss of $500 million to cybercrime. In 2023, Nigeria found itself among the top 100 most breached countries, recording as many as 82,000 leaked accounts in the first quarter alone.

In reality, it is feared that the cyber threat to Nigeria’s FinTech industry may be underreported because many companies may not disclose these incidents in order not to give the impression of vulnerability or cause any scare. The tech ecosystem needs a coordinated framework for cooperation and assistance in managing cyber threats or incidents.

Technology systems are interconnected and a threat to one is a threat to many.

We need to encourage transparency in reporting and evolve self-regulation for breach management protocols while hoping that judicial interventions or freezing orders for recovery would become timely in responding to suspicious transactions and facilitating fund tracing.

What are your views on the merger and acquisitions going on in the banking sectors?

The ongoing consolidation in Nigeria’s banking sector, which is driven by the Central Bank of Nigeria’s (CBN) new capital requirements, must be handled carefully. While the CBN’s objective to strengthen the financial sector in view of prevailing macroeconomic challenges cannot be faulted, the resulting wave of mergers and acquisitions has serious economic consequences too. Mergers should be evaluated for their economic rationale, impact on employment, and competition. While recapitalization is unavoidable, the important considerations are how the process is managed, the timelines, and how consolidation can serve as an incentive for the banking sector considering current economic challenges.