FROM BALANCE SHEETS TO BOLD BETS

When Maryam Bello, a 32-year-old accountant at PwC Abuja, read the headline “Stripe Acquires Paystack for $200 Million,” she froze. A Nigerian startup had just pulled off a global milestone. “I realized that while I’d been managing other people’s money, I hadn’t been bold enough to make mine work,” she said.

That headline sparked a new obsession: investing in Nigerian tech startups.

The Spark

Though fluent in finance, Maryam was a rookie in the startup world—seed rounds, valuations, burn rate, angel syndicates. “It felt like a new language,” she said. So she studied. Every evening after work, she read TechCabal, Techpoint Africa, and Benjamindada.com. She joined online investment communities like Future Africa Collective and Lagos Angel Network to listen and learn.

“I wasn’t ready to invest yet,” she said. “I wanted to understand why some startups thrive while others fade.”

The Analyst’s Lens

When Maryam began reviewing pitch decks, her accountant instincts kicked in. She focused on three things:
1. Problem and Market: Is it solving a real problem that affects a large group of Nigerians?
2. The Edge: What’s their unfair advantage—why can’t competitors copy it?
3. Customer Path: How will they reach and keep users?

“I ignore jargon,” she said. “If I can’t understand the product in a minute, it’s not ready for investment.”

The Numbers Game

As an accountant, Maryam could spot shaky projections instantly. “Some founders show tenfold growth in a year—that’s fantasy,” she said.

She checked for logical assumptions, realistic costs, and clear cash flow. If projections didn’t match Nigeria’s business realities—exchange rates, logistics, internet costs—she walked away. “I don’t need perfect numbers, just honest ones.”

Reading the Humans

Soon, Maryam realized numbers weren’t everything. “Founders make or break startups,” she said. She watched for passion, resilience, and sacrifice. “One founder sold his car to build his app. That told me more than any pitch deck.”

The First Leap

Maryam’s first investment was $2,000 in a Lagos logistics startup helping small retailers manage deliveries. “It wasn’t flashy, but it was solving a real problem,” she said.

It didn’t explode overnight, but she learned fast—tracking updates, asking questions, and adjusting her approach. Within two years, she backed three more startups. One failed, one pivoted, one grew. “That’s how you learn,” she said.

A New Kind of Investor

Maryam still works at PwC, but she’s now part of Nigeria’s growing class of young angel investors—analytical, curious, and unafraid to start small.

“What excites me,” she said, “is being part of something that can reshape the economy. I used to balance books. Now, I help build dreams.”

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