The Lagos Angel Network just constituted its first formal Board of Directors having just been incorporated as a Nigerian company limited by guarantee.
“The role of the Board is to shape the direction of LAN as a corporate entity ensuring that its activities align with the collective desires of its members,” vocal angel Tomi Davies told TechCabal.
Interswitch Chairman and the governing board Chairman at iDeaHub, Adedotun Sulaiman is the board Chairman. Other members of the board include, Dayo Adebo, David Richards, Tokunbo Ismael, Collins Onuegbu, Segun Olukoya and Tomi Davies.
LAN, of course, has been around since 2013. It wasn’t until 2014 that members of the group made their first investments with an undisclosed amount in Autobox, an auto parts sales platform and Hutbay, a real estate marketplace. But the group as a front, has not made any public investment since that time, though Tomi Davies invested in the education startup, Pass.ng earlier in the year.
Local Angel investors’ sentiment has grown bearish for a while, though LAN appeared to have been excited about the ecosystem when it kicked off in 2013.
“Some of the expectations we had when we started have not yet been met especially with regards to the networks levels of investments, membership growth and educating our members on what angel investing is all about,” Tomi Davies said.
This will form part of the agenda at the group’s next meeting on October 29, 2015. The group will also share best practises on building and managing portfolios with Angels while also hearing perspectives from other ecosystem players, including local incubators and accelerators who they expect to be present at the meeting.
