Africa Is Not “Potential: Here’s Why Investors Are Already Winning

January 21
1h 34m

Episode Description

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$750,000 became $40 million in six years.
That's what happens when you stop betting on Africa's "potential" — and start betting on what's already working.
Ibrahim Sagna managed $37 billion at Africa Eximbank. Then he left to build Silverbacks Holdings. 10 exits since 2019. Flutterwave at 24x. Lemfi at 29x. Moov at 5.1x.
His thesis? Possible → Probable → Inevitable.
In this episode, we break down why Africa has been profitable for centuries, why capital has always known it, and why founders and investors are finally structuring exits that prove it.
From colonial extraction to modern venture capital. From seven cars to forty thousand. From early-stage angels to billion-dollar platforms.
We cover how African startups move from possible to inevitable, why distribution beats raw talent, and why storytelling is one of the most undervalued assets on the continent.
For founders, operators, investors, and anyone tired of hearing that Africa is still "loading."
It's not.


About Ibrahim Sagna
Ibrahim Sagna is Executive Chairman of Silverbacks Holdings, a private investment firm allocating capital across tech, entertainment, and sports. Since 2019, the firm has delivered 10 profitable exits.
Before Silverbacks, Ibrahim spent 26 years at Africa Eximbank running the investment banking division. He also hosts the In The Valley podcast.
Landmark investments include Moove — a global mobility fintech backed by Uber, operating in 29+ cities across five continents — and Wave Mobile Money, backed by Stripe.

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TIMESTAMPS

00:00 Why Africa is not “potential”

01:25 Why colonization proves long term value

02:01 Capital extraction then and now

02:56 The Silverbacks Holdings thesis explained

03:57 How African founders scale globally

04:52 From luck to preparation in venture

05:51 Possible vs Probable vs Inevitable

07:41 How SPVs create focused conviction

08:40 Why global expansion signals inevitability

10:06 Real exit multiples from African startups

11:05 Liquidity as a storytelling engine

12:32 From likable to adored brands

13:56 Why Apple behaves like a religion

15:21 Elevating African companies through narrative

17:19 How secondary exits actually work

18:46 Inside the Move investment story

21:41 Solving Uber’s real problem

24:34 Distribution as the real moat

27:08 From seven cars to 40,000

29:04 Becoming a truly global company

30:30 Brands that achieved cultural dominance

33:22 Why African culture is always exported

38:13 Building IP in film and media

39:16 Finding a 1.6 billion person niche

41:12 Culture investing with global reach

45:00 What DFIs actually do

52:10 Why refining beats raw talent

56:41 Who controls the story controls value

59:37 Almost dying and staying uninterrupted

01:08:11 Finding your superpower

01:27:07 Why Africa has always been actual

01:31:01 The next generation sees no limits

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