A hedge fund company is an organisation that pools capital from investors and invests it in several assets. It is hard to get people to put their money in anything that does not guarantee profit.
However, young Nigerian man identified as Christopher King Bowofade has surprised the world after he built a N600 million hedge fund company.
The 22-year-old who is a dropout of Obafemi Awolowo University (OAU) built his company in less than two years.
Bowofade’s hedge fund company Better Days Investment (BTD) buys and sells futures and options on behalf of 7,902 individual investors.
Like every other businessman, Bowofade has had his share of challenges. He was rejected to study Economics twice, first as a secondary school leaver and as an Ordinary Diploma Holder.
In 2012, the young man graduated as the second best in his Conservation Science and Tourism class with a 4.41 Grade Point Average (GPA).
After his direct-entry admission into OAU to study Economics, Bowofade quickly fell in love with financial marketing, forex, futures, options and binary options.
A friend of his from Conservation Science and Tourism class, Johnson Alabi urged him to start a company and became one of the earliest investors in BTD.
With his knowledge in website designing and graphics he built the company website and they started the company. The first investors were mainly students willing to earn extra money.
In 2015, Bowofade and Alabi started out with N1 million from twenty investors and as word spread more investors joined the company.
They were so focused on the company in their 200 level that they neglected school work and ended up with low grades. Alabi had a GPA of 2.6 while Bowofade had a 1.9.
In 2016, investors started to lose interest in the company after the challenges of the Mavrodi Mundial Moneybox (MMM) affected many Nigerians.
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Bowofade said: “This was depleting our capital so much that it challenged the company’s sustainability.”
More troubles came for the young entrepreneur after he parted ways with his COO Alabi due to misunderstandings. Some of his best student-staff also left him and he was forced to sack some.
The genius decided to freeze the fund and meet up with some of his investors based in Lagos state. He organised an Investor Conference in February of this year to ask investors who had exposure of up to N30 million in BTD to trust him.
Although, Bowofade did not graduate from Obafemi Awolowo University, he would join up with the school’s Enterperneurship Hall of Fame alongside other entrepreneurs who graduated from the school like Femi Otedola and Opeyemi Awoyemi of Jobberman.
Meanwhile, NAIJ.com TV went to the street to ask Nigerians the importance of having a happy family and being rich. Here is what they had to say below: