Nairabet Founder, Akin Alabi to Quit His Own Company and Contest for a Seat in the National Assembly

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Nairabet Founder, Akin Alabi To Quit His Own Company and Contest for National Assembly

Akin Alabi, the founder of Nigeria’s first and largest sports betting website, Nairabet, is resigning as CEO of the company. As an innovator and pioneer in the sports betting industry, Mr. Alabi has been at the helm of affairs at Nairabet since its creation in 2009. And since it was founded, he has helped the company rise fast.

It’s 2018 and among other sports betting websites, Nairabet is now one of the biggest sports betting website in the country, vie for this spot with incredibly popular Bet9ja franchise.

He is now resigning his position to take up any even more daring ambition: politics. The businessman is gunning for a seat in the Federal House of Representatives. The Oyo State-born Alabi, has his eyes set on leading the Egbeda Ona Ara federal constituency in the 2019 General Elections.

The news is no surprise as Mr. Alabi has been in politics for quite a while now. In an interview with Techpoint in March, he declared that “I have come to understand that politics is the most powerful tool you can use to impact society.”

Originally a PDP member, he is now a card carrying member of the ruling APC. He hopes to use his influence to pick the party’s ticket at the primaries.

Betting Without Akin Alabi

But away from politics, Akin Alabi has been key to the Nigerian sports betting industry. What’s to become of it in his absence?

Nairabet Founder, Akin Alabi To Quit His Own Company and Contest for National Assembly
Nairabet is one of the biggest sports betting companies in Nigeria.

Of course, the most probable outcome will see rivals like Bet9ja, and Merrybet try to snatch control of the betting market. However, it won’t be an easy objective as Mr. Alabi’s influence in Nairabet is boundless. His resignation won’t make a dent in how the company operates or how it handles competition.

This is true, thanks to the fact that Nairabet is not a publicly traded company. Famously, the company has never received external funding; Alabi pretty much bootstrapped all the way through to profitability.

Most importantly too, Akin Alabi clearly shared that he will return as CEO if his political ambitions fail. This amy sound awkward, but it’s not unusual or illegal. Nairabet is not a publicly traded company, and as sole owner, Mr. Alabi can make decisions without consulting anyone.

So, don’t expect anything to change when the founder of Nairabet effectively resigns in a few weeks. It’s just business.


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