General Counsel/Head, Compliance and Risk, Africa | Junior Achievement Africa
Adeola Olumeyan
General Counsel/Head, Compliance and Risk, Africa | Junior Achievement Africa
How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?
My legal strategy often centers on integrating legal risk management with business continuity planning. My approach includes proactive risk assessment to identify immediate legal exposures and their potential impact on operations, finances and reputation. Working closely with leadership, I design actionable contingency plans. During crises, agility in legal decision making and stakeholder engagement are critical. Transparent communication (with board members, employees, regulators, etc) foster trust and prevents escalation of issues. I focus on safeguarding key assets – intellectual property, data, contractual relationships. Leveraging alternative dispute resolution methods minimize litigation costs. Ultimately, my approach ensures the Organization emerges stronger, maintaining operational integrity, stakeholder trust and positioning for sustainable growth.
In your opinion, what are the main trends that are salient in your country currently?
Key trends I monitor in Nigeria are:
• Legal: The government is developing a legal framework for Artificial Intelligence (AI). The National Information Technology Development Agency (NITDA) draft of the National Artificial Intelligence Policy (NAIP), aims to guide responsible AI use. The AI market is projected to reach $1.05 billion in 2024 (Statista), with an annual growth rate of 28.03%, and a market volume of $4.64 billion by 2030. 94% of businesses in Nigeria plan to implement AI for cybersecurity, IT operations, and customer experience. For me, new regulations raise compliance issues, requiring robust data privacy measures and addressing potential liabilities in AI misuse. I am keen on how intellectual property rights for AI generated works will evolve.
• Political: Post-2024 elections reforms like subsidy removal and currency devaluation have increased operational costs for businesses and higher living expenses for individuals. These necessitate renegotiating contract and reassessing pricing to manage costs. Additionally, the political climate underscores the importance of stakeholder communication and corporate social responsibility.
• Economic: Inflation at 33.88% and interest rates at 27.50%, have escalated costs leading to the worst cost-of-living crisis in decades and exacerbating employee migration issues. This means inflationary pressures may lead to disputes in pricing or deliverables. Therefore, as GC I ensure all our contracts include robust dispute resolution mechanisms. Additionally, due diligence on partners/contractors/suppliers etc is now critical to manage compliance and reporting risks.
Are there any causes, business or otherwise, you are passionate about?
I am deeply passionate about sustainability and corporate governance, helping organizations build legacies that outlive their founders through ethical practices. My work empowers decision-making that fosters sustainability, protect the environment and promotes economic inclusion. I also champion initiatives supporting youth and women, particularly in education and entrepreneurship, ensuring long-term societal impact.
Assistant general counsel, company secretary | Channels Media Group