Diaspora Investors Move Beyond Remittances at Lagos Capital Dinner

More than 60,000 members of Amplify Africa's diaspora community expressed interest in investing in the Dangote Refinery — a signal that Nigerians abroad want to do far more with their money than send remittances. That appetite took center stage at the Diaspora Capital Dinner in Lagos, where investors, fund managers, entrepreneurs and diaspora members gathered to turn investment interest into actual businesses.

MaC Venture Capital hosted the invitation-only event in partnership with Amplify Africa during Diaspora Week Lagos, held at KNOWHERE Lagos, an upscale restaurant in Victoria Island. Participants told Business Insider Africa they see real potential in Nigeria — but acknowledged that trust, access to capital and economic stability still stand between enthusiasm and meaningful investment.

Why move beyond remittances?

Oluwatimilehin Adeyeba, co-founder and chief operating officer of Amplify Africa, said the dinner reflects a decade of work connecting Africa with its diaspora, a mission now shifting from cultural engagement into investment.

"The diaspora market has always been one that everyone thinks is just about remittance," Adeyeba told Business Insider Africa. "For us we wanted to create, you know, a space where people can understand more about what needs to be done, how it needs to be done."

He pointed to the creative and technology industries as prime opportunities, and named real estate as another attractive sector. But he argued that every successful partnership starts with confidence in the people handling the money.

"Before you can go into business, you need to know who you're going into business with. You need to trust," Adeyeba said. "Trust is one of the biggest factors and as you know, like the African factor, like the trust can be a little bit shaky around business, you know, you're giving someone your money and you know you wanna be sure that whatever they say they will do their best to do it."

The numbers back him up. Beyond the 60,000-plus expressions of interest in the Dangote Refinery, Amplify Africa's partnership with Daba Finance helped 5,000 people apply for shares. That's demand for African assets, not just cash transfers.

How do African founders reach global capital?

Marlon Nichols, founding managing partner of MaC Venture Capital, framed the problem bluntly. His firm has backed Nigerian companies including Shekel Mobility, Stears, Carrot Credit and Big Cabal Media.

"Nigeria is producing founders who can compete anywhere, but the number of investors ready to back them hasn't caught up. That's why MaC Venture Capital is hosting the Diaspora Capital Dinner during Diaspora Week Lagos," Nichols said in a statement shared with Business Insider Africa.

The guest list carried weight. Iyinoluwa Aboyeji — co-founder and former CEO of Flutterwave, who also co-founded Andela and Future Africa — attended, underscoring the event's pull among established technology entrepreneurs.

Sanmi Okunmi, co-founder and CEO of Shekel Mobility, welcomed the room as a chance to deepen founder-investor relationships. "MaC Ventures has been backing African founders. They are building solutions for the African continent, and MaC Ventures has been a wonderful partner in that regard," he said.

Asked what holds African startups back from global competitiveness, Okunmi spread the responsibility across customers, founders and investors: customers present the problems, founders must build viable solutions, and investors must finance them.

Preston Ideh, chief executive of Stears, stressed that diasporans should be able to contribute more than money. "I think it's important that, diasporas with diasporan capital, find it easy to mobilize their support. Their time, their talent into African markets, so it makes a lot of sense for them to be part of the ecosystem because I think that just increases the amount of capital flows between Nigeria, Africa, and then its diaspora communities," he said.

The chief executive of Carrot Credit named Nigeria as his top pick on the continent. "I think it'll be Nigeria," he said, citing entrepreneurial spirit, economic momentum and a large population. "So invest here early. If you win here, you win at scale."

Jonathan Maduka, chief executive of Coscharis Motors Plc, one of Nigeria's leading automotive dealerships, called the gathering a step toward stronger ties. "I think it's also great that you know people in the diaspora and people on the continent are also finding ways and opportunities to collaborate," Maduka said.

What would bring more Nigerians home?

One entrepreneur who built a hospitality business in Miami has already relocated to Lagos to expand — and his move is drawing attention. "My friends are already telling me that, bro, this one I moved it, something must be, something must be brewing there," he said. "I have people that already say, hey, whatever that is there to invest in, let me know."

His condition for others following: predictability. "Stability, stability from the government, stability from the currency," he said.

The evening wasn't purely financial. John Maynard Harris, a New York educator and Yale Club board member, said Lagos drew him with its people and energy. "I love the education. I love the fire," Harris said. He described the city's individual freedom as both strength and risk: "That's the good part," he said, before adding, "That's the bad part."

Another participant framed the long game: "I'm hoping that all this knowledge transfer and relationship building. Long term ensures that we have the right capital, partnerships and infrastructure to really develop the continent."

What happens next?

No new funding agreements were confirmed at the dinner. Organizers didn't measure success in announcements — they measured it in trust built. For Adeyeba, the win is simple: "We want to create a room where everyone feels comfortable, everyone understands what they're doing and what they want to do."

Amplify Africa plans to expand Diaspora Week from Lagos to Nairobi, giving investors, founders and business leaders a second African city for cross-border partnerships. The bet: relationships formed at dinners like this one become the deal flow of the next decade.