CONVERTIBLE PROMISSORY NOTES: A FINANCING MODEL FOR TECH STARTUPS IN NIGERIA

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Introduction

According to Bloomberg, about 80 percent of startup businesses fail within the first 18 months. A major reason for this is limited access to finance and Nigeria is not left out of these statistics. In fact, recent study suggests this numbers have risen to a whopping 90 per cent. The prohibitive interest rate and inability of business owners to satisfy conditions precedent to drawdown of loan facility granted by financial institutions, result in stillbirths of many small businesses.Read More…….

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About the Firm

At Tope Adebayo LLP, we strive to continually improve and cultivate a close understanding of the Nigerian industry, an intimacy with the legal and procedural regimes of the environments in which clients operate and a strong commitment to providing dedicated and comprehensive services to our clients.