Lai Labode: Fashion Through the Eyes of A Cultural Exponent
Labode fits the bill of one who can be described as wearing many caps rolled into one that fits snuggly on his head. A serial entrepreneur with footprints in many sectors including entertainment, game-of-chance, tech, strategy and finance, Labode’s milestone as Vanessa Obioha discovers, hinges on his deliberately-curated fashion ensemble to attract attention anywhere he goes.
As we stepped into the office of Chief Lai Labode, the founder and chairman of Cash Token Africa, his towering presence greeted us warmly. At over six feet tall, he carries a princely aura, but it is his elegant style that immediately captivates. Dressed in a pristine white kembe ensemble, accessorised with a multicoloured cap and beaded jewellery, Labode’s regal appearance reflected his deep-rooted love for Yoruba culture, particularly his Egba heritage. Recently, he’s been gaining widespread appeal for his fashionable outfits.
Just last year, he was named the chairman of the African Fashion Week Nigeria, where he led other CEOs to walk the runway. Also in 2024, he walked the runway for the fashion brand Ugo Monye. At a meeting in New York, he purposely went fashionably late, dressed in an African regalia. He received a standing ovation for his attire. At the Africa CEO forum in Kigali, he challenged President William Ruto of Kenya for not adequately representing Africa through his fashion choices.
“Do you know what it means for a president to dress like an African? Do you see how good-looking Okonjo-Iweala is? And proudly so? It doesn’t mean that you’ll never wear suits, but there is something about you being able to express that.” He commended President Bola Tinubu for representing Africa through his attire, adding that his regalia often invites engagement. “I don’t need to speak; you will talk to me; you will want to engage. And it makes you so proud of what Africa really is. So, fashion is not just a way to look good; it’s also a way to express your independence as an African.”
His ultimate plan is to have a select few African Heads of State walk the runway in a fashion show, possibly next year or in 2027.
“I’ll tell you why that’s important—Africa only accounts for 1.2 per cent of the global fashion market, roughly $31 billion, which is abysmal. How do we change that? The countries with large market shares made investments. It’s not just wishful thinking. We have to invest and be deliberate, which is why we’re building brands like Egbaliganza.”
Egbaliganza loosely translates to ‘Egba the Great.’ According to Labode, it represents the fashion and arts of the Egba people. A fashion event celebrating Egba culture is planned for April in Abeokuta, followed by a winter collection later in the year.
Labode, who proudly identifies as an Egba man from Ogun State, has a broader vision for Yoruba culture. His focus is not only on gaining global recognition but also on reconnecting the younger generation with their heritage.
“People coming behind us are more disconnected from the traditional institute. But what we’re doing now is to bridge that gap.”
Labode believes that arts and fashion are the keys to closing this cultural disconnect. An avid art collector, his office resembles a mini gallery. Wherever you look, the artwork captures your attention—from the reception area to the stairway, boardroom, and office, art and cultural artefacts are beautifully displayed on the walls and tables. His collection reflects not just his passion but also his desire to support Nigerian artists. This passion has led him to collaborate with the Egba Museum to usher in a new era of modern Egba art, where quality and standards are prioritized.
“You travel around the world and see art that was done about 400 years ago, and you wonder how they were able to do this. When I visit palaces across Africa, not just Nigeria, I see some art where the value is based on age, but in terms of technique, some techniques are still very poor. But then we have brilliant artists around the country, trust me, we have artists—Nigerians in Azerbaijan selling art for $3 million.”
“We should set the standard,” he continued. “If you are doing mediocre stuff, you can be trained. The fact that you are doing mediocre stuff is also philosophical. Anybody who does something mediocre has the chance to be trained. So, you don’t just see the mediocrity, you see the opportunity in that mediocrity.”
Another grand project Labode is spearheading is the designation of three Egba history and heritage sites.
“For the first time in this country, we’re going to be able to tell the story of a people using an established estate,” he said.
“Imagine an entire housing estate in Abeokuta. From the entrance, we’re going to be able to do art all around the estate so that when you enter, you can actually understand the story of Egbaland, walking through the estate—new monuments, paintings, all of that around the place. It’s an estate where we’re able to tell our story.”
Additional landmark undertakings include the Egbaliganza Dome, which will house the modern art of Egba heroes such as Madam Tinubu and former President Olusegun Obasanjo.
The more he spoke, the more his philosophical side became evident. When asked about any other innate talents he might have, Labode responded: “The good thing about versatility is it is founded on open-mindedness. If you are not open-minded, there are things you don’t know you are capable of doing until you discover it yourself.”
Labode considers himself a 21st-century philosopher. “Being a 21st-century philosopher means adapting to the times. The depth and substance remain the same, but the way we deliver those ideas evolves,” he explained, noting that we live in an age of short attention spans, driven by the overload of information on digital platforms. Despite the quick pace of communication, Labode is convinced that Nigeria is not short of critical thinkers.
“There are lots of critical thinkers in Nigeria, but then it takes a lot to be able to sit back and express what we genuinely think about society. If your vision is more about how history remembers you, it allows you to behave in another way. It also depends on the level of comfort that you have.”
He cited an example of what he calls “poverty-induced humility,” where people defer to those they need something from. In contrast, others are brutally honest, regardless of status. While these kinds of people are needed in our society to guide leadership, Labode gave a caveat.
“The ability to combine deep philosophical nuance with the practicality of what can impact society is very delicate. So, you have done all the deep thinking. If you are a strategic person, you need to understand that this governor is very short-fused. If you know that, then how you deliver your message— even though you are saying the truth—also matters, so they can get results, which brings us to practicality.”
In essence, Labode argued that Nigeria needs deep thinkers who understand the importance of delivering their message effectively.
Many of his reflections are documented in an upcoming book which captures his musings over the past 16 years. Labode’s analytical approach also extends to his business ventures. His concept of “sustainable generosity” forms the foundation of his company, Cash Token Africa, which rewards customers for supporting Nigerian businesses.
“Our business model is built around the principle of a socially smart business,” Labode explained. “It’s the marriage of successful enterprises and social development.”
He elaborated: “Imagine that MTN knows that you spend ₦1,000 every week buying airtime. And then they say, ‘If you can spend ₦1,200 a week—that’s a 20% increase—we will give you something that gives you a chance to change your life.’ That’s what we do. We offer what is called cash tokens. It’s a reward for patronage.”
Labode pointed out that this form of generosity is also in the business’s self-interest: “The company earns revenue from your purchase, but you get something back too.”
For the past eight years, Labode and his team have been helping businesses reward customer loyalty. They host a national consumer draw each week, where consumers can win cash prizes, with the highest prize to date being ₦10 million. Labode envisions this model transforming into a national reward system, a concept he is actively working on with the federal government.
“Every time you make a purchase in this country, you are rewarded through the national reward. Every Nigerian will now carry one reward wallet which works for all businesses,” he explained.
He also noted that Nigerians prefer cash over points.
“Nigerians don’t understand points; they prefer cash,” Labode said. “But they’re not just looking for any cash. What Nigerians really want is an opportunity for a life-changing cash reward at the point of patronage.”
If implemented, Labode believes the National Reward System would position the government as practical and forward-thinking, with potential benefits for the economy, including wealth redistribution.
“It’s like a new social contract,” he said, “where the people buy from Nigerian businesses. The businesses—agents of government—reward them for patronage. The people that also receive the money take care of their family, take off some burden, and prosperity has been spread sustainably.”
Cash Token Africa is just one of Labode’s many ventures. A serial entrepreneur, he has never worked for anyone else. As an accounting undergraduate at the University of Abuja, Labode learned to be self-reliant. He recalled travelling to Lagos to purchase second-hand clothes, which he would dry clean and resell to fellow students. During his university years, he was also appointed Vice President of a friend’s company, which required him to liaise with the Anambra State government. Over the years, Labode has ventured into showbiz and publishing.
Ever reflective, when asked about his legacy, Labode, who holds a PhD in entrepreneurship, said he would love to be remembered as “a very gifted man who was very conscious of the needs and the responsibility that comes with being talented.
“We need to share it, and that should cut across so many factors of life. And I think that no matter how long anyone lives, if you can do that, you will live forever. And I hope I live forever.”
