Out
Broelo
Building materials · Artificial stone veneer
“I can't invest in a side hustle.”
Paul pressed the founders on commitment and readiness — an investor needs a team that is all-in, not building on the side.
Lions' Den Nigeria
Inside the Den.
Lions' Den is Nigeria's edition of the world's best-known business reality format. Entrepreneurs pitch to five of the country's most successful investors — the Lions — for cash in exchange for equity. Paul has been a Lion since the very first episode.
- Premiere
- 10 October 2021
- Broadcast
- Africa Magic, DStv
- Produced by
- Ultima Studios
- Partners
- Ecobank · Chapel Hill Denham · Bank of Industry · DBN
His style
As a Lion, Paul is known for asking the question every founder must answer: is this a business, or a hobby? He backs ambition with structure — and when he's out, he usually tells founders exactly what it would take to get him in.
“I can't invest in a side hustle.”
Pitches & verdicts
From the Den floor.
A selection of pitches and how Paul called them.
Out · Advised
Oke Ese — power stove
Energy · Cooking stove that charges phones
On the premiere episode, while four Lions invested for 40% equity, Paul advised the founder to look at bank loans rather than splitting his equity.
Recused
989Spaces
Real estate · Flexible workspaces
In his own industry, Paul stepped aside for transparency because he knew the founder before the show. Four Lions invested.
Out
Agricompass
Agritech · Value chain
Paul challenged a model that didn't remove risk from the value chain but shifted it onto the company itself — a lesson in listening to investor feedback.
Lessons from the Den
What founders take home.
Build a business, not a side hustle.
Investors back founders who are all-in. Commitment is the first due diligence.
Don't give away equity you can borrow.
If a bank loan can fund the next step, keep your shares for the moments that truly need a partner.
Transparency over opportunity.
When there's a conflict of interest, step back — reputation compounds faster than returns.
Solve the risk. Don't move it.
A model that shifts risk onto your own balance sheet isn't a solution; it's a liability with a logo.
The Lions, across the seasons
- Paul OnwuanibeLandmark Group
- Bolaji BalogunChapel Hill Denham
- Adenike OgunlesiRuff 'n' Tumble
- Kyari BukarTrans-Sahara Investment Corp.
- Audrey Joe-EzigboFalcon Corporation
- Dan NgeremHensen Group