Etop Ikpe, a distinguished entrepreneur from Akwa Ibom State, has made significant strides in the Nigerian and African automotive and tech industries. As the third of four children, Etop showed a strong aptitude for mathematics from a young age, harbouring dreams of becoming an engineer. However, life had different plans, and Etop eventually pursued Actuarial Science at the University of Lagos, where he graduated in 2004. Describing the course as a blend of mathematics and business, it set the stage for his future entrepreneurial ventures.
During his time at university, Etop had his first taste of entrepreneurship, he co-founded ClickMobile, an innovative IT solution designed to help companies create HTML-based business applications. ClickMobile was aimed at field users, allowing them to access critical information, manage tasks, report attendance, and access customer data on the move. Etop’s weekends were spent managing a cinema in Benin City, where he encountered various operational challenges. It was while troubleshooting these challenges that the idea for ClickMobile was born.
Etop’s next venture, 3Stitches, proved to be both a professional milestone and a pivotal moment in his personal life. The online clothing platform was born out of a desire to help his future wife, who was struggling with debtors in her clothing business. 3Stitches allowed customers to shop for clothes online and pay instantly, a novel concept in Nigeria’s growing e-commerce space at the time. However, the journey was not without its challenges. Etop and his wife faced significant hurdles, including finding a reliable dispatch rider to handle deliveries. Etop recalls speaking to nearly 50 people before finding someone willing to work with them, highlighting the difficulties they faced in launching the business.
Despite the challenges, 3Stitches gradually expanded over two years. However, as the e-commerce industry became increasingly competitive, Etop made the strategic decision to sell the business. Recognizing the influx of significant investments into the sector, Etop chose to pivot and explore new opportunities. This decision reflected his keen ability to adapt to market dynamics, a trait that would serve him well in his subsequent ventures. During this time, Etop also founded Tinker and Bell Media Limited, a company that produced several programmes, including the syndicated sports show “We Run the Game,” which was broadcast across 12 terrestrial networks.
After selling 3Stitches, Etop joined Dealdey.com, an online platform offering discounted deals, as Vice President of Operations. Within two years, he rose to the position of Managing Director, and when Dealdey was acquired by Konga, he became the Director of Marketplace Operations. However, his most significant contribution to Nigeria’s tech landscape was yet to come. In 2016, Etop co-founded Cars45 with Iyamu Mohammed, Sujay Tyle, and Peter Lindholm. Cars45 was established to address two major pain points in Nigeria’s used car market: the difficulty of selling cars at fair prices and the long wait times that often caused vehicles to depreciate further. The company’s promise to close car deals in 45 minutes or less resonated with Nigerians and set a new standard in the industry.
Cars45 introduced a 200-point inspection process to ensure transparency and trust in every transaction. The company’s innovative approach, including customer-focused strategies like the “refer 5 used cars to us and get N100,000” campaign, quickly propelled it to success. In its first year, Cars45 turned a profit and secured a $5 million Series A funding round from Frontier Cars Group. By 2019, the company had expanded to Ghana and Kenya, solidifying its position as a leader in Africa’s automotive industry.
Etop’s entrepreneurial spirit led him to his next venture in 2020: Autochek Africa, an automotive technology company focused on improving access to auto loans, quality maintenance services, warranty solutions, and creating transactional marketplaces. Despite being in an industry where funds were hard to come by, Autochek raised the largest pre-seed funding round in Nigeria in 2020, reflecting investor confidence in Etop’s vision. Under Etop’s leadership, Autochek expanded rapidly, acquiring six companies within its first three years and establishing a presence in nine countries. The company’s most recent acquisition of a controlling stake in AutoTager has opened the doors to the Egyptian market, Africa’s second-largest automotive market and a major recipient of Foreign Direct Investment (FDI) on the continent.
