African Social Network, LAGbook Hits 200,000 Registered Members

LAGbook founders: Chidi and Chika Nwaogu

Prominent African social networking website on the 29th of July, 2012, attracted its 200,000th member and appointed its Vice President of Finance, Josh Osemwegie as its new Company President, the next day. Josh succeeds Saheed Shodipo who was LAGbook’s first President and served as its President from August 2011 till 30th July, 2012.

The Geophysics graduate at Covenant University, Otta, Ogun-Nigeria, Josh Osemwegie, joined LAGbook during his Internship on August, 2011. Same month, the company witnessed its first rapid growth, attracting over 400 registered members every day and over 10,000 new members in the month of August, 2011.

Saheed Shodipo remains with the social company as its new Senior Vice President, succeeding Anayo Ughamadu who leaves the company. Anayo Ughamadu, the CEO of UFA Enterprise, still remains an investor to LAGbook, with current ownership of 1.265% of LAGbook’s stakes.

Anayo joined the company in February, 2011 as both an investor and LAGbook’s Customer Relations Executive. Anayo was appointed LAGbook’s Senior Vice President on March, 2012, a position in which he held until his departure.

Other investors to LAGbook includes LAGbook Capital, headed by the Company’s CEO, Chidi Nwaogu and Chairman, Chika Nwaogu. Chidi and Chika currently owns 49.3675% of LAGbook individually.

Chidi Nwaogu, LAGbook’s CEO, also made some appointments on 30th July, 2012. Nosa Ilegbinehi, LAGbook’s Vice President of Risk and Asset Management, was appointed LAGbook’s Vice President of Finance. Ayobami Adebayo, LAGbook’s Director of Creative Services, was appointed LAGbook’s Vice President of Risk and Asset Management. Seun Ajewole, LAGbook’s Creative Assistant, was appointed LAGbook’s Director of Creative Services.

According to LAGbook’s Vice President of Human Resource, John Nwaogu Jr., “More team restructuring will take place. We are set to hit 700,000 registered members by year end and simultaneously downsize the team size by half to maximize profit.”

According to Chika Nwaogu, the 22 year old Co-founder and Chairman at LAGbook, “We all wish Anayo a great life ahead just as we wish all our past employees. We’re trying to change skin in order to yield different and more desired results, that’s why we’re rethinking our team structure.”

LAGbook is Africa’s fastest growing social network and by year end is expected to become Africa’s largest social networking website with over 700,000 registered members. The social network is also expected to join the list of social networking websites with over a million registered members come April 2013, when the young social company turns 3.

LAGbook is popular in Asia, America, Europe and Africa, with most popularity in Germany, Denmark, France, China, Pakistan, Turkey, United Kingdom, United States, Indonesia, Mexico, Bangladesh, Malaysia, Philippines, Canada, India, Romania and most especially in Nigeria in the city of Yaba, Lagos, where the social network ranks #2, right after Facebook (#1).

LAGbook is also popular in the city of Hirtshals, Denmark, where the social network ranks #59. The young social network, which was initially created exclusively for students of the University of Lagos, has since expanded it reach and now targets the youth demographic (18-30) around the world, but still permits registration of people 13 and older.

According to Chidi Nwaogu, Co-founder and CEO at LAGbook, “We are about to end an eight weeks advertising campaign with Blackberry Nigeria and while working with RIM, we grew tremendously, attracting over three thousand new members every day and a hundred thousand new members every month”.

Chidi continued, “This made us realize the potentials of LAGbook and since, we’ve been working round the clock to meet up to international standard and sometimes, this may mean laying off and appointing fresh and capable individuals and that’s what the team structuring is all about.”

Source: LAGbook – Press Release – August 2012


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