What began as a modest side project has evolved into a serious enterprise with national ambitions. Dr Thomas recalls returning to Nigeria after years in a different line of business and initially treating Rifugio as something of a passion project. A deeper look at the size and dynamics of the mobile phone market quickly changed that perception. The scale of demand made it clear that this was no small undertaking but a sector with vast, long-term potential.
Ironically, the same factors that deter many investors are what continue to motivate him. Nigeria’s difficult operating environment, he argues, is precisely where opportunity lies. The population is large, the appetite for technology is strong, and the growth potential remains significant. While acknowledging the country’s many structural problems, he takes a pragmatic view: business owners cannot afford to wait for government to fix everything before acting. For him, the more immediate reward lies in building enterprises that create jobs and add value, even in tough times. The environment may be harsh, but those who can weather the storm stand a good chance of succeeding.
One of the most persistent criticisms levelled against phone importers is that they exploit Nigerian consumers by charging more for devices that are cheaper in other markets, particularly China. Dr Thomas rejects this narrative as overly simplistic. While phones may indeed be cheaper at their point of origin, he points out that consumers rarely account for the full cost of bringing those devices into Nigeria. Import duties, shipping delays, demurrage charges, rent, staff salaries and utilities all add to the final price. These overheads, combined with foreign exchange pressures, make the cost of doing business in Nigeria unusually high.
He also notes that exchange rate volatility fuels misconceptions. When currencies stabilise, price differences between Nigeria and other markets often narrow significantly. In many cases, when the dollar price of a phone is converted to naira, the local retail price is not dramatically different—especially when warranty and after-sales support are factored in. Buying locally, he argues, offers peace of mind that imported devices purchased abroad simply cannot provide, particularly when repairs or replacements are needed.
For businesses like Rifugio, economic stability matters as much as exchange rate levels. Dr Thomas believes government’s most critical role is to stabilise the economy and reduce currency volatility. Sudden fluctuations, he says, create anxiety that can cripple planning and undermine confidence. Even high rates are easier to manage than unpredictable ones. Recent signs of relative stability are therefore encouraging, as they allow businesses to plan and adjust more effectively.
A decade after its founding, Rifugio’s growth story is notable. Established in 2015 with a vision to become a leading electronics retail and enterprise solutions provider, the company has expanded from a single outlet to more than 24 or 25 locations across the country, adding new stores almost every year. Beyond walk-in retail, the business serves a broad base of corporate clients—ranging from small firms to large organisations—and operates online stores to complement its physical presence.
The pace of technological change often raises questions about whether manufacturers deliberately push consumers to overspend by releasing new phone models too frequently. Dr Thomas sees this as the natural rhythm of innovation. In his view, stagnation is far more dangerous than rapid change. The popularity of new device launches, which routinely sell out, suggests that consumers want innovation. While not everyone upgrades annually, few people expect to use the same phone for a decade. Even without physical damage, technology inevitably moves on.
The company’s name reflects its broader philosophy. “Rifugio,” an Italian word meaning “refuge,” was chosen to signal a safe haven for customers. The brand positions itself as a one-stop shop, offering not only phones and electronics but also a range of value-added services. These include instalment payment options, device trade-ins, and insurance cover against loss, theft or damage. The aim is to simplify the entire ownership experience for customers.
The journey, however, has been far from smooth. Major economic shocks have tested the business repeatedly. The devaluation of the naira hit retailers on two fronts: devices became more expensive and less affordable, leading to a slowdown in sales. The COVID-19 pandemic was another major disruption, reducing consumers’ ability to spend. Yet, as remote work and online meetings became more common, demand eventually rebounded, with many customers realising their existing devices were no longer adequate. Although subsequent currency devaluations caused further dips, Dr Thomas remains confident. Mobile phones, he notes, are commodity products, and demand ultimately returns. After surviving a turbulent first decade, he believes the company is firmly here to stay, with ambitions to reach every corner of the country.
Scaling such a business requires substantial and continuous investment. Opening a single outlet involves securing an expensive lease, hiring and training staff, and holding significant inventory. With estimates of around ₦100 million required per store, expansion across more than 25 outlets underscores the scale of capital involved. Dr Thomas views investment as a never-ending journey, one that demands resilience and persistence. Citing statistics that suggest 80 per cent of startups fail within their first five years, he describes Rifugio’s early years as a battle for survival. Reaching the 10-year mark is a milestone he approaches with confidence rather than arrogance, reinforced by his belief in Nigeria’s enduring opportunities.
Looking ahead, the company’s priorities remain clear: expansion and sustained growth. Despite its footprint, about 80 per cent of Rifugio’s presence is still concentrated in Lagos. While the company has begun expanding into states such as Oyo, Rivers, Kaduna and the Federal Capital Territory, it is far from achieving nationwide coverage. Reaching more states over the next decade is central to its long-term vision.
The question of local manufacturing or assembly inevitably arises in discussions about Nigeria’s electronics sector. Dr Thomas does not rule it out but is cautious. High-technology manufacturing, he explains, comes with complex requirements and sensitivities. For now, the focus is on identifying where in the value chain the company can realistically and sustainably compete. Rushing into manufacturing without the right conditions, he warns, could cripple the business. Instead, Rifugio aims to lay a solid foundation, leaving open the possibility that future generations—or successors—may take the business to that next level.
On the issue of multiple taxation and regulatory hurdles, his stance is pragmatic. While acknowledging the burden, he prefers not to dwell on issues beyond his control. For him, the priority is adapting, surviving and pushing forward, even amid bureaucratic headaches.
For entrepreneurs navigating Nigeria’s business landscape, his advice is simple but hard-earned: stay the course. Patience, resilience, determination and doggedness are essential. He likens the country to a rose bush—full of thorns that can scar you, but still worth reaching into, because people continue to pluck roses and give them to those they care about.