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1. Creating Fantastic Businesses In Nigeria: Lessons From Jimoh Ibrahim
Nigeria is blessed with many outstanding capitalists and wealthy industrialists who personal multi-billion
dollar conglomerates with assets in excess of trillions of naira and who collectively employ a huge
number of Nigerians across their several enterprise operations thereby contributing remarkably to the
size, scope and path of our nation's economy.
Notable amongst these lot are Aliko Dangote, founder and chairman with the Dangote Group, which
holds large-scale interests within the commodities, agriculture, genuine estate and petroleum sub-
sectors of our economy, and is now ranked by Forbes magazine as Africa's richest man with a net-
worth of US$20.eight Billion, as at November 2013, Otunba Mike Adenuga, the telecommunications
magnate whose operations now span across the West African hub and who's worth US$4.3 Billion, as
of March 2013, and the youthful Femi Otedola, founder and CEO of Forte Oil Plc, who was ranked by
Forbes in 2009 with a net-worth of US$1.2Billion.

2. Having said that, among these enviable lot, none is as inspiring, for me, as Jimoh Ibrahim, the 46 year
old lawyer turned oil baron from Ondo State, South-West, Nigeria, who himself is now said to become
worth some numerous millions of dollars, and may be the founder of a large conglomerate in Nigeria,
which has interests inside the insurance, hospitality, oil and gas and media sectors of your Nigerian
economy.
As opposed to Dangote or Otedola, Ibrahim is really a man who had a humble beginning as he was
born without having a silver spoon and came from an extremely rough background with a lot of
deprivation in his expanding up days. Reportedly from a polygamous family members, Ibrahim
managed to, against all odds, get admission into the University and sooner or later graduated as a
barrister at law in the University of Ife, now Obafemi Awolowo University in 1991.
So although the Dangotes and Otedolas of this globe had the privileges of becoming born with silver
spoons (Dangote, getting from a wealthy Northern industrial loved ones and Otedola, the son of a
former civilian governor of Lagos state), Ibrahim had no such luxuries but had an intense desire and
also a sturdy conviction to grow to be thriving in life, concluding in his thoughts that getting a
University degree held the only promise to a improved life along with a rewarding future.
The story of this fantastic entrepreneur is one that I believe that each and every young Nigerian and
aspiring entrepreneur have to spend close consideration to because it could serve as the a great deal
required inspiration to giant strides in organization along with fantastic accomplishments in life. Right
after acquiring his Bachelor's degree in law from OAU, Ibrahim saw that waiting to obtain working
expertise as an lawyer by interning at an established law firm, as is widespread practice amongst
numerous young lawyers in Nigeria nowadays, could take quite a few years so he decided to specialize
on taxation, which was an location of interest to him for the duration of his undergraduate days and
even the topic of a few of his dissertation papers.
With this wealth of facts around the practice of taxation in Nigeria, Ibrahim, in contrast to numerous
fresh University graduates in Nigeria some of whom believe securing a paid employment initial after
graduating from college could be the only strategy to charting a profitable future, set out by
conducting trainings and workshops on taxation for regional and state governments and later the
federal government of Nigeria, becoming in the process a nationally acclaimed tax consultant.
Honing his knowledge within the locations of tax administration, reform and economic management
and later getting his Masters degrees in Public Administration and international taxation from OAU
and Harvard University in America respectively, Ibrahim was at 1 time chief executive consultant for
the federal government of Nigeria on petroleum tax payment, collection and monitoring, member,
Federation Accounts Allocation Committee, consultant towards the IMF on tax reform in Croatia and
Lithuania as well as a important member on the group that created tax reform for the state of
Bangladesh.
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3. Needles to say that by the time he turned 30, when a number of his peers may perhaps nevertheless
happen to be searching for jobs, Jimoh Ibrahim was already a multi-millionaire! So when he decided to
set up his conglomerate in 2003, after failing woefully in an attempt to grow to be Executive Governor of
Ondo State on the platform from the old All People's Celebration (APP), he was nicely armed with a
wealthy experience of how small business works in Nigeria, how government policy is formulated and
implemented and the best way to raise enough capital to start a company.
For many budding entrepreneurs, what will be the lessons to learn on constructing excellent enterprises
in the journey and method of Barrister Ibrahim? For me, one of such is the fact that when planning to
begin a company, going out to raise all the capital needed might not be one of the most paramount
thing and may perhaps even amount to placing the cart just before the horse, often.
This can be since, inside a nation like Nigeria, dreaming of raising capital to start a business enterprise
working with bank loans or debt equity, with out having grown the small business to a substantial state
exactly where sound monetary management and ambitious development plans can be adequately
demonstrated towards the economic institutions or angel investors, may appear like a mirage!
Hunting in the phenomenal development of a few of Mr. Ibrahim's organization ventures, one particular
is keen to note a few of the principles which he has imbibed, which have contributed in no smaller
measure for the growth of those enterprises now. Some of these incorporate sound financial
management, persistence, brief, medium and long-term organizing, helpful utilization of credit in
addition to prompt repayment of such credit when taken.
On the other hand, even though Barrister Ibrahim's passion for developing and expanding large business
organizations that would supply gainful employment for a huge number of teeming Nigerian youths
even though positively impacting our economy ought to be commended, it remains to be seen what
exactly is the clear corporate social duty (CSR) thrust of some of these firms and how they seek to
superior lives and impact persons and communities, aside from by just producing employment.
It truly is exciting to note that although quite a few big corporations and giant-sized corporations in
Nigeria like those of Ibrahim, Dangote or Otedola, make numerous earnings by means of the patronage
of your generality of Nigerians and in some cases repatriate such income household at small or no price,
within the case of multi-nationals, only couple of of them do quite small to give back to society through
scholarships, schemes and life-changing programmes that may benefit the whole of the populace. Very
few Nigerian wealthy capitalists or industrialists own notable foundations like the ones set up by Bill
Gates, the world's richest man and founder of Microsoft and his wife, together with those established by
exceptional American businessmen like Henry Ford or John D Rockefeller.
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4. Another critical point worthy of note amongst Nigeria's most thriving businessmen is actually a lack of a
technique or structure where adequate mentoring can be provided to build an ecosystem of fantastic
entrepreneurs and outstanding young businessmen in Nigeria. To this finish, many budding
entrepreneurs are generally left confused about ways to go about setting their companies, what tools to
work with and what to discard and how to tap into the brains of many of these wonderful entrepreneurs
that have gone ahead. It can be through efforts like this that wonderful Nigerian entrepreneurs like
Ibrahim, Dangote, Otedola or Adenuga can leave a worthy legacy because as far as lots of Nigerians are
concerned, the legacies of some these men nonetheless remain largely unclear if not outrightly
unknown or undefined!
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