Question
How did the Nigerian founders featured in these videos build their businesses and fortunes?
Response
The Nigerian founders in these videos tie their wealth to building systems, serving other people, and taking on big, concrete projects. One Andela and Flutterwave co-builder said scaling depends on systems and automating recruiting and onboarding, and that a billion-dollar company is really a team pooling their efforts. He also said that in Nigeria you only make money by making other people money, and that wealth comes from raising people out of low-paying jobs into better ones. The banker Tony Elumelu described hard work, discipline, and deferred consumption as his core attributes, and said his turning point came when he and friends took over a distressed bank and turned it around. The real estate developer said success comes from a large portfolio of landed assets and from keeping his word to customers. Aliko Dangote described backward integration, producing locally what Nigeria had been importing, and said sales starts with treating the customer as a king. The private equity founder built her firm by focusing on gaps others ignored, namely small businesses and women-led businesses. The Kola Karim interview credits his edge to his ability to sense, see, and close a deal.
Sources & references
- 01Asking Africa's Richest Men How They Got Rich!4:18(opens on YouTube in a new tab)
Well, it's it's all about systems. So, when you want to scale, the most important thing that you need to do is you need to make things automatic.
- 02Asking Africa's Richest Men How They Got Rich!3:19(opens on YouTube in a new tab)
In Nigeria, if you don't make other people money, you don't get to make money.
- 03Asking Africa's Richest Men How They Got Rich!20:59(opens on YouTube in a new tab)
First is hard work. Two is discipline. Three deferred gratification, deferred consumption.
- 04Asking Africa’s Richest Man How He Made $30 Billion!14:51(opens on YouTube in a new tab)
I tried to do what you call backward integration to now produce what we used to import.
- 05Asking Africa’s Richest Man How He Made $30 Billion!2:30(opens on YouTube in a new tab)
So I really wanted to focus on where everyone else was not investing.