Question
How did the Nigerian billionaires in Lagos say they got rich, and what did they say about building a company that lasts?
Response
The Lagos billionaires tied their wealth to building things that serve other people. The Andela and Flutterwave co-founder said he built his fortune by lifting people earning around $100 a month into careers paying $300 to $400 thousand a year, and he framed Nigerian success as coming from helping others make money. For lasting companies, he stressed systems: once recruiting, onboarding and yearly reviews are automatic, a business can keep growing for years if nothing breaks. He also said a billion-dollar company is really a team of people who could each have built a $10 million business but chose to combine forces. The Nigerian real estate developer said his reputation is his first asset, so you must keep your word and deliver quality. The banker who took over a distressed bank credited hard work, discipline and deferred consumption, and said preparation is what lets you seize luck. The Dangote interview adds that the goal shifts from making money to leaving a legacy and creating wealth for others.
Sources & references
- 01Asking Africa's Richest Men How They Got Rich!4:51(opens on YouTube in a new tab)
A billion-dollar company is just a bunch of people who could have individually built $10 million businesses who decided to come together and build one business.
- 02Asking Africa's Richest Men How They Got Rich!4:33(opens on YouTube in a new tab)
Once you can get to a systemic thing like that, you can go on for years doing the same thing and you just keep growing if nothing breaks.
- 03Asking Africa's Richest Men How They Got Rich!9:27(opens on YouTube in a new tab)
On the promise overd deliver. Your name is the first opportunity for you to make money.
- 04Asking 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.
- 05Asking Africa’s Richest Man How He Made $30 Billion!16:58(opens on YouTube in a new tab)
I've actually passed the stage of just doing business to make money. It is to leave a legacy, and also to make sure that yes, you create wealth for other people.