Question
How did the Nigerian billionaires say they got rich, and what did Dangote say about building his empire?
Response
The Nigerian billionaires in these videos credited a mix of systems, people, reputation, discipline, and persistence. The Andela co-founder said scaling depends on systems: make the important tasks automatic, such as recruiting and yearly reviews, so the business can keep growing. He also described a billion-dollar company as a group of people who could each have built a $10 million business but chose to combine forces. A real estate developer said a person's name is their first opportunity to make money and that keeping your word and delivering quality is what builds it. The banker known as Mr. Tony listed hard work, discipline, and deferred gratification as the attributes that made him successful, and said he skipped buying a car early on to save money for property. The private equity founder put it simply: ninety-nine percent of success is refusing to take no for an answer.
Dangote's account was that he saw Africa's trade pattern, with goods like cement, sugar, and coal being imported and dumped into Africa without creating jobs. He responded by moving into real physical businesses and backward integration, producing what the continent had been importing. He said he wants to be remembered for industrializing Africa and that he has moved past doing business only to make money, aiming instead to leave a legacy.
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!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.
- 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!13:35(opens on YouTube in a new tab)
I realized a lot of people are not coming to Africa because we have not been investing in our continent.
- 06Asking Africa’s Richest Man How He Made $30 Billion!14:40(opens on YouTube in a new tab)
We went into real physical businesses, you know, so that actually these are things that we need.
- 07Asking Africa’s Richest Man How He Made $30 Billion!17:16(opens on YouTube in a new tab)
I want to industrialize Africa. That's what I want to be remembered for.