Https Enterprise.Microsoft.Com En-Us Real-Stories-Of-Digital-Transformation Building Great Businesses In Nigeria: Lessons From Jimoh Ibrahim

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Building Great Businesses In Nigeria: Lessons From Jimoh Ibrahim

Nigeria is blessed with a number of wealthy businessmen and industrialists who own multi-billion dollar conglomerates with assets in excess of a trillion naira and employ thousands of Nigerians throughout their business. business therefore plays an important role in the size, scope and direction of our nation. economy.

Aliko Dangote, the founder and chairman of the Dangote Group, has significant interests in the commodities, agriculture, real estate and petroleum sectors of our economy, and has now been ranked by Forbes magazine as Africa’s richest man. . with a net worth of $20.8 billion, as of November 2013, Otunba Mike Adenuga, the communications magnate, whose operations now span across the West African office with a net worth of $4.3 billion value, as of March 2013, and the youth Femi. Otedola, the founder and CEO of Forte Oil Plc, was estimated by Forbes in 2009 with a net worth of $1.2Billion.

However, in these illustrious places, there is nothing inspiring, for me, Jimoh Ibrahim, the 46-year-old lawyer turned oil baron from Ondo State, South-West, Nigeria, as he is known also cost several hundreds of millions. dollars, and is the founder of the largest conglomerate in Nigeria, which has interests in the insurance, hospitality, oil and gas and media sectors of the Nigerian economy.

Unlike Dangote or Otedola, Ibrahim was a lowly man when he was born without a silver spoon and came from a very poor background with a lot of disease in his growing day. According to many family members, Ibrahim managed to enroll in University and eventually graduated as a lawyer from the University of Ife, now Obafemi Awolowo University in 1991. .

And when the Dangotes and Otedolas of this world had family power and silver spoons (Dangote, from a rich industrial family in the North and Otedola, the son of a former governor of Lagos state) , Ibrahim did not have the luxury but had a strong desire and strong belief in success in life, he decided in his mind that getting a University degree was the only promise of a good life and useful in the future.

The story of this great entrepreneur is one that I think young Nigerians and aspiring entrepreneurs should pay attention to because it can serve as the inspiration needed for great work in business and great achievements in life. After obtaining his Bachelor’s degree in law from OAU, Ibrahim found that waiting to gain work experience as a lawyer by joining an established law firm, as is common practice among among young lawyers in Nigeria today, it took many years before he decided to become a professional. in taxation, an area that interested him in his undergraduate days, including the subject of several of his dissertation papers.

With this much information about tax work in Nigeria, Ibrahim, unlike many recent University graduates in Nigeria some of them believe that getting their first paying job after graduation from school is the only way to predict future success, organized by conducting training and workshops on taxation for local and state governments and later the federal government of Nigeria, will be in the program as a prominent tax consultant in the country.

Honing his expertise in the areas of tax administration, reform and financial management, he later obtained his Masters degrees in Public Administration and International Taxation from the OAU and University of Harvard in America, Ibrahim once served as a senior adviser to the Nigerian federal government. oil tax payment, collection and monitoring, member, Federation Accounts Allocation Committee, advisor to the IMF on tax reform in Croatia and Lithuania and a key member of the team that created the tax reform for the government of Bangladesh.

According to the needles, at the age of 30, while some of his friends are still looking for work, Jimoh Ibrahim is multi-millionaire! So when he decided to form his party in 2003, after he failed in his attempt to become the Executive Governor of Ondo State on the platform of the All Peoples Party (APP), he has he always knew how to do business. in Nigeria, how to formulate and implement government policies and how to raise enough money to start a business.

For many new entrepreneurs, what lessons can be learned about building a great business from Barrister Ibrahim’s journey and strategy? For me, one of those things is that when planning to start a business, going to collect all the necessary capital may not be the most important thing, and it may leave the the cart before the horse, sometimes.

This is because, in a country like Nigeria, one dreams of raising capital to start a business using bank loans or credit, without the business growing to a large country where financial management and large growth plans can be presented directly to financial institutions. Or angel investors, game style!

Looking at the real growth of some of Mr. Ibrahim’s businesses, one wants to look at some of the principles that he has adopted, which have contributed to the growth of those businesses today. Some of these include good financial management, persistence, short, medium and long term planning, proper use of credit and quick repayment of those debts when taken.

However, while Barrister Ibrahim’s passion for building and growing large business organizations that provide meaningful employment for thousands of Nigerian youths and contribute positively to our economy is to be commended, he is Stay tuned to find out what some of these businesses understand about social responsibility (CSR) and how they seek to make life better and affect people and communities, apart from just creating jobs.

It is amazing to see that even though there are many big business and mega-businesses in Nigeria like Ibrahim, Dangote or Otedola, there are a lot of profits that come out by supporting the generality of Nigerians and giving back those products at home at little or no cost to many people, few of whom do a little to give back to society through scholarships, programs and life-changing programs that benefiting all the people. There are very few rich Nigerian businessmen or industrialists who have famous foundations like those founded by Bill Gates, the world’s richest man and founder of Microsoft and his wife, including things established by famous American entrepreneurs such as Henry Ford or John D Rockefeller.

Another important thing that needs to be recognized among successful Nigerian entrepreneurs is the lack of a system or structure that can provide the right guidance to create an ecosystem of famous entrepreneurs and amazing young entrepreneurs in Nigeria. Because of this, many new entrepreneurs are confused about how to set up their business, what tools to use and what to leave out, and how to get into the brains of these famous entrepreneurs. go ahead. It is through such actions that great Nigerian businessmen like Ibrahim, Dangote, Otedola or Adenuga can leave a legacy because for most Nigerians, the legacy remains unclear. of some of these people if not well known and not understood!

Email: [email protected], Twitter: @ ayomidepraiseng

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