This line from Atomic Habits isn't ready to leave my head:
"It doesn't make sense to continue wanting something if you're not willing to do what it takes to get it. If you don't want to live the lifestyle, then release yourself from the desire. To crave the result but not the process is to guarantee disappointment."
There was no right environment for Dangote. The man took significant risks at scale; that's all
In 1980, Dangote was among many who imported and stayed close to AGIP.
There were many more powerful than Dangote, including a guy who supplied food to ECOMOG in Liberia. There is another who built a house of gold in his village and donated Millions of dollars to an American university. Where are their factories today?
Only Dangote invested capital in that cement economy early on. At scale. I have receipts
Dangote had zero cement plants when OBJ announced his import substitution policy. What were Ashaka, WAPCO, BCC, Eagle Cement, and CCNN doing that allowed a first-time manufacturer of cement to build more scale than them?
The truth is those established names said it's just another policy that will end in eight years and refused to invest significant CAPEX
Same for Banking: Jim Ovia, Tony Elumelu and Fola Adeola had zero banking footprint until IBB did the banking reforms. What were First Bank, UBA, Afribank, and Savannah Bank doing to allow these young Turks to build banking capital?
Back to Dangote, there were more than 30 licenses to build refineries in Nigeria, and as far as I know, only one refinery (diesel refinery in Delta) was built before Dangite built his; at massive scale.
Was Dangote the richest man in Nigeria before his cement abd refinery? Hell no. There is a very wealthy Nigerian today who was dealing directly with foreign heads of state, owns oil tankers, and is very, very close to AGIP, even this current government. Why didn't that guy build a refinery? In Nigeria, and get oil allocation? Because it's hard work
The folks close to power today are interested in extracting, not investing. They are seeking government contracts to build roads and import stuff thats why we won't see another “Dangote”
Look at the vast opportunities in Nigeria; as basic as growing tomatoes or breeding cattle, has significant investment happened at scale? No, everyone is importing PMS
In 10 years, Dangote alone could deliver more Exports, CIT, and VAT to Nigeria than others combined. Think about that.
If you are not ready to invest locally at scale, thrn Dangite will
Now he has Norway cash, watch him spend
A rule that saves a lot of pain: When emotions are high, speed should be low. You don’t have to answer the email immediately. You don’t have to respond to that slight. You don’t have to make that decision. You don’t have to do anything. Slow down. Create space to think clearly.
A startup doesn't have to be your life's work, but if it is, you become much harder to defeat. You play the long game and you outlast everyone. Because practically everyone else is an opportunist by comparison.
Bola Tinubu and Remi Tinubu are a perfect illustration of what it means to marry one’s type.
A vicious couple bonded by destructive and greedy proclivities.
Zero empathy.
All they care about is political power and total state capture.
When will this nightmare end in our country?
I’d like to give a special shoutout to @savvynigerian, a talented young Nigerian who created a beautiful tribute to the IBTC/@StanbicIBTC story without being commissioned by anyone.
This video was brought to my attention by young people who saw it circulating on social media. It is amazing to see how our youth are now creatively using tools like AI to tell stories based on publicly accessible information only.
I doff my hat to you.
@PastorEAAdeboye My father is a priest, he almost lost it all in Jos, Plateau State in 2008.
Church Burnt to ashes, House raided, he narrowly escaped death.
He’s colleague was killed with he’s first son.
An experience we can never forget.