Hello dear readers. Yes, it's been a long time since i published on here. As usual, the pressure of 'living' out there in the world got the better of my time. However, i'm back refreshed, renewed and ready to go again and, to welcome back, i have posted a recent interview published by Nigerian Tribune on Monday, 9th of March,2015 in which I spoke extensively with the vibrant, intelligent and very thorough Kate Ani, on topics bordering on Entreprenuership, the Economy and my passion in an NGO. I hope you find it a good read. God bless you. Always yours, Papi....
Oluwabukunmi Adesanmi Adebunmi is an investment analyst. He is also into oil haulaging, plastic water manufacturing and heads an ngo. In this interview with Kate Ani, speaks on what makes him tick as an entrepreneur.
As an investment analyst, what do you think is the reason some foreign investors are skeptical about investing in Nigeria?
It is very hard for investors to make the right forecast in Nigeria’s economy because the situation is too risky. Economist and finance analysts will always tell you that the higher the risk, the higher the return but in Nigeria’s case, the higher the risk, the higher your chances of losing everything. It is very hard to find some people wanting to invest in equity in Nigeria. I am not saying people don’t, but the fear associated with it is just too high and it is simply because of our volatile economic environment in Nigeria. There are too many factors involved in appointments and politics. The dollar has risen so high and while the devaluation of naira was good, some of us will say that the timing of the devaluation was bad, you don’t devalue naira when general elections are approaching, knowing full well, the level of liquidity of the currency.
You are into so many things at the same time; an investment analyst, oil haulage and a bottled water producer. How do you cope with all of these demands?
My love for entrepreneurship started when I was in my second year in the University of North London, United Kingdom. I studied Business Economics and Finance there. In year two, we went for an eye opening lecture and that was when I realised that the best way for one to be self sustained in life is to find something you are passionate about and invest yourself in that. That was how I eventually moved towards entrepreneurship because I just thought that in terms of creation of wealth, it is not just your personal wealth, but when you employ other people too, it eventually has a better effect on the country and I am an apostle of developmental economics. Every entrepreneur is animalistic in the sense that they always gear for more because of the prospect for more opportunities. Mike Adenuga is not just into communication, the more you do, the more sources of income you will have. If one line should drop, you will have other lines supporting and that is the difference between an entrepreneur and a career person. I am glad that the current administration is also trying to open up entrepreneurship programmes for the youths because they have realised that people cannot just depend on salary-based jobs anymore. The western world encourages entrepreneurship because the more people that creates wealth, the better, stronger and wealthier the nation becomes and competitive it becomes in the international market. That is what China did; they closed their economy back then so that they are forced to produce things locally, and people were forced to become producers and now China is one of the biggest economies in the world.
As an entrepreneur, how do you generate new ideas, when you want to establish a new business venture?
One needs to have a clear cut purpose. In anything, you need to know what you are trying to achieve. There are some people who just want to simply make ends meet. They are contented to pick up their CV and go look for job somewhere, but unfortunately, especially in a world we are into today, specifically in Nigeria, we are only being part of statistics when we do that. I constantly look for ideas because I believe one should be into wealth creation as against gaining employment. There is something I always say; in any employment you are in, someone owns it. If hypothetically, you are being paid ten million Naira, whoever owns the business must be earning at least, ten million Naira plus one. You can be the person behind everything, we all like to look up to the Adenugas, Dangotes, Alakijas and the rest of them but you have to look at what they are actually doing for the nation. Because of wealth creation, they are employing more people and we have less people depending on the government, which is one of the things that are affecting the nation because the government is saddled with too many responsibilities.
Was it when you returned to Nigeria that you started all your business ventures or had they existed even while you were at the UK?
I started an investment firm in the UK actually. I started with some partners, who were my former colleagues at work there, but we mainly concentrated on the Nigerian market. Unfortunately, that was when the whole financial meltdown happened. So, people outside the country were very skeptical about investing, especially where the meltdown was really rife. I delved into oil haulaging with petrol tankers (PMS) and I happened on bottled water, actually. It was never in my plan to venture into bottled water when I was coming back to Nigeria. When I got to the country, I saw that there is a market for it and then I went into it. I am just a normal guy, trying to make ends meet but with a very sharp eyes on investment opportunities anytime. Anything that I see that is worth it, I invest in it. No idea is too crazy or too small for me. Apart from money making ventures, which are quite good to be honest, I also try to give back to the society. Very recently, I just flagged off an NGO ‘Rainbow Foundation’
What prompted you to set up that NGO?
Again, this idea also came about during my stay in the United Kingdom. There was this programme called ‘Red Nose Day’, which is affiliated to children in need and I remember once taking part in the event. I saw the way these westerners were doing so much for people in need and I just thought, if these people are helping us, what we are doing ourselves to help ourselves. I wanted to be a part of the solution to our numerous problems in this country. I know in Nigeria, there are so many NGOs but I wanted to make a difference. We are into Maternal and Child Health (MCH) care. We also have a programme within that organisation called ‘Let Everyone Matter’. I have been meeting with people of like-minds because we want it to be a massive success and not just something similar to what other people are doing, especially in the area of maternal health. It is sad that in this day and age, women still die during childbirth or children dying at childbirth. We just want to give back and render our own little support.
Are you partnering with any company or you are doing it solely on your own?
We are doing it on our own at the moment but we are actually still looking at partnering with companies. Our executive director is a professional in public health. It is a programme we can carry on ourselves but in anything, you need sponsorship from numerous quarters. We are looking to partner with health organisations and individuals.
What formula makes one a successful entrepreneur?
When I wake up, the first thing I do is to listen to news, so also at night, before I sleep. I am constantly on Twitter following the right people not celebrities and knowing what is happening politically because politics determines the business environment for an entrepreneur. That is why we have to choose our next leader very carefully. Once you are not informed, there is no way you can make decisions or see opportunities. I read books on leaderships and negotiations because as a business man, you will have to go into negotiations with people. Also, being focused, prayerful and innovative works wonder for entrepreneurs.
What are some of the things you had to sacrifice to become successful?
When you have a startup, there are so many things you would want to do with finances for your business. I can’t remember the last time I bought something new for myself; I put all my resources in my business. I have sacrificed spoiling myself; I don’t travel out to the United States to see my wife and kids unless it is absolutely necessary. That is the major sacrifice I have given myself and I think I have sacrificed laziness; everyone likes to just kick back and relax but when you know that you have money tied down somewhere, you will just have to keep going. I believe that I am naturally lazy, I would rather just chill but because I have set certain targets for myself, I can’t afford to be lazy. Sometimes, I find it hard to sleep
