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How Atiku Abubakar made his money

How Atiku Abubakar made his money &-8211; this Article or News was published on this date:2019-05-16 11:41:04 kindly share it with friends if you find it helpful

Born to a father who wanted him to either become an Islamic scholar or a herdsman, MakeMoney.ng takes a look at how Atiku Abubakar, one of Nigeria most renowned entrepreneur and politician made his money.

One thing that is still common in Africa is parents trying to impose career choice and direction in life on their children. Famous politician and entrepreneur Atiku Abubakar was by all indication almost a victim of this circumstance.

Atiku Abubakar was born on November 25, 1946 in Jada, Adamawa State of Nigeria as an only child of his father, who was an only child of his grandfather, He admits that he grew up in an atmosphere of love.

“As a young boy growing up in Kojoli, my parents doted on me. They tried their best to provide for me and to ensure that I grew up in a wholesome environment of love and spirituality. My father saw me as a rare gift, a child of destiny.”

His grandfather was a farmer and also kept livestock. His father was a trader who moves from place to place on his donkey selling jewelry, caps, needles, potash, kola nut and others.

Not much has been said of his mother but Atiku Abubakar had this to say:

“When it was time for him to marry, my father chose a young girl from nearby Jada town whose parents had migrated from Dutse, now the capital of Jigawa State. My mother, Aisha Kande, was born in Jada”

The power struggle started early in life as his father never wanted him to go to school. According to Atiku Abubakar, his father was suspicious of Western Education and would not support his going to school. But he kept fighting until his father realized he could no longer stop him.

“My father, Garba Atiku Abdulkadir, was fond of me. He wanted me to become an Islamic scholar, herdsman, farmer and trader – just like him. He was a deeply religious man who was suspicious of Western education which he believed could corrupt the impressionable minds of young people.

“My father did not want me to go to school. He tried to hide me from the prying eyes of Native Authority officials who had embarked on compulsory mass literacy campaign in the region. My father soon discovered that he could not resist the wind of change that was blowing through the area at the time.”

His father change of mind did not come easily. He was arrested for trying to stop Atiku from getting educated.

“For trying to stop me from going to school, my father was arrested, charged to an Alkali court and fined 10 Shillings, He refused to pay the fine. He said he had no money.

“He spent a few days in jail until my maternal grandmother, who made local soap for sale in the community, raised the money to pay the fine and father was released to her.

“But my father was not a happy man. He was sad and angry that his only child had been taken away from him to be exposed to a strange world. He saw Western education as a threat to their cherished values and way of life.”

The promising future of a young Atiku Abubakar went bad after he lost his father. He became responsible for his mother. This motivated him to become successful and excel in life.

“I resolved to work hard, remain focused and be successful in life to make my father proud, I was sure that he was somewhere watching over me. I did not want to disappoint him, I wish father had lived long enough to see the benefits of Western education in my life.”

 

His First Money

At age 15, Atiku Abubakar will spend his holidays working to raise money for his needs and his mother.

He found a job as a clerk at local Authourity and his boss happened to be the famous Adamu Ciroma.

It appears Atiku developed his money management skills early as he was able to save money from his holiday job to buy a house for his mother at such a young age.

“From my holiday job earnings, I bought a house for my mother in Ganye, the headquarters of the local government council. The thatched mud bungalow had two rooms plus a kitchen and bathroom. It cost me about nine Pounds Sterling. My mother was very happy and proud of me. I had saved her from homelessness after her older brother sold the family house in Jada without her knowledge.”

 

Career

While studying for Diploma in Law programme in June 1969, he stumbled on recruiters from the Federal Civil Service Commission in the university. They got to access his file and that is how they got to know him and he ended up working for the Department of Customs and Excise.

In his words, he credited his recruitment into the customs as the work of an invincible hand steering him towards his destiny. “The invisible hand that has always shaped my life had once again steered me towards my destiny.” he said.

His initial duty included collecting duties on imported and exported goods, stop- ping the entry and exit of banned items, and arresting and prosecuting smugglers at Idi Iroko border station.

From there he served in  Ikeja Airport, Apapa port and Ibadan where he became a Superintendent of Customs.

He admitted being a big fan of former head of state, General Murtala Muhammed, during his time at the customs and was sad when he was assassinated

“I admired General Muhammed and tried to promote the same values and attitudinal change in our office. I was nick-named “Murtala Muhammed Junior” by my Customs subordinates in Ibadan because they said I was behaving like him. Although I was second-in-command in Ibadan, I used to order late-comers to be locked out of their offices.”

Atiku would go on the Excel in Customs.

Reflecting on his time at the Customs, he said:

“I saw Customs not as a punitive institution but as a way of making money for government. Instead of seizing goods and extorting money from their owners, I made money for  government. A lot of people tried unsuccessfully to induce me”

 

Business and entrepreneurship

Atiku Abubakar said he discovered very early in life that he had a thing for business. So he applied for a housing loan of about N31,000 in 1974. With it he built his first house and rented it all out.

“In 1974 I applied for and obtained a Federal Staff Housing Loan. The loan, which amounted to 31,000 Naira, was the equivalent of my salary for five years. I was granted a plot of land by the Gongola State Government at Yola Government Reserved Area (GRA).

“I hired a foreman and began building my first house. With close personal supervision, the bungalow was completed on time and to my taste. I rented it out immediately. The rent I collected in advance on the house was substantial enough for me to purchase a second plot.”

With the rent from the house, he built his second house and from there he kept on building houses and renting them out.

“I built my second house there and rented it out. I continued to plow back the rent into the building of new houses and within a few years I had built eight houses in choice areas of Yola, I also built a new house for my mother and rebuilt the old mud house I bought for her in Ganye when I was a 15-year-old student.

“Property investment can be very rewarding. It is safe and the returns are high de- pending on the location. Kaduna, for instance, was a good place to invest in property before the emergence of Abuja. I built my first house in Kaduna with rent from other property. I bought six more plots and built residential houses and rented them out to individuals and institutions.”

 

Oil

In his own words, his most successful venture has been in the oil sector. While working for the customs at Apapa ports, he met an Italian who they got talking and decided to go into oil business. That is how NICOTES was formed which is today known as INTELS, one of Nigeria’s biggest business.

“Of all the businesses into which I would venture, the most successful and the most lucrative would be a small oil services company I established with an Italian business man in the early 1980s. I met Gabriel Volpi when he was working at Apapa Ports in 1982. The Genoa, Italy-born Volpi was a director in MED Africa, a shipping company.

“Volpi suggested we go into oil and gas logistics. He knew Nigeria’s future was in oil and gas. We registered the Nigeria Container Services (NICOTES), operating from a container office at Apapa Ports. I was not involved in the running of the company.

“NICOTES relocated later to the Federal Lighter Terminal in Port Harcourt when the business began to grow.  The company, now known as INTELS (Integrated and Logistics Services), has grown into a multi-billion Naira business providing over 15,000 jobs in Nigeria and other African countries, and paying hefty dividends to its shareholders.”

 

His major businesses today

Atiku Abubakar wealth span from oil, agriculture, education and others

Currently, Atiku Abubakar  has 4 major businesses that he is directly involved in. These businesses have made him a mutli billionaire and one of the richest men in Nigeria.

The businesses include:

1. INTELS (founded as NICOTES )

Founded in 1989, Intels Nigeria Limited provides integrated logistics services for the Nigerian oil and gas industry.

The services offered by the company include but not limited to: cargo services; port management and support services in shore bases; and manages client operations including pipe racks, stacking areas, warehousing, enclosed areas, jetties, offices, water tanks, fuel storage, generators, compressor and others.

This company is said to employ over 15, 000 people currently.

2. Farm

He has a farm which he makes profit from.  He said his first venture into farming failed but he has since reinvented himself into farming. The first venture was when he aquired 2,500 hectares of land in Adamawa to start maize and cotton farm.

3. Prodeco

Prodeco another venture of Atiku Abubakar has two main divisions: Prodeco Property Development Company and Prodeco International.

The company is focused on buildings, marine, and infrastructural construction with a focus on the oil and gas industry.

4. ABTI schools

This is focused towards the education sector. The biggest brand being the American University of Nigeria (AUN) located in Yola, Adamawa State of Nigeria.

 

Other ventures

Atiku Abubakar ‏ is also a successful Nigerian politician having been Governor, Vice president and served in other capacities.

It is public knowledge that Atiku Abubakar assets are numerous but there is currently no way to pin the exact Atiku Abubakar net worth for many reasons.

He once describe himself as the highest employer of labour in Nigeria.

“As an individual, I believe my record in employing young Nigerians is unrivalled by any single private investor in Nigeria,” He wrote on twitter using the hash tag -LetsTalkJobs.

He has mansions, private jet and other properties.

 

Conclusion: It is amazing what the power of determination can do. His father didn’t want him to go to school, wanted him as to be an Islamic scholar or a herdsman but he defied all odds to become one of the richest men in Nigeria.

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**Additional resources for this article from Vanguard

 

How Aliko Dangote made his money

How Aliko Dangote made his money &-8211; this Article or News was published on this date:2019-05-16 11:40:59 kindly share it with friends if you find it helpful

From selling sweets (candies) at an early age to becoming the richest man in Africa and one of the richest in the world, MakeMoney.ng takes a look at how Aliko Dangote made his money.

Aliko Dangote was born into a wealthy family in 1957, he grew up in Kano Nigeria. His great-grand father was at the time of his death, the richest man in West Africa. His grand father Sanusi Dantata was at a time the richest man in Kano and his father was a politician and businessman. Yes, he was born with a silver spoon.

Dangote is a man proud of his family and he is happy to let everyone know that he was raised with lots of love and that gave him confidence in life.

“My great-grandfather was a kola nut trader, and the richest man in West Africa at the time of his death. My father was a businessman and politician. I was actually raised by my grandfather. It’s traditional in my culture for grandparents to take the first grandchild and raise it. I had a lot of love, and it gave me a lot of confidence.” He told Time Magazine during a world economic forum event.

While it is common for children born with silver spoon to be at a comfort zone and enjoy the wealth, Dangote’s case was different. At an early age, while still in primary school, he started looking for his own money. He will sell sweets (candies) to make money in school.

“I can remember when I was in primary school, I would go and buy cartons of sweets (candies) and I would start selling them just to make money. I was so interested in business, even at that time.” He said.

Not much as been said about his father and mother, that is because he grew up with his grandfather. He only get to know his parents when he was over 4 years. Sadly, he lost his father when he was just eight years.

Dangote had this to say about this.

“I grew up in Kano, Nigeria. After my school I went to Egypt and finished there. Then I moved on to Lagos to do business. I learned quite a lot from my late grandfather. He was in trading. I actually grew up with him. I didn’t know my parents until I was about 4 or 5 years old, and unfortunately my father died when I was 8.”

At 21, he completed his degree in in business studies and administration at the Al-Azhar University in Egypt, one of the biggest Islamic universities.

 

The Beginning

Aliko Dangote has credited his success to the training he got from his wealthy grandfather. His family were into business and trading, that was what surrounded him growing up and naturally, his mindset started tilting towards becoming a business man.

But at what age did the business instinct started and he realized he was going to be a businessman?

“That started maybe at the age of 10 because my family had always been in business. They had been big commodities traders, and my grandfather, may his soul rest in peace, had always been in business.” He said in an interview.

Apart from selling sweets in primary school, Dangote also worked diligently for his uncle, Sani Dangote. This set the stage and laid the foundation, for Aliko Dangote to go on and dominate the business world.

 

His First Business

In 1977, at age 21 Dangote felt it was the right time to be his own man and start his own business. He approached his uncle, Sanusi Abdulkadir Dantata for a loan. His uncle eventually gave him a loan of N500, 000 ( about $3000 in today’s value).

The purpose of the loan was to to start importing and selling of agricultural product in Nigeria. The commodities he traded included: Sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil. His major imports were rice from Thailand and Sugar from Brazil in wholesale quantity and resale in Nigeria for interest.

This venture became an immediate success for him and he was able to repay the loan he took from his uncle within 3 months.

 

Cement Business

In 1978, Dangote ventured into Cement, buying in trucks and reselling to others for profit. The business became a success but he eventually decided to stop it and concentrate on Sugar, rice and other stuffs.

He eventually returned back to Cement, this time bigger.

He told Bloomberg:

“Back when we first tried cement in 1978, I was just trading—buying four trucks of cement, selling it, and making my money. Almost every day I was getting an allocation of four trucks. The business grew, but then we decided to dump cement so we could get into sugar, rice, and other commodities. When we went back into cement with that first factory, within the first year, we went from zero market share in Nigeria to about 45 percent. Now the country is producing 42 million tons, of which 29 million tons is ours—and it’s not only Nigeria that we ­benefit, but we’ve also been able to go to 17 other African countries. By 2019 we’ll have 80 million tons of capacity.”

 

Manufacturing

His biggest business step was to start manufacturing the same products he was importing or buying from others. In 1997, he built a plant and started manufacturing the things he has been importing: pasta, sugar, salt and flour.

He went back into cement business but this time as a manufacturer. By 2005, he had built a multi million dollar cement factory. Of the money spent to build the new factory, $319 million was his own money while a $479 million loan from the World Bank completed the financing.

“Manufacture, don’t just trade. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities.” He famously said

 

Paying off Debts

Being a successful business man most times means taking lots of loans. While this is good, if these loans are not paid back, you may be at the risk of losing it all. Dangote understood this and by 2010, he paid off his debts.

“I had no financial capacity (in 2015 when he planned his refinery). Then in about 2010 we paid all ­Dangote Group’s debts, which amounted to $2 billion, and started accumulating cash.

“It was a turning point. It helped us to be more disciplined. We are not trying to hide our heads from the banks. It has also given us a model to be very prudent and also be financially robust. Because normally people go out there and do project financing. We don’t do project financing. We leverage our current businesses and then build another new business. So in the head office here, what we do is only strategy and incubating various businesses.” He told Bloomberg

 

Producing his own electricity

One of the biggest obstacles faced by businessmen in Nigeria is electricity. Electricity is so bad that if you don’t handle it properly as a manufacturer, you will be making loses.

To make money as a manufacturer, you must be able to address the issue of electricity and Dangote understood this so well.

“We had a lot of capital, and we were able to build out our own power grid. The number one thing that kills businesses in Africa is power, or the lack of power. We wanted to have our businesses completely independent, with our own grid. So we built it. It took $1.2 billion.”

 

Access to capital

Having access to capital is very crucial for any entrepreneur or business. You have to be able to work your financial links to get the capital you need. Without capital, business suffer, your plans suffer and you may find yourself stagnant.

Dangote understands the important of having access to capital.

“It’s so important to have capital. At that point, we had about $2 billion in debt from expanding so quickly, so we had to scale back. But if I had more capital [in hand] in 2008, I could have bought so many things – homes, airplanes, land – so cheaply.” He told Time magazine.

 

Political “association”

Being a big player in Africa can be difficult without political support and goodwill. This is something Aliko Dangote understand so well. You need to maintain a good relationship with governments and politicians to avoid friction that could slow down business.

This is what most businesses do. It is simply about relationships.

In 2003, Dangote gave over N200 million to the re-election bid of former Nigerian president, Olusegun Obasanjo.

“In Africa, yes, I do think you need politicians. But at the same time, we cannot get things right unless there is good cooperation between the politicians and the businessmen. It’s a win-win. When you look at it today, in Nigeria, more than 85 percent of the GDP is from the private sector.” he said.

 

Expansion

One thing that is very consistent with Aliko Dangote is need to expand his businesses. He is always on the increase, entering new territories and new line of business.

So far, he has extended his businesses into many African countries including: Benin, Cameroon, Togo , Ghana, South Africa, Tanzanie, Kenya and Zambia.

He has also step into the oil industry with a construction of $11 billion refinery ongoing in Lagos, Nigeria.

“Let me tell you why we had to go into oil. Our strategy was to be an African company. When you look at the other options, it’s really agriculture—and agriculture doesn’t take that much money. We always invest most of our money back into the business, so when we looked at it in 2015 and projected our revenue for the next few years, we looked at what we had left after investing in fertilizer and realized we still had billions of dollars we could put somewhere else. The only place we could invest that much money was in the oil and gas business. So the refinery takes those dollars and allows us to invest in something we are used to, which is industry.”

He has stated of his intention to build 60% of his business outside Africa from 2020.

‘‘We are not doing like other Africans who keep most of their money in the bank. We do not keep money in bank. We fully invest whatever we have and we keep on investing.’’

 

Aliko Dangote Companies

Dangote is the Chairman and CEO of Dangote Group. The group has over 30,000 employees.

The Dangote group consist of the following companies and businesses

Dangote Cement Plc

Dangote Sugar Refinery Plc

Dangote Flour Mills Plc

Dangote Pasta Plant Limited

Dangote Agro Sacks Limited

Prayer Mats Production

Dangote Salt Plc

Ports Operations

Haulage

Steel Production

Dangote Foods Limited

Real Estate

Telecommunications

Oil Refinery

Petrochemicals

Fertilisers

 

Aliko Dangote Net worth and properties

Dangote is the richest man in Africa and has been for many years.  In 2013, he became the first African entrepreneur to be worth over $20 billion. As at October 2018, he is worth over $11 billion according to Forbes.

Aliko Dangote house is a mansion he lives in Victoria Island of Lagos State in Nigeria. He mentioned he has houses in the United States and of course in Kano.

He has a yacht, private jet and cars.

 

Final Thoughts

Aliko Dangote has built on the wealth of his family and took it to another level.

He gives back to the society through the Aliko Dangote Foundation. The organisation has spend over N16 billion on charity and Dangote has promised to give more money to the organisation, up to N200, billion.

We will end this article with his advice to young entrepreneurs:

“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”

 

 

 

 

 

 

 

How Femi Otedola made his money

How Femi Otedola made his money &-8211; this Article or News was published on this date:2019-05-16 11:40:55 kindly share it with friends if you find it helpful

Femi Otedola became the second Nigerian after Aliko Dangote to make the Forbes list of the richest people in the world but something went wrong and he almost lost everything, he later revealed he was considering suicide at the time. In this article, MakeMoney.ng takes a look at how one of Nigeria’s most successful entrepreneur, Femi Otedola made his money.

From birth, it was obvious Femi Otedola was destined for greatness. He had the family and upbringing everyone will wish to. Femi was Born in 1962 in the ancient city of Ibadan, the Capital city of Oyo state in Nigeria. His Father, Sir Michael Otedola was a former governor of Lagos state and a key player in the oil industry working for Mobil.

His late father was a disciplinarian, which help shaped him to become successful.

“He was strict and  was disciplined. He always kept saying to me that honesty is always the best policy, hardwork and contentment. He would always allow you to pursue what you believe to be your destiny, he wasn’t the type to interfere unnecessarily with what his children were doing.”

With the world at his feet, he could have chosen to become anything. But when he was a little boy, all he wanted was to become a Reverend father.

“As a young boy growing up, I always had the ambition of becoming a Catholic reverend father. I used to admire reverend fathers in their clean white cassock and I thought this was my destiny” He told ProShare

His dream to became a Reverend father didn’t come to reality and Femi has a very funny reason for it:

“Well to be a Reverend father you must be celibate and never get married.”

 

His first business

Femi Otedola discovered his business instinct very early in life. He started his first company at the age of 6! The company had a plan and a name. His father was working for Mobil at the time, and the goal was the cut to nails of his father’s guest then issue them receipt for his services. And he was getting paid.

“I had my first business at the age of six. It was called FEMCO. I would offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in business.”

This early startup under the watchful eyes of his father set him up for an amazing career.

 

Family business

In 1985, Femi Otedola graduated from the Obafemi Awolowo University and immediately joined the family business. He took charge of the marketing department of the family printing press. He worked had, gain experience.

After working for years and consolidating the family business, Femi Otedola ventured out  on his own, starting his own company, Centreforce Limited. The company focused on finance, investment and trading.

 

Oil

About five years after he left the family business, Femi Otedola ventured into the oil and gas sector. The begging was very humble. From his privileged position as Governor’s son, he had friends who supplied him diesel but after there was a change in government. All the privileged stopped. And he had to find a solution.

The turning point for him was when he ordered for diesel and it was delivered three days later with a broken truck. At this point, Femi saw an opening. He could do better and provide better services. So he decided to venture into diesel supply business. Then he started buying diesel from a retailer and supplied to companies

“I started buying diesel from a guy who had control of the market for retailing. I soon realized that a lot of companies in the country actually used diesel. I once received an order from a big transport company. The banks were closed and I could only offer a cheque. I was my supplier’s biggest customer but he refused to take a cheque from me. I immediately realized I needed to source alternative methods of getting my diesel.”

That disappointment would lead to his major breakthrough in the oil industry. He approach the management of the depot and offered to buy it for $20 million dollars even though it was worth just $4 million at the time. Of course, he didn’t have the money but he had the guts.

He approached Zenith bank and had a conversation with Jim Ovia (The CEO of Zenith bank at the time) for a loan to finance the purchase.

“I contacted Zenith Bank, sold my pitch on the venture and how we would finance it. I had a meeting that barely lasted 10 minutes with Jim Ovia he believed in me and it was a done deal. This was in 2003.”

 

Expansion

With the the acquisition of the depot, it didn’t take long before he took almost full control of the oil and gas supply business in Nigeria. With his company, Zenon Petroleum and Gas Limited, controlling 91% of the market. His company acquired three large cargo ship that he named after his family. MT Sir Michael (named after his father), MT Lady Doja (named after his mother), and MT Nana (named after his wife).

He immediately expanded into many sectors. First was to set up a transport and shipping company in line with the logistics attached with diesel supply – F.O. Transport and Seaforce Shipping. Then he went into property and bought many large companies.

He was just 35 and it took him just 7 years to achieve it all.

In the oil business, he was booming, he was competing with the major players like Total. It didn’t take long for him to beat every competition and almost by himself determine the price of diesel in Nigeria. The competitors were coming to him for supply.

“While my competitors were sleeping, I was busy strategizing. I was liberal too. My strategy was: high volumes, little margins. I was very excited at this point. However, I knew that at some point the government would fix the power issue (diesel is mainly used for generators during power cuts) and I needed to move a step forward.”

The success was massive but he had no plan of slowing down. Through his company Zenon, he bought a 28.7% stake in African Petroleum which he would later re-brand to Forte oil.

He went into the financial sector buying up shares aggressively. In the process becoming the second largest shareholder in Zenith Bank.and the largest individual shareholder at United Bank for Africa (UBA). Many banks were coming to him to lend money for investment and he was investing. He became the largest importer of diesel in Nigeria.

He became a major shareholder of Africa Finance Corporation, he was the Chairman of Transcorp Hilton. Also, he was a big shareholder in Mobil Oil Nigeria Limited, the second largest shareholder in Chevron Texaco, Visafone and several companies .

In early 2009, Forbes magazine included him in the list of the richest people in the world with an estimated net worth of $1.2 billion. The second Nigerian to make the list after Aliko Dangote.

 

His fall

Just as everything was falling in place, suddenly, things went bad. he was losing everything he had worked for. The fall from grace was so hard that he contemplated killing himself.

in 2008, a shipment containing one million tons of diesel was on it’s way to Nigeria. It belonged to Forte oil owned majorly by Femi Otedola. But before it could reach Nigeria, there was a problem.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34,” He said.

The loss was too much to bear but it was just the beginning. It wasn’t long before the Naira was devalued and interest began to shoot up. At the end of the it all, a man who was on top of the world find himself at the bottom.

He lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest and then finally $160 million when the stocks crashed, according to CNBC,

At this point he had found himself in debt. Not just in debt, he was now $1.2 billion in debt. Then he thought of committing suicide.

“I had two options to either commit suicide or solve the problem. A week after the idea ran through my mind, I heard news that the richest man in Germany Adolf Merckle committed suicide having lost his wealth,” he says.

But thankfully, he made the right decision.

“I decided to weather the storm. I just knew it was a phase I had to go through. You see God prepares you for greater things and of course experience is the best teacher so I had to learn my lessons. I took the bitter pill.”

But the banks would soon turn on him. He was under intense pressure.

“The same banks that had once sent pretty sales ladies to get money from me for their accounts in the past were now sending tough looking men to knock at my door to get me to pay my debts in the mornings. The only people I’d credit at this point were my wife for her great support, Jim Ovia of Zenith Bank and Segun Agbaje of Guaranty Trust Bank who understood the situation and offered a restructure of the loans for ease of payment. I was however determined to pay it all up and move on. The banks sold the debt to Asset Management Corporation of Nigeria (AMCON). It was a total of N200 billion”

 

His rise again

AMCON offered him a restructuring deal so he could repay the debt but he declined. He wanted to pay back everything and start all over again.

“So we got a reputable firm to value my assets. I had about 184 flats, which I gave up. I was the largest investor in the Nigerian banking sector, which I gave up, I was also a major shareholder of Africa Finance Corporation and I was the Chairman of Transcorp Hilton. I was a shareholder in Mobil Oil Nigeria Limited, the second largest shareholder in Chevron Texaco, Visafone and several companies which they valued, and I had to give up to repay the debt.”

He sold almost all he had to repay the debt. At the end, he was left with just two properties, his office space and a 34-percent stake in African Petroleum.

He went back to work and started all over again and it paid off.

By 2014, Femi Otedola was back again in the Forbes list of richest people in the world. This time, bigger than ever. With a Net worth of $1.8 billion.

 

His relationships

Femi Otedola has built many strategic relationship that has helped him over the years. One of them his with Aliko DangoteThey are known to be good friends and hang out on the regular. But the relationship was never that smooth. Somewhere in 2006, there was a friction between the two.

Otedola who was the second highest shareholder at Texaco was bidding to buy the business after it was put for sale. But a company linked to Aliko Dangote, had won the bid. All hell supposedly went lose as Otedola viewed it as a breach of agreement.

But he insisted it was nothing serious.

“It was a case of conspiracy theories. Aliko and I have a genuine relationship and it was only natural that we had a few differences along the line. Today, he is my mentor. I like his sincerity and integrity. Aliko’s word is his bond and I have a lot of respect for my friend. I believe he is a real blessing to Nigeria and Africa as a whole. He is a godsend to this continent. I believe Aliko is highly underrated too. He will become the richest man on the FORBES list someday,”

The two men are now best of friends. Inseparable. With Otedola playing a big role at his daughters wedding.

Just like most business men, Femi Otedola has had his own romance with politicians. He had close relationship with former Nigerian president, Olusegun Obasanjo. In 2003, Otedola donated N100, million to Obasanjo’s re-election bid. He later donated N200 million towards the Obasanjo presidential library.

He was also a close friend of former Nigerian president, Goodluck Jonathan when he was in power.

 

Femi Otedola Net Worth and properties.

The current net worth of Femi Otedola has constantly fluctuates due to the instability in oil price.

Femi Otedola cars reportedly include a fleet of custom Rolls Royce cars in London and a Mercedes fleet in Nigeria worth close to $8 million. He also own a $19.5-million yacht. His house in Lagos is a big mansion with a private jet to go with it.

 

Conclusion

His ability to rise again is a big inspiration to many entrepreneurs out there. No matter how hard you think you have fallen, you can rise again. Rising from a debt of over $1.2 billion is massive especially when you have to sell almost all you got to pay back. Like he said, the day he lost everything was the day he learnt his biggest lessons.

 

How Tiwa Savage Made Her Money

How Tiwa Savage Made Her Money &-8211; this Article or News was published on this date:2019-05-16 11:40:53 kindly share it with friends if you find it helpful

Tiwa Savage, with the full name Tiwatope Savage Balogun was born on the 5th of February 1980. Tiwa Savage is one of Nigeria’s brightest female artiste who is in the list of the top 20 richest musicians in Nigeria. MakeMoney.ng takes a look at how Tiwa Savage made her money.

Early Life and First Money

Tiwa Savage was born in Ikeja, Lagos state. However, her family relocated to London while she was at a tender age of 11 years. In her high school, she was a trombone player for her school’s Orchestra band. After so many years, Tiwa Savage graduated with a degree in Business administration from the University of Kent in the United Kingdom.

She even went as far as working in The Royal Bank of Scotland where she earned her first money as salary. Tiwa Savage engaged in backup vocals for George Micheals at the age of 16 and for other musicians. She had previously performed on stage with top musicians like 50 Cent.She decided to pursue a career in Music when she went to the Berklee College of Music and later graduated at the age of 27.

In the year 2006, Tiwa Savage participated in a Music competition while in the United Kingdom. She, however, found it difficult in dealing with being in the limelight. She was quoted as saying:

“You have to always realize that people are watching. When I got the bad news that I was not really getting through, it was really painful at that time. But you still have to learn how to hold that until you get home. That is because you do not want to let everything out. People admire you and want to see that you are strong. They do not want to see you breaking down.”

Music career

Her music career began when she was still in high school while doing backups for musicians and participating in UK X-Factor where she did not progress to her expectation. However, in the year 2009, Sony/ATV Music signed Tiwa Savage into a deal.

The deal was that she was to write for Babyface, Kat Deluna, Fantasia Barrino and Monica. This was the point when Tiwa Savage began to make money from music. The song she wrote for Fantasia which titled “Collard Greens & Cornbread” saw the US artiste nominated for the Grammy awards in the year 2010.

Tiwa Savage further went on to write for more American artist while she was in America including this famous song that included Jaicko titled “Oh Yeah”, the song which featured Snoop Dogg. And also Kat Deluna song “Push Push”, which featured Akon and David Guetta.

She established her own record label known as “323 entertainments” with her manager at that time and also her husband, Tee Billz. In the year 2012, she got signed into Don Jazzy’s Marvin record after her husband and Don Jazzy decided to work hand in hand. In the year 2010, she decided to start working on her debut studio album in 2010; however, it was launched three years later.

In her words regarding her debut album, she stated that:

“This album is straight from my heart and it is something that I have worked so tirelessly for. A lot of people wondered why it took me so long a time to drop my own album. That is because we had to go through a lot of legal processes to clear some of the samples that we used, and that took us some months. Also, we wanted to work with notable producers outside the shores of the country like Oak who produces Rihanna. So, we had to work around his schedule and waited for them to have our time. But this album is something that I really took my time with because I did not want it to be the usual Nigerian album that contains just party tracks from the beginning till the end.”

Her Money

Tiwa Savage made her money from different means. She also made her money from acting as we are going to see below.

Endorsement Deals

Tiwa Savage was the brand ambassador for Nigeria’s telecom giant, MTN, in a deal worth to be around N30 million and she was also the brand ambassador for popular e-commerce site, KONGA in a deal worth around N20 million. She is currently an ambassador for Pepsi with the deal rising up to over N30 million. Tiwa Savage also has endorsement deals with Forte Oil, Pampers and Maggi Cubes with the worth rising up to millions of Naria.

Album sales

Tiwa Savage also makes her money from selling of albums and songs. The singer gets her money from Marvins record owned by Don Jazzy and also her own record label known as 323 entertainments. She has massive fanbase, her album sells more than expected.

Concerts

She also makes her money while attending concerts both in Nigeria and outside the shores of Nigeria. Tiwa Savage charges up to N4 million on shows she is called upon to attend in Nigeria. And since she is a popular female artiste, she gets lots of invites on a monthly basis.

Acting Career

Tiwa Savage also makes significant amount of money from acting films. The Nigerian female artiste made her film debut with Joke Silva and Ireti Doyle in the stage adaptation of “For Coloured Girls” in the year 2011 and she was also among the list of actors in the Nigeria series “Shuga” season 3 between the year 2013 and 2014.

Tiwa Savage Net worth, Cars and Properties

Tiwa Savage networth is about $3 million. She has a house located at Richmond Gate Estate, Lekki, Lagos Nigeria which is worth around N75 million. Tiwa Savage also has various varieties of cars and properties ranging from SUV, expensive gold plated sapphire microphone, expensive shoes. She has been rumoured to own a private jet but that has not been proven to be truth.

 

Conclusion

Having grown up in the United Kingdom, Tiwa Savage’s exceptional voice made her popular in the Nigerian music industry. She is currently among the list of the top 20 richest Nigerian musicians we have today. She will continue to be in that list and move further up if she continues with that pace that saw her made the list.

How Wizkid Made His Money

How Wizkid Made His Money &-8211; this Article or News was published on this date:2019-05-16 11:40:51 kindly share it with friends if you find it helpful

Nigerian superstar, Wizkid, born with the full name Ayodeji  Ibrahim Balogun is one of the biggest and brightest music artiste in Nigeria and Africa today. Having been previously named as one of the richest African musicians by Forbes, we take a look at how Wizkid made his money.

 

The beginning

Wizkid was born on the 16th of July, 1990 into a polygamous family. While growing up, because of the fact his father was married to three wives, it was difficult to cater for the children. The father was a Muslim and his mother a Christian. Wizkid at the age of 11 started involving himself in music when he began following his mother to the church. He joined his local church choir because of his love for music. Ayodeji Ibrahim Balogun was not just a vocalist in his church, he was also a lead singer who led the group of singers in the church.

Before he broke out to be the Wizkid we know him today, he produced an album and also formed a group of singers with five of his friends, they were called the “Glorious Five.”

Also, before the name “Wizkid” emerged, he tagged himself “Lil Prinz” when he was still a member of the Glorious Five. He recorded over 7 tracks while being among the Glorious Five.

He first came into the limelight in the Nigerian music industry in the year 2009, and from there on his income began to rise in geometric proportion and has continued in that order thereby making him one of the richest Nigerian musicians today.  Wizkid currently has his own record label named “StarBoy Entertainment” where he produces his songs and makes money from them.

 

His first money

Wizkid made his first piece of cash while still in the team group called the Glorious Five. It is reported that Wizkid known as Lil Prinz at that time made about ₦10,000 from his first track produced while in the Glorious Five.

After achieving this feat, he moved on and pursued a solo music career and finally made a major break through in the year 2009. In the year 2009, Wizkid recorded a song with popular Nigerian musician M.I. The award winning track titled “Fast Money” made him popular in Nigeria and in the African scene.

M.I would later say in the year 2017 stated that Nigerians do not deserve Wizkid:

“Nigerians don’t deserve the international export,” M.I said in reference to Wizkid being captured hanging out with the popular American rapper, Nicki Minaj.

In 2010, Wizkid released another hit song titled “Holla at Your Boy” under the Empire Mate Entertainment (EME). The song received various awards and was nominated for the 2011 Headies.  He got over 24 nominations for various top music awards and winning a total of 13 of the awards. He became a household name.

 

Expansion

After making his name in the year 2009, Wizkid had become one of Nigeria’s most followed artiste. He would subsequently leave the Banky W’s owned EME which brought him into limelight. Wizkid started his own record label, Star Boy. He moved into the international scene, signing deals with Konvict music and many others.

 

Endorsement deals

Undoubtedly, a significant amount of his wealth emanates from Endorsement deals. In the year 2013, Wizkid became Guinness brand ambassador with the endorsement deal weighing up to over ₦128 million. Away from the Guinness brand, Wizkid is also a brand ambassador for Pepsi after signing a deal worth up to $350,000 which is over ₦70 million. He was also the brand ambassador for Glo and signed a deal worth up to N120 million after rejecting MTN offer  which was just about N45 million. He is currently the highest paid Pepsi Ambassador in the whole of Africa.

 

Live shows and performances

Wizkid also made and will continue to make a large amount of money from live shows and live performances. Wizkid had once said in an interview:

“I am highly sought after for live shows because of wide array of singing talent I possess”.

He makes a lot of money from live shows and performances. Wizkid charges from N3million to N5million performances. Yes, he makes N5million from a show he performs live for only about 10 minutes of singing.

Recently, he made significant amount of money when he sold out the 02 arena in London.

 

Star Boy Entertainment

After getting into the limelight through EME records, he has since moved on. He is the owner of Starboy Entertainment. This has given him the leverage to make more money from his albums and performances without having to give major cuts to a label.

He makes money from artistes signed under his label and other label business ventures.

 

Licensing

The Starboy Entertainment CEO also makes his money from Licensing. This is easy. It is simply about giving permission for his  songs to be used in films, commercials, TV shows and streaming on music platforms like ITunes, YouTube, Spinlet and more.

From several researches conducted, it has been revealed that He made over $200,000 from online streaming of songs such as “My Love” and “Come Closer” on Spotify alone.

 

International deals

Wizkid also makes his money from recording deals with international music brands. In the year 2017, Wizkid completed the signing of a multi-album deal with RCA Records and also Sony Music International.

 

Relationships

Wizkid has collaborated with several individuals both locally and internationally which has really helped in boosting his image and value. Here in Nigeria, Wizkid has collaborated and worked with people like 2Face Idibia, Naeto , Sound Sultan among many others when he began his music career.  After making his name in the music industry in Nigeria, he further strengthened his relationship with international artistes which includes: Nicki Minaj, Drake, Chris Brown, Trey Songz, French Montana, Kranium, Ty Dolla $ign among  others. These set of people have greatly assisted him in building his popularity and enhancing is worth.

 

Wizkid Net Worth

Wizkid has a whooping networth of about $14 million which is estimated to be about N5 billion. He charges individuals and groups about N3 to N5 million per show. His net worth was estimated to be $12 million in the year 2017, but it has gradually increased. It will likely continue to soar in the years ahead.

 

Cars and properties

Wizkid while being a multi talented musician owns very costly mansions. One of the expensive mansions is situated at Lekki in Lagos, Nigeria. Another expensive mansion situated in Los Angeles. The mansion which is at Lekki is estimated to worth around ₦140 million.

Wizkid from all indication has admiration for beautiful cars and he has a variety of them which includes: Black Honda Accord I-VTEC, Porsche Cayenne, Merceded 2012 Compressor, BMW X6, Hyundai Sonata, Bentley, Blue Volkswagen Convertible and Porsche Panamera. He reportedly own a private jate buy MakeMoney.ng has been unable to verify this.