In my study of the high and mighty, I’ve come to discover that the principles of attaining success are the same all over the world. Irrespective of your environment, if you play the game as it’s supposed to, then be rest assured that you will make it. I have often been accused of using more of foreigners in my case studies. But this is the twenty third edition of The Nigerian Project and we are still counting. These are not foreigners, but Nigerians who are practicing the same success principles being practiced in other parts of the world. Are they getting the same result like their counterparts across the globe? You bet they are. If not, they won’t be on this page.
In the United States, Rockefeller started Standard Oil with just Five US Dollars and groomed it into one of the richest companies in the world. In Nigeria, the case is the same. For instance, Ibru started Ibru Fisheries with little or nothing and today, the rest is history. It has nothing to do with background. It has nothing to do with age. It has nothing to do with sex. It has to do with your desire to succeed, the determination to excel and the ability to dream. For if it has to do with where are you are coming from or age, then someone like Jimoh Ibrahim, who is just 40, wouldn’t have been where he is today.
Born as the fourth child into a polygamous family on February 24, 1967, to the family of Alhaji Yakubu and Omofemiwa Jimoh in Igbotako, Okitipupa, Ondo State, descendants of Idogun Tibogi family in Osooro Ikale Kingdom, Barrister Jimoh Ibrahim’s story is what you could call grass to grace. His father who had seven wives and 40 children is a bricklayer and his mother a fish seller. His parents are devout Muslims while he and his wife are Christians. For his children, they have a free choice.
He had his early education at Community Grammar School, Igbotako and from there to Federal School of Arts and Science, Ondo. It was at this school that he became a Christian. He proceeded to study Law at the Lagos State University and later changed to Obafemi Awolowo University, Ile-Ife, in Osun State, for a degree in International Law and Masters in Public Administration. He also obtained a Masters degree in Economic and International Tax at Harvard University.
As a kid, he dreamt of being famous, to become a successful person, to become one of the celebrated people in the world, to become renowned among his colleagues and to become someone that will contribute to mankind. It was reported that he loved living big right from when he was in the village. Then, whenever he makes money from petty contracts, he would buy milk and beverages and after drinking them, he would use the empty tins to decorate his room. He worked as a consultant to the International Monetary Fund (IMF) on tax reforms in Croatia and Etonia. He was also part of the Harvard team that went to Bangladesh to build the tax reforms. With seven lawyers in his Law and Justice Chambers, he practiced Law for six years, appearing in various courts from the Magistrate to the Supreme Court. He authored Indigenous Governance in Nigeria and published two volumes on Mohammed Bello. He was a Special Adviser to the first Military Administrator of Bayelsa State, a member of the exclusive Federation Account Allocation Committee and was Chairman of FAAC News, the first monthly magazine that published the activities of that Committee. He was Executive Secretary, African Center for Policy Studies; consultant to various bodies and multilateral institutions; Chairman, Global Fleet Companies and Group Managing Director, NICON Group.
It’s on record that as a youngster, he got petty contracts and used some of his father’s bricklaying materials to execute them. He started making millions in his mid 20s. In fact, he made his first million during his youth service. Then, he discovered that the Local Governments did not have a law of their own, but the state and the federal government had. So, he packaged a local government seminar on law for all the local governments in the country and that fetched him N3.6 million. That same year, he organized about 14 workshops for top public functionaries at all tiers of government and by the time he was finishing youth service, he had about N70 million in his account.
It was through one of those seminars that he learnt about the huge amount of revenue Nigeria lost to withholding tax by big oil companies. His further research made him submit his findings in form of a proposal that he could recover the funds as a consultant to the federal government, but with a specific percentage as his commission. His submission was approved and within a short period of time he was remitting billions of Naira to the account of the federal government.
In his desire to eradicate poverty and the suffering of his people, he contested for the governorship of Ondo State under the platform of ANPP in 2003 and lost to Chief Olusegun Agagu. Global Fleet Oil and Gas came as a result of his political experience. When he was contesting in the gubernational election, setting up Ondo Oil was an item on his manifesto, so when he didn’t win, he decided to go ahead with the idea. The only difference was the change of name. Today, the company has done very well.
It all started when he acquired with the money he made from seminars a swampy land at the Victoria Garden City (VGC) gate, which he later transformed into an ultra-modern filling station with two expansive banking halls. Barrister Jimoh, who used to sleep four hours a day when he started, was the one who brought the concept of bringing in banking halls into oil marketing. Though the initial budget for the outfit was N21 million, two banks paid a rent of over N40 million which was too much to build the station. The surplus was invested in real estate. After the VGC outlet, he opened another station at Ilupeju bypass which is likely to be the biggest outlet in the country. When it was finished, three banks wanted it at the same time. In less than a month, the VGC and Ilupeju stations built the Shomolu station and a bank paid the rent on it. Within a few years, he was able to acquire hundreds of filling station and has vowed never to stop until he gets to one thousand. He currently imports petroleum and has a big storage depot in Apapa.
Today, he has ventured into several businesses and all of them are doing very well. They include hospitality, telecommunications, banking, real estate, block making, carpentry, industrial dry cleaning, roofing tiles, insurance, etc. His 70 per cent (N46 billion) equity stake in NICON during the privatization period is still the talk of the town. He also staked a claim in the purchase and control of Executive Airlines Services (EAS), an airline operator which was changed to NICON Airways. The NICON Group now has eleven subsidiaries: Nicon Properties; Nicon Energy; Nicon Academy; Nicon Trustee; Nicon Insurance; Nicon Investment; Nicon PFA; Nicon Hotels; Nicon Saotome; Nicon Airways and Nicon United Kingdom.
Barrister Jimoh who some section of the media call the Mystery Investor, but who considers himself an average person, has special endowments like a foundation that provides scholarship to thousands of indigent students annually. He has invested about $2 billion in the Nigerian economy. His confidence in The Nigerian Project is not in doubt. He is so passionate about creating employment for Nigerian youths and turning them out as future entrepreneurs. This is the reason why he, in conjunction with City People Magazine, organizes motivational talks for the Nigerian youths. His life is ruled by passion to turn business situations around. In many instances, he has picked up ailing enterprises and created wealth out of them. Not too long ago, President John Kuffour of Ghana sent a delegation to him to extend his business empire to Ghana.
It’s important to note that it was not a smooth sail for the oil billionaire. Hear him, “For everything I tried, they all failed, but I insisted I’m going to be successful.” There are times participants will not turn up in his seminar business from where he made his seed money. According to him, “So, many things happened to me in the past. When I look back, I don’t even want to talk about them. I have lost a four-storey building before. The building collapsed while under construction, right in my presence, because the contractor didn’t do a good job.”
Barrister Jimoh who built his empire by borrowing from banks and paying back without default advised the youths and those going into business to simply be prepared. According to him, “You must know the nature of the business you want to do and you must know how you want to do it.” He also observed, “The first difficulty in life is the first breakthrough. But the moment you have that breakthrough, don’t play with it.”
Lessons
The first lesson I want to point out is that anybody who really wants to succeed, will, irrespective of background, sex or education. Secondly, you do not need a lot of money to start up with. Barrister Jimoh started by writing letters and distributing them through Liaison Offices in Victoria Island, which carry letters to the States free of charge. What matters is the idea.
Thirdly, never you joke with your integrity. Today, banks are ready to grant him and any of his companies billions of naira worth of facility or what you call loan because he has never defaulted.
According to our role model and change master for the week, “Three things are very important for every human being that wants to excel: Love for whatever you are doing, the courage to do whatever you are doing and perception. Ability to predict what will happen in the next ten years and take action.” The key is in your hand. Use it!
Shalom!