Aliko Dangote: Africa's Giant Mogul Shares His Success Secrets In The World Of Business.

Africa’s richest man Aliko Dangote with an estimated net worth of $18 billion, recently had an eye opening chat with Forbes Africa correspondent Peace Hyde. Here are highlights from the interview:

1. Did You Know?The Dangote group was established in 1978 and currently operates in 18 countries in Sub Saharan Africa including Nepal.

2. Failure is a part of businessEven the most successful entrepreneurs fail every now and then and Dangote is no exception. After beginning a textiles business in the 1990’s, the company had to shut down and let go of almost 6400 workers.

3. Never be Afraid to think Big!As Aliko Dangote puts it “We think big and we roll out very big” and that is probably one of the main reasons why he has amassed the level of wealth he has.

4. Never rely on one product and one marketFrom being a trading company Dangote has diversified into several industries including banking, frozen fish, textiles, rice, cement and now oil refinery. As Dangote says, the diversification is good for business because there is no business that is 100% safe.

5. Make sure you understand the type of business you are entering into“The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully”, says Dangote. So for all the budding entrepreneurs reading this, make sure you do sufficient homework.

6. Be PatrioticAn important investment strategy for Dangote is to look at what areas that can move Nigeria forward and add value to the people of Nigeria. It pays to love your motherland.

7. Never compete with anybody“I think it is mainly to see how impactful you can be to humanity instead of chasing money”, according to the mogul. Dangote believes that African’s are the only ones that are going to make Africa great and move Africa forward. So strive to make an impact in any business you do.

8. Soil ProblemsDangote’s worst day in business came when they decided to start the first cement plant and found out that they built the 5 million ton capacity on the wrong soil which threatened to destroy everything the company had invested in.

9. Hide from the competitionTo prevent other companies from knowing what they were doing, Dangote decided not to do a feasibility study on the soil before building. As he puts it, they wanted to hide from the competition. Moral of the story, learn to keep things close to the chest.

10. Keep an eye on the numbersAvoid cost overruns because that is the fastest way to fail. Dangote managed to get a consortium of banks to raise about $470 million to help them release cash flow. This is one of his top advice to budding entrepreneurs

11. Nothing is impossibleOne of Dangote’s mantra and a plaque he keeps on his table, Dangote believes that anything you put your mind to, you can achieve.

12. Be very focusedAccording to Africa’s richest man, it is important for young people to be very focused, understand what they want to do and also understand the type of business they are going into.

13. Do not spend your projected income“It is better to let the money come in first before you spend your income”, says Dangote. So for those of you have already booked your holidays before the money arrives in your account, cancel your plans.

14. Social Life and Business do not go togetherAccording to Dangote, if you want to enjoy life, make the money first. You cannot have it all so you choose, the clubs or the office?

15. Believe in yourselfAccording to Dangote, he is on a trajectory and he will get to the top no matter what. It is extremely important to believe in yourself as a young entrepreneur even when it seems no one else does

Money laundering: Court remands ex-Adamawa gov, Fintiri, in Kuje Priso

 

 

 

 

A Federal High Court in Abuja, yesterday, ordered that former Adamawa State Governor, Mr Ahmadu Umaru (a.k.a Umaru Fintiri) be remanded in prison custody pending the determination of his bail application.
Fintiri was docked  by the Economic and Financial Crimes Commission (EFCC) on a five-count charge bordering on money laundering.
Specifically, he was alleged to have defrauded the state government to the tune of N970 million and another $4, 830 dollars while he held sway as the chief executive of the state.
The defendant, however pleaded not guilty to all the charges.
His counsel, Mahmud Magaji (SAN), applied for his bail on the grounds that the alleged offence was a bailable one.
Magaji premised his argument for bail on section 35 subsection 6 of the 1999 Constitution which presumes his client innocent until proven guilty.
He also relied on sections 158 and 163 of the Administration of Criminal Justice Act, in urging the court to admit the defendant to bail.
Magaji assured the court that Fintiri would not jump bail and that he would always be available to defend himself and urged the court to admit his client to bail.
In opposing the bail application, the prosecuting counsel, Mr. Peters Aso referred the court to a document filed by the defence concerning a medical issue of the defendant.
Aso, in his argument he said it appeared that Fintiri had lied on oath, since the date which he said the doctor examined him was different from the date he said the doctor told him of his ailment.
The prosecuting counsel said although he was not a medical personal, he believed that one was examined before he was told of his health.
He also prayed the court to deny the bail application on the grounds that he was sure the defendant would come for trial if granted bail.
Trial judge, Justice Ahmed Mohammed fixed ruling on the bail application for tomorrow.
Meanwhile, the EFCC, on Wednesday, told a Federal High Court in Lagos how a former Chief of Air Staff, Adesola Amosu, took money from the Nigerian Air Force bank account to buy personal property worth billions of naira.
Mr. Amosu, a retired Air Marshal, was arraigned alongside Jacob Adigun, an Air Vice Marshal, and Gbadebo Olugbenga, an Air Commodore, on a 26-count charge of stealing N50 billion. Also arraigned with the trio before Justice Mohammed Idris were their companies, Delfina Oil and Gas Ltd; McAllan Oil and Gas Ltd; Hebron Housing and Properties Company Ltd; Trapezites BDC; Fonds and Pricey Ltd; Deegee Oil and Gas Ltd; Timsegg Investment Ltd; and Solomon Health Care Ltd.
According to the charge sheet, Amosu and Mr. Adigun, a former Head of Accounts and Budgeting at the Nigerian Air Force (NAF), allegedly removed sums running into billions of naira from NAF’s bank account to purchase property for themselves in choice locations in Abuja, Lagos and London.
The five count charge marked FHC/ABJ/CR /131/2016 and signed by Sylvanus Tahir of the legal and prosecution department of the EFCC reads:
That you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) and Mayin Construction and Properties Ltd on or about October 2, 2014 in Abuja within the jurisdiction of this honourable court did indirectly disguise the origin of the sum of N80,000.000.00 only transfered from an account number 0313000301 domiciled at Eco Bank Plc operated by Timeplex Nigeria into account number 5742019591 domiciled at Eco Bank Plc operated by Mayim Construction and properties Ltd which sum you know is proceeds of an unlawful act; to wit: bribery and corruption and thereby committed an offence contrary to section 15(2), (a) of the Money Laundering Prohibition Act, 2011 as amended in 2012 and punishable under section 15(3) and (4) of the same Act.
That you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) and Mayin Construction and Properties Ltd on or about October 2, 2014 in Abuja within the jurisdiction of this honourable court did indirectly disguise the origin of the sum of N120,000.000.00 only transfered from an account number 0313000301 domiciled at Eco Bank Plc operated by Timeplex Nigeria into account number 5742019591 domiciled at Eco Bank Plc operated by Mayim Construction and properties Ltd which sum you know is proceeds of an unlawful act; to wit: bribery and corruption and thereby committed an offence contrary to section 15(2), (a) of the Money Laundering Prohibition Act, 2011 as amended in 2012 and punishable under section 15(3) and (4) of the same Act.
That you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) sometimes in July 2015 in Abuja within the jurisdiction of this honourable court did without using Financial Institution make cash payment of N220,000.000.00 only to Hashim Dikko for the purchase of plot number 7 Gana Street, Maitama Abuja and thereby committed an offence contrary to section 1 (a) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under section 16 (2) (b) of the same Act.
That you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) and Mayim Construction and properties Ltd on or about the 9th October, 2014 in Abuja within the jurisdiction of this honourable court did indirectly disguise the origin of the aggregate sum of N550, 000.000.00 through a term loan of twelve months purportedly granted to you by ECO Bank Plc for the acquisition of a tea plantation farm from Nigeria Agricultural bank as acting Governor of Adamawa State from sum which you know form part of proceeds of an unlawful act; to wit: bribery and corruption and thereby committed an offence contrary to section 15(2), (a) of the Money Laundering Prohibition Act, 2011 as amended in 2012 and punishable under section 15(3) and (4) of the same Act.
you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) and Mayim Construction and properties Ltd between the 3rd of June 2014 and August 2015 in Abuja within the jurisdiction of this honourable court did retain in your US Dollars account number 5742019601 domicile at Eco bank plc the aggregate sum of $4,830.000.00 550, 000.000.00 which you know form part of proceeds of an unlawful act; to wit: bribery and corruption and thereby committed an offence contrary to section 15(2), (a) of the Money Laundering Prohibition Act, 2011 as amended in 2012 and punishable under section 15(3) and (4) of the same Act.