manie:



The money needed to establish a bank during Babangida's regime was 20 Million Naira which was not easy to come by at that point in time.

Banku&Tilapia:
It beats my imagination dat at diz day n age u don't know wot most nigerians do to be successful.

Banku&Tilapia:
It beats my imagination dat at diz day n age u don't know wot most nigerians do to be successful.

Orikinla: [size=18pt]GTB is a front for some ogas at the top who are ex-military dictators.
Did you ask where those who floated these new generation banks got the capital?[/size]

free2ryhme: Did Obasanjo and Dangote schooled outside nigeria

krestup: The idea is more important than the money, because even if you have the money and no idea, your money would just be sitting where it is. Steve Jobs, Google guys, Facebook all started with an idea before they got financial backing. So you must believe in what you want to do.
Other important thing is networking, because networking is the key to quick success. Knowing the right people to contact would go a long way in helping you. I think that is something these men know how to do.....

Orikinla: [size=28pt]The most successful young men and women in Nigeria did not go to Harvard or any Ivy League school and were not bred in America or Europe, but in Nigeria.
Deji Adewunmi, Lekan Olude and Opeyemi Awoyemi, founders of Jobberman and Jumia co-founders Raphael Afaedor and Tunde Kehinde are proudly made in Nigeria.[/size]

leunamme93: Following

Empero1:

This is a masterpiece! The most sensible contribution on this subject matter . More wisdom to you bro .

mobuch:

It was not easy to come by at that time, but it was quite easy to access and raise that fund; am sure if elumelu's and ovia's were ttrying to start a bank in our era of 25 billion capital base, they would have found it extremely difficult and impossible to raise that fund. There are still a lot of young chaps with the mindset of those guys who want to start up new banks in our era but the capital requirements is a very serious barrier.

The truth of the matter is that, the ovias, the elumelus, the petersides etc, took advantage of a very porous system and very easy to raise capital base, if those opportunities didnt present it self at that point in time, maybe, these new generation banks may not be existing.

Now, there are still some other sectors that would soon become a boom in few years to come; it now falls on the young savy chaps of this era to identify and exploit the porousness of those sectors to their own advantage and become the golden boys of their generation and era.

Orikinla: [size=28pt]The most successful young men and women in Nigeria did not go to Harvard or any Ivy League school and were not bred in America or Europe, but in Nigeria.
Deji Adewunmi, Lekan Olude and Opeyemi Awoyemi, founders of Jobberman and Jumia co-founders Raphael Afaedor and Tunde Kehinde are proudly made in Nigeria.[/size]

AjanleKoko: Every era comes with its own opportunities.
The guys who made it in banking did because the season was ripe for that.
If you want to be successful as a young person, you must have discernment beyond your years. A lot of young people don't even know what's going on in the outside world while they are in school. They just come out and start running helter-skelter, looking for a job, any job. Young people should try to do holiday jobs, read newspapers, listen to the news a bit more, and watch Soundcity and Nigezeie a bit less. We can't all be Davido (who incidentally is a successful young man building his own brand).

Jarus: Stories of young and successful that interest me more are those that never had headstart in terms of being put there by their parents or so (e.g Paddy Adenuga, Kola Abiola, Ladi Balogun etc), but those who were just average Joes and rose to high positions at young age.

Look at:

Atedo Peterside, founded IBTC in 1989 at 32
Fola Adeola (at 35) and Tayo Aderinokun (at 34) founded what is GTB today
Herbert Wigwe and Aig-Imhoukhude, both left GTB at 34 years of age, to found Access Bank. When they left GTB, they can't be less than AGM. So AGM at 34 was an achievement on its own.
Tony Elumelu was in his early 30's when he co-founded STB and became CEO.
Jim Ovia was also in his 30's when he founded Zenith Bank.

All these guys (except Wigwe and Aig) founded these banks 1989-1990. Before that time, we had the old school banks (Union, First, Wema, Cooperative, Savannah, UBA etc), later dubbed First Generation Bank. These guys, most of whom, were working in these banks, probably thought there were more innovative ways of providing financial services than what these conservative First Generation banks were offering. That's an opportunity. Pronto, they explored it, and coupled with IBB's liberalization policy of the era, they established the banks. A couple by the old folks (Adekanye, Osayemah, Femi Ajayi, Duro Emmanuel etc) failed, but these young guys' became mega successful.

Atedo Peterside came back from LSE and realized merchant banking as was practiced in Nigeria was still crude. That's an opportunity. He floated Investment Banking and Trust Company (IBTC) in 1989, to do just one thing: investment banking. He made it.

I think it is about recognizing an untapped opportunity quickly and grabbing it.

mobuch:

It was not easy to come by at that time, but it was quite easy to access and raise that fund; am sure if elumelu's and ovia's were ttrying to start a bank in our era of 25 billion capital base, they would have found it extremely difficult and impossible to raise that fund. There are still a lot of young chaps with the mindset of those guys who want to start up new banks in our era but the capital requirements is a very serious barrier.

The truth of the matter is that, the ovias, the elumelus, the petersides etc, took advantage of a very porous system and very easy to raise capital base, if those opportunities didnt present it self at that point in time, maybe, these new generation banks may not be existing.

Now, there are still some other sectors that would soon become a boom in few years to come; it now falls on the young savy chaps of this era to identify and exploit the porousness of those sectors to their own advantage and become the golden boys of their generation and era.

manie:






Elumelu was seconded from an issuing house/ Investment bank that packaged the recapitalisation of Crystal bank. Rasheed Ladoja was the Chairman of Crystal bank when they ran into financial crisis.

When Crystal Bank was recapitalised by the issuing house, BGL made sure that her clients/workers of BGL bought bloc of shares in Crystal Bank. This bloc of shares now became the largest shareholding in Crystal Bank.
Clients/workers of BGL now deemed it fit to nominate someone from BGL to lead the management team of Crystal Bank, so as to ensure proper management of their funds.

Elumelu was nominated as the MD/CEO of Crystal Bank and one of the things he did was to change the name to Standard Trust Bank. Elumelu was en employee at BGL.

Till today BGL and UBA still have things in common. BGL equally has substantial shareholding in UBA.


But shareholders were not happy with the performance of UBA under Elumelu. His era was the time of never ending extra ordinary or exceptional expenses. The returns made by the company never trickled down to the shareholders and workers except top management.
But things are getting better in UBA.

rigormortis: all those ppl mentioned were born with a degree of silver spoon, some just silver plated spoons and others are pure silver spoon, why not mention those ppl who worked their way up by another means apart from the wildly lucky chance of being born into rich homes. dangotes son has no choice other than making "it"..........

rigormortis: all those ppl mentioned were born with a degree of silver spoon, some just silver plated spoons and others are pure silver spoon, why not mention those ppl who worked their way up by another means apart from the wildly lucky chance of being born into rich homes. dangotes son has no choice other than making "it"..........

Orikinla: [size=28pt]The most successful young men and women in Nigeria did not go to Harvard or any Ivy League school and were not bred in America or Europe, but in Nigeria.
Deji Adewunmi, Lekan Olude and Opeyemi Awoyemi, founders of Jobberman and Jumia co-founders Raphael Afaedor and Tunde Kehinde are proudly made in Nigeria.[/size]

Jarus: Stories of young and successful that interest me more are those that never had headstart in terms of being put there by their parents or so (e.g Paddy Adenuga, Kola Abiola, Ladi Balogun etc), but those who were just average Joes and rose to high positions at young age.

Look at:

Atedo Peterside, founded IBTC in 1989 at 32
Fola Adeola (at 35) and Tayo Aderinokun (at 34) founded what is GTB today
Herbert Wigwe and Aig-Imhoukhude, both left GTB at 34 years of age, to found Access Bank. When they left GTB, they can't be less than AGM. So AGM at 34 was an achievement on its own.
Tony Elumelu was in his early 30's when he co-founded STB and became CEO.
Jim Ovia was also in his 30's when he founded Zenith Bank.

All these guys (except Wigwe and Aig) founded these banks 1989-1990. Before that time, we had the old school banks (Union, First, Wema, Cooperative, Savannah, UBA etc), later dubbed First Generation Bank. These guys, most of whom, were working in these banks, probably thought there were more innovative ways of providing financial services than what these conservative First Generation banks were offering. That's an opportunity. Pronto, they explored it, and coupled with IBB's liberalization policy of the era, they established the banks. A couple by the old folks (Adekanye, Osayemah, Femi Ajayi, Duro Emmanuel etc) failed, but these young guys' became mega successful.

Atedo Peterside came back from LSE and realized merchant banking as was practiced in Nigeria was still crude. That's an opportunity. He floated Investment Banking and Trust Company (IBTC) in 1989, to do just one thing: investment banking. He made it.

I think it is about recognizing an untapped opportunity quickly and grabbing it.