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Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir - Business (3) - Nairaland

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Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by wristbangle: 7:54pm On Jan 31, 2018
I am indifferent about paddy adenuga's media propaganda, painting him in a derogatory way but people who have worked with him closely when he was the acting chairman of glo made positive remark about him.

This is someone that is solely behind the idea of per seconds billing in telecom business and responsible for strong staff welfare in globacom then until some wolves deceived his father to believe paddy is reckless in resources management. The company ought to have been bigger than this but see where they are till date.

I read his article keenly and what I deduce from it is an enthusiastic, intelligent, assertive and dogged young man who is an inspiration to Nigerian youths who are particular about achieving what is not achievable.

He might have loss the deal but for the courage he had put on coupled with the contacts he made will give him an edge when next an international bill comes up.

Some people will say, if not because he is from a rich home... how many sons and daughters of billionaires are so enthusiastic like him?

3 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Mariangeles(f): 7:55pm On Jan 31, 2018
majekdom2:
God bless you brother. The dude no even loose millions of dollars. A guy lost a bid and it's headline. The guy just packaged story well. Businesses loose bids everyday. Businesses loose millions of dollars after investment, fail and start again. This is a story of a man who lost a contract. Many businessmen loose government contracts every otherday. No mind Nigerians and their ass licking attitude
but it's a story worth telling... and believe me, Nigerians are hardly "ass lickers" in fact, they judge you hard if you come from a rich home...

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Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by americanson: 7:56pm On Jan 31, 2018
majekdom2:
you should understand what I mean by selling. Yes, every business sells to make money but what are they selling and what value. Is the company building a new product or buying a business that's been building a product before now. Will catalan discover more efficient ways to drill for oil and start exploration. Will catalan be exploring oil. I mean taking risk to go drill for oil in an unconfirmed location.. No! Catalan will only be selling oil being produced from the asset they want to buy from chevron. In oil and gas, these type of companies are called operating/ trading companies. They are different from exploration companies that invest millions in drilling in a location and then not finding oil. Now, there is nothing wrong in being a trader. My point I don't see any motivation in this as he did not loose millions of dollars. Did he go to drill in an unconfirmed location. The hype is too much abeg. It's what every business man does everyday!

One question: "what is the Trojan horse he talked about"?
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by LaudateII: 7:57pm On Jan 31, 2018
majekdom2:
you should understand what I mean by selling. Yes, every business sells to make money but what are they selling and what value. Is the company building a new product or buying a business that's been building a product before now. Will catalan discover more efficient ways to drill for oil and start exploration. Will catalan be exploring oil. I mean taking risk to go drill for oil in an unconfirmed location.. No! Catalan will only be selling oil being produced from the asset they want to buy from chevron. In oil and gas, these type of companies are called operating/ trading companies. They are different from exploration companies that invest millions in drilling in a location and then not finding oil. Now, there is nothing wrong in being a trader. My point I don't see any motivation in this as he did not loose millions of dollars. Did he go to drill in an unconfirmed location. The hype is too much abeg. It's what every business man does everyday!

You are talking about Innovation. sad Yes, innovation has its' place. But so do the mundane, daily routine transactions that merchants all over the world, undertake on a daily basis. Whether you understand it or not, a large portion of international transactions in today's world, are driven by pure commerce. We can't all be innovators. Some would have to be merchants, others the supply chain experts, while others would offer the capital or financial services needed to take routine businesses and innovative products, to the next level.

Catalan was meant to use the Chevron Netherlands acquisition as a vehicle to invest in oil & gas exploration projects in Africa, starting with Angola, Nigeria etc. God knows that African oil projects need more investors of this sort. For those in sales, there is a lot of motivation in setting up a deal and closing it, in order to achieve a target. It appears that was the motivation that drove Paddy Adenuga to bid for the Dutch exploration firm. undecided

4 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by ireneony(f): 7:58pm On Jan 31, 2018
The guy looks like seun but cuter

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Olumaeme: 7:59pm On Jan 31, 2018
majekdom2:
God bless you brother. The dude no even loose millions of dollars. A guy lost a bid and it's headline. The guy just packaged story well. Businesses loose bids everyday. Businesses loose millions of dollars after investment, fail and start again. This is a story of a man who lost a contract. Many businessmen loose government contracts every otherday. No mind Nigerians and their ass licking attitude

His father is the second richest man in Nigeria, he's rich already, so there's a very strong final financial backing, there's a company for sale, he put in and lost... There's nothing special in that na.

Anybody, I mean anybody can do that, he can even stay back in Nigeria and bid without running up and Dan... There are many rich kids who buys existing companies too depending on how deep your pocket is...

I have a friend who we are serving together and had wanted to start a fish pond and luckily there was someone who had a problem and willing to sell, he just spoke to his mum and in 5days, the money was raised and that was it...

I believe there are millions of rich kids who would have bought and sold companies....

The only thing Is that, he's a good story teller.... At least this time, it's not about women

3 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by LaudateII: 7:59pm On Jan 31, 2018
just2endowed:
I admire his passion and ambition but the thing there is that, he comes from a rich home and he has so many option of raising capital to the least. Bank are even ready to lend him that amount knowing fully well that his name is Adenuga.

No bank will simply lend you money in Nigeria, if your name is simply Adenuga. You will still do the rounds, fill the forms and provide adequate collateral. So do not exaggerate, sir!

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Nobody: 8:00pm On Jan 31, 2018
americanson:


One question: "what is the Trojan horse he talked about"?
every one has a name for for project. It's not new. We are taught that in business school. Understand my arguments, stop asking silly questions! Adenuga just failed in securing a "contract", he lost a bid. Many businesses lose bids. There is nothing motivating. Build a product, go to market, face rejection from customers, face rejection that your business model is trash... come back and tell stories. It's different from I want to by asset for sale because I have money or I want government contract.

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Nobody: 8:04pm On Jan 31, 2018
LaudateII:


You are talking about Innovation. sad Yes, innovation has its' place. But so does the mundane, daily routine that merchants all over the world, undertake on a daily basis. Whether you understand it or not, a large portion of commercial transactions in today's world, are driven by pure commerce. We can't all be innovators. Some would have to be merchants, others the supply chain experts, while others would offer the capital or financial services needed to take routine businesses and innovative products, to the next level.

[b]Catalan was meant to use the Chevron Netherlands acquisition as a vehicle to invest in oil & gas exploration projects in Africa, [/b]starting with Angola, Nigeria etc. God knows that African oil projects need more investors of this sort. For those in sales, there is a lot of motivation in setting up a deal and closing it, in order to achieve a target. It appears that was the motivation that drove Paddy Adenuga to bid for the Dutch exploration firm. undecided
there are many assets looking for bidders. You don't need a vehicle to do anything. Again, good for him. Calcualted his risks and chances and decides to invest in a more favourable environment where there is no militancy, vandalism and name it. If you get money you can bid for anything but you can't just build anything. Understand my argument.

2 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by americanson: 8:04pm On Jan 31, 2018
majekdom2:
every one has a name for for project. It's not new. We are taught that in business school. Understand my arguments, stop asking silly questions! Adenuga just failed in securing a "contract", he lost a bid. Many businesses lose bids. There is nothing motivating. Build a product, go to market, face rejection from customers, face rejection that your business model is trash... come back and tell stories. It's different from I want to by asset for sale because I have money or I want government contract.
you need to read his story again...
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by LaudateII: 8:05pm On Jan 31, 2018
AdolfHitlerxXx:
This story is over-hyped... really don't get all the hullabaloo

Some folks are just jumping on the bandwagon and pretending it's Nobel or Pullitzer worthy grin.

1. There was no guarantee he would have won the bid if he had paid the facilitator that huge amount

2. It's not 100% sure he could have competed with the company from Oman - we don't know the size of their pockets

Paddy is MEGA rich and handsome...i don't just get the hype of this "Chronicles of Catalan"

If you go around bribing conmen to "facilitate" deals and keep telling all family friends your business plans, ur bank account would speak up

For those who "get" it and are inspired by what i consider a puff piece, wish them good luck!

You did not read the article from start to finish. The company from Oman bidded the exact same amount that Paddy had offered (i.e. 50 million USD). The only reason they won the deal, was because they offered to buy out the abandex portion of the whole deal, which was something Paddy declined to do.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Nobody: 8:07pm On Jan 31, 2018
then apparently. nigerians decided to kill themselves over a guy who is living his life..damn
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Nobody: 8:07pm On Jan 31, 2018
Mariangeles:
Just because Paddy was born rich doesn't mean he doesn't deserve some credit...
every businessman deserves a credit whether rich or not rich

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Nobody: 8:08pm On Jan 31, 2018
Mariangeles:
but it's a story worth telling... and believe me, Nigerians are hardly "ass lickers" in fact, they judge you hard if you come from a rich home...
enter the oil and gas space let business men tell you how they loose bids. Go back to your dictionary and check the meaning of bidding. He is a good story teller that's all. The difference between two markerters is "how" they sell their product. Story telling is a necessary skill for entrepreneurship and I give him a 10 for that.

3 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by wristbangle: 8:13pm On Jan 31, 2018
MhizzAJ:
The guy looks rough

You are more than this madam. He might have taken this picture after a long day of tussle and brain storming projects.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by NothingDoMe: 8:17pm On Jan 31, 2018
OcheJoseph I have issue with you. Why have you been running from Buhari matter
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Olulinks(m): 8:27pm On Jan 31, 2018
MhizzAJ:
The guy looks rough
He's a busy person. He doesn't have time for frivolities. Can you see, what we're saying is that he didn't lose the deal because he didn't dress well. So it goes beyond what you wear or look. It's what you have up there. Many ladies care only about looks and nothing up there to give any deal a real shot.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by bodejohn(m): 8:30pm On Jan 31, 2018
majekdom2:
everybody's dream and visions are scalable. It all depends on the individual and resources.

It is not bad to get motivated and move ahead with available resources...

The problem of the Nigerian youth to me is more of mental laziness than resources...
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by millhouse: 8:46pm On Jan 31, 2018
alexistaiwo:
No be person wey don chop go dey think how to acquire chevron.

Is it somebody that is still praying "... and give us our daily bread" without knowing where the bread is coming from that will be taking reckless finanancial risks up and down
i tire for the hype ..person can afford to take incalculated risk cause deep down in his heart he knows he has daddy to fall back on and all of a sudden he is being hailed a hero and given media hype. If you have only 1billion naira you won't take such risk without a backup plan

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Mariangeles(f): 8:50pm On Jan 31, 2018
americanson:


One question: "what is the Trojan horse he talked about"?
In his story or the legend...?
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by dejavuh0007(m): 8:53pm On Jan 31, 2018
Words can't express how very uninspired I am. angry angry angry

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Vernor(m): 8:59pm On Jan 31, 2018
MrMcJay:


As you stand today, if I'm to invest a million dollars into you, do you have a viable business enterprise to absorb such investment or you'll keep manufacturing excuses as you did above?

Mike has laid a solid foundation for Paddy to build on. Whether you like it or not, he won't operate business at your level, he's passed your pedestal. He's filling the gap between demand and supply and not trying to create a market in itself. Those points you created are for a different business model.

Because you have built a thatched hut, you refuse to learn from someone who tried to build a. duplex and suffered temporary setback.

If you can't build a skyscraper, build the solid foundation that your children would build skyscrapers on.

God will bless you, I remember the letter written by iyabo obasanjo in 2013 to her father she said only a fool will start from the scratch also reading a book can't remember it's title but I note something he said even albert Einstein even stood on the shoulder of giants. Don't mind all those small mind especially small boys on here who never do anything but can talk any how thumbs up for Paddy but what out for me too.

2 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by americanson: 9:12pm On Jan 31, 2018
Mariangeles:
In his story or the legend...?
he called his innovation Trojan horse, coined named modelled after the legend for a reason to keep the main idea hidden.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by IamaNigerianGuy(m): 9:23pm On Jan 31, 2018
majekdom2:
We will keep seeing different posts from different people claiming they have learnt one or two thing.... simply because it's Adenuga. The typical ass licking character with most Nigerians. What paddy has done is what every other "business man" does everyday. Trying to get deals done.
Whilst I salute his effort, boldness, courage and entrepreneur spirit, I do not find his story motivating. Yes, it's not bad belle. Catalan was just another trading business that may have happened. Typical buying and selling with no tangible technology creation or transfer itself. I mean Paddy is not building a product from scratch, going to test it market, trying to acquire customers and then not making money as one would have projected. Stories like facebook, Google, Amazon, Dropbox, pay stack, microsoft, apple and name it. These are businesses that were built from nothing. Adenuga wanted to purchase an asset. With some connection, you can secure loan from the bank and buy an oil assest. It's something we hear everyday. It would have been a more interesting story if he did something outside his father's business. I mean build a product from scratch. This is my own definition of entrepreneurship!

Two thumbs up.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by dondada78(m): 9:38pm On Jan 31, 2018
It takes more than brains to succeed in business. It also takes guts, skill, talent, expertise, experience, the right team, the right info, enough funds and a huge dose of divine intervention to make things happen for you............


Quote of the day! grin grin grin

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Boll2010: 9:50pm On Jan 31, 2018
LordKO:
Kudos. However on your number 5, that advice is only meant for the insightful. . . Those who hear, know but doesn't understand should take that advice at their own peril.

Then, on your number 4, the law of natural force can never be overemphasized. Too many hands always spoil any cooking - the fact that he failed doesn't nullify this axiom. There must always be cause/reason for any failed deal, therefore, the possibility of him clinching the deal assuming that he confided in his said friend Kemi, remains a probability - playing outside the team (in-house and outsourced) always have more negative result than positive result. Yet, plan doesn't mean absence of spontaneity, so insight remains the key here too.

Meanwhile, grit, valuable aptitude(s) and versatility, prudence, humbleness and meekness, honesty, conscientiousness and altruism (giving it to the rightful people) remains the most potent tools anyone needs to play at the top of the corporate business world.

Realism will always remain superior to idealism. . . Idealists should keep off. By the way, one doesn't necessarily need to be of Paddy's background to play at the level he plays.



Thank you. realisim always triumph! when you get to a stage where you see things for what it is and not emotional sentiment then the happy ending is near.

people shouting talk to remi like remi will just hand over the deal just like that without some conditional terms which makes him a slave to the deal on the long haul.

the thing is paddy lost like every other ambitious person we learn from it .

our instinct aren't always right all the time.
as little as I intend to start a business this year, I invested money I made from a small venture into agriculture where I served and I wasn't in town but my partner was doing much of the ground work while I was financing and keeping tabs, December last year due for harvest, a bag sell for 15k and I was expecting to see nothing less than 20bags according to what I see on the farm. my partner called me that it was time for harvesting I prepared and he called again I shouldn't come again now cause of transport since we won't be selling immediately since is only harvest, I was broke, I said no problem , I told myself since I can trust him this far to cater for the farm I should trust him to do justice to the harvesting since he has never mismanage me before. BT a friend told me I should not trust trust him I should damn the transport transport AND see things but I wanted to trust my instinct which the guy eventually shortchanged me by declaring a very paltry amount of harvest.
I'm in my mid 20s I I told myself welcome to business realities and I sat down carefully look at my mistake and learned from it.

why I narrate this is this are common business errors that we learn from to be a far better businessman. what paddy did is not much of a big deal, it happens everywhere on different level.

people should stop making a fuss about it like this is the first time such is happening to people in business world.

1 Like

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Boll2010: 9:57pm On Jan 31, 2018
anochuko01:

bro its you who should humble and listen jaree.
that man is simply saying there's no innovation or invention in what's been celebrated here.
whereas innovation/invention and building from scratch are the most interesting parts of entrepreneurship.
entrepreneurship is beyond just buying and selling.

people don't understand meaning f entrepreneurship. from the name it means a new entry , in lay term a fresh idea that not been seen. in the long haul selling and buying will occur which eventually turns a business but at first it was a fresh idea that the business world hasn't seen. atleast my opinion of the subject matter is this.

2 Likes

Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by jaxxy(m): 10:13pm On Jan 31, 2018
Wats dis all about?
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by Dynamite02: 10:25pm On Jan 31, 2018
His pawn was Edgar, and most importantly Remi... Because even with Remi, Edgar wouldn't have been important... But is negative instinct and pride overshadowed him.
Apart from pride that negative instinct he displayed is inherent in us.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by toprealman: 10:47pm On Jan 31, 2018
Netherland is not as daft as Naija..... besides, the guy should go and shave biko!
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by just2endowed: 11:09pm On Jan 31, 2018
LaudateII:


No bank will simply lend you money in Nigeria, if your name is simply Adenuga. You will still do the rounds, fill the forms and provide adequate collateral. So do not exaggerate, sir!

Let's assume that both of us write the same business proposal and everything was above 90% pass. And I come with My minutes collateral and he presents his own collateral that his father had saved for him. As a banker, will u borrow him or me? Oga be fair. Bank know what is risk management.
Re: Chronicles Of Catalan : Five Lessons I Learnt From Paddy Adenuga's Memoir by LaudateII: 11:12pm On Jan 31, 2018
just2endowed:
Let's assume that both of us write the same business proposal and everything was above 90% pass. And I come with My minutes collateral and he presents his own collateral that his father had saved for him. As a banker, will u borrow him or me? Oga be fair. Bank know what is risk management.
If your collateral provides enough guarantee to cover the loan you want to borrow, why not? Banks only make money when they lend it out at a certain interest rate, not when they keep it hidden under their blankets. And some of the rich people you see around, are already heavily indebted to the tune of billions, to other banks already....

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