LaudateII's Posts
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glambo:"Exploit the greed of the African politician?" In what way, please? And you said "the company might be more of a portfolio company that is struggling to survive in the home state but raking in millions of dollars in Africa..." How? Are you on the board of the company, or you just jumped to an ill-founded conclusion? |
xtremely9ja: Jethrolite: olatunji71: thiscounts:Honestly, this story is the best thing I have read on NL, in the past one month. I have read it over and over again. Each time, I read through it, a new angle pops up. There are too many rich kids from a similar background, who would not have dared to do half of what he did.Paddy is such a gifted writer. He shared his story in such an articulate, touching way. If he ever gets bored of the business world, he should venture into the literary circle. He'd make not just lots of money, but also get a large cult following, who would hang on his every word! |
AdolfHitlerxXx: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. |
just2endowed: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! |
majekdom2:You are talking about Innovation. 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. ![]() |
ochejoseph:The 4th and 5th lessons are so instructive. Lesson 4 - "You may never get help if you refuse to ask." But it is critical to ensure that you are asking the right people for help, and not the wrong ones who could wreck your dreams. As for Lesson 5, truer words have never been spoken. 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. Thank you so much for sharing!! ![]() |
karniff:You still have not pointed out the greed. Do you actually know the meaning of the word "greed?" Where on earth did greed come into the whole equation? Remi's influence in the whole thing was only known at the end of the deal, because he had some valuable information which could have tipped the scales in Paddy's favour, had Paddy chosen to open up to him. As for Edgar, it was ego and inexperience that made Paddy decline Edgar's first offer, but he ended up paying for it later. |
einsteine:Even after all the points made by various people on this thread? Read it again, and pray for divine insight to comprehend the actionable lessons, in it. |
karniff:Which greed? Didn't see any. With Edgar, he felt that Edgar's initial quoted fee was too high for his input (as he perceived it then), so he declined and walked away . But at the end of the day, when he went back to Edgar, he still paid the man's fees which had now doubled. It was his lack of experience in realising Edgar's value, that made him walk away initially. But I like Edgar. The man knew his own worth, and didn't sell himself short. ![]() With Remi, he was trying to take precautions against being jinxed, by people from back home in Naija. He had nothing against Remi personally. And Remi never asked for a cut of his deal, did he? So where does greed come into it? |
Donald7610: AdolfHitlerxXx:No...it is the work of those Yoruba people. Isn't that the normal blame game that your people, like to play? |
Other lessons; 8. Give it all you have got: Paddy didn't approach the deal in a half-hearted manner. He went in with a lot of passion, energy and enthusiasm to make it work. He negotiated with a few influential folks to get the right kind of deals that would help his project. With others, he paid for their time & skill in order to get their support, for his dreams. He was pro-active and even reached out to the management of the largest state-owned oil & gas firm in the Netherlands. There were no short-cuts or half measures. That was why his failure to clinch the deal, hit him hard! 9). Always find out why you failed: In the business world, it is called asking for feedback. Paddy kept reaching out to the Chevron subsidiary to find out the outcome of his bid. The first feedback he received, led him to readjust his strategy and form a joint venture with his competitors. The second feedback he received, made him realise that he should have followed his gut instinct. He sought feedback and got it. The feedback tells you the reason why you failed. So that you can prevent similar set backs in future. It is the reason why pathologists carry out autopsies, or post-mortems, lawyers conduct inquests, and structural engineers as well as regulators seek to know why a building collapsed. In Nigeria, instead of seeking feedback, we prefer to attribute failure to bad luck, the enemies in the village or the fact that somebody does not like our face, stature or ethnic group. |
Beautiful! Awesome! Those were the first words that crossed my mind, when I read this article. The next was "audacious." Paddy Adenuga has shared his thoughts, in a way that grips the senses and makes it difficult for you to look away. I would like to see this story made into a movie or at worst, a documentary, because there are too many valuable lessons in it.1). It is not enough to dream, you must also 'do': Vision is what gives rise to action. And action is what gives birth to change. Too many of us dream of how to do something different, or make something great. Very few of us actually take the plunge. Paddy had an idea, and he took steps to make it happen. So many people have a dream, but do not know how to go about actualising it. Paddy had a dream, then he formed a plan, put up a structure, built a financial base, got the right people and executed it. 2). Money answereth most, (not all) things: Yes, one might have money, but if such funds are not deployed in a productive venture or in a fruitful manner, in the right way, at the right place, into the right endeavour, then such funds would never add any benefit to its' owner. It would dwindle, and eventually get frittered away. Too many rich kids live lives of opulence with zero sense of direction. It is critical to know when and how to throw the right sum of money into a good venture, in order to make it profitable. Money, no matter how much it is, is certainly not a substitute for skill, expertise, hard work or talent. Money in the wrong hands could even become a destructive force, if the owner does not know what to do with it. Money could also prevent a person from thinking clearly, if it is allowed to cloud the senses. It is also critical to know exactly when to stop throwing good money after bad, and when to cut your losses and walk away. 3). A financial war chest is a great asset, but not a substitute for homework: Some dreams won't come true, unless you have the money to bring them to reality. As stated earlier, it is not just the cash that matters, but the work you put in to ensure that money makes things happen for you, or creates opportunities that work in your favour, or help you accomplish your tasks. There is an old saying that goes this way - "Take what you want from life, but make sure to pay for it." Paddy had a war chest of 50 million USD. It made everyone sit up, and take him seriously. But the most important bit, was that Paddy did his homework thoroughly. He researched the company he wanted to buy inside out, he contacted movers and shakers that could influence the bid outcome, and persuaded his competitors to become his partners. Compare this to the DISCOs who bought over electricity firms in the country, and started crying about how indebted those firms were, the day after they had bought them. They even went back to govt to beg for more money at the end of the day. 4). Prepare, Collaborate - always get the best talent and reward them: In setting up Catalan, Paddy didn't look towards his clique, lineage, colour or ethnic group, but sourced for those with the right skills, the right aptitude, intelligence, talent and experience, who could contribute meaningfully to his endeavour, and brought them on board. He avoided mediocres. Only those who knew their stuff got on his team. One man does not make a forest. He surrounded himself with valuable sources of experience in the form of his mentor, his advisers etc., and reached across global distances to form alliances, even with those who initially competed against him. In Nigeria, we like to do things alone and this sometimes takes a huge toll on us. In many places here, collaboration is almost like a dirty word...and many of us, don't listen to good advice. Too many folks often think they know it all. 5). Aim high, stake big: Paddy sought for the best deal for his company. He didn't think small. Another person might have seen the Chevron Netherlands acquisition, as too big a deal, to even touch. But for Paddy, it was the perfect vehicle to launch his vision. He didn't think it was too far-fetched for a young African boy, to make a bid for the Dutch subsidiary of one of the world's most successful oil companies - Chevron. Paddy had what they called 'chutzpah,' the Hebrew word for confidence and audacity. 6). Choose the right strategy, and listen to your instincts: When the power play started, Paddy had to change his strategy. He applied native wisdom to his tactics. First, when someone on the team of his competitors was becoming an obstacle to his plans, he fired off an explosive e-mail to his partners, that upset the apple cart. In the ensuing scramble to unravel the subsequent chain of events, his greatest stumbling block on the opposing team called Alex, played right into his hands. Sometimes all the best advice in the world, might go against your gut instinct. What do you do? That is the million dollar question. It takes years of practice and sequence of events, to learn how to distinguish between the right gut instinct, and the wrong ones. Paddy made a few right calls when he followed his instincts, initially. But when he failed to go with his instincts, that one time - he lost. 7). Divine intervention has a part to play: Each time he was at a cross road, Paddy prayed. And somehow, answers came. He knew he didn't have all the answers so he trusted the Creator to step into the situation, and make things work out in his favour. Yet, in one instance he actually overlooked one of the answers sent to him by God, when he ignored Remi, an old friend who actually had the right keys to his puzzle. And it cost him big time, at the end of the day. There are too many lessons to be learnt from this story, and I do hope that one day, Paddy would launch another bid for a global oil firm . I believe his next venture would be successful. Why? He has gone through a difficult baptism, and has learnt too many valuable lessons in how NOT to fail again, in a business deal. They don't teach such things in Harvard Business School.cc: Kn23h, totit, deomelo, mercyville, Jetleee, superstar1, ODVanguard, Rosa Considine, ibkayee, robotix, ishilove, MasterChen, hilroy, Ritchiee, OkutaNla, kaysco, lalasticlala, macof, veraponpo, Konquest, Sanchez01, Jarus, naptu2, Katsumoto, Orikinla, Coptic, ramdeuter |
IamaNigerianGuy:Keem Bello-Osagie was NOT a billionaire when he started EMTS. In fact, he was heavily indebted after buying the old UBA, and so he had to sell it off to Tony Elumelu who owned Standard Trust Bank, at that time. Elumelu bought over UBA, and decided to retain the name because after all, it was still a strong brand. As for using "his university contacts to penetrate the arab royal families for investment in his venture, and his relationship with IBB to secure his telecom licence", every single international business man at some point in the other in their lives, would use every contact at their disposal, to take their business forward, or to make things work out in their favour. Individuals do it, governments do it. ![]() In fact, part of the job of an ambassador in any country, is to promote the economic, trade and commercial interests of his nation, while serving as its diplomatic representative. They look out for the interests of their business men in order to protect them, and help them secure favourable overseas contracts. That is why you see them always organising trade missions and exchange programmes etc. ![]() My only concern about Hakeem Bello-Osagie, is why his businesses always seem to reach a peak and stop growing, or eventually die out. Why? Does he get tired of them, or has he failed to learn from the lessons of his past? |
MrMcJay:The entrepreneur who set up Emerging Markets Telecommunications Services (EMTS), is Hakeem Bello-Osagie. That is another man whose biography, I would like to read. |
LUCKIE2014:Very true! There are still more lessons in his piece. I counted about 12, but I will share just 7 that struck me, shortly. |
JideTheBlogger:I swear this part got to me! Can you imagine??! ![]() MrMcJay:You are so-oo-oo right!! And that is why we keep repeating the same mistakes over and over again as Nigerians, both in our public and private lives. We learn nothing, from our failures and our past experiences. Why?? |
222Martins:You missed the point. Such stories are valuable because they contain a host of tangible lessons that can be learnt, by others. His story can be captioned in one word: "experience," or the lack of it. ![]() In Nigeria, we always ignore such stories, even when there are one or more lessons we could pick from it, that would benefit us. Project managers often do something at the end of a project. It is called 'Post-project implementation Close out Review or Post Implementation Review.' You sit back and take stock of what you did wrong, and what you did right. Take note of the bottle-necks, challenges and difficulties that marred the project along the way, and draft strategies on how to prevent such incidents in future. Or you conduct a root cause analysis of the project flaws, with a view to minimising or eliminating such flaws within the said project, now or in the future. ![]() Foreign countries that boast of better infrastructure, well-executed trade deals, improved commercial transactions, expertly managed projects and experienced professionals, are able to do so, because in part, they have learnt from their mistakes, in order not to repeat it. And that is what Paddy has done with this piece. It just reminds me of George Santayana's words.
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liltee123:You bloggers will not enter heaven. You want us to click on that link, ehn? Never... you are too lazy to paste the photo here. Keep the photo in your pocket, we are not interested. |
oladotcom:The word 'hijab' cannot be found anywhere, inside the Koran. And the gown lawyers wear, is big enough to be drawn over the bosom. The hijab, in case you have not noticed, is draped across or over the head and neck, and not across the bosom. So what kind of excuse is this? |
Vivere:You made a valid point. I wonder why female Muslim lawyers did not raise the issue of wearing a hijab as part of their wig and gown to court, when Justice Mariam Mukhtar Aloma was the Chief Justice of Nigeria. After all, she was a female Muslim lawyer and judge, wasn't she?? |
poshest:In fact, I think their script writers underestimate the intelligence of their international audience most of the time. I also noticed that English versions of their Indian series, have a lot of the original scenes edited and cut out. It probably explains why the English episodes appear disjointed, unappealing and illogical in some aspects of the serials. Love Oh Love has finally ended. It was revealed towards the end, that it was their family members that kidnapped Avni and Raj, in order to prevent them from leaving them for ever. |
Vivere:Some people are citing "jet engines" as an example, because they are too ignorant for words. Erico2k2 should just have ignored him, honestly! ![]() |
erico2k2:Oh lawd....who brought jet engines into this topic, now? That guy you quoted is just too ridiculous for words, I swear! |
AxxeMan:Answer my questions, first. Has anyone told you that you cannot prosper in this life, unless you get to know my tribe and seek blessings from them? Na simple question, I ask. Tell us, o. |
AxxeMan:I know the only word you learnt in English is 'cheerleader.' Maybe that was the name you were baptised with at birth, not so? Let us know Axxeman = PabloAfricanus. Or do you want to tell us another lie? |
AxxeMan:Ashamed of what? Is my tribe owing you any money, or have they said you cannot make progress in life, unless you know my tribe and seek their blessings? Let us know. As for the mod that is supporting your antics, God will deal with him without delay. All your alternate accounts are well known. Should I list them here? |
crackerspub:BabaRamota come and reply this post, o! Am interested in your answer.... ![]() Anyway, such long delays are an abomination in my tribe. Wait first, you mean the kids have not been ready for the burial, for the past 5 years??! |
AxxeMan:See the Igbo man pretending to be an Edo guy. Moderator, read his comments. This is a breach of rule 2. He is bullying and insulting a Nairalander. Kindly ban him for this breach. |
Acidosis:Dino Melaye will not raise the issue of the atrocities committed by the herdsmen against his people. Neither will he seek help to bring the killers to justice. But he will jump around like a gadfly, wearing another gold tie to the Saraki's daughter's wedding. He is just a disgrace! |
And you said "the company might be more of a portfolio company that is struggling to survive in the home state but raking in millions of dollars in Africa..." How? Are you on the board of the company, or you just jumped to an ill-founded conclusion?
I have read it over and over again. Each time, I read through it, a new angle pops up. There are too many rich kids from a similar background, who would not have dared to do half of what he did.
He shared his story in such an articulate, touching way. If he ever gets bored of the business world, he should venture into the literary circle. He'd make not just lots of money, but also get a large cult following, who would hang on his every word!
.
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.
Those were the first words that crossed my mind, when I read this article. The next was 