#LBSBusinessInsights: The Aliko Dangote Speech via @LBSNigeria
One word that definitely describes Aliko Dangote is “visionary leadership”. He is succeeding intentionally. #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Saturday, June 2, 2012 was indeed a great day in Lagos as Lagos Business School (LBS) Executive MBA and Full-time MBA classes hosted African’s Richest man, Aliko Dangote. He arrived the LBS Campus at 9am and the following were the highlights of his speech as tweeted by @LBSNigeria. The session lasted more than 3 hours with lots of business nuggets, the tweets are a bit long but I believe it would be worth your time. Enjoy
Aliko Dangote is a graduate of Business Studies from the Al-Azahar University, Cairo, Egypt.
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
He is the CEO of Dangote Group, the biggest quoted company in West Africa, & the only Nigerian company on the Forbes Global 2000 Companies.
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
The Dangote Group has 13 subsidiaries spread all over Nigeria, with operations in 13 other African countries.
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
*Started as a trading company in 1978 to take advantage of the rising demand for various commodities #LBSbusinessinsight
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Abolitn of import licensing regime,led2increase in scope of our operatns and we reinvested retained earnings in2 the biz#LBSbusinessinsight
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Growth Strategy: We embarked on import substitution strategy and developed brand equity for imports #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We have never borrowed money. We only borrowed in 2001. We grew the business from retained earnings #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Don’t go into banking if you’re a conglomerate or if you’re not a banker. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We went into textile and we suffered terribly due to massive imports from India and China #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We had to disengage about 2000 members of staff and paid massive gratuity and pensions and closed the textile business #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We started Sugar and Salt and produced at highest quality #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We embarked on acquisition of strategic assets and expanded existing capacities #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We got so tight on funds at some point and almost sold majority of our cement business to Lafarge #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We were small compared to Lafarge but we decided to compete because we had nothing to lose #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Expansion continued with the successful IPO and listing of sugar, flour, and salt business #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We went ahead to build and commission the largest cement plant in sub-saharan Africa _ Obajana Plant
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
When we were building Obajana we paid interest rates of about 42% so I laugh when people complain about interest rates. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We built a gas pipeline and we generated about 135MW of power for the plant and planned to sell the excess power to NEPA#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We built a gas pipeline and we generated about 135MW of power for the plant and planned to sell the excess power to NEPA#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We didn’t do a feasibility study before building Obajana because we had to lie low from larger competitors
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
From 2007 we diversified from goods manufacture to oil and gas, steel, fertilizer, petrochemicals and telecoms. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Going forward we are transforming into an export company #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
12 years ago I used to focus on what happens only in Nigeria.Today I’m interested in what’s happening in d rest of world#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We want to transform from the largest consumer of forex to become the largest forex earner in Nigeria. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
There is no business as good one where u control your raw material #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
If we can get a consistent supply of gas, we can drop the price of cement by about 20%#LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We are building the largest fertilizer plant in the country #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Aside South Africa and Ethiopia, we have built a power plant alongside the various factories in Africa. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We built a 120MW power plant in 8months in Ibese. #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
It is imperative that govt looks into infrastructure as that will be the basis for achieving Nigeria’s vision 20 2020. #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We are going to be building a deep sea port that will serve Nigeria and its West African neighbors #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
The opportunities in this country are enormous you just need to use your brain properly… They are everywhere#LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We don’t go into business where we have a lot of competition. We only concentrate on big ticket businesses #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We are selling out part of our food business to partners who would provide adequate management so we can concentrate on other commodities
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We will be investing heavily in solid minerals and build a deepwater sea port that will aid exports #Dangote #LBSBusinessInsights — LagosBusinessSchool (@LBSNigeria) June 2, 2012
We are so blessed in Nigeria that we don’t even see what we have #Dangote #LBSBusinessInsights — LagosBusinessSchool (@LBSNigeria) June 2, 2012
We planned to go into telecoms but we sold our 3G license to Etisalat because we didn’t have the strength to #Dangote #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We have the second largest sugar refinery in the world #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We cultivate a total of 18000 hectares employing about 6000 staff (direct employees and farmer out growers) #LBSBusinessInsights #Dangote — LagosBusinessSchool (@LBSNigeria) June 2, 2012
NASCON controlled about 60% of the salt market when we came into the market. So we bought a lot of NASCON shares and gained control of mgmnt — LagosBusinessSchool (@LBSNigeria) June 2, 2012
When choosing a business choose one where you can play in or control the whole chain.That way the money is made wit ease#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Plans are ongoing to establish a 4 MMtpa petrochemical plant at an estimated cost of $4billion and production will commence in 2015 #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We plan on building a power plant that will generate 2000MW across sub-Saharan Africa. #Dangote #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We would be commissioning the largest cement plant in the world in about 9days in Obajana #LBSBusinessInsights #Dangote
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
From a total of 1.8Mil in 2003 Nigeria now has a total cement production capacity of about 44Mil tonnes #Dangote #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
Dangote Cement is the most profitable cement company in the world #Dangote #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
By 2014, Dangote Cement will be worth about $60billion #Dangote #LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
When we announced we were investing about $500Mil in Tanzania, they said “this Nigerians have come with their 419 again”#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We have started an Academy to cater for skilled labor requirement in the group and that is not even sufficient#Dangote#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
We have also put a lot of money into CSR’s across the world, with key donations in education. #Dangote#LBSBusinessInsights
— LagosBusinessSchool (@LBSNigeria) June 2, 2012
If you are reading this, it means you made it to the end of this post. I salute your resilient, this post was motivated by the ongoing BBS/VEST programme I’m currently undergoing. It was not an easy task putting this post together but it was worth my while and yours too