Seriously this issue baffles me alot. Often times I wonder if he (Aliko Dangote) has two heads. . .but I realised lately that our problems are in different forms. After given it so much thought I discovered that EDUCATION is the no1 reason for this ''Poor and Middle class life''.
I need to hear your thoughts @ all nairalanders

in my own opinion and based on my interaction with a few people the reason we ain't making money like Dangote is because most of us lack entrepreneur skill/spirit. We are content with earning (peanuts) salaries in as much as its regular we feel its ok. Another reason is fear of failure i.e what if i loose my money.
I did a little research recently and i asked virtually everyone i know what they would do if they have N2million and all the response was an eye opener on the reason a lot of us can never be rich like dangote. A lot of young secularly educated men and women do not even know what they will do with 2m. (if u don't trust my research go through the business thread you will see people asking what business they can do with money). Dangote does not have 2 heads, he started from the scratch, and he's not even a graduate! same as some other millionaires we know.

Dangote comes from an elite family. You don't.

Dangote has access to politicians: you don't.

obowunmi:

Dangote comes from an elite family. You don't.

Dangote has access to politicians: you don't.

No! Dangote is not from an elite family.
and
When he started he didnt have access to politicians he started moving with politicians and donating towards their causes after had attain a measure of sucess.[i][/i]

Nigerians sha -- how about you read more about Dangote and come back to report.

@gist4real
Dangote is from a priviledge family. His maternal family is from the wealthy (since the late 60's) dantata family. They gave him his first seed money.

The politcal connection came later.

Discuss about issues you know about.

Excellent topic.

obowunmi:

Dangote comes from an elite family. You don't.

Dangote has access to politicians: you don't.

And so fork what! What have the kids of Abacha, Babangida added to the economy of nigeria. Dangote toiled his way to the top and mind you, it took him 30years of hard work to emerge on forbes list of billionaires. The problem with nigerians is that they want to get rich quick. Like dagrin

gabng:

@gist4real
Dangote is from a priviledge family. His maternal family is from the wealthy (since the late 60's) dantata family. They gave him his first seed money.

The politcal connection came later.

Discuss about issues you know about.

Yeah his maternal grandfather the late Alhaji Sanusi Dantata provided him with a small capital to start his own business, as was the practice then. He thus started business in Kano in 1977 trading in commodities and building materials. He moved to Lagos in June 1977 and continued trading in cement and commodities. Encouraged by tremendous success and increase in business activities, he incorporated two companies in 1981.

He was given capital to start his own business which he utilized well note that it was the practice then so he was not the only one given the small capital but he made a success of himself. He worked for his money it was not handed down on a platter of Gold

I have friends from wealthy families who were given millions of naira in startup capital but they squandered it. I have seen yahoo boys who hit millions go back to square one after some years. Cosmos Maduka was given N200 as startup capital but today, his company Coscharis is worth over N15billion in shareholders fund. It's not about how much capital you have initially, it's about how you utilize that capital. And mind you, Dangote repaid his initial capital back in 3months.

Any idoit if given the same opportunity and protection that is given to Dangote would also be a billionaire, He is the only one importing sugar,cement etc.Bought dollars at N20 during abacha's regime and sold at N80.
There are many enterprising young nigerians that are looking for just N100K to start biz and yet,useless naija banks wont lend them,even with fantastic ideas.The banks would be asking them to go and bring their grandfather's birth certificates and other impossible things.Insted,they prefer to give dangote billions,


Give a prodigal son that same opportunity,he would waste so much and yet still be a billionaire.

I have no respect for pple like DANGOTE,ADENUGA,OTEDOLA etc who enjoy undeserved protection, Instead,i have pple like BILL GATES,BRANSON,BUFFET as mentors

Question: Why Are We Not Making Money Like Dangote?
Answer: We all are not into illegal biz like him.

This is not Rocket science so dont get confused

Im not making money like Dangote bcoz i want 2 make my money legally. And also i have not being given sole monopoly 2 certain set of goods. I dnt have d political back up as im not into politics.

Are you Dangote?

The reason is simple if everybody makes as much money as Dangote, the world would be on a one way fast train ride to HELL

Everybody can't make money like a billionaire, you cannot erase the middle class and the poor.

"The poor will always be with us" somebody needs to flip burgers, sell small small Akara or sweep the streets of Lagos, get over it.

The capitalist sky is not big enough for everybody, money will always be scarce, it is what it is. Sorry.

I read Dangote started with a 500,000 Loan from his uncle Sanusi Dantata in 1977, convert that to todays money and you will realize he did not start like the Average Emeka, Abudu or Kola.

All these motivational speakers preaching everybody can be rich need to stop lying to people.

I heard hard work pays though. Not sure really, because I see many lazy people blowing money Yanfu Yanfu for Abuja. Anyway. keep trying.

What a shame that ignorance reigns supreme in Africa.Dangote is involved in illegal business, and you have what proof? He might have immunity from government but you can't beat his business acumen,the guy is just a genius. Even given the same conditions as Dangote you still won't make as much.Person dey control market una dey jealous,smh.

Nigeria has not produced true billionaires yet! or let say the real rich men are not yet in their billions. the much talked about dagote, was born in wealth, and connections.

do you know wat it was to be related to Dantata then? you have both money and power.


he was hard working no doubt, but he also took advantage of his religion (muslims where in power then.), ethnicity, tribalsm, connection. , just name it. all those things we are tring to get rid of now.

again N80,000.00 back then was a lot of money for start up.

[b]Was a graduate at the age of 23. Worked at a reputable bank and top profile construction company, and resigned to start my own business after coming into some capital and went into farming. Mind you, besides been a farmer, working on a 2nd degree, and I add a professional certs yearly. Last year, NIPR, and currently at NIMN.
I started my farm with 2000 birds, 500 fingerlings and after a year of been starved of capital: need a pen besides existing land, and battery cages cost a fortune as well as van etc
The products (eggs, chickens, fish, pork) has a shocking demand, and theres limitless market in this country for agricultural products, eggs, chickens, turkeys, snails, fish, etc
Seriously, its been like hell when you cant even approach a bank for loans. Their beauricratic carousel alone is enough to kill your spirit but well man's gotta fight.
Right now, I am operating with marginal profits, I cant expand because where on earth will the capital come from when UBA, and FCMB told me that the 50billion naira agricultural loan is for the types of Dangotes alone. They told me I must have an asset worth 300 million naira before they can give me a loan. Isnt that an insult! And you wonder who gave them this loan in the first place; if it wasnt our own lazy FG and I sometimes wonder if Lamido is actually aware of what youths are going through in this country. And talk about the bank of industry, those guys would rather pass loans to their housekeepers rather than people with vision and dreams. Ive become a professional loan seeker, and right now, its a job im thinking wont yeild anything in this country as long as your into agriculture or anything long term. Banks dont like risky business. They give loans to businesses they understand, and this is why Nigeria is still stuck in the past. Old toilet. New toilet. Same sh*t
Anyways, I am still stuck between deciding on leaving the business because of its high capital depedency. For a long time now, I keep making money and seeing it disappear on expenses, and keeping my workers and customers satisfied, and this is getting a little old for me now.
There are several Nigerians who will make Dangote look like he needs to go back to school to relearn business if given the right capital. Its just a shame that wont happen.[/b]

Simple! Because a politician cannot trust you well enough to keep his own if he decides to use you as a conduit. The guy is faithful and reliable.

Some of u r just haters-plain and simple.d truth remains dat a considerable number persons hav had d same starting materials and circumstances as Dangote but today are nowhere as rich as he is.simply put d man has an unusually strong desire to make more and more money and put his fingers into as many pies as possible.dat is wat drives d enterpreneural spirit.
As for illegality,tell me one big buisnessman hu has not engaged in it one way or anoda.is it Bill Gates' Microsoft dat was found guilty of strivin to create a software monopoly?or can u tel me Warren Buffet never used some insider info for stock trading?dere wld ALWAYS be a symbiotic relationship between d politicians and big biz.Dangote has played d game beta dan odas.
Make una free d guy abeg.at least his biz acumen is providin jobs for thousands of nigerians-and dat is much beta dan stealing d money and givin it to d Swiss to do biz.

@Jephiano.Abeg leave all these underpaid salary earners alone,ignorant bunch.

@topic, you can never make money like Dangote because you are not Dangote. This does not mean you cannot be richer than Dangote. The key is for you to unleash YOUR OWN creative potential and build a platform from the bricks that life throws at you. If you are destined to be richer than Dangote, you will make it. If you are not, at least ensure that you live a good life and be at peace with God and Man.

Most of us are afraid of the unknown and prefer the unsecured secured monthly peanut. If Dangote is like us he wouldn't start small , he can as well use his influence to get job in any of the blue chip companies.

The fact still remains he has a tick vision and he has been consistently building on it. Don't forget we have countless people from a rich background like him that has not been able to make anything out of life, but prefer to waste the family fortune.


I believe that there is more to Dangotes fortune that we have all said.


Cheers - www.globulksms.com

be at the right time and the right place.That is Opportunity + Luck.

Kilode has said it all, everybody can't make money like a Billionaire, just like every student cannot make a First Class or every staff rise to become CEO.

For those saying he acquired his wealth illegally, this is most sickening. Dangote shot into national limelight in 1996, but he had been doing his business, making money between 1977-1996, when he was just an average millionaire, upcoming businessman. Truth is, before even you get government attention, you must have been rich(thru your personal efforts) to some extent. Why can't every Alhaji Danmasa or Chief Olawale or Chief Eze, CEO of DOE Investment Ltd, have access to government? Reason: Before you get govt attention on large scale, you must have make your mark before.

And anotehr question, is it only Dangote that had government patronage? Why are the Arthur Ezes of this world not as rich as Dangote, despite having unlimited access to FG under Abacha?

And for the person that mentioned introduced tribe/religion into Dangote's source of wealth, one can only shake one's head. Dangote's greatest govt benefactor was Obasanjo government, a Christian/Southerner.

Let's give it to the guy, he dey try. There is no way you can that rich in a capitalist system and ignore government, but before you even have access to government, you must have worked your azz off on your own.


I however agree that 500,000 in 1977 was big money, very big money, like 10m today, but notwithstanding, even with 100m start-up capital, very few of us can grow the money into Billions in 20 years like Dangote did, teh reason why the children of Abiola, SB Bakare, Henry Fajemirokun, Odutola etc despite the hundreds of millions bequeathed to them, couldn't stand even those that started with meagre capital.

Seun:

Excellent topic.

Haha Seun,do I smell a whiff of sarcasm here,if I recall correctly,you aren't a huge fan of Dangote's are you?

dplordx:

[b]Was a graduate at the age of 23. Worked at a reputable bank and top profile construction company, and resigned to start my own business after coming into some capital and went into farming. Mind you, besides been a farmer, working on a 2nd degree, and I add a professional certs yearly. Last year, NIPR, and currently at NIMN.
I started my farm with 2000 birds, 500 fingerlings and after a year of been starved of capital: need a pen besides existing land, and battery cages cost a fortune as well as van etc
The products (eggs, chickens, fish, pork) has a shocking demand, and theres limitless market in this country for agricultural products, eggs, chickens, turkeys, snails, fish, etc
Seriously, its been like hell when you cant even approach a bank for loans. Their beauricratic carousel alone is enough to kill your spirit but well man's gotta fight.
Right now, I am operating with marginal profits, I cant expand because where on earth will the capital come from when UBA, and FCMB told me that the 50billion naira agricultural loan is for the types of Dangotes alone. They told me I must have an asset worth 300 million naira before they can give me a loan. Isnt that an insult! And you wonder who gave them this loan in the first place; if it wasnt our own lazy FG and I sometimes wonder if Lamido is actually aware of what youths are going through in this country. And talk about the bank of industry, those guys would rather pass loans to their housekeepers rather than people with vision and dreams. Ive become a professional loan seeker, and right now, its a job im thinking wont yeild anything in this country as long as your into agriculture or anything long term. Banks dont like risky business. They give loans to businesses they understand, and this is why Nigeria is still stuck in the past. Old toilet. New toilet. Same excreta
Anyways, I am still stuck between deciding on leaving the business because of its high capital depedency. For a long time now, I keep making money and seeing it disappear on expenses, and keeping my workers and customers satisfied, and this is getting a little old for me now.
There are several Nigerians who will make Dangote look like he needs to go back to school to relearn business if given the right capital. Its just a shame that wont happen.[/b]

i feel u boss!im also into agriculture and facing same problem as u are.it can really be frustrating i must tell u.and to make matters worse,government isnt doing what they should to encourage it.but i know theres light at the end of every tunnel.and i have a natural likeness for it,so in the mean time i still like what i do by the side.

Nice thread, Dangote has made money because he invested his seed money wisely.I will still go back to the question asked, what would you do if you get a 2 million naira jackpot today?

For those that have picked gates,buffet and branson as mentors, these people like dangote are part of the capitalist system.

Are we quick to forget the antitrust case against gates in the late 90s when he acquired and liquidated every hi-tech firm in silicon valley that is a perceived threat? need i talk about branson who hides under the auspices of the 'virgin' brand to kill competition? buffet on the other is an investor and not an entrepreneur because he only invests in companies unlike dangote,gates and branson.

I will not dispute the fact that he has used his proximity to the seat of power to increase his wealth.truth be told in the eyes of a capitalist this is called 'NETWORKING'

Finally, I will ask again:-what would you do if you get a 2 million jackpot? if you cannot provide an idea that includes a business plan that will turn the jackpot into an income generating asset, then stop BEEFING

DANGOTE is my Mentor anyday!

Dangote is an evil monopolist. He would have been jailed for grievous antitrust violations in a well-functioning economy. Nigerians are going nowhere unless they start recognizing their slave masters and revolting. Dangote may be stupendously rich but he shouldn't be held-up as a role model to anybody.

Most billionaires have some sort of head start or advantage that ordinary people don't. Could be accident of birth, association, position, what have you. Even information.

Rather than disturbing yourself about how you can be like Dangote, why not start from where you are, and start to make a good living for yourself? Everybody has their own journey in life.

AjanleKoko:

Most billionaires have some sort of head start or advantage that ordinary people don't. Could be accident of birth, association, position, what have you. Even information.

Rather than disturbing yourself about how you can be like Dangote, why not start from where you are, and start to make a good living for yourself? Everybody has their own journey in life.

GBAM
or better still Invent something unique
Nigeria's population is estimated to be 160M+ so invent something (unique service, everyday object or whatever) that you can market to any age group and see you transition into a multi-millionaire.