My boss, it would surprise you if I disclosed that wealthy people do the same things ordinary people do but do them differently. For instance, while ordinary people spend on impulse, wealthy people do their expenses on the last penny and discipline themselves not to spend outside the budget – Conversation with my Billionaire Friend
Good habits can be developed through repetition. By incorporating behaviours, tasks and attitudes into regular routines, they usually become a habit, thus becoming natural and virtually effortless – Kellie Sullivan
FIELD REPORT
ENLIGHTENED WEALTH BUILDERS ARE POWER NETWORKERS
When I first came to my first Billionaire Friend’s residence, I wondered discreetly how he earned so much wealth. I used to think that my Friend and other wealthy people had special DNAs that made them effortlessly earn wealth. One evening, I expressed my ideas and asked him: do you people (rich people) know some things that others don’t know?
His reply surprised me: “My boss, it would surprise you if I disclosed that wealthy people do the same things ordinary people do but just that they do them differently. For instance, while ordinary people spend on impulse, wealthy people do their expenses on the last penny and discipline themselves not to spend outside the budget.”
In the past couple of years, I have embarked on a project involving interviewing successful people and asking them the same questions: what do they do that ordinary people do not do? I have done over 40 such interviews. Their answers surprised me but corroborated what my Billionaire Friend shared with me during one of our sessions. I discovered that successful wealth-builders have unique habits developed through practice. We are looking at one such habit.
In our first field report, we focused on the subject of building generational wealth, and our binoculars were on Aigboje Aig-Imoukhuede, co-founder of Access Bank and Chairman of The Aig-Imoukhuede Foundation, who was reported as creating models that would allow him to create wealth that outlives him. His eyes are on building an enduring legacy as a habit.
In this edition, we are focusing on another powerful dimension of the habits of enlightened wealth builders, the habit of building power networks as one of the strategies used by wealth builders to accumulate wealth and, not surprisingly, our binoculars are on my boss, Mr Nduka Obaigbena, Editor in Chief of THISDAY and Arise Media Group, who has been described by many as one of the most powerful networkers in the land.
Our boss is an enigma. It is impossible to fit him into a specific mould. Never! Indeed, trying to describe this prince of the Owa Kingdom in Delta State is like calling out blindfolded men to feel an elephant and, on that basis, asking them to step out to describe who an elephant is. You can only describe the part you touch.
While coordinating a documentary project we wanted to present as one of the surprise packages for his 60th-anniversary celebration, I interviewed over 25 of the people we can describe as Friends of Nduka Obaigbena (FoNO) and asked them to attempt a description of him. What was evident was that you could not pigeonhole this enigmatic man into a single narrative. Impossible!
Eniola Bello, Managing Director, THISDAY, and one of the foundation staff of THISDAY, says ‘Nduka is a crazy fellow positively’; Professor Pat Utomi calls him a ‘bulldozer’; Otunba Niyi Adebayo regards him as ‘tenacious’; Tunde Lemo, former CBN Deputy Governor thinks he is ‘miracle worker of the media’; Prince Tony Momoh regards him as ‘cerebral’; Lai Mohammed, Minister of Information says the Duke is ‘incredible’; Funke Egbemode, President of the Nigeria Guild of Editor sees him as ‘the innovative man of the media’; Tunji Bello, former Chairman of THISDAY Editorial Board says he is a ‘restless innovator’; Dr. Alimi Abdulrasak, Nduka’s friend of over 40 years coined these words to describe him: ‘versatility and strength in the face of all opposition’; Dr. Alim Abubakre, Chair of Texem, UK, believes he is a ‘bold innovator’; Senator Lanre Tejuosho regards him as ‘a fiercely loyal person’, Lanre Arogundade, says Nduka is ‘enigmatic’; Dare Babarinsa thinks he is a ‘dynamite’; Okagbue Aduba, Thisday’s foundation managing editor, says the publisher is ‘non-conformist’; Tim Kayode Akano, CEO of New Horizon Systems Solution, a passionate fan of Nduka, says the chairman ‘has the resilience of the Japanese, the creativity of the Americans, the wisdom of the British and the strength of the Chinese.’
But in this edition, we want to focus on the description by Bashorun Dele Momodu, the foundation editor at LEADERS AND COMPANY, Publishers of THISDAY who aptly named Mr Obaigbena, “Mr interconnectivity”. According to BOB DEE: “His connectivity is second to none. Nduka would get any president. There is nobody he cannot get as long as he has his phone with him”.
Even though I have worked closely with him for a couple of years, I witnessed for the first time the manifestation of that description by Bob Dee at the funeral events of his late mother, Princess Margarete Obaigbena. Owa-Oyibu Community in Ika North-east Local Government Area of Delta State, the venue of the funeral event, was invaded from Friday, August 19th through Sunday, August 21st 2022, with creme de la creme of society who came to pay their last respect. I happened to be on 15-member organising committee for the event: myself, Israel Iwegbu, THISDAY Deputy Managing Director, and Kayode Komolafe, THISDAY OMBUDSMAN, were assigned the role of taking care of everything about the welfare of the Very Very Important Personalities (VVIP) coming for the events. Myself and K.K. were stationed at Asaba International Airport for some time. Many private jets landed at the very small airport. I counted up to 12 private jets apart from the three chartered planes by the publisher to convey guests from Abuja and Lagos to the events.
Princess Obaigbena was also mother to Benjamin Obaigbena, a retired director at the NNPC, as well as Princess Isioma Ukwa, Prince Alan Glory Obaigbena, late Prince Rotimi Obaigbena, and Princess Ogochukwu Aneke. But many people can vow that 90% of the VIPs that came to the event were direct guests of Prince Nduka Obaigbena.
ROLL CALL
As captured by Chiemelle Ezeobi, Group Features Editor of THISDAY, who did a summary of her coverage for me, at the funeral were businessmen and women, politicians, captains of industry, political juggernauts and eminent Nigerians from all walks of life, who converged on the hitherto quiet town to give a grand royal funeral service to the late Matriarch of the Obaigbena family.
Present at the event were Labour Party presidential candidate, Mr Peter Obi; Anambra State Governor, Chukwuma Soludo; Delta State Governor and vice-presidential candidate of the Peoples Democratic Party, Ifeanyi Okowa; Governor of the Central Bank of Nigeria, Godwin Emefiele and wife; businessman Oscar Ibru and wife. Others include Chairman/Chief Executive Officer, Dangote Group, Aliko Dangote; former Executive Director Nigeria Export Promotion Council (NEPC), Segun Awolowo; Ogun State Governor, Dapo Abiodun; Ekiti State Governor, Kayode Fayemi; Minority Leader of House of Representatives, Ndudi Elumelu and Founder/Chairman of Zenith Bank Plc, Mr Jim Ovia.
Not left out were Aigboje Aig-Imoukhuede, chairman of Coronation Merchant Bank, Herbert Wigwe, CEO of Access Bank Plc, the Governor of Edo State, Mr Godwin Obaseki; United Bank of Africa (UBA) Group Chairman, Mr Tony Elumelu; former governorship candidate of the Peoples Democratic Party (PDP) in Anambra State, Mr Valentine Ozigbo; Lagos State Governor, Mr Babajide Sanwo-Olu; Governor of Kebbi State, Atiku Bagudu; and former Governor of Cross Rivers State, Mr Donald Duke.
Senator representing Delta South Senatorial District, James Manager; former Ogun State Governor, Olusegun Osoba; Senator Sanusi Daggash; Chief of Defence Staff (CDS), Gen. Lucky Irabor; Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, and Chairman of the House of Representatives Committee on Banking and Currency, Mr Victor Nwokolo, were also present.
Also present were the National Commissioner for Independent National Electoral Commission (INEC) in charge of Akwa-Ibom, Bayelsa and Rivers, Mrs May Agbamuche-Mbu; former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dakuku Peterside; and former Governor of Edo State and former National Chairman of APC, Adams Oshiomhole.
Many people questioned quietly how a single individual could command such a massive gathering of who is who from almost all the important sectors of the economy and all the geographical regions.
WHAT MAKES HIM TICK AS A NETWORKER?
I once asked an individual, a medical entrepreneur, who has remained in his power network for a long time to share with me what she thought, made Mr Obaigbena tick as a networker. Here is her response:
“There are a few things I have learned from him:
1. Attention to detail
“Everywhere he goes when I have seen him in the banks, for example, he asks for the TV to be turned to Arise. He pays intense attention to every aspect of his craft”.
2. He sets the agenda before it becomes the agenda
“A good journalist reports the truth but doesn’t create it. I can remember when he decided to run programs on healthcare years before it became a focus due to Covid-19. He is always ahead of his time, shaping the agenda before it becomes an agenda”.
3. He helps, often when there is nothing to be gained in return
“He has helped countless other people and me not because we are politically useful to him or because we have money. But because it is just a habit. A habit that I have already incorporated into my life. Just being kind because it’s the right thing to do, not because of what will be given in return”.
4. He remembers everything and everyone
“He has a major ability that I don’t have, that I’m extremely envious of, a photographic memory. He recalls events that took place a decade ago like he had a video recording. He rarely forgets names. I wonder how he can keep all those details in without even using a notebook”.
5. Energy
“People often underestimate how influential & infectious high-energy people are. On his birthday, he was one of the first guests there before anyone else arrived. Checking in on last-minute decor issues, making sure everything was perfect”.
6. Family
“Indeed, close friends are the family you choose. He has built a family way beyond those related to him by blood in this country. And when you have social capital as he does, you can get a lot more done”.
7. Emotional Intelligence
“He is self-aware but extremely perceptive. He understands what motivates different people, interprets personality types and can change to suit each environment he finds himself in”.
8. He genuinely cares
“He cares about this country and is passionate about the issues that affect it, from the economy to power to lead to education”.
9. Vision
“I love the sheer size of his dreams. Everything has to be world-class. Massive. First of its kind. Unparalleled. It pushes me”.
What else can one add to that?
A UNIQUE MENTORING ROLE
Even though he is our boss, many of us consider him a mentor. I must, however, warn quickly that his mentorship is quite rare. Mr Obaigbena runs a unique hands-on training programme, which I can describe as ‘mentoring by fire and observations.’
Let me give you some of the offerings of this unique training system. The training programme has neither a manual nor a curriculum: you generate one yourself! Two, there is no barrier to entry, neither is there one for exit: you show up when you choose, and you fade out of the system either when you are tired or you have accomplished your desire. The good news, however, is that no matter how you leave the training programme, you are welcome any time again by the undesignated Lead Coach. Three, there is no graduation timetable: you choose one for yourself!
I once asked KK to share with me the rules for relating better with the Chairman, whom I had erroneously thought I understood. KK’s reply was simple: there is no primer, you generate one by yourself, and you watch the man regularly for instructions, and woe betides you if you misread him. Not only will he blow the whistle once you cross the red lines (visible only to him!), but he can also wield the big stick, which ranges from surcharges that could be more than your yearly salary to a suspension without a clue on when to resume!
Of all of us, I would say only Eni B, our Managing Director, can be said to have proprietary interpretations of certain rules. Eni B is like a palm reader when it comes to interpreting the nuances of ‘the main man’.
SIDE LESSONS FROM ASABA
While in Agbor, outside the radar of many of the guests, I also reflected on a few other lessons I had learnt from my involvement in the burial events. Here are two of them:
LESSON 1: WHEN THE BOSS GIVES AN INSTRUCTION, IT IS IN YOUR INTEREST TO COMPLY WITHOUT EDITING.
KK and I spent time together at the airport exchanging our experiences while sipping coffee. KK gave me one piece of advice that turned out to be a gem. Ignoring it would have caused a major embarrassment. I had joined the chairman at his house on a Wednesday afternoon with another member of the organising committee, Muiz Bello. We worked with him till about 3 am the following day. I was staying in a hotel in Agbor. Around 3:30 am and without warning, he just called his driver plus a security pilot car and asked Muiz and me to move to a hotel in Asaba Airport, which he had booked. We quickly settled in our rooms, and I enjoyed the serenity in the hotel built to honour the late South African sage, Nelson Mandela. I was there till the evening of Thursday, but I was becoming restless.
I felt I should be in Agbor, where the work was. I was to finalise an arrangement with some of the hotel managements. I placed a call to him in the evening to ask for the next step: he replied: “What next step?” We ended the conversation. On Friday morning, I was seriously hatching a plan. I wanted to sneak out of Asaba to continue working on the accommodation arrangement and return to Asaba in the evening. Somehow, KK’s advice rang in my head. “Stay in the place of the last command”. So I stayed. At exactly 10:00 am, I got a call, and without wasting time, he just dictated this instruction to me: “Go with Muiz to the airport, get the DSS Director and receive the Emir of Kano and his team and bring him to Oba’s place in Agbor”.
The emir and his team were already on the ground. We had to rush to the airport, and gracefully, we were able to receive them and we led them to Agbor, where the king of the town, the Chairman and another close aide of the emir were already waiting. Mission accomplished, I asked him for the next assignment. He asked me to join him in the house. In my hotel room later in the evening, I was pondering what had just happened. What if I had edited his instructions and left my Asaba base to Agbor? How would I have been able to receive the emir? Lesson: When the boss gives instructions, it is in your interest to comply without editing.
LESSON 2: WEALTH BUILDERS MEASURE SUCCESS WITH DIFFERENT PARAMETERS
As announced in the release that went public about three weeks before the funeral event, I was to coordinate the accommodation arrangement for only the VVIP. I had travelled to Asaba and Agbor before the event to see how to get the best hotels reserved, but the signal I got was that the hotels might be fully booked before the event. I submitted my report and was confident that the VVIPs would be able to get accommodated either in Asaba or in Agbor. But a few days to the event, my role was expanded to include accommodation for all the guests of the Chairman and the additional instruction that all the VVIPs should be in Agbor. My phone number and my name was broadcast to everyone who needed housing. So from the morning of Friday, my phone was practically invaded from all areas by people who had been assured that once they got Ayo, their accommodation problem would be settled.
The problem was that there were not so many hotels in Agbor, and the number we could reserve was far too few compared to the guests who had signified interest in having their accommodation sorted. At that point, it occurred to me that I might need to pray for the same anointing that came upon Jesus Christ of Nazareth that made him use five loaves of bread to feed over 5000 men and women. Unfortunately, the anointing did not come. I did what I could do and faded out of the system. This is here apologising to those who felt they did not get the best. We meant well.
Throughout the period, I felt bad that I had not done quite well on the assignment. I made it a subject of meditation throughout the nights. But surprisingly, when the event was over, and I asked the boss the next step, he just cracked a joke: The man who could not provide accommodation for everybody.” He asked me to wait for him at the airport, and a few hours later, we flew back to Lagos in a private jet and had a nice time. No mention was made of the accommodation issue. As I later learnt, he had moved into something else after the event was over, successful by his parameters.
Lesson: wealth builders measure success with different parameters.
We stop here.
Good news! My first Billionaire Friend has agreed to share weekly tips on personal finance with the readers along with this column. We have titled it YOU AND YOUR MONEY. Please enjoy his first tip below.
Catch ya next week.
QUOTE
But in this edition, we want to focus on the description by Bashorun Dele Momodu, the foundation editor at LEADERS AND COMPANY, Publishers of THISDAY who aptly named Mr Obaigbena, “Mr interconnectivity”.
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YOU & YOUR MONEY
Weekly personal finance tips from my 1st Billionaire Friend
LIVE WITHIN YOUR MEANS
My boss has instructed me to share with you weekly financial tips that can transform your financial life. So, here we go:
The major error I see many people make is allowing their tastes to catch up with their rising status and income. As the marketing manager at a manufacturing company, I lived at Olodi Apapa, adjoining Ajegunle and paid a rent of N2,400 per annum. I later became an executive director at 31 years of age, with a much remarkably enhanced and enticing salary and allowances per annum, but I continued to reside in this rented accommodation for another 18 months. My uplift in income and status did not make me discontinue my rental of this two-bedroom flat that I was occupying in Olodi Apapa for the next 18 months after attaining my uplifted income and status.
I, however, put my much-increased payment together and obtained a cooperative loan. Within two years, I bought a plot of land off Allen Avenue, Ikeja, for N125,000, on which I built my five-storey commercial property. It now fetches me millions of Naira per annum. I did this rather than make a residential home for my family. We later moved to another rented apartment on Oduduwa Crescent in Ikeja, GRA, owned by the famous industrialist – Chief Samuel Adedoyin, where we stayed for 12 years on such low rent at increasing career and investment incomes.
As executive director, I started by putting my income in savings, investments and in a cooperative staff society, from which I borrowed N500,000, took two years of my housing allowance, and sold a couple of my shares to build the five-storey commercial property in 1990.
Recall that I continued to reside for 18 months at Olodi, Apapa, before moving to GRA (in Ikeja), where we continued to stay in the rented three-bedroom bungalow, notwithstanding my greatly enhanced income and status. Therefore, I generally lived at minimum expenses for maximum savings and investments. My admonition is this: never allow your progress in life to influence your taste all the time.
See you next week when I shall share another nugget.
