What I learnt from Aliko Dangote - The Richest Man in Africa

One beautiful evening, after sitting in front of my screen all day, I decided to take a walk in my new neighbourhood. Suddenly, I felt an air of importance around me. By the time I looked back, I was face to face with the richest man in Africa.

Normally, I don’t “famz” people but yo! This is the richest man in Africa right in front of me. So I said, Good evening, Sir. Can we walk together? I was right beside him after his slight nod and before his overzealous security could advise him otherwise.

Now that I am with the richest man in the neighbourhood, what better way to make judicious use of this opportunity than to ask him questions about money and wealth? So I asked quickly: Sir, what is the best financial advice you can give a young man hoping to create sustainable wealth?

He looked at me with a shrewd smile and asked, "Do you live here?" I answered in the affirmative. He said you asked for one, but I would give you three.

Financial advice number one: the fastest way to become poor is to oblige all money or financial requests that come your way. He said even with how rich he is, he knows not to oblige all requests that come his way. No matter how much you earn or get, your expenses must be managed. Not managing your expenses is the pathway that leads to penury. And by the way, people don’t care if you oblige all their requests anyway, and they will always want more.

Two, never let your money sit idle. Your money should be working for you, not just sitting there. Rich people are not scared to take loans because they know they can make more money and pay less in interest when they earn returns on the loaned cash. The best way to save is to make more on the “saved” cash.

Finally, think big, and when you are convinced about an idea or a plan, go for it and work hard at it. Many people want to do big things. Some take all the time in the world to talk and plan about it; some don’t, which is even more fatal. The successful ones do adequate research and launch their plans while they iterate along the line.

What I have just done is reiterate what Dangote said or did, although not in the circumstances I had painted. I feel even more obliged to write this because daily, I see young men and women hoping to get their lives together overburdened with obligations that are not their responsibilities in the first place or compulsory.

One such moment happened recently when I heard a ludicrous story about how someone, call him Mr A. had reached out to his friend Mr B. to loan some money. Now, Mr B would usually not loan money to people but because this is coming from a very close friend, he decided to ask some questions, He asked his friend about the reason for the loan and to his chagrin, Mr A. mentioned that his Dad’s last wish was for his children to buy a plot of land, construct a small property on the land so he can be buried on the land. This is aside from the other obligations that will be sorted by Mr A., who happens to be the firstborn.

Right there, Mr B. mentioned to him the danger of loaning money for such abortive exercise. And how he is not in anyway against him fulfilling his Dad's last wishes? If he had the means, sure, why not? But loaning money for such a thing is unfair to him and his future. If the old man wanted his last wishes fulfilled, it is only fair that provisions were made for such.

The same stories of my generation being overburdened abound. And maybe this is just another reminder: don’t kill yourself. If Dangote obliged all financial requests that he gets, he would be poor by now.