Don’t tell Akin Alabi there isn’t enough time in the day to do everything. He just might tell you off.
At 41, he has built multiple businesses and is making money and time for more.
Alabi is the founder of NairaBET, Nigeria’s first and leading sports betting platform, a company he started in 2009 after he identified what he calls “a starving crowd”.
By that, he means a customer base willing and able to pay for services enough for him to make a sizeable profit.
Besides NairaBET, Alabi owns a small football club, has a book-writing business, is into digital marketing, business coaching and seminars, and is also contesting for a seat in parliament in the 2019 Nigerian elections.
The entrepreneur-investor likes to spend his days identifying specific gaps in the market and providing solutions to address them.
Over the years, he has identified many ‘starving crowds’. He found the first one just after completing a diploma in business administration in 2001. At the time, there was a growing desire for Nigerian youth to travel abroad, especially to Canada, in search of greener pastures.
According to data from the Canadian immigration service, as many as 27,625 immigrants from Nigeria were residing in Canada by 2011.
Alabi tried his luck too.
In 2001, after his visa got rejected, he decided to collate his experiences navigating the complicated visa application process and sell that knowledge online to first-time applicants.
“So anything I learned, I created the information pack and I put it online and sold it,”
“I started downloading information tutorials and videos about the Canadian application process. I put all the information together and said some people will be interested in this so let me put it out there for sale. So in January 2003, I launched my first business, which was selling information products, and the first information product was this Canadian visa package,” says Alabi.
The guide was an instant hit. Alabi was selling it at N10,000 ($28) per copy and over 100 copies later, he knew he had struck a gold mine. It was time to find other crowds. Alabi decided to share his experiences making money online through his new startup in another how-to guide, which also found demand. After the success of the two digital products, Alabi decided to register his company at the Nigerian Corporate Affairs Commission (CAC).
“I went there myself and I did everything myself and I was surprised I didn’t need a lawyer. So I created another information product – how to register your business with the CAC without a lawyer in 21 days or less. I put that out and people were buying. So anything I learned, I created the information pack and I put it online and sold it,” says Alabi.
He had stumbled on a booming industry. According to Stratistics MRC, the global e-learning market accounted for $165.21 billion in 2015 and is expected to reach $275.10 billion by 2022 growing at a CAGR of 7.5% during the forecast period. The flexible learning, low cost and easy accessibility of the market bolstered by the increasing proliferation in the internet during the dotcom boom, presented Alabi with a hungry market eager to grab anything offered online.
Alabi’s story is one of organic growth. Setting goals and achieving them is a prominent theme in his new book Small Business, Big Money: How to Start, Grow, and Turn Your Small Business Into a Cash Generating Machine, where he presents a practical guide for startups looking to scale.
“As early as I can remember, I wanted to be rich. I was fixated on wealth because I did not experience wealth growing up. It is something I believe gives you freedom. Freedom to do things you really wanted to do and freedom to impact this world. You can help the less privileged and also give your family the basic comfort of everything they want,” says Alabi. “I know money is not the most important thing in life but it is reasonably close to oxygen in terms of importance.”
After the success of his digital offerings, business began to slow down, but Alabi wanted more growth. He decided he would venture out of Nigeria to the land of milk and honey, in search of that elusive wealth.
“I got to the UK and wanted to work. I looked at the potential of what I could make and after four months, reality dawned on me. I didn’t want to become an illegal immigrant and felt I was better off doing what I was doing in Nigeria. So I said ‘I had something going for me, it might not be big but there was potential’. I said ‘let me go back and make it bigger’. I was not investing in the business so it was time to do it properly.”
But before leaving the UK, a chance encounter with the bookers would lead to the serial entrepreneur’s most lucrative venture yet. His brother called him from London while he was in the town of Milton Keynes to make a bet in an online sports shop for a football game so they could win some money.
“So I played and I made some money and then I played again and I lost and I played again and I won. And I said ‘wow, anybody can do this and people in Nigeria will love it’. So I wrote down on paper, how to make money from football betting. It was just 14 pages and I put it online and I called my friend in Nigeria to help me go and run an advert in the local newspapers,” says Alabi.
He invested N200,000 ($555) in the advert and made N450,000 ($1,248). That demand was going to progress from online content to a new customer base wanting a platform to bet on sports.
“So those that bought the information product from me started reaching out to me that the website I recommended they should bet on did not work in Nigeria. And I was like ‘wow, you people are actually taking this seriously’. They wanted to place bets from $100 to $750. So I got thinking, these people are actually sending money to me abroad to place bets for them. Isn’t there anyone in Nigeria that has a business like this? And there was no one. So I said to myself ‘I have to create this platform’.”
That was almost a decade ago. He could not afford the software to create the platform at the time, which cost almost $1 million so he used a local developer to create his first platform. Today, NairaBET, a major player in the online sports betting market, has steadily transformed itself from just a football betting platform to a 360-degree sports booking platform covering digital, SMS, apps and retail betting. And, they have a new million-euro software upgrade in place, according to Alabi.
The total value of the global sports betting market is difficult to estimate because of the lack of consistency in how it is regulated in some parts of the world. Betting makes up about 30% to 40% of the global gambling market, which also includes lotteries, casinos, poker and other gaming, according to a report in Reuters.
This has led to challenges regulating the sector in Nigeria with issues arising from double taxation from the Lagos State government. But Alabi is hopeful these issues will be resolved once there is proper legislation of the sector. In the meantime, he is betting on a career in Nigerian politics and the corridors of power.
Masai Ujiri’s dream of harnessing untapped African talent
The President of Toronto Raptors, Masai Ujiri, on his adoration for Africa as a continent filled with unlimited potential and talent.
The tall man in sport, Masai Ujiri, is a name in professional basketball far beyond the borders of Africa and his native Nigeria.
Born in England but having grown up in Zaria in Africa’s most populous country, Ujiri’s adoration for Africa sees him on the continent often, inspiring the youth.
“Africa is no more afraid. We are not afraid of anybody anymore. The continent is bold. The people are bold,” says Ujiri, when FORBES AFRICA meets him in Johannesburg in November at the Africa Investment Forum in which he participated.
The continent has a special place in his heart.
The President of the Toronto Raptors in the National Basketball Association (NBA), also founded Giants of Africa (GOA) in 2003, as a way of harnessing budding, untapped talent.
“As long as I am in a position where I am able to, we have to give the youth a chance. We have to pave a path for them and there is nothing I can’t do. I have to do everything, it is an obligation, I have to be an example for them by creating that pathway,” he says.
Ujiri, who started playing basketball at the age of 13, travels to Africa every August to visit the GOA camps across seven countries on the continent, training young boys and girls to be leaders in both sport and everyday life.
He says he draws inspiration from each and every country in Africa, and the feeling is inexplicable.
The history and culture are a constant reminder of his years growing up in Africa.
Whether it is in Kenya, where his mother was born, or the lasting friendships in Rwanda, Senegal or Nigeria, each country holds special memories.
Apart from the numerous trips in and out of the continent, 2018 granted Ujiri a rare once-in-a-lifetime moment.
This was in July when Barack Obama, the former president of the United States, visited Kenya, and with him, Ujiri opened a basketball court in the country.
Ujiri’s outreach program GOA launched it at the Sauti Kuu Foundation Sports, Resources and Vocational Centre in Alego; familiar ground for both leaders.
Managed by Auma Obama, Sauti Kuu, much like GOA, is focused on youth development.
“To spend that time with somebody that Africa means so much to, meant so much to me and so much to Auma. We are trying to inspire youth, we built a court that is going to impact the youth and that was special,” says Ujiri.
Being able to scout African talent is what is imperative for Ujiri, and it all comes down to building facilities to help the youth play basketball.
Ultimately, his dream for Africa is not only to see material wealth but for talent to go beyond what he has achieved.
“My dream is to have one of the youth become bigger than me, and bigger than everybody. People think I always dream of building this and doing that but I want one of these kids to take everything that they learn and do better in each and everything.
“I love the continent; I love the culture of different places. I am almost like Anthony Bourdain [the late American celebrity chef], that is how it really is with basketball, with the culture, the people and the food,” says Ujiri.
Staying true to his African roots, when we meet him, Ujiri speaks about his favorite yam and stew dish that he says reminds him of his childhood.
It’s such memories that see him taking the long-haul flight out of Toronto to Africa each year.
Brewing Success: Lessons From A Beer Baron
Canadian John Sleeman shares his entrepreneurial lessons with Africa.
cis not your typical textbook entrepreneur. His belief in what it takes to be an entrepreneur is so controversial that his advice is no longer welcome in MBA classes. The white-haired charismatic brewer, who re-established his family’s brewing business in 1988 as one of the most successful in Canada, offers sage advice to African entrepreneurs, although he has no plans to expand in Africa – yet.
Nonchalantly, in his automated beer manufacturing plant in Guelph, Canada, surrounded by people enjoying his craft beer, Sleeman says he believes entrepreneurs are born, not made. He argues that unless you are prepared to go bankrupt, work over 80 hours a week, lose your friends, face the prospect of divorce, put your house on mortgage and miss meeting friends for drinks on Fridays, then entrepreneurship is not for you.
He should know. This is the toll he took to restart his family business. It had lost its licence and was banned from the market for 50 years in 1933. This was for smuggling beer during the roaring 1920s by brokering deals with bootleggers and gangsters like Al Capone when prohibition set in in Canada.
Passionately, the beer baron, who plans to open a micro-distillery later this year, and is considering expanding his business in either the eastern or western parts of Canada, tells FORBES AFRICA: “If you want to be an entrepreneur, be very focused on what you want to achieve and don’t let people talk you out of it. If it is a dream, pursue it until you are successful.”
He attributes his success to surrounding himself with the right people. They will make or break your business, says Sleeman. You should be ready to change your business model if the current one isn’t working, he adds.
In his own case, he did this after his colleague advised him that rather than opening up new breweries across Canada, he should buy existing ones that share Sleeman Breweries’ crazy passion for beer and authenticity.
Sleeman reckons you shouldn’t grow so big that you lose your entrepreneurial flair, first-mover advantage and risk-appetite, but you also shouldn’t remain so small that you get knocked out of business or get bought out by someone who does not see your vision and wants to dismantle you, as it almost happened to his business in 2006. If you do sell, reminisces Sleeman, sell to someone who sees your vision, like Sleeman Breweries did, when Japanese company Sapporo saved the Guelph-based firm from a hostile takeover.
But that’s history. Since then, Sapporo has helped fund research and development and training for the business, whose humble, down-to-earth founder is now taking it on its next spirited journey.
The Story Of The $3,000 Sneakers
South African artist Conor McCreedy on creating what could be the world’s most expensive sneakers.
A literally stumbled upon a business opportunity.
The renowned South African artist, who only paints in blue,was one day at work in his studio, in a 600-year-old, four-storeyed building in Zurich, when he accidentally spilled some of the monochromatic pigment on to his white sneakers.
Who knew it would lead to a designer line of expensive sneakers.
The artist, resident in Switzerland since 2014, now sells the limited edition sneakers for $3,000 a pair.
What helped that day was that the painting accident was shortly before a meeting with an art collector.
“This art dealer wanted some work for a private collection.I couldn’t get time to put my shoes on, so I went in my sneakers, and this guy just loved them… He opened up to me and said he likes the idea. ‘Try and take it further’, he said to me,” says McCreedy to FORBES AFRICA, on the phone from Switzerland.
After spending four months finalizing the collaboration with an established shoe company, Ludwig Reiter, the concept sprung to life.
A regular pair of their white sneakers sells for $685, but with a splash of McCreedy, it costs almost five times more.
“A lot of people can put paint on sneakers. We are not reinventing the world but putting the McCreedy blue on to a sneaker. It has a value chain,” he says.
Even before its launch mid-November, nine of the 200 limited edition sneakers had been sold to collectors from around the world.
“I love when people say that the splash looks like a kid’s.I actually like that, it has taken me 30 years to create that splash, that is a great story,” says McCreedy.
He adds the handcrafted sneaker will not only appeal to art lovers who are looking to collect, but even corporate titans and banking CEOs,and the uber-chic would want to wear it at cultural festivals.
In Switzerland, ultra-networth and high-networth-individuals are his customers.
“The beautiful part is that the sneakers are backed by my art, and compared to the art, they are relatively cheap,” says McCreedy.
The tranquillity and stability the artist associates with the color blue led to the creation of his own pigment known as ‘McCreedy blue’.
McCreedy has used it to create most of his paintings since 2011.
But building a career through art requires more than just mixing color on canvas.
“Art is always considered a luxury; don’t let anyone fool you when they say it is not luxurious. People don’t just buy art, it is a luxury creation… If Picasso was alive today, he would probably have his own app,” he says.
His art inspired him to create products, from candles to a coffee blend on sale on the ground floor of his studio.
The space is curated so it’s an alluring odyssey for customers.
White walls are adorned with original McCreedy blue paintings, showcasing the artist’s work for prospective buyers, collectors and dealers.
The ‘Essence of McCreedy blue’ forms part of the luxurious elements the artist wants to reinstate in the art world.
It took the artist three years in Zurich, one of the global centers for banking and finance, to convert an old bank building into an atelier and studio. “It’s showing how people view the world through the eyes of an artist. It is about being part of the journey and the experience. It is about feeling what luxury is like,” he says.
Staying true to his African roots, McCreedy draws inspiration from Botswana, Nigeria and South Africa, which he expresses through abstract images.
“I love African and South African art. It is really stimulating for me and as a growing artist, I like to collect whatever I can afford. One day, I will create my own museum and show what I have from different parts of the world,” says McCreedy. Open to exploring more markets, McCreedy wishes to collaborate with African artists. He would not have it any other way.
The world may present the artist with greater opportunities,but it cannot compete with the culture and the spirit of ubuntu [humanity]found in his country of birth, he explains.
“I miss good South African beer, I miss sitting on a Land Rover with no shirt on, drinking a beer. I miss the weather and the locals.”
But wherever McCreedy goes, he ensures his prized pair of sneakers is never too far away.
South Africa aims to finalize long-term energy plan next month: minister
Ford and IBM among quartet in Congo cobalt blockchain project
Not So Fast: Can Elon Musk Really Open Tesla’s China Gigafactory This Year?
A Nation Ready For Equitable and Sustainable Take-Off
150 percent price rise fails to fill Zimbabwe’s fuel pumps
Under 30 Business
Under 30 2018
Under 30 Technology
Africa’s New Silicon Valleys
Under 30 Creatives
WATCH | Oprah Winfrey Advocates for Women and Celebrates Nelson Mandela
How Employers Are Recruiting And Retaining Gen Z
WATCH | Father-Son Duo Pascal & Uzoma Dozie on Cover of Forbes Africa November Issue
My Worst Day with Ghana’s Waste Management Mogul
My Worst Day With Atedo Peterside, Founder Of Stanbic IBTC
- 30 under 308 months ago
Under 30 Business
- 30 under 308 months ago
Under 30 2018
- 30 under 308 months ago
Under 30 Technology
- Technology6 months ago
Africa’s New Silicon Valleys
- 30 under 308 months ago
Under 30 Creatives
- Economy1 year ago
Is China Really Helping Africa?
- Wealth1 year ago
The Small Town Of The Super Rich
- Life11 months ago
The Forbes Five: Hip-Hop’s Wealthiest Artists 2018