Though in his early twenties, he is already controlling billions of naira. He is the brain behind Bamod oil and a traditional tittle holder. So how did he achieve such a fortune and fame at so young an age. He told MICHAEL OCHE his story.
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Those who travel along the Kano – Maiduguri bypass are certainly familiar with the name, Bamod Oil Nigeria ltd. But only a few know the brain behind the multi billion naira business empire.?
Though in his early twenties, Alhaji Bala Muhammed Ladan already controls wealth most of his peers could never dream of.
His father died when he was still young and many wondered if his business empire would survive. However, Ladan has been dogged and determined. He embraced the challenge and today, he is living a life of fame and fortune.
Ladan is the chairman and CEO of Bamod Oil and was recently honoured with the title of Barden Santurakin Kano. He said he decided to enroll for business administration at the ABTI American University so as to broaden his management skills.
Said he: “When my father died, it wasn’t easy but someone needed to take the challenge. At that young age I was saddled with the responsibility of not just handling my father’s business but also taking it to the next level”
Though young and wealthy, Ladan like many of his peers face the challenge of living a luxurious life at the risk of his business. Contrary to that, he said, “I will not spend money on anything that will not add value to my life. There are a lot of things we spend money on which we do not need. I am a very basic person, I value functionality more than luxury. This does not mean that I do not like luxury but it has to be basic luxury.”
As he grows older, he talks of the need to invest in other business. He says, “I will divert all the income from crude oil export to develop non-oil export sector. This is because in spite of the endowment of this nation, our economy has remained largely monolithic with investment in the non-oil sector being everything but strategic.”
Even in his early twenties, Ladan is already an employer of labour. He says one of the secrets to the success of his business since the demise of his father is the relationship with his workers. “We are like brothers. We are all like a family,” he says.
Which business option does he favour?? “Own business: I always admire people who build enterprises. It requires a lot of sacrifices and nurturing. The return on investment on well-managed own businesses (apart from providing the owner with regular income) which are always above the market rates.”
He further, said: “Presently I am investing on my education. We all go to school to learn many things about how to be a good worker and be a money-making machine for our employers. The schools rarely teach us how to manage our own fortunes. How can we use the employment opportunities to organise a good life after work? How can we build a good fortune from our legitimate earnings? How can we retire at age 30? Is salaried work the only path to success? Who is your mentor towards building your dream fortune? How can we transfer our estate to our loved ones?”
Though, many might be quick to conclude that he was born with a silver spoon, but Ladan is quick to dismiss such notion. He says, I work hard for my money. The business world itself is a jungle. You need to be smart and know the right time to invest. There are lots of competitors who are waiting to benefit from your mistakes”
He says his biggest mentor is his father from whom he learnt all his business skills. According to him, “I used to follow my dad to most of his business meetings. And he makes sure I know exactly what he is doing.”
Ladan says one of his philosophies on life is loving what he does. He says, “you cannot succeed if you don’t love what you do. It is the first rule for a successful business.”
My advice to anyone starting in life is to get a structured education on ‘Personal Financial Planning’ or and get some nice books (Instant Millionaire, Richest Man in Babylon, Rich Dad, Poor Dad etc) on the topic. It is surprising that many financial experts lacked basic personal financial planning education!
The young Ladan says he had invested so much on reading business books. This he claims has broadened his knowledge in the business world. He says: “There is no alternative to reading the right books. I buy a lot of books. I consider them as investments”
He says of the challenge of running a business empire at his age: “I am not intimidated by anybody. Because I understand the business. What I don’t know I am not ashamed to ask those who are more experienced. Of course some of them are friends to my father so they don’t have a problem dealing with me”
If he has all the money in the world, what will he do? Ladan says: “I? will want to help a lot of people. There is so much poverty in the land. Presently I do my best to help those I come in contact with”