'You Need Wisdom, Not Plenty Money To Become A Landlord' - Adesina; an economist - THE DAILY CRUCIBLE

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Sunday, December 1, 2019

'You Need Wisdom, Not Plenty Money To Become A Landlord' - Adesina; an economist


Adesina


Mr Adesina Omowunmi is an economist, retired banker and a player in cement retail business in Ayetoro  road, Adehun - Abeokuta, Ogun State. He spoke with Gafar Babalola on a number of issues.

Sir, briefly tell us about your growing up as a kid.
 
I was born into a polygamous family,  and the only child of my mother. I attended Army primary School in Lagos. I also attended Government College between 1979-1983 and went for my NCE where I proceeded to the  Ogun State University now Olabisi Onabanjo University, Ago - Iwoye to study economics. I worked as a banker from 1990 and retired in 2006. I also worked in a factory in  Sagamu.  So, after I retired, I developed interest in selling cement. 


 Why the interest in cement business?
  
I have much interest in the business because it is one area you can invest your money, employ people,  take stock at anytime without anybody bolting with your money. 


It is being alleged that some retailers open sealed bag of cement, take some quantity out of it and resealed it before selling to users.  What is your take on that? 


What I will say is that whoever that is doing that is not a good person, whoever does that is  contravening the law of the country.  People will be selling cement and re - bag  it, that is bad. When they do that,  by the time one uses such refilled cement to do construction work, you will see that it won't be of good standard. 
 
How do you think an average Nigerian can own a house of his own given the cost of building materials, including cement which is one of the major raw materials?


I could remember when I started my business, I bought a land, when you have a little money, you can deposit for those people that are making blocks, may be 100blocks or 50 blocks, when it's up to the quantity that you want, you can then carry your blocks. Also, for the cement you will meet those that are very reliable, and be depositing the money bit by bit, it could be the amount for five bags,  when it's up to the quantity that you need, then you pack your bags of cement to your site or home.  That was what I did when I built my first house.

What are the challenges you in this line of business? 


One of the challenges is selling on credit and the customers will not pay on time. The other one is robber breaking into your premises to cart away your goods.

Also, if you order for goods and it's not comprehensive and in event of   accident involving truck conveying your goods, the will not pay you, you are on your own. 

What advice would you give an average Nigerian who have interest  in cement business? 


My advice for the average Nigerians who wat to venture into this business is that they should not sell to customers on credit because selling on credit kills business. Although, some of the  major distributors, if they know that you are very reliable, they can supply you goods on credit but I don't encourage selling on credit.

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