BY KATE HALIM
Nnamdi Ezeigbo, the CEO of SLOT Computers, never thought about being a businessman growing up. His business stint took shape because he couldn’t get a job two years after leaving the university.
Nnamdi had no elaborate business plan or strategy, he just wanted to earn a living. But what started as a small shop that cost N180,000 has expanded to a business worth millions of naira. Today, SLOT computers has become a household name known for rendering value-added services to her customers.
He told Saturday Sun in this interview that he intends to grow the number one retail store in Africa the best in Africa.
Excerpts:
How has the name, SLOT aligned with your business over the years?
The word, SLOT means position or space. We believe that we have occupied the space of a company that came into existence to create value. That’s what Slot has been doing. We are all about value delivery. We are known for doing the right thing and being an etiquette company. We are very transparent while dealing with our customers. Our name is in alignment with what we do and what we are known for.
What importance do you think value plays in building a viable business brand in Nigeria today?
In Nigeria, businessmen see their customers as preys. It’s more like a predator and a prey relationship. But for us, it’s the other way round. We are keen on creating value for the money our customers spend. We make efforts to know what our customers need, and we meet them. At SLOT, it’s not all about selling, making money and creating economic value for the company. We are about affecting lives, doing the right thing and making our customers happy.
So, if you buy a product and you are happy with it, it means we have created value for you. Value creation is our watchword. If you buy a product and there is no value for the amount you paid, it means you paid exorbitantly or you bought a fake product.
Can you tell us the bad side of doing business in Nigeria?
First, we were faced with educating people on the need to believe in us and trust our words of delivering value-based services. The perception of Nigerians to products is that of suspicion but it took us time to create a trusted image in the Nigerian market. We built our reputation for the first five years that SLOT started. We built our brand, made it popular and made Nigerians trust us with their money.
The second one was getting competent middle managers. We spent time training managers trying to build our culture, educating them on the company’s values and today, we have been able to integrate them into our system. In addition, the challenge of insecurity gave us headaches.
How did you start?
When I decided to go into business, I spent six months with a friend. I needed to get my hands dirty and learn the street techniques of doing business. My friend had a computer outfit at that time and those six months helped me acquire the technical knowhow and the expertise required to become an eEngineer.
After that, I squatted with a friend who owned a bookshop. It was from there I was making computer repairs, I met customers and they trusted me. One of my customers, whose computers I was repairing, gave me some printers to sell to raise money for my own place because over the years, I have built a trustworthy relationship with him. The rent then was N180,000 for the first SLOT space. Today, we have bought the entire building where the space was located at a N100 million. It was more of using social capital to acquire financial capital.
Our vision is to grow the number one retail store in Africa and continue to impact on the society by growing small entrepreneurs to become big entrepreneurs. We are providing platforms for Nigerians to do business and affect everyone around them too positively.
Having risen from the scratch to get to the top, how do you make sure your wealth doesn’t get into your head?
My faith keeps me human. I am a Christian and I believe that everybody should remain humble no matter the heights they have attained in life. It is God who does everything. You can’t get wealth by your own power. It is not my strength, capabilities and expertise that have got me to where I am today; it is by God’s grace that I am at the top today. I see myself as a regular guy. I drive myself and live my life like any other person.
Did you go into business because you had a flair for it or because you saw it as your last option?
I never thought about being a businessman. It was borne out of necessity. I went into business because I couldn’t get a job after two years of leaving a university. I had no elaborate business plan or concrete strategy; I just wanted to earn a living. And as at that time, there was nothing I could do other than practising what I studied in school. The fact that I studied engineering was what informed my decision to do something around engineering.
What was your childhood passion?
I would have loved to be a teacher. I have no regrets whatsoever ending up where I am but I will still teach later on. Today, I do more of mentoring young people and engaging in social entrepreneurship. I organise business seminars for young people in my village every year where they learn how to be successful business people.
Did you see SLOT expanding this way when you first started?
No, I didn’t, it just happened. The vision became clearer to me when many of my customers started pushing me to have stores in choice locations in Nigeria. I started attending classes, seminars and trainings that helped me to expand. I believe life is in phases and each time you want to move to the next phase, you need training to equip you for what lies ahead.
What do you consider the price for expansion?
As a good businessman, you need to be disciplined. You need to be calculative and proactive. You need to understand the people and the business you are doing. You need to have good relationships with the people you do business with because they will always tell you the truth and you also need feedback from them to know how you are doing.
How do you handle competition?
Our strategy is to make competition irrelevant. We tend to widen the gap each time with our services and strategy to always give our customers value for their money. Competition is good. It helps you up your game.
What lessons have you learnt in life relating with different people?
I have learnt a lot from other people. I believe having good relationships in life is living well. I love making friends. One needs to maintain his or her relationship with people because it goes a long way in helping you later on in life. I have thrived on good relationships.
What fond memories do you have about your childhood?
I grew up in Sapele, Delta State. I loved going to play football after school with my friends and I also cherished going to the farm with my parents. My dad was always at home from 1pm after work and then we go to the farm. In the evening, he helps me with my mathematics homework. That was what actually helped me in making a decision to study engineering.
Do you help your kids with their homework like your father did?
Yes, I do. They are also doing very well in Sciences. I teach them Mathematics and Physics.
If you were 18 again, what would you do with your life?
I would have loved to be a policeman. I loved the way they dress and carried themselves. I hate crime and whatever will take people to the police station. But now, it is a different ball game because it is risky to be a policeman and do it well. I would rather be a teacher.
What are some of the secrets that helped grow your business?
That would be discipline, self-development and gaining constant financial knowledge on how to expand your business while not losing sight of creating value added services to your customers.
How do you relax?
I spend time with my family. We go out to the movies. I also play lawn tennis, it’s my favourite game.
Educational background
I have a degree in Electronics and Electrical Engineering. I have a Masters degree in Information Technology. I also have an MBA.
You have been in business for a while now, have you been betrayed by anyone?
Betrayal could be people stealing from you and it is very common. I have suffered that. What we do in SLOT is to make sure we don’t provide the atmosphere for people to steal. We are not working with angels, but with Nigerians.
How do you handle criticisms in life and business?
Criticism is what makes you aware of your strengths and weaknesses. It helps you grow no matter how it is done. I appreciate people who are bold to criticise me and tell me the truth.
When did you get married?
I got married at 32 while living in a two- bedroom rented apartment. I didn’t even have a car then. I met my wife at a bus stop on the outskirts of Lagos. Then, she was working with Chanchangi Airlines and I was still squatting at the bookshop repairing computers. We became friends because we always met at the bus stop and the rest is history.
What was her reaction when you wooed her?
She didn’t look down on me for being where I was at that time. She is a humble person and her pleasant disposition was what attracted me to her. She is also very beautiful, intelligent and very tall. I am not very tall, so I needed a tall woman to complement me.
What do you love most about her?
She is very intelligent. Most times, when she shares an idea with me, I struggle to do it because I am more of a risk taker and she’s a risk averter. She’s more intuitive than me because I look more on facts and figures. That helps us to complement each other. Over the years, I have learnt that you have to listen to your wife because doing that has helped me a lot as a man.
What do you treasure most in life?
The most important thing for me is to live an upright life. The pressures of life may make it hard, but doing the right thing must remain your priority.
What’s your life philosophy?
My life philosophy is that there are no elevators. You have to take the stairs. It takes you from one stage to the other steadily. If you are not well prepared for the next stage and you fly there, there’s tendency for you to come crashing down.