Mr. Jegede Paul is the chairman and chief executive officer of JAPAUL Oil and Maritime Services. In this interview with ANNA OKON, he discusses his business principles and passion for helping the poor
Were you born with a silver spoon?
No. I was not a silver spoon child. In fact, I came up from ‘stone,’ so to speak. I grew up in the shanties. I grew up in a poor home and I have seen people dying helplessly from little health problems because they didn’t have resources to seek for medical help. So I made up my mind that if I am in a position to help people, I will help them. When I see people dying like that, it affects me. Some people die because of N5,000 or N10,000; while abandoned children litter the streets; some of them die on the spots where they were dumped. These things affect me a lot; when I see such things, I want to cry. That is what inspired the set up of the Life Fountain orphanage home; it is to give hope to children running around live under the bridges and risk abuse by irresponsible men.
How did you become who you are today?
My father was a factory worker in Lagos while we were in the village. At that time, the money he sent to us was not enough. The determination that God has put in me to succeed was what propelled me to this level. I have been a bricklayer; I have supplied wood in sawmill before; I have gone to people’s farms to work just to raise money to buy my JAMB form and to pay for lessons. So while other children were enjoying, I was in somebody’s farm working. I had to work during the holidays to add to whatever money they gave me and that was how I was able to sponsor myself through the university.
However, I always had my eyes set at the top. I always told myself that that the position at the top was not reserved for anybody and that I would also get there. The determination to succeed did not allow me to recognise pains and problems when they came because I always told myself that it was another opportunity to learn a valuable lesson and to grow. That is how God has helped me. I was just a village boy that God has helped.
Do you feel you have achieved your desired level in life?
I have not. My vision is to have one million people in my employment. My own definition of success is when one life affects one million lives, either through employment or through the support I can give them in the area of education and health care. At the moment, I have not attained one per cent of what I dream of attaining.
How do you constantly reinvent yourself?
I read a lot. I am always in constant quest for knowledge. I am always excited when I see a business that has run for 250 years; but in Nigeria, new companies hardly survive up to three years before dying. I set out to know why a company dies once the owner of the company dies. I tried to learn how companies outside Nigeria survive for years while our own companies do not. When I found out how they were doing it, it gave me confidence that my own company could also survive for a long time because of the information I had gathered.
And what is that?
I try to apply the same principles that successful companies outside Nigeria are adopting and the main principle is integrity. To be honest in our society is like a sin, you may get punished for being honest. I used to nurse the fear that I will lose all the things I have achieved in one day because of the type of society we are in; but now I don’t have that fear. God has opened my eyes to see that if I do things the right way, they will stay with me. If I grow up, I will stay up, if I jump up, I will come down; so that has been the philosophy that has kept me afloat. I have had serious challenges in life and business. For instance, in 2008, I bought some ships from the money I raised at the capital market. I bought the assets very high, about $10m; after the crash of the stock market, the value of the asset went down to $2.5m. When I was reporting that to the shareholders, I was open and honest with them so that they could verify from other sources if they wanted. I am also a strong Christian and I have faith that I will live long to fulfil God’s vision for my life.
Do you have time to relax as busy businessman?
Yes, I relax with books. I can’t imagine myself sitting down to watch television. I always feel I am wasting my time because time is very precious to me and I schedule the things that I do. Sometimes, I work for 15 hours a day. These days, however, my wife is forcing me to take one week off each year.
Do you have any favourite holiday spot?
The holiday spot would depend on what my family wants and what my budget can carry.
What advice do you have for young people who want to venture into business?
They should not harbour the feeling that making it has to do with being dubious. You can actually make it without cheating people because the greatest fear I have for this country is that people are getting accustomed to the idea of making it by cheating. Somebody works in a company, he is earning N50,000 a month and he is building houses and the society is celebrating him that he is making it in that company. The society does not frown at it. A friend to that person that sees him would want to do the same, he would also be looking for where he can get engaged so that he can also go and ‘do well’ in company.
This is a society where we have public offices and then people will tell you that your time has come and if you are not misbehaving there, they will ask if you are under a curse. If you are made a commissioner and you cannot make money, they will ask if you are under the spell of witchcraft. If that mentality can change and people can realise that working hard can make them grow and become successful members of the society, things will change and Nigeria would be the greatest country in the world because we are already blessed.
Has anybody ever betrayed you in a way you will never forget?
Yes. Many people have done that but betrayal is part of life, all I do is to forget about them and move on with my life. People disappoint you every time; workers steal money, relatives that you trust with some things walk away with those things. But these experiences just help me get wiser. I ensure that the second person cannot take advantage of me the way the first person did.