Book review: 'Leaving the tarmac, buying a bank- Aigboje Aig-Imoukhuede
I was in a gentleman's office in Port Harcourt, and we delved into the fascinating world of Nigerian businesses. He dropped a book recommendation , and trust me, it's a game-changer. The book? "Leaving the Tarmac, Buying a Bank" by Aigboje Aig-Imoukhuede, the first CEO of Access Bank PLC when he and Herbert Wigwe bought the bank in March 2002. Today Access bank has over N15 Trillion in assets.
This read is a rollercoaster ride through Aig's journey climbing the corporate ladder alongside his buddy Herbert Wigwe, the current CEO of Access Bank. At age 36, they pulled off the move of the century – buying Access Bank in 2002. Grit, grace, and chutzpah – the trifecta that defines this remarkable tale.
So, I bought the 209-page book on Amazon Kindle and devoured it in two days. Here's the wisdom drop:
On the book that changed his life: “ I was attending an Executive Management Programme at Harvard Business School in Boston, USA. My brother in-law, Ovie Brume, had finished his MBA programme that year, just before I attended the Harvard PMD programme in the autumn of 2000. He gave me a book titled Buyout: The Insider’s Guide to Buying Your Own Company by Rick Rickertsen and Robert E. Gunther, which proved to be seminal for me” That was the book that changed his life, he said he read the book times in less than 2 days. Books are really powerful they change lives. May your paths cross certain books that can change your life. I am a big advocate of reading and rereading books. In the words of the late Charlie Munger “ There are answers worth billions of dollars in 30$ history book. Acquire worldly wisdom and adjust your behavior accordingly.” What book are you reading?
On forming alliances: “ We both understood the importance of forming alliances and making broad friendships.” What you know is very good but who you know may sometimes take you further than what you know. Build a robust relationship base. Take and save numbers properly, keep in touch, buy gifts for people in your network, by doing that you’re digging your well so that when you’re thirsty you can call on your relationships for help. The relationships Aig and his partner Hebert built while they where paid staff of GT Bank Plc is what helped them when they set out to buy Access bank in 2002.
On having a good and reliable business partner: “ I liked the idea of having a partner for this venture because I believed that this way we would have ‘four eyes’ of leadership instead of two, which is always a good idea in any situation, particularly one as complex as building a bank.” The sages say if you want to go fast go alone, if you want to go far go with people. I once had a business partner in the past and that relationship didn’t end well because we were unclear on the terms of our partnership. Here’s Warren Buffett’s advice on business partnerships off the back of his 45 year business Partnership with the recently late Charlie Munger who died recently at 99 years ( he would have been 100 in January 1, 2024)
“Look first for someone both smarter and wiser than you are. After locating him (or her), ask him not to flaunt his superiority so that you may...”
I must add that you pick your business partner with wisdom and prayers
On taking a leap of faith: “ While our decision to take up the unsubscribed shares was in effect a leap of faith (endorsed, I would like to point out, by the pastor of my church), Herbert and I had just two hundred million between us, comprising our shares in Guaranty Trust and the sum total of our savings. Therefore we needed to raise the balance of eight hundred million.” They had only N200,000,000 when they needed N1 Billion to take up the unsubscribed shares of Access bank. They became resourceful even when they didn’t have the resources and to the glory of God they hit their goal.
On beating the competition and working hard: “If you want to beat the next guy you have to study far longer than him each day. If you work half as hard as your competitor you can hardly complain when you earn half as much profit. All these lessons had soaked into the fabric of my being.” Hmmmmm true words.
On seasons: “There are times in the life cycle of companies, industries or even countries when you face circumstances that may require a much higher level of sacrifice from stakeholders in order to achieve the desired goals and objectives.” There are seasons in your life that require you to push harder, work longer, pray longer, fast longer, or give bigger. When you sense that season don’t resist it lean into it.
Life, business, countries – all have seasons. Embrace the grind during those intense moments. Like launching a rocket, initial force is hefty, but it gets easier.
Quick stats: I devoured 20 books and spent 25,000 minutes listening to podcasts in 2023. Wanna dive into monthly book and podcast reviews with me? Join my WhatsApp group for a mere N8,000 or $6 a month – the wisdom journey awaits! Here's the link: Join NOW
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