Online Reporters Association of Nigeria paid a courtesy visit to Labo Business Group Chief Executive Officer, Olabisi Sulaimon Akanbi. Akanbi who is also the patron of the association was delighted the way President of ORAN, Tijani Adegbola along side members of the association showered encomium on him. He was interviewed about his business plans for 2021.Excerpts below:
YOUTH ASSEMBLY AWARD
Youth Assembly Award is a political award in Nigeria. The award organizers target people that are doing well in the society. I feel great winning this award for the first time, the thing is that some people out there noticed my work. I am glad that they are able to appreciate what I’ve been doing so far, and this motivates me to do more.
I’m glad I was presented with that very honorable award. So, I am extremely happy.
Actually the body that came to present the award were youths like me, and they realized that I’m a young man like them, so I felt it’s just a way of appreciating me.
BEING POLITICIAN IN FUTURE
I don’t have interest in politics; the group that presented the award were youths, so I think it’s just a way of appreciating me as a youth showing love to my fellow youths. I’m just doing what I’m doing as a way of giving back to people. This is the reason I created Labo foundation. This will be a platform to help the less privileged.
LABO HUMILITY
I will say it was inherited, because my father then when we were very younger, if ant greets him, he is ready to prostrate! So humility was inherited for me. So being humble goes a long way because you don’t know who you will meet on your way to success.
ABOUT LABO
It is a frontline marketing company with different subsidiary companies, which includes; auto-mobile, real estate, entertainment and NGO. In auto-mobile, we deal in different kinds of cars, it is going to five years now, we also have La Faith Property which is the real estate company under Labo Group and we’ve been into it for like seven years. We’ve been able to do quite numbers of projects, both in Lagos and Abuja, then mainland and island in Lagos. La Faith property right now will be having a mega project which is ongoing in Ibeju Lekki. It is called La Faith Estate and Resort. Parts of the estate is facing the sea, and the project is going on now. We have other properties on mainland which we’ve developed. We have been able to market it which is under La Faith properties.
Labo Entertainments have been there even before Labo group. It has been over a decade. And presently Labo Entertainment is trying to showcase some upcoming artistes. The reason is we believe in upcoming artistes. It is upcoming that will become star. So far, we have been trying our best to help lots of talented youths. Under Labo entertainment, we have Dotman who is our super star and his album is coming out on the 5th of February. He has a lot of hits on it. We also have other talented artistes under Labo entertainment with different projects.
MOTIVATION INTO INVESTING
Right from childhood, they know I love business a lot. While in secondary school then, my friends and I were practicing how to make money. In the sense that some of my mates then while we were young after school and after reading they would just playoff, I was able to make a contribution and get a bicycle which I rent out to lots of my friends. Before you know, I had more like 5 to 6 more. I also had a video game Centre, so that was how my journey as an investor started. The more friends I have the more money I make.
HURDLES
When I started the entertainment outfit that was around 2003-2004, I had a lot of challenges and I felt it’s just the way of coming up, but presently, I know how to manage the challenges.
SUCCESSFUL PROPERTY INVESTOR
I believe there is no business one venture into that does not have competition and challenges. But your goal, mission and vision will keep you going. We had a lot challenges but we were able to manage it and that is why we are where we are today.
PROPERTY INVESTOR GODFATHER
No, I don’t have Godfather. The truth is, if you calculate how long I have been doing those businesses, you will realize that the journey has been a long journey. And like I usually say, a Rome is not built in a day. it’s through a gradual process you will overcome challenges. Before I got to where I am today, I started somewhere which was working for somebody. So I don’t have any godfather except God.
LABO STRENGTHS AND WEAKNESS
I usually say in Labo group, in terms of our strength and weakness we have been using SWAT analysis which means we have been able to know our opportunities from our weakness. And my strength is that I know when to act and when not to. Also, our strength is to always satisfy our customers.
LAFAITH ESTATE PROJECT AFFORDABLE
The estate will be affordable for everyone that was why we have different standards. In the same estate, we have 3 bedroom duplex, 4 bedroom duplex, we even have two bedroom duplex. And we have flats. If you cannot afford duplex, you can as well go for flats. So the estate is for everybody. And we have a plan for it whereby if you are not able to pay one; you can come to our office and tell us how you want to pay.
BUSINESS LESSON AS PROPERTY INVESTOR
I have learnt a lot about property investment but I am still learning. And the advice I have for anyone planning to go into property investment is to know his or her budget and know the kind of people you are working with because there are a lot of fake people out there. Even people you employ as workers will rip you off of your money along the way. And if you know you want to go into property investment it is very easy for you to make friends with somebody that is into the business already.
