Before setting up Zenon, I was selling diesel in drums from door to door -Otedola

Before setting up Zenon, I was selling diesel in drums from door to door -Otedola

 Can you picture Femi Otedola, son of a former governor of
Lagos state, sitting beside a driver in a pick-up van and going from door to
door to sell diesel in drums?

 

Before setting up the monstrous Zenon Oil — which later
became a monopoly in the Nigerian diesel market — that was exactly what he did,
according to his revelations in ‘Making It Big: Lessons from a Life in
Business’, the Amazon bestselling business memoir.

 

“To prosper, accept that nothing is beneath you,” the
billionaire businessman wrote.

 

“In the beginning, I went around pushing diesel, riding in
the van beside Samson, the driver. I always wore jeans and a polo shirt as we
went from door to door, to market or deliver the product.



“When we met at nightclubs on weekends, my friends would
tease me with questions like, ‘Where’s your truck?’ They’d laugh when I walked
in and ask, ‘Are you here to sell diesel?’ I took the wisecracks in stride. I
didn’t feel that selling diesel was beneath me. I had my wife and children to
look after; there were school fees to pay.”

 

He said he had to survive “and face up to my
responsibilities”.

 

It was in the processing of selling diesel from door to door
that he realised the huge market he was playing in.

 

“Maximize opportunities and expand to meet demand,” he said
in describing a lesson he learnt in business.

 

“After I’d started this small-scale selling, I came to
realize that the entire country was running on diesel – homes, offices,
factories, trucks and trawlers. The energy situation was dire, with constant
blackouts and shortages, and the demand for diesel was enormous.

 

“The opportunity was certainly there; we had to rise to the
occasion. I got to work on an ambitious marketing strategy. I employed 14 sales
executives, all young, brilliant and driven women, and gave them new cars. In
my experience, female salespeople were more effective in convincing prospective
clients, perhaps because of their commitment, ability to charm and reluctance
to take no for an answer.

 

“It also helped that the new trucks I’d ordered from the
Turkish manufacturer BMC had arrived, which we started using for home delivery.



“With the marketing team out on an aggressive sales drive,
the orders came rushing in. I had given them a list of big companies – Nestlé,
Coca-Cola, Flour Mills of Nigeria, the Dangote Group – and they closed one deal
after another. I would pay Marca or Eurafric for supplies, they would send
trucks loaded with diesel, and I’d add my margin, which came to about N8 per
litre.”

 

He started buying diesel in bulk and renting storage tanks.

 

From there he bought a tank farm, growing to importing
diesel in vessels.

 

At the height of his market power, Zenon was grossing $6
million in sales per month before the global oil crash of 2009.

Source: Before setting up Zenon, I was selling diesel in drums from door to door -Otedola

 - NigerianEye
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