When Things Look Really Bad …It Often Means That Things Are About To Take A Turn For The Good – Laide Agboola, CEO, Purple Group

Laide Agboola studied Mechanical Engineering at the University of Sheffield; he also holds a Master of Science degree in Finance and a Diploma of Finance from Imperial College Business School, London. He is co-founder and CEO of Purple Group, a real estate firm with a portfolio of high profile commercial and residential developments including PurpleMaryland and PurpleLekki. 

Prior to establishing the Purple Group, Laide worked in investment banking for over 10 years with stints at IBTC Asset Management Limited (now Stanbic IBTC Asset Management Limited), Stanbic Capital Limited, UBA Global Markets Limited (now United Capital Plc), Alitheia Capital Limited and BGL Plc. 

He also founded Alternative Capital Partners Limited and served as the Managing Director. He served as Technical Assistant to the Minister of State for Finance between 2007 and 2010, advising on the development of Nigeria’s financial and capital markets. While at the University of Sheffield, Laide was elected as International Students’ Officer (the first Nigerian elected) and also served on the Board of SUSU Services Limited, the business arm of the university. 

What did you study at the university and what led you to the choice? 

I studied Mechanical Engineering at The University of Sheffield. My father was a Chartered accountant. At some point, he became the Finance Director for West African Portland Cement while the late Engineer Makoju was the Managing Director. They were quite close. My father always said because he was not an engineer, he may not become the Managing Director of West African Portland Cement, which he regarded as a manufacturing firm. Engineer Makoju had persuaded my father to let me study engineering. I could say I was influenced by a family friend. I did a foundation course in Engineering at Bellerbys College Brighton and I went on to study a degree in Engineering at the University of Sheffield. Three of my course mates graduated with a First Class. I was very close to making a First Class and I felt I should have. That affected my decision to move away from Engineering. I thought if I was not going into the field as one of the top graduates, there was no point going into it. Moving into business was not difficult. I had done internships in engineering firms as an undergraduate which gave me a good insight into the world of business.

So, I retraced my steps and made a move to follow my father’s career path. I had been elected as the International Student Representative for the University of Sheffield Students’ Union. I sat on the board of Susu Services Limited, the business arm of the Union. I was very much involved in the business activities of the Union and I enjoyed every bit of it. In fact, I took a year out while serving on the board of Susu Services Limited. I applied to four universities to do a post-graduate programme in Finance. I got admitted into the four universities but I opted for Imperial College London.

What is the biggest lesson you left the university with? 

I mention that I took a year out after studying for my undergraduate degree. This gave me a different perspective on a lot of things. People and relationships come for everything you need to succeed. You cannot get to your destination without working or interfacing with people or without managing or supporting people. The gap year gave me a different perspective on how to approach life and approach things. I confirmed that I am an extrovert by nature. I am always ready to meet new people and always ready to talk. It is imperative that when you pass through the university, you need the university to pass through you. A key way for this to happen is to form very important relationships or friendships while at the university. They are often a lifetime asset. Some of the people that have had the best impact in my life are people I met in the university.

Do you think more young Nigerians should take time out for a gap year? 

I consider the value of a gap year so important that any young person studying in a stable environment must take a gap year. It is opportunity to discover yourself and decide on what you really want to do in life. Many people end up in jobs or careers that their parents or other people nudged them towards. They do not really have the chance to think through what best fits with their personality, skills, interests, etc. So, that is what a gap year allows you to do – discover what really suits you and what you are likely to enjoy and really succeed at.

Who was the bigger influence on you between Mom and Dad? 

Both of them. My mother was a teacher. She taught Business Studies. She had more time for the children. My mother was also an entrepreneur and a risk taker. My father was a 9 to 5 person. They influenced me in different ways. There were five of us and much later six of us but I was the only male child so I was very close to my father. From early on, I learnt the value of hard work from him. He got up very early to prepare for work. He would wake me up and get me to do a lot of things for him – polish shoes, iron his clothes, etc. I only had time to start preparing for school at 6:45am after he drove off to work. In the evenings, I would do things like read newspapers to him and watch the news with him. My mother was a disciplinarian who promoted a sense of orderliness.

What was your first job? And what was the main thing you learnt while at the job? 

My first job was at a fuel station in London. The fuel station was owned by a Nigerian. I was a store and petrol attendant. That was in 1997. I got introduced to Chief Bode George while working there. I did not know who he was at that time. I went with my boss to inspect a property in Central London where we met Chief Bode George. He was waiting for us. It turned out that the property was occupied by Chief Bode George. I worked at the fuel station for two months. It was at that phase of my life when I was learning and becoming.

Is there one mistake that you have learnt something important from in your career or life? 

When things look really bad and it seems like everything is crumbling on you, it often means that things are about to take a turn for the good. That is often when you need to summon your last reserves of energy and make a final push towards success. Not too many people have succeeded in business without the resilience or the optimism to keep fighting hard even when their back is against the wall.

This abridged interview was first published in Arbiterz; published here courtesy a strategic relationship with Arbiterz.