The Chief Executive Officer of Seven Oceans Oil and Gas Limited, Engr. Samuel Alabai, has cautioned young entrepreneurs to avoid lavish spending when they make their first million saying it is one of the ways to become successful.
The CEO also explained how he became successful in the oil and gas industry despite cartels.
He said these on Thursday while speaking during a conference with the theme, ‘Under 40 CEO,’ orgainsed by Assemblies of God Church International Worship Centre, Abuja.
Alabi founded his company in 2009 with the vision to be a leading player in providing affordable and sustainable energy for Nigerians and across West Africa.
The 15-year-old firm has extended its oil and gas business to transition energy fuels like Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG).
The Seven Oceans boss admonished young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success.
The CEO also named fear as a factor that has discouraged many young entrepreneurs leading to the shutdown of their businesses.
Alabi highlighted how quick lifestyle upgrades have pushed some businesses into bankruptc
He said, “You need to separate your business from you. This is particularly your business account from your account. You also have to separate family relations from your business.
“Avoid the temptation to quickly change your lifestyle. The instant you make your first N1m, the first thing you want to do is buy a car instead of reinvesting the money into the business and double your income.
“Avoid being too quick to buy a car just to show off. If the car helps the business to grow, it is an investment otherwise, you don’t need it. At the appropriate time, you will update your lifestyle but it has to be done gradually.”
Alabi explained how he became successful despite cartels in the oil and gas sector.
The CEO said, “In my own case, the way that I solved it was by attending conferences and seminars where the major players were and I made contributions. I network and as well tell them before the media that breaking into the industry is difficult for a new entrant and sometimes, they give me a sign to be calm because there is NTA, Channels and other media houses covering the event.
“That was how most of them gave me access so that I don’t embarrass them next time.”