How This Nigerian Chemical Engineer Built A Multi-Million Dollar Business
Success is a product from taking advantage opportunities that present themselves to you through work, networking, studying, or even by chance. While there are opportunities everywhere, it is key to note that when an entrepreneur recognizes an opportunity, they work against all odds to not just make it a success but to make it theirs.
This is the story of a seasoned entrepreneur and industrialist with a clear-cut vision, who became successful from pushing boundaries and rising above challenges to ascend the steep slope of entrepreneurial success.
His name is Dr. Sam Iwuajoku, the Chairman/CEO of Quits Aviation Services Nigeria, amongst a number of other businesses.
Here’s how he did it:
Early Life & Education
Sam Iwuajoku was born in Nigeria on April 1956 and later went on to get a degree in Chemical Engineering from the University of California.
and has extensive experience in the Oil & Gas, Steel and Commodities industries. He is the Director and sole owner of the following companies in the industry:
According to Forbes, Sam Iwuajoku made his fortune from the importation of rice and steel rods from his company, Steelman Nigeria Limite, which he has run for over 40 years ago.
In the process of running a successful firm, he has also made good use of his extensive political connections to obtain a series of generous import duty waivers from the Nigerian Government which he has used to grow import more commodities, grow his firm, and employ a lot more people.
Over time, he reinvested a lot of the income he made from his import business by reinvested into private aviation services, which eventually evolved into Quits Aviation Services.
Sam Iwuajoku, being a serial entrepreneur, owns a number of businesses in Nigeria, from being Chairman/CEO Quits Aviation Services Ltd (which he is popularly known for) from January 2008 till date, and Afri Infrastructure Development Ltd. from 2011 to date.
He is the Director and sole owner of the below-mentioned companies:
- Quits Aviation ServicesLtd
- Afri Infrastructure Development Ltd
- Corporate Oil and Gas Ltd. that deals with Oil and Petroleum Products
- Intercity Commodities Ltd. that deals with Bulk commodities supplies
- Steelman Nigeria Ltd. that deals with Steel and Billets
- and Unigate Investments Ltd. that deals with Stock Trading.
After founding Quits Aviation Services Ltd. and Afri Infrastructure Development Ltd, Sam Iwuajoku completed and currently operates the first world class general aviation services facility at Lagos International Airport, in partnership with ExecuJet Aviation Group.
Sam had a stream of successes in his businesses, and even got acknowledged by Forbes as one of the wealthiest Nigerians.
It was also earlier reported by Sahara Reporters that he was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) for allegedly procuring import duty waivers under false pretence which eventually cost him a hefty sum of N2 billion paid back to the federal government of Nigeria.
After freeing himself from the situation, the Sam Iwuajoku adopted a low profile lifestyle and managed to keep away from being the talk of society until his aviation company signed a historic contract with hospitality giant, Hilton, to build the 5-Star Hilton Lagos Airport Hotel to serve the MMA and its environs, something that had been attempted without success by Chief Harry Akande, a businessman and former presidential aspirant, which involved in a legal tussle with aviation authorities over his plans to construct an ultra-modern hotel complex at the international airport at the time.
The Legend Hotel Lagos Airport (Curio Collection by Hilton) marks Hilton’s 500th hotel across Africa, Europe and the Middle East. And the hotel is part of a collection of over 50 one-of-a-kind hotels and resorts widely celebrated for their individuality, traveller appeal for those seeking local, authentic experiences.
To Sum It Up
The success story of Sam Iwuajoku is a clear example of how possible it is to chase more than one dream. While the origin of his initial income might not be clear, his tenacity to successfully spread his investments, network with the right people and to build a conglomerate is a clear indication that what anything is possible when you put in the right work with the right vision
Sam Iwuajoku was involved in steel, aviation and importation. He learned what he could from his careers & friendships and worked hard to build a great business in the process.
You too can.