Nigeria has everything, but lacks implementation – Dr. Julius Nwokolo

One would have thought that with three straight degrees (B.Sc in Marketing Management from School of Business Studies, Thessaloniki, Greece, M.Sc in Public Administration from Middle East Technical University, Ankra, Turkey,  and Ph. D in Economy Development from Aristotle University of Thessaloniki, Greece) ,  Dr Julius Nwokolo, would be struggling it out with other academicians within the four walls of a university or any other tertiary institution; but fate has something else for him- To be a clothier! Julius’s contact with traders handling huge sums of money while he was working as a clerk in a bank changed his career decision against his father’s desire for him to be a medical doctor. Today, he is the chief executive officer of Ultra Moda Nigeria Ltd, a fashion trading company with headquarters in Lagos. In this The Business Interview with Arinze Okamelu, Dr. Julius Nwokolo he reveals his sojourn Europe, his exploits in business amongst other concerns. Read excerpt below:

Can you tell us how your sojourn abroad started?

I was a clerk at Union Bank Plc at Onitsha then, and I was working at the foreign affairs department where we were in charge of foreign exchange. This exposed me to parents who were transferring money for their children’s school fees. From there I felt I could also travel abroad to study too. I then took TOEFL (Test Of English as a Foreign Language) and applied to Oregon State University, USA. I remember I made 520 in TOEFL and the cutoff point was 500.I was offered admission into Oregon State University, USA. But then I was very ‘tiny’ and there was this consideration if I should go or not. Incidentally there was my uncle who was sponsored to school by my father, he is an Architect, and he came home from Greece and on hearing of my admission story, said that I should stay with him that I was too young to stay in the US alone; my father bought into it. He wanted a guardian for me and that was understandable. But for me, you know at that age one is adventurous, I preferred a place that I will be free, but parents must always be parents. But still, America or Europe then, I was excited I was travelling to study.

You were a teaching assistant while studying for your PhD, why didn’t you stick to full time academics, and where did your idea for business come from?

Well, I was influenced by my orientation in the university. My first degree was marketing management and in the school I was exposed to lecturers and professors who ran their own businesses. And you know what? I did not know what their salaries were. But they were very comfortable and I admired their successful businesses besides lecturing, and we had practical teaching classes because we did some part time jobs in their businesses. This, coupled with my earlier resolve to do business during my banking career in Onitsha really influenced me. I attended the Federal Government College, Afikpo, where we were taught by the Britons, Indians and some Nigerians as well and we were majorly science students. I sat for GCE and passed it- a certificate with which I used in securing employment in the bank even before I did my secondary school certificate examination. But when I got to the bank I saw men and women, young and old, handling cash, paying in, withdrawing and living well compared to the kind of salaries we were receiving; and my branch of Union Bank was a very busy one in Onitsha as I see them daily. That was where I made up my mind that I will do business; though my father who is an educationist, as was the trend then, wanted me to be a medical doctor. So when I got to Greece, I got my freedom and I went into the business school and it was a good thing for me because if I had even become a medical doctor, I may not do well because I hate the sight of blood and I am very touchy.

What is your take on your university system where your lecturers were running businesses alongside their teaching jobs?

It was just a beautiful structure and I came in thinking of same in our system here. Most of my lecturers had their companies. There was this professor that had buttons manufacturing factory in an underground of a building like this (referring to his office). We were producing close to a minimum of 5000 different buttons alone a day. There was also a professor with a chain of about seven fast-food outlets then, and many of them like that. One had a factory that was producing only zips. You see, with this system, student relates better with what the lecturers are teaching, and the lecturers won’t bother the government so much and they won’t exploit the students. You can see that the working condition was good because outside salaries they were comfortable. So I wasn’t surprised that they carried themselves with dignity. Besides, these businesses contributed to the development of their economy; you see families and people working in these businesses and getting paid.

Looking at the orientation you got during your university days where your lecturers owned their businesses and were still teaching, why didn’t you replicate the same model here in Nigeria, teaching and doing your own business?

Yes, when I came after my doctorate, to be honest I had that intention. But when I approached the schools, the pay for lecturers was really poor, and you know I had touched some money in the course of my studying and doing business. More so, Ultra Moda was giving me very good money with branch already at Ikeja Lagos as we were supplying to all the big stores.

Why did you take to fashion?

I guess I have always been fashion conscious. Also I love colours and styles. As a bank clerk I was already used to dressing well and wearing tie to work daily. So when I got to Greece as a student, it was in my habit to always wear tie to the classroom and as a result, few of my lecturers admired. More so,  because this was coming from a black man. And when I noticed that it was what people like, I continued doing it. Also the Greek society was like the Italian society, people are obsessed with fashion. So as a fashion conscious person, I wouldn’t be a misfit in such structure, so I sought to be part of it.

At what point did you start Ultra Moda Nigeria Limited?

The truth is that I started Ultra Moda as a hubby in 1984. After my first degree, I was planning to visit Nigeria during summer of that year. But before then, I was in contact with one of our big customers in the bank then, C. C. Mollas, may his soul rest in peace. He was running a fashion house in what they call “White House” in Onitsha then. His store was super-store and most of our top managers in the bank then go there to buy some designers stuffs (shoes, suits, shirts, wrist-watches, etc). But the attraction was that when I was travelling, this man gave me a cash gift, I can’t remember the exact amount, because of our friendship. So he was one of the people, while I was in Greece, that I was still communicating with him. In the course of one of our discussions I told him I would be coming back and he told me “don’t come empty handed”. In fact he was my mentor in this business. He told me to pick some fashion stuffs. I obeyed but didn’t have “a dine”. So I had to go to a student whose father was into fashion business and they gave me some clothes. Of course my capacity then was small, about two suitcases. Then we were using Bulgarian Airline that flies one a week-It was a communist flight then, and an affordable one. I got to Lagos, and went straight to Onitsha and he (C.C Mollas) welcomed me. He was very happy. He was impressed with some of the things I picked and considered them qualified for his kind of shop, displayed them and was not impressed with some, and he sent them to the popular Onitsha Main Market. That was when I knew that there were classes when it comes to fashion. That was one of my first business lessons in Nigeria. Having done that, he gave me some money to go and see my parents. Infact when I got home, I told my father not to worry about giving me any money that I have enough. This man made that my very first holiday to Nigeria very enjoyable to me and that motivated me more. Then after my holiday when I was leaving, he gave me the kind of money that was mind blowing, and helped me change them into dollars. I became instantly, a rich student. I think I went to Munich in Germany before the winter started and I bought Renault 12 Detia car for about 800 Deutschmark. Then Nigeria’s money was very valuable. However, I got a scholarship to study in Turkey, and as far as I knew, Turkey was still developing, but I was attracted by the little money that I was getting as a result of the scholarship, that was how I found myself in Ankra, Turkey and I lived a good life as a student to the admiration of the whites. I had to even marry the daughter of a professor. Infact I was labeled a “black racist” by some intimated blacks who were surprised how I was mixing freely with the Europeans. So having been exposed by Greeks and the commercial sense of the Europeans, I leveraged on that to meet the Children of some rich industrialists and I spoke with them, such that every summer I will get clothes, shoes and other fashion stuffs and bring them to Nigeria to this my mentor (CC Mollas) who in return pays for them and I will send the money back. We did this for many years before I came back fully to Nigeria after my PhD in 1992 to set up Ultra Moda Nigeria limited. So despite the passion that I have for the business, the economics gains I was making also encouraged me.

So what’s your vision for setting up Ultra Moda Nigeria Limited?

My vision was to contribute to the development of the economy of my country (Nigeria) by being an employer of labour; create a textile factory with designers, marketers and various departments where people will be employed and families will work and make money and be fulfilled, even while I am making money too.

What makes Ultra Moda unique?

We have carved our niche market. Our products are strictly corporate for people with taste for uniqueness, class and style. You come into our stores, you don’t see junks. You are not confused. With all sense of humility, we don’t do general brands. When we sell to you, you don’t see it on anyone else; we don’t give you our products and when you wear them, you see many people wearing the same thing. No!  We make our customers confident, proud and uniquely distinctive. Customers’ satisfaction is our goal. We have been labeled fashion virus by some of our customers because they say “how come we buy from you still comeback to buy” and I told them it is our standard and styles that is attracting them. When you see our customers and products, and you are courageous enough to ask where they get their stuffs from, they will tell you they are from Ultra Moda.

So how has this affected your customer base?

Yes, it is given us an edge in sustainability because people have come to trust us for this. Interestingly, our products are affordable. So one is getting many values which include quality, distinction, and great style at affordable prices.  And we have succeeded in creating a customer base of like minds.

You said you had a vision of setting up a textile producing factory here, what has been militating against it?

Power. There are some machines that should run 24hours without stopping if you want to do a good job, like the collar producing machines; they consume little energy but runs almost all the time. You need constant power supply to run a textile factory. Again, the banks are not helping matters because finance is another challenge. I need not tell you the challenge in accessing loans in this country and the collateral issues involved. However there was a time, we were ready to do it without even approaching the banks, but the power situation was a major challenge. We were ready to bring down our partners here and they were ready to come. But the power situation didn’t help matters. But we are still on it, and it must come to pass.

What do you think the government isn’t doing right to encourage Nigerian businesses?

We have the ideas, we have the intellectuals, we have the resources, we have everything, but implementation has been the issue. SMEs (Small and Medium Enterprises) should be encouraged because they are the drivers of the economy and job creators. Government should encourage them.  Let me give you an example; few years ago the Turkish government charted two airplanes filled with industrialists and their luggage to come to Nigeria to explore business opportunities here and they lodged them Eko le’ Meridian at Victoria Island. The government sponsored them, while their luggage were in one of the aircrafts, the industrialists occupied the other aircraft.  You know the meaning of that? They will come and explore our businesses because they have funds, so imagine what happens to their competitors.

How has this business affected your social life?

My friends call me “chief labourer” because I work from 8am-7pm; yet I find time to attend social gatherings. In fact social gatherings are direct advertisement for me. They complement each other.  If I go out, people compliment me.  I don’t need to be on radio or television, it is just through me, and you see what we do. Good things sell themselves and that is why we are not loud, but efficient. However, if you are not a socialite and you are into fashion business, you should have people doing it for you because that is one of the greatest marketing and sales strengths you have to develop.

Would you count Ultra Moda among the first top 10 companies in the fashion sales industry in Nigeria?

Indeed we have paid our dues. We have gotten awards from many organizations, but it will still be difficult to concede because I don’t know the parameters they used in considering us for their awards. As an intellectual, I wouldn’t just sit here and score Ultra Moda; but if people rate us high, I don’t think they are wrong.

What do you think are individual traits for running a successful business?

Vision, focus, concentration and patience; a lot of people are very impatient, and always want to grab things immediately. For example, in this kind of business, the more you stay, the more you meet people. Also one needs integrity, humility and honesty. Once you embrace these virtues, people will come to you and you will be successful.