Wole Shenbanjo is the Chief Executive Officer of Shenbee Travels Limited. He tells TOFARATI IGE about his entrepreneurship journey
You had a flourishing career in the banking sector. Why did you leave at the time you did?
Having worked in that industry for a couple of years, I got tired of it. I considered it monotonous for a restless soul like mine. I wanted to try something new for myself. My kids were still infants at the time, so I felt it was a good time for me to set out on my journey before my responsibilities got bigger, and the comfort of my salary would make it unwise to leave.
What was the reaction of your loved ones to that decision?
Everyone thought I was crazy. I was working in the treasury department of one of the biggest banks on the continent, and I wanted to leave that to go and hustle. Many people could not fathom it.
However, my wife told me that if that was what I wanted to do, I had her support. That was the only assurance I needed. I then set out on the journey, and I thank God for where we are today.
What motivated you to start a travel company?
I wanted to do a business that was natural to me, and where everyone I came across was a potential customer. I wanted a business with a guaranteed cash flow; that would not have any days off or public holidays. The travel business ticked all those boxes for me. As long as the skies are open, we are in business.
You studied Computer Engineering but started your career in the banking sector. What informed that move?
There is no big story behind it. It was simply the first job I got after leaving school. I had always wanted to start earning quickly and be on my way to (financial) independence. The banks were the largest employers at the time. I got a banking job, gave it my all, and began to thrive.
In what ways did your time at the Enterprise Development Centre of the Lagos Business School impact your career?
I had been doing business informally for a very long time. Going for a programme at the LBS was the best decision I made for myself. It helped to put structure around all that I do now, and also helped me to scale the business.
What are the biggest challenges you face in running your business?
The biggest challenge has to do with human capital. I have found that many people are actually unemployable, and sometimes, due to no fault of theirs. The (educational) system keeps churning out all sorts. The good ones (workers) are overpriced, or are on their way out of the country. The ones one decides to take a chance on and train become restless once they’ve been equipped a bit.
Another challenge is not having access to affordable working capital.
What are some of the landmark transactions you worked on in the capital market?
I was part of the team that worked on the largest merger in the Nigerian Stock Exchange at the time. It was the Dangote Cement consolidation, which gave birth to the big giant (the company) is today.
You later moved to the insurance industry. How easy was it for you to make the switch?
It was actually quite easy. I was an entry level staff then, meaning I was green and open to learning everything that came my way.
What are the personal qualities that have helped you get to this point in your career?
They include courage, tenacity, focus and integrity.
You were said to be the best-graduating student of your set at the GTBank Training School. What do you recall of your time there?
I love challenges. I remember on our first day in the training school, we were told it would be one of the most rigorous four months of our careers. We heard that a lot of people dropped out (in the past) because they were unable to cope. The program was structured in such a way that one learned a new course for one week and would take an exam at the end.
I took up the challenge and gave it my best. I realised that after each exam, I kept on passing one course after the other and emerged as the best graduating student. I then discovered that the biggest department in the bank– Treasury—usually came for the best graduating student. That was how my career in banking got off on a great trajectory.
Having worked on the local currency trading desk of GTB, what do you make of the current scarcity of cash plaguing the country?
I think the currency redesign was not well planned; or not properly implemented. Big countries usually take many months or even years to successfully change or redesign their currencies in ways that would not place unnecessary hardship on their citizens. Thankfully, it has now been reversed, so there should be changes in the coming weeks.
The naira seems to be in a free fall against the dollar. How do you think the naira can best be protected?
We need to do away with our multiple exchange rates and allow the forces of demand and supply take effect. The differential between the official and parallel market rates makes it impossible for a lot of inflows to pass through the banking system.
Also, we need to intensify efforts to increase our non-oil earnings.
What drives you?
That would be the fear of poverty, which I refer to as ‘the beginning of hard work’.
What do you regard as the lowest moment of your career?
That was when I tried my hands on a particular business I did not know much about. I ended up losing everything I invested— both owned and borrowed. It took me a while to come out of the woods.
You sit on the board of some companies. What can you tell us about them?
I sit on boards across some key sectors such as financial services, travel/tourism, education and manufacturing. Most of them are interrelated, and the key ingredients of success are pretty much the same. Hence, I am able to take the things I learnt from one and apply to another.
What are the common mistakes young people make as regards career advancement?
Many young people are just after the money, and are always ready to move for the next better pay. Young people need to be more futuristic in taking decisions. Making less money today might be the stepping stone to one’s big break in a few years.
How do you balance your career and family in a way that none suffers?
For me, it is God first; followed by family, then business. Those who know anything about me will say that I am a family-oriented man. I practise work-life integration. My business requires me to be constantly on the move, so I try to make time for my family as much as I can. I made sure that the location of my office was central to my kids’ school and my wife’s workplace. That way, I am able to do school runs once or twice a week, or dash in for school activities. I am also able to catch up with my wife during the day for lunch, as often as we can. I am very much am invested in family time when I am not working. And, with the new hybrid model of work, I am more present in their lives, as I can do my work from anywhere I am.
However, weekends are reserved solely for the family.
Also, we set aside about a week or two annually to travel together as a family. By doing that, we are able to create priceless memories.
What are your other interests?
I love traveling. I love the game of snooker as well. I am passionate about entrepreneurship, self-empowerment, and poverty alleviation.
