At the age of 40, Uwadiale Donald Agenmonmen has built a remarkable track record of successful businesses that are making a meaningful impact and transforming lives across Africa. From agriculture to real estate, financial services to power and energy, Uwadiale has navigated the entrepreneurial landscape with skill and determination.
Join us as we chat with him to gain insights into his experiences, learnings, and strategies for building thriving enterprises.
Good day Sir, kindly introduce yourself
My name is Uwadiale Donald Agenmonmen and I am a petroleum engineer by training but now an entrepreneur. I am the Group Managing Director of Raedial Holdings Limited; a company committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including Agriculture, Real Estate, -financial services, hospitality, power, and Energy.
Tell us about your early life and your upbringing.
I was born on February 10, 1983, in Benin City, Edo State, Nigeria to Roseline and Henry Agenmonmen, from Esan Northeast Local Government Area of Edo State. I am the sixth child out of seven siblings. My early schooling was at Emotan Nursery School (now called Our Ladies of Apostle) in Benin City. Growing up, I was always fascinated by business, as my mother was a businesswoman who sold fabric and clothes for children.
At the age of 11, I enrolled at St. David’s Boys Model Secondary School in Evboneka, Benin City, and later moved as a pioneer student to Federal Government College, Ibillo, Edo State. I pursued my passion for Petroleum Engineering at the University of Benin, where I obtained a Bachelor of Engineering degree. I furthered my education by obtaining a Master of Science degree in Oil and Gas Engineering from Robert Gordon University in Aberdeen, United Kingdom.
Throughout my university days, I was always engaged in work. During the rise of the internet, I set up business centres and cyber cafes in Benin City. I recall a time when I even left an exam to serve a client, as I am deeply committed and passionate about anything I set my mind to.
What motivated you to study Petroleum Engineering?
I’ve always been drawn to the oil and gas industry because of the potential for lucrative paydays [laughter]. After graduating with a degree in Petroleum Engineering, I pursued my Master’s degree in Oil and Gas Engineering in Aberdeen, UK. Following my studies, I began my career in the UK and worked across both the UK and the US, while still being based in the UK with my family.
How was the first job in Petroleum, in Oil and Gas? What was the story behind it?
During my studies, I took on various menial jobs to support myself, including working at McDonald’s as a sales representative, being a bouncer at a club, and working as a site security guard and gatehouse security. One day, I came across an opportunity at Weatherford International and decided to apply. After a series of tests, I was thrilled to receive the call that I was hired, opening the door to the oil and gas industry. I had a choice between working in Drillings or Interventions, and after careful analysis, I chose the latter. I was attracted to the longevity and uniqueness of the oil well Intervention team, as we are involved throughout the entire lifespan of the well. This rarity in the industry appealed to me, and I began my job with them in the UK before eventually relocating to the US.
That was in which year?
That was in 2007 or 2008. I have to backtrack to confirm.
Walk us through your career journey from when you joined in 2007 and how you progressed through the ranks.
I began my career as a graduate trainee at Weatherford International and received training in their US branch. I then moved on to work in the UK branch and was promoted from a graduate trainee to a field supervisor upon my return. Soon after, I was hired by Schlumberger International to work on a product line they were launching in Nigeria. Despite the challenges that come with working in Nigeria, I was eager to return home, and my entire family relocated with me to Schlumberger’s camp in Umuoba, Port Harcourt.
In Port Harcourt, I quickly progressed to become a senior supervisor, handling responsibilities both in the field and office. When my boss at the time left the company, I was given the opportunity to become an operations manager, overseeing locations in Nigeria and other countries. However, my drive for more led me back to Weatherford, and I was assigned to Angola on a rotation basis. There, I served as a senior office supervisor, managing a portfolio worth over 50 million dollars for the company. After two years in Angola, I moved to Ghana with Weatherford, where I was responsible for overseeing operations in seven countries and supporting Nigeria intermittently. I was promoted to product line manager and even served as the second-in-charge to the country manager at one point.
As the industry faced challenges and the business in Ghana had to be shut down, I transferred to Kuwait with Weatherford, working in a similar capacity as I did in Ghana for about two years. I then returned to Schlumberger in Kuwait, but eventually, the product line I was working for was sold to another company. This led me to join Wellbore Integrity Solutions, where I worked for a while, but I ultimately decided to leave and focus my energy on building my own businesses. I realized the value of investing in myself and putting my time, energy, and resources into my own ventures.
What led to the starting of the first business that you actually did?
Since my secondary school days, I have been passionate about agriculture. I even had my own farm on a portion of land I obtained from my school. I have always enjoyed the process of creating something out of nothing. Alongside my other endeavours, such as poultry and an IT business, I also built and sold off a hostel during my time at the university. However, my true focus and dedication were always on the farm, which required more of my time and attention.
What spurred the decision for oil palm and what was your experience starting your first oil palm plantation?
To be honest, I believe that oil palm is where the real opportunity lies. The numbers are incredibly promising, making it a very lucrative business. What I particularly appreciate about it is the stability it offers. Unlike the volatile nature of the oil and gas industry, I prefer the consistency and predictability of a stable business. When I assessed the entire agricultural sector, oil palm stood out as a business with long-term stability, spanning at least 30 years. That’s a significant amount of time, which prompted us to further develop our presence in the palm oil sector. We started expanding our land and acquiring necessary equipment to support our growth.
When you decided it was palm oil, how did you raise the money needed for it since it is capital-intensive? Tell us the whole process of how the company started.
At the time, we already had ongoing farming activities, including poultry. However, we were seeking a more stable venture, which led us to explore the palm oil industry. Due to the scale of land we needed, it didn’t make sense to purchase from individual families or communities. Instead, we acquired government-allocated lands, some of which already had existing plantations on them.
How big was the plantation on it?
Initially, we started with around 400 hectares of land. However, over the past few years, we have expanded to 1200 hectares, with plans to further increase it to 2500 hectares by 2025. In terms of funding, we sought guidance from our financial advisors who helped us acquire the necessary funds. They believed in our vision and were willing to leverage their expertise and network to support our business. Despite facing challenges along the way, we have managed to execute our plans as envisioned. Our palm business has been operating for about 12 years in total.
How many years has it been since you actively left your career to focus on it?
Around 2017, I made the decision to partially step back from my career, and by 2019, I completely withdrew from it. It became clear to me that with the growing demands of our business, it wouldn’t be feasible to balance both a job and running our agricultural venture. I realized the potential of what we had and knew that dedicating my full attention to the business was necessary.
Let us come back to family life. How did you meet your wife or how did she meet you?
I met my wife while we were both studying at the University of Benin (Uniben). She was in her first year and wanted to join a protest, but I found her outside and told her she needs to stay safe. We got to know each other better through mutual friends and became inseparable. After I graduated, we legally got married in 2010, and I left the country. A year later, she graduated and joined me abroad. We both pursued further studies while working part-time jobs. We eventually returned to Nigeria to complete our national service together before going back abroad.
We became parents to our first son while we were abroad, and shortly after, we decided to relocate back to Nigeria in 2012, which was about 11 years ago. We have since had three more children; two boys, and two girls. My wife has been incredibly supportive and even quit her job at Stanbic Bank to join me in the farming business. When I suggested moving to Lagos to set up our headquarters, she wholeheartedly supported the decision, despite leaving behind the support system we had in Port Harcourt. Her unwavering support has been invaluable in our entrepreneurial journey.
For the five years, you have been managing Raedial farms, what are the landmark things that have happened, things that have been surprising in terms of positive growth, and the challenges that shook you to the core?
We have successfully established an oil palm processing factory on our farm, and we take pride in not just engaging in primary production but also adding value to our products. Building a thriving community on our remote farm has been a challenging yet fulfilling endeavour, as we have essentially created a life from scratch for everyone involved.
Over the years, we have consistently expanded our cultivated area, which currently stands at over 1200 hectares. We started with Raedial Farms and Magnificent as independent entities and also had Raedial Food at some point. Now, we have consolidated all our independent entities into a holding company, with a real estate arm and additional activities, focusing primarily on Lagos due to its market potential, availability of resources, and the right target audience.
Doing business in Nigeria has its challenges, including dealing with issues related to lands, poor quality equipment, personnel matters, and breaking into the market, among others. However, we have been fortunate to have a strong support system in Lagos that has helped us gain traction in a relatively short time.
Personally, what drives me is the awareness that many people depend on our business. While the financial aspect is rewarding, I also find joy in providing employment opportunities and contributing to the livelihoods of others. Approving the payroll is one of the highlights of my month, as it reflects the impact we are making in the lives of our employees and the community..
How have you managed successfully to navigate the challenges of operating in different businesses?
I believe having the right foundation in place has been key to my success. While I could be a manager if I wanted to, I see myself more as a visionary, always thinking ahead, strategizing, and planning for the future. I am not someone who only focuses on the present; I am a forward-thinking person. In fact, the next six months of this year are already planned out for me. When it comes to setting up a company, I understand the importance of financial viability, but I am also deeply passionate about the endeavours I invest myself in. I commit fully to everything I do, often putting in long hours and foregoing holidays until the work is completed.
Of course, we have faced challenges along the way. However, having the right people, the right team, and the right support system in place has made it more manageable. It’s impossible to do it all on your own, but with the right individuals to talk to and a well-equipped team to address challenges, the approach becomes better, though not necessarily easy.
What is your approach to identifying and seizing opportunities in different sectors?
I believe in looking at sectors that have a broad impact on people’s lives, reaching a large audience. While I used to be interested in the oil and gas sector, I realized that it tends to cater to a select few and may not have a wide-reaching impact, depending on the services offered. Although the monetary gains in that sector can be substantial, I question how far that impact goes. In contrast, on the farm, we indirectly impact about 2,400 people. Similarly, in the real estate sector, we work with contractors, communities, and other stakeholders, and I value the opportunity to consistently generate 1 Naira over a long time, rather than a one-time gain of 10 Naira from a single deal. For me, it’s about making a meaningful and sustained difference in people’s lives.
What are the key lessons you have learned as an entrepreneur and how have these lessons shaped your leadership style?
Patience and preparation are crucial in any endeavour. Nothing happens overnight; it takes time and effort to achieve success. We have learned this through our experiences of setting up various ventures. Hard work and dedication are necessary, and sometimes sacrifices need to be made along the way. It’s a process that cannot be rushed, and we have come to understand the importance of giving things the time they need to grow and prosper.
How do you balance risk-taking and risk management in your businesses? Are there some risks you took that paid off and some that didn’t pay off?
Integrity is a core value for me. I believe that without integrity, it’s challenging to build trust and establish meaningful relationships with others. While I’ve taken risks in the past that didn’t pan out as expected and resulted in financial losses, I’ve learned from those experiences. When evaluating risks, I carefully assess the situation, considering various scenarios and possible outcomes. I gather as much information as I can and make informed decisions. Risk-taking is inherent in the business, and I do take calculated risks, knowing that higher risks often come with higher returns. Maintaining the integrity and being mindful of risks are important principles that guide my decision-making process.
How do you ensure that your business has a positive impact on the community where you operate? Is there a Corporate Social Responsibility arm of the business and is it separate from the business itself?
Inclusion is an integral part of our business approach. We strive to involve the communities we work with, for those who are interested in participating, because we believe that a successful, long-term business cannot be at odds with the people we live and work with. It’s important to find ways to foster peaceful relationships and create mutually beneficial partnerships within the communities we operate in.
What advice will you give to young entrepreneurs looking to follow in your footsteps, particularly those from humble backgrounds? What is your advice to those starting out with no capital, because they are new in the market, and they don’t have a huge network from their parents?
Having a well-defined plan is crucial. It’s important to know what you want to achieve and not be vague about your life’s direction. Once you have a plan, you can set yourself on a path to achieve your goals. However, it’s important to be prepared for challenges along the way. You may need to prove yourself to others, invest significant time and money, and be patient for results to materialize. For young people, I would advise them to expect setbacks but to stay focused on their goals. When frustrated, take a break, regroup, and get back to work the next day. It’s a process that requires resilience and determination.
How did your experience working for top oil companies around the world influence your leadership style and approach to business?
I would advise people to gain work experience before venturing into entrepreneurship. It’s a recommendation based on our own experience, as my wife and I have found it beneficial in managing and structuring our business. This approach has given us a corporate mindset, and there are certain things we don’t tolerate. Working in different roles has helped me understand how people and companies think, and how they drive productivity and progress. It has been a valuable learning experience in understanding business structures, strategies, and the importance of putting things in place for success.
What role did your family play in terms of support and how have they supported you throughout your career?
My family has been incredibly supportive. Whenever I reach out to them for help or advice, they always respond. Even to this day, my brother calls me and provides valuable advice on what to expect in life and business. They do their best and are always there for me.
Looking to the future, what are the trends or opportunities you see in the sectors in which you operate, particularly in agriculture and real estate especially as it concerns Nigeria?
Agriculture will always have a constant demand since we all need to eat. It’s not just farming, but also a business with potential for profit. I hope that with time, more people will develop patience and embrace agriculture as a viable business option. It’s important for people to adopt appropriate practices in agriculture. Similarly, in real estate, the housing deficit is a persistent issue, and it’s challenging to address it completely. Palm oil also faces a deficit, and I hope to see more investment and reliable developers stepping up to fill the gap in both these sectors.
How does it feel to be forty?
Physically, there may not be any noticeable changes, but I’m aware that differences will emerge over time. I’m actively working on cultivating a calmer mindset, taking things in stride, and focusing on finding happiness in the moment.
As you have turned forty, what’s next for you? Are you planning to go into politics, take a chieftaincy title, create a mentorship program for the young ones, or create funds or grants? What is your plan?
I’m not sure if I consider myself a politician, as I’m not someone who enjoys talking a lot. However, I do have a strong desire to help entrepreneurs who are truly committed to their businesses. That’s why I’ve set up my personal website (https://uwadialeagenmonmen.com) and social media pages to share my knowledge, experience, and resources with young people. I want to support serious entrepreneurs who are willing to put everything into their businesses, and it brings me joy to be able to do so.
That’s a good one