Nnamdi Ezeigbo is one of Nigeria’s top entrepreneurs. He is the founder and CEO of SLOT SYSTEMS LTD. SLOT is a leading retail company for technological products and gadgets in the country. The company has numerous outlets in major Nigerian cities. SLOT sells mobile phones and accessories, computers and accessories, and other types of electronics.
Nnamdi Ezeigbo’s journey to wealth was not easy as he started his company with a little fund. His inability to secure paid employment after completing the compulsory national youth service led him on an entrepreneurial journey. He succeeded and is today celebrated as one of the country’s top entrepreneurs. SLOT is a very popular brand in Nigeria now with thousands of customers all over the country. Read on to know Nnamdi Ezeigbo’s net worth.
Nnamdi Ezeigbo Biography
Nnamdi Ezeigbo was born on the 4th of August, 1966 in Sapele, Delta State. He, however, hails from Umuahia in Abia State. He is the first of 9 children. He is from a humble background and had to hawk after school to support his family. After completing primary and secondary education, Ezeigbo couldn’t proceed to a tertiary institution immediately. He had to stay at home and work for four years to raise money for his tertiary education.
During the period, he gained admission to study his desired course Electrical Engineering at the University of Ife (now Obafemi Awolowo University). He couldn’t go because of a lack of funds and watched his co-workers leave to continue their education. It was a difficult period for young Ezeigbo. He eventually went back to school and earned a Higher National Diploma (HND). He got his HND in Electrical Electronics Engineering from the prestigious Yaba College of Technology in 1988.
Ezeigbo didn’t stop there. He proceeded to the Lagos State University (LASU) to study Computer & Electronics Engineering. He graduated with a second class upper degree in 1996. This was 8 years after he completed his HND. While in school, Ezeigbo went into modelling and TV commercials to raise money for his fees.
After completing his university education, he was posted to work at Guinness Nigeria PLC for the mandatory year-long youth service. Ezeigbo was enthusiastic about securing gainful employment after completing his youth service. However, after 2 years of job hunting and nothing promising was forthcoming, he took the bull by the horn. He remembered that he had a friend who was into computer repairs and joined him in the business.
Within a few months, Ezeigbo had mastered computer engineering. His stay with his friend was however short as they both fell out within 6 months. Ezeigbo claims the major reason for this separation was his objection to his friend charging exorbitant fees from customers. His friend didn’t like this and Ezeigbo had to leave with no money.
Ezeigbo moved in with another friend who had a shop on the same street. There he started his own computer repair business. His business grew rapidly as people soon found out he was highly skilled and also honest in his dealings. This earned him a lot of verbal referrals which is great for any business.
Ezeigbo continued to run his business from his friend’s shop as his clientele grew. His expertise, integrity and good customer service drew people to his shop. A customer pointed out to him that the current location was too small and that he needed to secure a bigger space. At that time, up to 20 customers would wait to be attended to in the shop where he was squatting. He eventually was able to raise some money to rent a shop and moved his business there.
At his new store, Ezeigbo continued to provide excellent service to customers. He employed more hands to help with the business. His first employee was his younger brother. A friend of his younger brother also joined them making them three.
Soon Ezeigbo could count the likes of Daily Times, Standard Chartered, and the University of Lagos among his customers. His services were engaged to fix their computers. All these were made possible by the verbal referrals he got.
As the business continued to flourish, customers began making requests. Some wanted him to open new branches near them. Some others implored him to begin selling mobile phones. Ezeigbo was quick to key into this as he soon dabbled into mobile phone sales, sales of accessories, computers parts, and computer assemblage. Thus his business expanded from solely computer repairs and sales and he also opened new outlets.
Ezeigbo was building computers for clients at some point and was rivalling the likes of HP. His services were cheaper and better than those of these bigger brands. Customers could request for home service and an engineer would be sent over to fix the customer’s computer. This was a major boost for Ezeigbo’s business.
As SLOT rapidly grew, Ezeigbo knew he didn’t have the experience nor the knowledge to manage a growing business. First, he enrolled for a master’s degree in Information Technology at Ladoke Akintola University. After that, he proceeded to the Lagos Business School for a Master of Business Administration (MBA) degree. He gained some valuable business knowledge from there that helped him manage his rapidly expanding business. He also attended several workshops and seminars on business and entrepreneurship all to help boost his business acumen.
How SLOT Became a Big Brand
Ezeigbo started his business repairing and selling computers in 1998. He got the name SLOT from the big desktop computer which made use of Slot processors. This computer was his top pick for customers who sought his recommendation on computers. Soon, people began to call him Mr Slot. He eventually adopted the name for his business.
Between 1998 and 2001, the business was focused on computer sales and repairs. In 2001 GSM arrived in Nigeria and Ezeigbo quickly recognized a business opportunity and latched on to it. The privatization of telecoms in Nigeria paved way for telecoms like MTN to arrive in Nigeria and when they did, Ezeigbo was prepared.
SLOT was the first GSM store and business in Nigeria. From 2001 upwards, Ezeigbo’s business became more focused on mobile phones. SLOT benefitted from GSM training by MTN when they arrived in Nigeria as the company had a solid customer base.
A fact that many people are not aware of is that Ezeigbo is the brain behind dual SIM mobile phones. When GSM arrived in Nigeria, service was poor so people resorted to owning two or more mobile phones. Each phone had a SIM from a different network. Ezeigbo identified this problem and came up with a solution in the form of dual SIM mobile phones. So instead of buying two phones, people can buy a single phone that can accommodate two SIM cards at the same time.
Ezeigbo approached Nokia, one of the top mobile phone producers then and sold them this idea. Nokia rejected it on the ground that it would reduce its phone sales in Nigeria. Undeterred, Ezeigbo went to China where he met someone who worked with a phone company called Bird. The company had lost market share at that time. Ezeigbo and this person teamed up and worked on the idea of dual-SIM mobile phones.
That is the story behind the arrival of Tecno phones in the Nigerian mobile phone market. Ezeigbo and his new partner produced and launched dual-SIM Tecno phones into the Nigerian market. The market was reluctant to accept the new product at the initial stage. The first Tecno phone released was Tecno T101. There were issues with the phone as the dual-SIM functionality was not efficient. Improvements were made to this product and a more accepted version Tecno 201 was released.
Low-income earners were the first to embrace Tecno phones but Ezeigbo was confident that middle-income earners would also adopt the brand. This eventually happened in 2008 when the global financial crises happened. Purchasing power had dropped and most people sought after cheaper phones. Tecno flooded the market with good and affordable phones and was able to draw in more people to the brand.
A key demographic that was captured was tertiary institution students who were able to buy 3G phones for as low as #15,000. This further increased the customer base of the brand. Tecno is today a popular mobile phone brand in Nigeria.
Nnamdi Ezeigbo Marriage
Nnamdi Ezeigbo is happily married with four children. He married his wife Nkechi in December 1998. She is a native of Asaba in Delta State.
Nnamdi Ezeigbo Net worth
The net worth of this foremost Nigerian entrepreneur is estimated to be around $35 million currently.
Nnamdi Ezeigbo Awards and Recognitions
In 2014, Nnamdi Ezeigbo won the Nigerian Entrepreneurs Award for Excellence and Business Innovation
In 2017, he won the Authority Newspaper Entrepreneur Award
His company SLOT SYSTEMS LTD has also received some awards over the years. Some of these awards are;
Nigerian National Integrity Award (2009)
Nigerian Telecom Awards Award & Mobile Phone Dealer of the Year (2009)
Distinguished SME Partner Award given by Fidelity Bank (2014)
Nigerian Telecoms Award (2014)
Nigerian Customer Service Award (2015)
Nigerian Telecoms Award for Mobile Phone Dealer of the Year (2016)
Business Day Most Innovative SME Award (2017)
Conclusion (Nnamdi Ezeigbo Net Worth)
Nnamdi Ezeigbo is a highly successful Nigerian entrepreneur whose net worth is estimated to be over $35 million currently. He is a philanthropist who helps the less privileged with his wealth. He has two foundations for his philanthropic activities. One is the Anthony Chibike Ezeigbo Foundation which is in memory of his late father. The other is the Slot Foundation that trains youths to become employable.