Business Life is a series of business diaries shared anonymously that digs deep into the human side of business-reflecting the struggles, breakthroughs, and wins of CEOs and their businesses.

A 32 year old co-founder shares the unfiltered truth of running a restaurant and lounge in Nigeria while juggling a 9-5. From personal sacrifices to tax struggles, here’s his story in his own words - as real as it can get.

Q: As a business owner in Nigeria, the average person labels you as a big man with money. However, they overlook the challenges of doing business and forget to ask CEO’s the most important question. How are you, really? How is business? 

A: (Laughs) Things are fine. I mean. Things are looking up. So thank God. (Hesitated). 

So, I run a service based business and you find out that you need a lot of capital. You continuously need capital to invest and reinvest into the business, and all of that. It just has a way of draining money every time. So most times, as a business owner, you're always thinking about needs here, needs there, and you have to fulfill all those needs, you know? 

Q: When people ask you what you do, what's the story you really want to tell them?

A: I run a service-based restaurant and lounge. The goal is tasty homemade food for everyday Nigerians. The lounge came because the space had one before, and customers loved it. We’re just a small business trying to survive, deep in operations, not media aesthetics. 

Q: So, when did you decide it was going to be business and not 9-5?

A: I’ve not really decided (laughs). I opened the business because opportunity came, not as an exit plan. I detest running a restaurant, it’s not palatable. I’m here because of my investment and I'm glad that I'm not the only one that actually has this business. Before, I didn't think that the restaurant had any chance of surviving. But in recent times, things have picked up. If it paid 10-15 times my salary, (laughs) maybe I’d quit my job. (laughs). It doesn’t pay me at all for now. 

Interviewer: That’s honest…

Q: When did you know you had no choice than to make your business succeed?

A: Hmm, when I reflect on how much that everyone has invested in it. In fact, we nearly sold the business at the value of ₦100 million in May, but the sale didn’t go through. That’s when I realized that…

(Interviewer cuts in): This was when? Last year or this year?

A: The business just started not quite long, since December, 2024. In the first 4 months, we kept losing millions every month, but in the 5th month, we started seeing the road to profitability in the business. The business was able to meet its obligations like pay salaries. We started modifying some things, making some key changes that made us start breaking even. My partners and I, none of us have made any additional investment into the business for quite a while, which is quite a relief. So it means that the business is just on autopilot right now. 

Business is stressful. So the idea of even coming into this restaurant business, I didn't think I was going to be there 24/7. I wanted to be the silent investor. But here I am. (laughs).

I didn't know that silent investors are those that have big money, and I wanted to be a silent investor with small money, but I realized that (laughs) being a silent investor with small money is as good as not being an investor. So I had to come into the business because we had a restaurant manager who mismanaged business.

Q: Tell me about a day that almost broke you.

A: Yesterday (laughs). 

Interviewer: Wow! Imagine, and we just talked yesterday. Tell me about it (laughs)

A: I’m looking for salaries to pay now. You know? (laughs). We’re in the second week of a new month, and normally we pay at end-of-the month. Remember the business came from taking huge losses to the point where it's just breaking even right now. I feel very terrible that I've not been able to pay salaries, but as soon as we make some sales, we’ll be able to do so.

Interviewer: Hmmm… you mean you were feeling really down?

A: I was feeling bad, knowing I'm not able to meet these obligations. In fact, I've not been there since Friday night, because I'm avoiding their faces until we make sales to cover it.

Q: What’s something you’ve sacrificed for this business that people may never know?

A: My salary. I’ve used it to cover costs and pay staff. Sometimes I go home penniless, but thank God for past savings. I also have to use a lot of my time at night to keep the business running smoothly. It’s a lot. 

Q: Inflation is on the rise, how is your business coping?

A: Inflation has been terrible, to be honest. For example, the price of tomatoes went up from N30,000 to N50,000 per basket. One of our tricks is having good suppliers that give us better prices than what you get from the regular markets.

Q: The Nigerian business world is crazy. How do you stay sane?

A: You’ve to lay down processes for everything. From your recipes, sales to your operations. Rules create order so your mind isn’t everywhere. It’s like a lightbulb: you flip the switch, and it just works. Businesses that survive have laid down structures. 

Q: Are there common mistakes that new business owners need to avoid?         

A: Don’t sit back as an investor - lead and learn the business. We hired a ‘professional’ manager who didn’t care and she nearly bankrupted us. I fired her and our sales improved. Hire people who care, not just skilled. 

Q: What’s that one thing someone told you or did that changed everything for you?

A: Hmmm… I met a restaurant owner who lost ₦80 million in their first year but now has outlets everywhere. It really encouraged me. 

Q: Let’s go down memory lane. What was the first thing you ever did for money?

A: At 16, after secondary school, I worked in a stationery and gift shop for ₦3,000 a month, Monday to Saturday. My family didn’t want me to be idle. I quit after 3-4 months because it was too stressful. I moved to helping people activate Opera Mini to browse for ₦200- ₦500.

Q: What would your younger self say if they saw what you've built today?

A: He’ll be very surprised, really. (laughs) Because he knows where we’re coming from - nobody gives you a chance, you know? To see what we’ve accomplished, he’d be shocked. I look back and see it’s the little tiny decisions that brought me here.

Q: If you had to thank your younger self for one decision, what would it be?

A: For being enterprising. For doing whatever it takes, being tenacious, dogged. Did I tell you I sold female clothes when I was in uni? Jean jackets and all that, just to get by.

Interviewer: No, you didn’t 

A: I can be shameless in doing what it takes to get to the other side, no matter how hard.

Q: Can you remember how you felt when you made the first sale at your restaurant?

A: Hmm, making our first sale was priceless. I remember very (laughs) well. We didn't care how much we made. It made me feel so good, that I was like "Oh, wow. So I can actually provide value in terms of food and people will pay for it.” Although I wasn't there to experience it because I was working. It was an emotional day for me.

Q: What harsh reality should successful business owners talk about more?

A: Taxes. Business owners need to talk about how they navigate it. You feel like you’re the only one dealing with tax people, especially when they target your restaurant because of its structure, while others, like a mama put nearby, might be exempted. You know the way Nigeria is, nobody wants to be the fool. (laughs). Talking about it will make people who pay feel less alone.

Q: If your business was a song, book, movie, podcast, whatever, what would be the title?

A: Rise up by Andra Day. (Proceeds to sing the chorus passionately). It’s about moving mountains, rising unafraid, doing it a thousand times again. That’s what we’re doing- getting better and rising through challenges.

Interviewer: Wow! It’s been eye opening chat with you. Thank you for being as real as possible. One last question… For the next person I’m going to interview, do you have a question you’d love them to answer?

A:  Why did you start your business? (laughs) I need to know the “why.” Most of us know business is for profit, but there needs to be an intrinsic “why.” For me, it's an opportunity, though we have a mission. I want to know if I’m not the only one thinking like a capitalist. (laughs)

Inspired by this founder’s grit? At Monnify, we empower entrepreneurs to scale their dreams, just like we’ve powered over 371 billion transactions for Piggyvest since 2019. Want to get started? Contact our Regional Sales Manager at [email protected] or email [email protected].