Bolaji Akintunde is the founder and chief executive officer (CEO), Racfey Investment Ltd, a business outfit that specialises in the sale/supplies of Electrical /Mechanical Engineering tools and equipment, Electrical low voltage switchgear, Instrumentation, Automation and software, and world of living innovations for home automation, lighting, electric, and furniture spares.
Over the years, the outfit is recognised to be one of the leading suppliers of German Engineering work tools for industrial and mechanical machinery based in Lagos with a wider reach that spans Nigeria and other neighbouring countries.
Business Incorporation
The business was incorporated in 2012 and has been in the sale/supply service ever since then.
“After working in a business outfit for over 12 years as the Company Technical assistant to the managing director (MD), supervising and coordinating the general company sales, and acting as the contact between the local company and the overseas manufacturers/partners.
“This spurred me on to kickstart the business and the company has been on the upward trajectory since I have over two decades of experience in management roles” he averred.
Business Lucratively
The CEO described the uniqueness of the business which entails dealing with top-quality tools from leading brands in Europe and has made the company to be recognised as one of the leading suppliers of durable and competitive products in Nigeria.
As a company, its target customers are predominantly companies that are into the Engineering and Electrical services that abound all across Nigeria.
While operating in Lagos, its clients consist of a wide range of companies and individuals that are in demand for quality and durable work tools for heavy machinery they operated on, which most times are not what can be easily found in the Nigerian Market.
However, this has given the company the edge in providing these tools, as it has them already in the Nigeria Warehouse for supply/distributors while giving room also for small business owners interested in the sale or supply of these mechanical and electrical work tools to come on board as partners as well.
Challenges
He disclosed that the ever-inconsistent increase of foreign exchange has been a burden for most business owners as it hampers not only the growth of businesses across the board but crumbling it as well. This, he said is largely because most businesses are fast becoming redundant due to non-availability of funds to restock their supplies among other factors.
As a brand that deals with raw materials, he stressed that, the cost of unearthing this material to become finished products has become expensive, and as a result, this affects the small-time players who are into purchasing and supplying the tools produced in some of the European markets.
He, however, added that, the high cost of freight has become a thing that importers are daily grappling with, as a result, all these factors play a part in determining the price of the goods with the unavailability of good interest rates from the banks to support businesses keeps hampering businesses.
He affirmed that the interest rates have an impact on traders and businessmen who operates locally and internationally as well.
Lessons For Upcoming Entrepreneurs
He advised young entrepreneurs to have a resilient spirit as giving up means succumbing to not reaching the next height in their business and life generally.
“If you cannot be patient, don’t go into business because you need enough strength and perseverance to be successful.
“You have got to keep learning and never stop learning as you can try many other ways or business approaches to succeed” he started.
He advises young entrepreneurs on the right path to be successful is to be willing to diversify, while upholding sincerity and being diligent in duty, as hard work should be your great attribute as the reward for good work is more work.
Biography
Bolaji Akintunde is the founder and CEO of Racfey Investment Limited Born in Lagos, Nigeria on 22nd March in the 70s and attended Baptist Christian home.
A graduate of Electrical Electronics Engineering major in Electronics and Telecommunications from the Ibadan Polytechnics in the year 2002 and served in Zamfara in 2003.
He had his Post Graduate Diploma (PGD) and Master of Administration (MBA) in Marketing from the Ladoke Akintola University of Technology (Lautech), Ogbomosho in 2009 and 2012 respectively.
He is a widely traveled businessman and is married with kids.
