Ahmednasir: man who loves taking business risks

Driven by a passion to venture into media and a law career he finds repetitive and boring, lawyer and Sunday Nation columnist, Ahmednasir Abdullahi, decided to embark on a new, and vocal, entrepreneurial venture.

The Nairobi Law Monthly, the magazine he publishes, gives highly opinionated law and political voices a new place to sound off.

The new venture that published 7,500 copies in its first issue, aims to rebuild the title of one of East Africa’s most respected and read magazines that used to sell over 250,000 pieces during the repressive Moi regime.

Six months down the line and with four issues out, the magazine is attracting vocal readership, advertisement from leading firms and the government, and he hopes the business will break even before the end of the year.

This is not his first venture into business, having used Sh7,000 to set up his law firm in 1993 straight out of law school. Three years ago, he also partnered in forming First Community Bank.

The stylish 1990 law graduate from the University of Nairobi, who also holds a Masters in Law from Cornell University, US, has consulted and appeared for the World Bank, UNHCR, Corporations, NGOs and the Government of Kenya in various issues.

We caught up with him at his offices in Westlands.

How did you come up with the idea of starting First Community Bank?

I was having a chit-chat with the Mandera Central MP, Abdikadir Mohamed, a really brilliant guy, and he suggested the idea and we thought it would work.

What followed?

We set a small team of partners and managed to raise the needed capital of Sh1 billion to start the bank three years ago.

When did you start thinking of the Nairobi Law Monthly?

It came as a result of constant disagreements over a newspaper business idea we had since last year. We invested a lot in it, secured an office and set up a team but we differed on key issues quite a lot. As fate would have it, we started a magazine instead.

How did you get the word out about Nairobi Law Monthly that fast?

We were reviving a very popular magazine that used to sell over 250,000 copies in a single publication.

The former editor, Gitobu Imanyara, knew me and a number of people in the country whom we have interacted with respect my work. All these issues combined into getting the word out.

How did you start up and grow so quickly?

There is no product in the market with content like ours. Our team of respected writers and contributors are from all over the world. This is why our growth is tremendous.

When did you know this would be successful?

I never knew but I am a great risk taker. In 1993, when I was admitted into the bar I formed my own law firm with only Sh7,000. It was a plain room with no secretary or messenger and only one lawyer.

By the third month, I was making twice to thrice more money than my former classmates employed in various city law firms.
I’m extremely confident and at the same time, risk is a great motivator.

What other business do you do?

Mostly, I am involved in running the law firm with my partners. I am also a shareholder and founder of our bank and I do real estate sometimes.

Other than your business interests, what else are you into and what kind of man are you?

I am a simple person who follows a strict habit. I wear only Hugo Boss and Zena designs right from socks to my shirts. I use the same routes and almost change lanes at the same spot. I love cars.

What about you and cars?

My first car was a Suzuki Vitara, which I bought two years after I started my law firm. I then bought a BMW from the Mashariki ahowroom.

I drive a Porshe Cayenne, Toyota Land cruiser and Land Rover Discovery. I will never drive a Mercedes Benz or Range rover. I’m never into what other people like.

Why don’t you stay in practice?

I enjoyed practising a lot but it’s too repetitive for me. I consider myself to be in semi-retirement from law and you will not easily be seeing me going to court.

What’s your best tip for other entrepreneurs?

Starting a business using credit is not a good idea, I wouldn’t do it myself. You have to generate enough seed money to start your business without borrowing. I have never taken a loan in my life. Business should also serve a greater cause than just making profit.