Can elite schools like Havard and Lagos Business School teach the sort of talent that transforms entrepreneurs into billionaires? Famous US investor and billionaire, Warren Buffet, will tell you not to go searching for talent in elite business schools. He returned to his favorite theme in his 2025 letter to shareholders. Reflecting on those who manage his companies, the billionaire said he does not look at paper qualifications to choose CEOs. That is because business acumen comes from nature, he said.
Warren Buffet has always maintained that business talent is largely innate and not by where a person received formal education. This does not mean that Buffett dismisses going to school. He is highly educated himself and acknowledges that schooling provides vital knowledge and tools that every entrepreneur needs. However, the fundamental ability to identify opportunities, make sound financial decisions, and navigate business complexities is often an inherent trait.
We searched for examples in Nigeria to support this philosophy and we did not go far to find our answers. Cosmas Maduka and Abdul Rabiu are two perfect examples of billionaires who did not build their empire through elite education. They survived and thrived through instinct, grit, and strategic decision-making.
Maduka: The Power of Resilience and Intuition
Cosmas Maduka, the founder of Coscharis Group, is a quintessential example of Buffett’s philosophy. Born into a humble family, he was forced to drop out of school at a young age due to financial hardship. His business journey began as an apprentice in a spare parts shop, where he quickly demonstrated an uncanny ability to understand customer needs and navigate the competitive market. Despite setbacks, including being defrauded by business partners, Maduka’s entrepreneurial instinct led him to create Coscharis, a leading conglomerate in Nigeria’s automobile, agriculture, and manufacturing sectors.
Maduka’s success is not a result of a world-class education but of an intrinsic ability to seize opportunities, adapt to market demands, and build strategic relationships. His resilience, risk-taking ability, and sharp business instincts underscore Buffett’s argument that business acumen is more about character and experience than academic credentials.
Rabiu: Strategic Expansion and Industry Leadership
Abdul Samad Isyaku Rabiu, the founder of BUA Group, provides another compelling case for Buffett’s assertion. Born into a business-oriented family, Rabiu inherited his father’s trading company but transformed it into a multi-billion-dollar conglomerate through strategic expansion and industry foresight. His businesses span cement manufacturing, sugar refining, and infrastructure development, making BUA Group a key player in Nigeria’s industrial sector.
Rabiu’s success stems not from an elite education but from his ability to identify and dominate critical industries. He recognized the growing demand for locally produced cement and made significant investments in production plants, competing against established industry giants. His business decisions—such as backward integration and leveraging economies of scale—demonstrate an intuitive grasp of market trends and strategic risk-taking. Rabiu’s journey exemplifies how business instincts, rather than formal education, drive real success.
The Buffett Perspective
Over the years, Buffett has consistently advocated the traits that a successful investor should have. Among them are a unique temperament, discipline, and the ability to think independently. He says none of these traits can be entirely taught in a classroom. He reiterates this point in his 2025 letter, that education sharpens the mind but does not necessarily manufacture business intelligence. To him, business intelligence is the ability to foresee market trends, manage risk, and sustain growth. These often come from experience and an inherent aptitude for business rather than from any prestigious academic institution. If you think about it, these traits underscore the success of the Igbo apprenticeship scheme known as Igba-Boi.
Insights from Buffett’s philosophy
For aspiring entrepreneurs, Buffett’s philosophy, along with the experiences of Maduka and Rabiu, offers the followiing valuable insights:
- Embrace Practical Learning – While formal education provides foundational knowledge, real business success comes from hands-on experience. Entrepreneurs should focus on learning from real-world business transactions, failures, and customer interactions.
- Develop Financial Discipline – Buffett has always emphasized the importance of financial prudence. Entrepreneurs should master the art of reinvesting profits, avoiding excessive debt, and maintaining financial transparency.
- Think Long-Term – Both Buffett and Rabiu built their wealth by focusing on sustainable growth rather than immediate profits. Entrepreneurs should resist the temptation of quick gains and instead invest in businesses with long-term value.
- Adaptability is Key – Maduka’s ability to pivot from setbacks and find new opportunities played a significant role in his success. Entrepreneurs must be flexible and willing to change strategies in response to market dynamics.
- Trust Your Instincts – Many of the greatest business decisions are made based on intuition and deep market understanding. While data and analysis are essential, having a strong business instinct—like Maduka and Rabiu—can set an entrepreneur apart.
Can schools teach talent?
Warren Buffett’s 2025 letter reaffirms a timeless truth: business success is not confined to the walls of elite institutions. The journeys of Cosmas Maduka and Abdul Samad Isyaku Rabiu highlight the power of innate business intelligence, resilience, and strategic foresight. The Buffett philosophy also applies to and is the cornerstone of the Igbo apprentice system known as Igba-Boi. For young entrepreneurs, the key to making it lies not in where they studied but in how well they understand markets, manage resources, and build long-term value. As Buffett himself has shown, real wealth comes from vision, patience, and the ability to navigate uncertainty. Look around us and see that it is not only through going to school that one can cultivate business intelligence, resilience, and strategic foresight.