Olufunke Okoro sits atop the Dumare Place, a merchandising company with diverse interests in a range of industries. The entrepreneur who has post qualification experience Psychology, Banking, Human Resource Management, Facility Management, Supply Chain Management, to mention, started off her business as a pastime which has since transformed into a conglomerate of some sorts traversing different continents of the world. In this interview with Gbenga Bada, she shares interesting on her startup.
What does Dumare mean and how did you come about the name in the first place, Dumare? Let’s start with that.
Okay, Dumare, as you can see the Yoruba word coined from Edumare, like God, which is translated to God. So, I’m sure you guys know the song, Edumare don bless me, oh, yeah, so it was that year, I think it was 2012 or 13. So, that was when 2 Face released this and I really liked the song. So, I’m always saying, Edumare, don bless me o, you know, and I was going to start my business and I just thought, oh, ” why not, Dumare?” That was how I got Dumare, that’s how we started Dumare.
From procurement to human resource management, how did you get into merchandising?
Yeah, so my first degree was in psychology from the University of Ibadan and I did my Master’s in human resource management from … University. And when I finished my master’s, I relocated back to Nigeria. I’ve always been a business person, even while in school. I mean, while in school, when we go on summer breaks, I buy clothes, sell to my friends, so, yeah, so that’s something I’ve always done. And when I finished school, I knew I wasn’t going to work for anybody. I knew I was going to start my business. So, when I came back in 2007, I started a facility management company, which I still do today. So, we clean for banks and do all of those things, and I wanted more. And with Dumare, I just pummeled into the business. Something I’m passionate about is my phone. You can never get me without my phone. So, I’m always online, I’m always researching, I’m always browsing. That’s me and my phone. So, between me and my friends, any time we see something, I say, “oh, let me look for it.” You know, anywhere in the world, I pride myself, I tell people that there’s nothing in the world you’re looking for, I’ll get it for you. So, that started as something between my friends. Maybe we see something in a magazine, and, ” ah, where can we get this? Let’s look for it. Let’s look for a cheaper version,” and I might be searching in Indonesia or somewhere crazy like that. And it started like that. You know, my friends would send things to me, “I’m looking for this thing, or thinking, oh, my uncle is looking for this thing, can you search for it?” I’ll get it for you.
So, like a personal shopper?
Yeah, not a personal shopper, because it was just between my friend, and it wasn’t just for clothes. It was for literally anything. It might just be furniture, I’d say, “I want this chair, I like this chair. Let me see if I can get it in China” . I’ll bring it in. And I just thought, “okay, maybe this thing can turn into something else.” You know, and at that period, because my hometown is Iseyin, that’s like the Aso oke hub of Nigeria. So, I mean, when we were small, we used to go, and I had an auntie that used to weave clothes. So, I started bringing those clothes to Lagos. I started sewing things, and I started sending them to my friends abroad in the States. And that started like that. So, I started going to Abeokuta. This is way back 2013, before this became a trend. I’d go to Abeokuta, do my print, and send it abroad. So, that started as the first chain of business for Dumare. So, we started selling to suppliers on Etsy and Amazon. I knew I didn’t want to do it on the Funke selling clothes. No, I didn’t want that. So, I started producing these things. I’ll speak to my friends. “Do you know anybody that sells on Etsy?” Do you know anybody that sells on Amazon? I started putting out the word, oh, if you’re looking for African prints, African clothes, you sell. You’re a reseller. So, I started that. I believe I’m one of the first people that started selling on Etsy, on Amazon, way back 2013. So, we started with that. And obviously, gradually, I started supplying. So, then COVID happened. And some of my corporate clients, they would call or they want something. I started working by the side. Like I said, corporate clients would call me. We need something. “We need a chair. We need a bag.” I’ll import it. Then COVID happened, and we couldn’t import at that period. So, that was when we started thinking, “how can we manufacture some of these things here?” And that was how we started manufacturing some of the basic things, like the bags we’re showing you. I don’t know if you saw the notepads. Yeah, the sleeves. And we started trying to source for leather. Leather here. We’ll go to the north. Get leathers, bring them. We have a factory in Mushin. We sold these bags, and we started like that. COVID, we couldn’t import. Because when COVID started, China blocked (their borders). Nobody could bring anything from China, especially the PPEs. So, we started sewing nose masks. We supplied about 200,000 locally sewn nose masks. Yeah, so that was where that “Oh, we can do these things locally.” We started sewing swaps for hospitals here. Best Shades. Locally, we go to Yaba. Source the fabric. Sew them, deliver. So, that made us look inwards there. “Okay. Let’s take this production thing locally seriously.” And today, we do the bags. We try as much as possible not to import leather bags. Knapsack. Bring them. I think we have knapsacks. Knapsack, laptop bags, sleeves, notepads. And the reception has been very good with their clients. Yeah, local content. They’re all embracing it. So, from that, we started going to the north. Because you have to start sourcing for cheaper leather. And that exposed us to another part of our business, which now started as a supply chain. Because going to the north, now, obviously, we interface with farmers, with heads, people. And we saw the product. The farmers that had the produce. So, I’ll go, I’ll come back with baskets of tomatoes. Maybe I bought it for 2,000 Naira. So, my friends, I’ll buy baskets. I’ll share it with them. The baskets that we normally buy here, 70K, 80K, they were that cheap. It’s a knapsack. Because that was not leather. Yeah. It was that cheap. Yeah, so these are all, you know, locally made. So, that exposed us to farmers, you know, tomatoes and all that. So, one day we just thought, okay, “how can we bring out something?”, you know, people looking for these things in the South. It’s expensive. “How can we link, you know, buyers and the farmers?” So, that opened up another channel, the supply chain. So, now I’ll show you the produce. Raw materials. That’s taking us to the supply chain of the business. So, now we have three clients we’re dealing with now which is Eco Foods. So, we link them to their cocoa. So, they’re into chocolates. They make chocolates, biscuits, so we go between them and their suppliers, so they can concentrate on their production. We bring in their cocoa for their chocolates. We also have a company that’s into, a start-up into puree, tomato puree. So, we link them with the farmers in the North to get their tomatoes to them. Yes, so basically that’s what we do. Then the procurement part, like I said earlier, we started doing procurement for a lot of companies. So, we handle procurement for a good percentage of banks, for multinationals. Most of the top clients, most of the top multinationals, we handle their procurement, their branding items, and promotional items. So that’s a summary of what we do. What we’ve done originally was corporate wholesale. So, recently we just thought, “okay, let’s get the retail market”. Yeah, because most times we don’t sell one-on-one items. I just thought, “okay, let’s go into that. Let’s get to that market.” And that brings us here. We decided to open a retail outlet so people can actually walk in and buy one piece. And we can cater to a broader audience.
So, all these, the supply chain, the manufacturing, the importation of stocks and all that, with the procurement, are all under Dumare?
Yeah, they’re all interrelated.
So, it’s a group?
It’s not a group, it’s a small company. Yeah, it’s a different thing. Yes, it’s a different thing. They’re all interrelated. The leather we source usually for the bags that we sell in Dumare. So, they’re all… It’s just procurement, supply chain, and merchandising. They’re all similar. It’s a similar industry, yeah. But EcoFood is different. I’m not EcoFood.So, I am a go between. So, it’s like a supply chain. I get you the produce, you produce. So, now, also, we’re looking into exportation of this on behalf of the client. So, it’s like a full chain of supply. You know, for this, we got this client from Ebeano. So, you know, that’s what we’re trying to do now with the finished product. So, it’s not just getting them their raw produce. It’s also the finished product. Try and get it out there for them. So, it’s a full chain of supply.
Interesting. You seem to have a sense of knowing that you’re going to go into business right from a young age. So, what really intrigued you in studying psychology? Was that necessary to learn?
I believe psychology plays an integral part in what I do today. In building my relationships with my suppliers and even my clients. So, I feel with my knowledge in psychology, I’m able to manage relationships better. Yeah, I’m able to excel with my clients and dealing in the business terrain in Nigeria. You have to do people management. With your clients, you have to understand each client, each of their needs, and how to approach and manage them. So, definitely, I think it’s played a very, very important role.
Doing business in Nigeria and then you have so many facets. What have you learned along the way, especially in Nigeria?
I feel in Nigeria, a lot of gbas gbos will happen to you. But, you know, if you want to be successful, you just have to keep at it.
Any particular challenges?
As a start-up, starting up a business, to get people to, especially as a woman in the business, especially because, you know, I’m going to market people for a product. I’ve gone to industries and people say, ” eh, is that not ogas girlfriend?” You know, people undermine you. You’re stereotyped already because they perceive the business to be a business that is not a serious business. And I tell people, this industry in Nigeria is a multi-billionaire industry. But a lot of people don’t know that. So, I mean, getting clientele then was a bit difficult. You know, you go to people and they don’t take you seriously. They just say, “okay, it’s a hobby.” Convincing people, it’s not a hobby. This is my job. This is what I do.And, well, thank God for growth. So, that’s what I’m saying. Your tenacity, you have to just keep at it. I don’t even go to the market anymore. We fire on. We’re talking of corporate clients, corporate gigs, corporate merchandise in Nigeria. I believe, I mean, if they call the first five or first ten, they’ll call me.
So, and that’s only happened because I’ve kept up my craft. I’ve continued to push and try to break into the glass ceiling. So, those problems are no longer problems. I go somewhere, I believe, by the time I see five, six. Some of you say, “oh, I know of Dumare.” Most of my clients come from other clients that referred me. So, that confidence has been built, not just by what I’m saying, but over the years of hard work that I can show. So, yes, definitely, that was a challenge when I started.
So, what about challenges now?
We know the business terrain. My greatest challenge right now is the economy. So, like, most businesses in Nigeria that deal with forex. So, that’s our greatest challenge at the moment. I’m having to reprice and recost my items every other day. Exchange rate yesterday is no longer the exchange rate today. So, that’s a really, really big challenge. You know, you’re giving quotations today, and by the time we’re done negotiating and all that, the price is up, you know, so it’s a major challenge, yeah.
Are there significant changes in your industry so far that you’re proud of?
Most definitely. I see a lot of new entrants. When I started, it was not a lot of us that was into it. A lot of people do that. For me, I feel competition is always good. It always pushes people to do better, think out of the box, think about diversifying your items or whatever you’re doing. So, I think there are a lot of new entrants in the industry. We are also starting to look inward. We’re starting to do a lot of production ourselves. We’re starting to use a lot of AI technology in the industry.
So, you’re in a supplier-materialized business. Is there a point where you draw the line that, okay, we do not do this, we don’t want to go into this? Is there any business or any product you choose that is off limits?
Most definitely. Because I do a lot of importation, I get a lot of requests for so many items that I don’t even want to discuss. So, because of the relationship we have with clearing agents, we also bring in some things.
But how do you dissuade individuals from actually coming?
Nobody can force you to do anything. It’s a simple no. No, we don’t do that business.
So, I’ve seen replicas of renowned art aspects, like Michelangelo. I’ve seen lots of replicas. This is a branch off from your supply chain business. Why the choice of relatable items such as that?
I mean, so many people come to us. They see us on Instagram. They walk into our order office and they want to buy items. Like I said, we don’t sell retail items. So, I mean, we’ve done that for years and people always try to get us to do that. Sometimes, I give concessions. Sometimes, I don’t. So, I just thought, okay, “Why are we losing that market?” We might as well just cater for those people.
What do you think separates you from every other merchandiser, procurement expert? Since a lot of people, after seeing that you are in the market and they say, “oh, this is a lucrative business,” they do want to now do it. What separates you as the boss of all bosses? What’s that distinct thing?
For me, it’s my ability. So, I’m not just a procurement person. I’m also into supply chain. I’m into production. I’m into manufacturing. So, it’s multifaceted. So, most people that are into my industry, they’re just probably importing. I export. I manufacture. I’m into supply chain. At least, I don’t know anybody that does all of that.
With the entrance of companies like Alibaba, eBay, coming into the market directly, I can sit in my room and order something off eBay and have it delivered to my doorstep, which is part of what you do, like source some of the items. How has the advent of internet accessibility affected your business, or has it in any way?
Definitely. Yeah, as well. Like I’ve said, I’ve not in the past dealt with retail. So, even if you have access to Alibaba, you don’t have access to who will load your container, who will do quality checks on your product, who will clear your product, who will sort out the logistics for you. You can’t do all of that.
So, you’re like the professional middle person that takes off the stress from everybody?
Yes. The retailing is just a newer venture. Like you said, it’s not even open yet.
But do you think the structure is better now than when we started? I mean, at the time it probably started, not many people were doing that procurement, and, you know, many people that do it will travel there themselves to procure these things, and they come back and say, you know, “my container arrived, “you know, that kind of thing. But do you think there’s better structure now?
Yeah, I believe so. I think people appreciate it more, and they’ve seen they save more costs. So, if you’re going to buy, I’m going to leverage on my relationship with my suppliers, the quantity, even if I’m stocking for you, like I’m having two, three containers, I’ll probably get the same items for you cheaper. I think people are starting to realise that.
And then I think we are also looking at it from an individualistic point of view. She deals with brands, companies. Which company will want to leave whatever it is that is their core business to now go and start a procurement department? And even the procurement section itself, will they want to deal with someone that is a professional?
Even most of the people, most of them buy from us, to go sell to suppliers. No, no, no, I wouldn’t say that. Like I said, I don’t work with people. I work with industries. During campaigns, we’re going to Ibadan to bring bags of garri to repack. To repack and all of that. So I wouldn’t say it’s a luxury.
Do you sometimes incorporate your own style into your clients’ demands?
Definitely. And I think that’s what sets me apart. Definitely. Everything I do is something I have to be able to… Yes.
So if you had to define your style, what would it be?
I’m very classy and simple.
I’m curious. A lot of people say, because of the insecurity and everything, so how have you been able to cope?
We started doing this way back in 2015. So now we don’t need to go anymore.
You didn’t speak about taxation. I do know in customs, a lot of people have complained about the kind of tax on products that are being imported. How do you deal with that?
So anything we’re bringing in is taxed already. So when we do our tax, we already have our documents in tax on some of them already. VAT, all kinds of taxes. Yes, and because we deal with a lot of corporate clients, most of our VAT is already introduced from the source. So we’ve started mini exportation now. But we use agents for that. Because it’s just new. Hopefully in the next year or two we can start moving in containers. But for now we use agents to export.
To what countries?
To America for now.
How’s the reception been?
Not bad at all.
So beyond retail, what’s the goal in the next five years?
We want to take our manufacturing a bit more seriously. And hopefully we’re doing international standard products and we’re hoping to expand into that fully. Doing more lines, more products that can be exported.
You talked about manufacturing. So you manufacture some and then you bring in some. Is that what you mean? So for example, a lot of people that manufacture locally complain about the quality of the work being done. How do you manage that?
It’s quality control. We have our own factory. We have people that always make sure. You can see that. The finishing is extraordinary. And that’s the thing that sells the brand. I have a fantastic team. Before you came we were complaining about tariffs, electricity tariffs. It’s killing us.
So if you do anything differently. What would it be? Say, take you five years back.
Once I can get a committed team. I can bring in maybe some Chinese people. I was actually going to say that. To be cheaper to source from China. A lot of clients are asking for local content as well.
But you could bring technology from China for training.
Yes. So they tell you we want strictly on record 90% made in Nigeria.
What do you think is the reason for that?
Everybody is sensitive to what’s going on. There’s no dollars to trade. So I mean, if you want to grow our economy, that’s the way to go. We all have to put in our quota to do that. It’s ridiculous some things we bring in. Why would I have to bring a notepad in? Why would I have to bring a pen in? Yeah. These are things we should be able to do. So yeah, there are a lot of clients now being sensitive to that. And I guess that’s their own way of contributing to the economy.
Okay, so when we spoke and I talked about this foreign book packaging. Is this done in Nigeria or? Like the packaging, not the produce itself.
Not all of them are done in Nigeria.
But it’s not your product.
It’s not my product. Also with the branding, I did the branding for the clients. Oh, okay. Yes, I produce this, yes, for the clients.
I understand that your passion is about empowering young professionals. Can you take us through that journey? How has it been for you?
Well, like I said, a lot of new entrants into the industry. Recently, I started a community of young entrepreneurs that I want to start merchandising. So I opened a credit line for them. And they sell, once I see, I increase your credit line and give them products to sell. So you don’t need any capital to start your business. Yes, so I recently started that. I’m also a member of Greenpeace. I’m one of the mentors in procurement and supply. So we mentor young girls that want to go to similar businesses.
Earlier, you also talked about the stereotyping of women in your industry. Has there been any change, asides personally?
Most definitely. I believe everybody knows women do things better anyway. I mean, for someone like me, I believe most companies, I have been to show them that there’s absolutely nothing I can’t do that my male counterpart can’t do. So definitely, I think things are changing as well. People are no longer just putting up with that idea.
What are the things you thought you could have done better?
Definitely, I think I should have gone into manufacturing earlier. Definitely.
Why the profit or the convenience?
I wouldn’t say the profit. For me, it’s fulfilling when you produce something yourself from scratch. Something you have an idea, it’s much more fulfilling than just importing or bringing somebody else’s product in. Also, it’s a labour market, and also giving back and employing people and all that. So definitely, that’s something I would have loved to have done earlier.
Your entrepreneur spirit. Is this something that’s ingrained, or would you say is a trait from your parents?
Almost definitely. My mom was a serial entrepreneur. Okay. On and on. That’s how much she was. She taught me everything I know.
So there was no objection when you decided to go into business?
Like I said, I’ve always been, even since I was a child, I wasn’t a business person. And even my daughter is like me, she’s just 10, but she can sell everything. So I think it’s in the blood. My dad was a medical doctor, my mom too was a nurse. So they had a hospital together. But my mom has just always driven the business. I remember they grew up in Ibadan. She would come to Lagos to get corporate clients, and she had a petrol station, she had dreams. Even while she was a nurse. So that’s how I grew up seeing her. So for me, as a woman, I knew that was a good path.
Are you the only one with this trait in your family?
I’ve got three other sisters and a brother.
You spoke about the credit line that you made available to young people. What tune is that credit line? And then, so far, how many people would you say you have impacted through that initiative?
So we started with five young girls. Two of them are still on their graduates. And we gave them a credit line of 300,000 each. And now, from that, we started doing it in batches. From the first batch, two of them defaulted. For three of them, the two of them are doing really well. And the credit line is now up to two million. Yeah, they’re doing extremely well.
How long ago was this?
It started about a year ago. Yeah, they’re doing extremely well. So they come, get like the chain you like, things that appeal to students. So they come, they sell. We give them all things. The two of them are doing extremely well.
From the petty trader, so to say, when you started, to now you’re going into merchandise. Looking back, what would you say is your greatest success story? And what next for you? Because I see you growing. You look like a daring woman, just want to continue to break the ceiling and just do things. What next? What next are you looking at? Any plans of diversification or stuff like that?
Yes, definitely the supply chain aspect of the business is something we want to build more. To be the middle person, to get a lot of new small manufacturing companies that are just starting out. Startups, with people that produce the products they need. So that’s something we need. We’re looking into getting technology development. So next year we’re looking into technology. We’re looking at an app that will make things seamless for them to order their raw materials, to produce their end product. Definitely the supply chain of the business is something we’re looking to expand and work on.
You didn’t answer about the success story.
I mean, I feel for me my biggest success story is having top multinationals come to me year in, year out and return. Total. Oando. Glo. MTN. All the biggest brands. And these are brands that if you’re not good enough… Then you want consistency. Yes. So for me, it’s all that. I must be doing something (right) for them to come back. So most of my clients are clients that I’ve had for over the years.
What gave you that break? I mean, you started, yes, but there must have been something that gave you that big break.
It’s excellent.
What was the first major company that you worked with?
I think it was Stanbic. Stanbic. That’s a good one.
