'Igbo businessmen must rethink their business model' - Otti

Abia State Governor, Dr Alex Otti has admonished Igbo businessmen against sole proprietorship, saying it is an old model of business that doesn’t guarantee sustainability.

Otti stated this on Thursday during an annual public lecture series to commemorate the 70th birthday ceremony of the chairman of Chisco Group of Companies, owners of Chisco Transport Limited, Chief Chidi Anyaegbu.

The lecture series was organized by Chukwuemeka Odumegwu Ojukwu University, Anambra State, in honour of the transport mogul to celebrate his birthday and also the establishment of Department of Transportation in the university.

The event which was held at the university also featured a groundbreaking ceremony of the Chidi Anyaegbu Resource Center and the unveiling of a book in honour of Anyaegbu, with the title: Platinum footprints of enterprise: The life, leadership and legacies of Chief Chidi Anyaegbu.

The Abia Governor, who was the guest lecturer, spoke on the title: Enterprise across generations: Merging indigenous business knowledge with modern investment strategies for national prosperity. Otti in the lecture called for a sustainable business model that will grow beyond what he described as Okonkwo and Sons, or Obinna and Brothers Limited, most of which usually collapsed after the passing of the owners of the businesses.

He said: “I feel this lecture series is important because we have not documented enough the lives of some men who have taken on an impossible task for the younger generation to learn from.

“Okiyi (as Anyaegbu is fondly called) is thoroughly worthy of every grand celebration that he has had. He has through industry made himself a worthy role model to many, and his life will remain an admiration to many. And we thank COOU for lending their institutional credibility to this event.

“Sole proprietorship will not give us the edge to contribute or lead in business. There is need for us to rethink the model. Individual business ventures is becoming too restrictive. We should begin to explore shared ownership, but let’s explore ways to attract financial backings. Competition is not something to dread, it brings us out of our comfort zone. We must look at ways of expanding our businesses with what is internationally acceptable as that is the only way to sustain our businesses.

“We cannot continue to stick to the Okonkwo and Sons or Okafor and Bros Limited, or what we call the ikeotuonye philosophy (the power of one man).”

Speaking of other ways Igbo businessmen can grow their businesses and the lessons to learn from how Anyaegbu grew, Otti said people must try to be trustworthy, dedicated and hard working, insisting that such time tested virtues cannot be replaced with technology or artificial intelligence.

“Okiyi has shown that trust is a huge capital in business. Diligence, trustworthiness can not be substituted for technology. I will be the last person to make an argument against technology, but trust, diligence are currencies that cannot be wished away. Young ones who aspire to be the Chiscos of tomorrow must brace up because the competition is even stiffer today. The fastest way to be a good entrepreneur is to build trust, it is easier for people to refer you when you are trustworthy.”

Earlier, the chairman of the occasion, former governor of Imo State, Chief Achike Udenwa in his opening address said the occasion was one to celebrate hard work, success and philanthropy.

“We are also here to celebrate the ingredients that gave rise to success. We are celebrating discipline, determination, hard work, trustworthiness. If our benefactor today didn’t have this attributes, we would not have been here to celebrate him. So we are here to celebrate the things that made him succeed.

“Many people have tried and didn’t succeed and some who even had these attributes did not succeed because they need God factor in their lives. We will also want to recognize those who helped his destiny for him to come up to where he is today.

“We also need to look and study the philanthropy style of Anyaegbu. After he succeeded, he decided to help others. He didn’t just confine his philanthropy in Amichi (his village) but decided to take it far and wide. So I charge all, wherever you are, once God blesses you, please prioritize helping others to succeed too.”

Vice Chancellor of Chukwuemeka Odumegwu Ojukwu University, Prof Kate Omenugha said the Department of Transportation will help study transport from an academic perspective, not just learn from a man who built transport, logistics, oil and gas firms and others from N150 settlement money given to him by his master in 1976.

“This department will help our students to learn that transportation is not just about profit but about service to humanity, which is what Chief Chidi Anyaegbu, the godfather of transportation business in Nigeria stands for,” she stated.