'Igbo businessmen must rethink their business model' - Otti

Abia State Governor Dr Alex Otti has urged Igbo businessmen to reconsider their business models, arguing that sole proprietorship is an outdated approach that lacks long-term sustainability. The governor made this statement during an annual public lecture series organized by Chukwuemeka Odumegwu Ojukwu University, Anambra State, to commemorate the 70th birthday of Chido Anyaegbu, the founder of Chisco Group of Companies and Chisco Transport Limited.

The lecture, titled "Enterprise across generations: Merging indigenous business knowledge with modern investment strategies for national prosperity," focused on the need for a sustainable business model that can grow beyond what Otti described as "Okonkwo and Sons" or "Okafor and Bros Limited," businesses that typically collapsed after the owners passed away.

Otti emphasized the importance of shared ownership and attracting financial backing to expand businesses, stating that individual ventures are becoming too restrictive. He highlighted that trust, diligence, and hard work are essential virtues that cannot be replaced by technology or artificial intelligence. Anyaegbu's success, Otti noted, was built on these qualities, making trustworthiness a crucial capital in business.

The governor challenged young entrepreneurs to embrace competition, as it pushes them out of their comfort zones and drives innovation. Otti concluded by urging Igbo businessmen to prioritize helping others, a trait that Anyaegbu exemplified through his philanthropic efforts, which extended beyond his hometown of Amichi.