Abia State Governor, Alex Otti, has urged Igbo businessmen to move away from sole proprietorship and embrace shared ownership and modern investment strategies to ensure the long-term sustainability of their businesses.
Otti made the call on Thursday while delivering a public lecture to mark the 70th birthday of Chief Chidi Anyaegbu, chairman of Chisco Group of Companies, owners of Chisco Transport Limited.
The lecture, organised by Chukwuemeka Odumegwu Ojukwu University (COOU), Anambra State, was titled Enterprise Across Generations: Merging Indigenous Business Knowledge with Modern Investment Strategies for National Prosperity.
The event also featured the groundbreaking ceremony for the Chidi Anyaegbu Resource Centre and the unveiling of a book celebrating the transport entrepreneur, titled Platinum Footprints of Enterprise: The Life, Leadership and Legacies of Chief Chidi Anyaegbu.
Speaking as the guest lecturer, Otti warned that the traditional practice of building businesses around a single individual often made them vulnerable to collapse after the owner’s death.
He urged entrepreneurs to reconsider the model of businesses operating under names such as “Okonkwo and Sons” and “Obinna and Brothers,” arguing that sole proprietorship was becoming too restrictive in an increasingly competitive business environment.
According to the governor, expanding businesses through shared ownership and attracting external financial investment would create opportunities for growth and improve their chances of surviving across generations.
“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,” he said.
Otti also stressed the importance of competition, noting that businesses must adopt internationally accepted practices to remain relevant and sustainable.
He described Anyaegbu as a worthy role model whose entrepreneurial journey deserved to be documented for younger generations to learn from.
The governor further identified trustworthiness, diligence and hard work as essential qualities for building successful businesses, insisting that technological advancement and artificial intelligence could not replace these values.
“Okiyi has shown that trust is a huge capital in business. Diligence, trustworthiness cannot be substituted for technology,” Otti said, referring to Anyaegbu by his popular nickname.
He encouraged young entrepreneurs aspiring to build successful businesses to prioritise trust, explaining that it would strengthen their reputations and make it easier for customers and other business owners to recommend their services.
Earlier, former Imo State Governor and chairman of the occasion, Achike Udenwa, described the celebration as an opportunity to recognise the discipline, determination, hard work and trustworthiness behind Anyaegbu’s success.
Udenwa also praised the businessman’s philanthropic activities, urging successful Nigerians to extend their support beyond their immediate communities and help others achieve their ambitions.
He noted that Anyaegbu had demonstrated a commitment to helping people beyond his hometown of Amichi in Anambra State.
Meanwhile, the Vice-Chancellor of COOU, Professor Kate Omenugha, said the university’s Department of Transportation would provide students with an academic understanding of the sector while drawing lessons from the achievements of established industry players.
She described Anyaegbu as an example of how entrepreneurship could combine commercial success with service to humanity.
According to Omenugha, the department would help students understand that transportation extends beyond profit-making to include a broader responsibility to society.
She also highlighted Anyaegbu’s entrepreneurial journey, noting that he built businesses spanning transportation, logistics, oil and gas from a settlement of N150 given to him by his master in 1976.
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