Governor of Enugu State Peter Mbah has stressed the need for Igbo to embrace a structure that will ensure that their businesses outlive their founders, grow and sustain the economy of the southeast region.
The governor also advised them to move beyond personality-driven business models toward structured, multi-generational institutions.
Mbah stated this in Enugu during the opening of the branch of an investment banking giant, Afrinvest (West Africa) Limited.
Represented by his deputy, Ifeanyi Ossai, the governor stated that to achieve this, they need support services that drive investment, such as those provided by Afrinvest.
“We Igbo people are known for strong personalities. Everyone wants to own an Ifeanyi Ossai Nigeria Limited. But we must evolve to build systems like Guinness or Nigerian Breweries that outlive their founders.
“Businesses cannot thrive where support services that drive investments do not exist. The kind of services Afrinvest offers – from capital mobilisation to business structuring – are the very backbone of a sustainable economy,” he said.
The governor described Afrinvest’s arrival as “timely and transformational,” emphasising that the company’s services will strengthen Enugu’s investment ecosystem.
He urged Afrinvest to help local entrepreneurs move beyond personality-driven business models toward structured, multi-generational institutions.
He also encouraged Afrinvest professionals to engage with the state’s numerous tertiary institutions to inspire students and young entrepreneurs toward building sustainable, knowledge-based enterprises.
“With the number of universities in Enugu, we should be leading a knowledge-based economy. I urge Afrinvest to visit these institutions and help shape the next generation of business leaders,” he said.
In his speech, Afrinvest group managing director(GMD), Dr. Ike Chioke, said the firm had long considered expanding to Enugu but found the right environment under the current administration of Governor Peter Mbah.
“We had planned to come into Enugu three years ago during the administration of the former governor, Ifeanyi Ugwuanyi, but it did not materialise. When Peter Mbah came on board and began transforming Enugu into a business-friendly environment, the urgency to open this office increased,” Chioke said.
He explained that Afrinvest would bring its broad experience in investment banking, asset management, securities trading, trusteeship, consulting, research, fintech, and microfinance to help businesses in Enugu grow sustainably.
Chioke noted that many successful Igbo-owned enterprises collapse after the founders’ demise due to weak governance structures.
“There are standardised ways of ensuring business continuity, raising capital, and hiring the right people. That wealth of expertise which we’ve long provided clients in other regions is what we’re gladly bringing to Enugu,” he said.
