The Enugu State Government has reiterated its commitment to strengthening Igbo-owned enterprises and ensuring long-term business sustainability.

This was made known by the Governor, Dr. Peter Mbah, during the official opening of the leading investment and financial services firm, Afrinvest’s office in Enugu.

Representing Governor Mbah at the inauguration was the Deputy Governor, Ifeanyi Ossai, who welcomed Afrinvest to the state and described the firm’s arrival as “the beginning of many good things to come.”

Ossai praised the financial institution, saying, “Your reputation has travelled farther than you. For us, it is particularly exciting that you are here because of the range of services Afrinvest provides.”

He elaborated that the state is “putting in place the necessary infrastructure to attract investments such as this. But businesses cannot thrive in an environment where the support services that drive businesses do not exist, and that is why your presence here matters.”

Ossai stressed that Afrinvest’s expertise would help Igbo entrepreneurs build enduring institutions instead of ventures solely dependent on the founder’s personality.

He noted the challenge of business continuity among the Igbo, stating, “Most of the businesses we grew up knowing could not transcend from the generation that established them to the next because we Igbo people are predominantly people with very strong personalities. Everybody wants to have an ‘Ifeanyi Ossai Nigeria Limited.’”

Earlier, the Group Managing Director of Afrinvest, Dr. Ike Chioke, explained that the decision to establish an office in Enugu was inspired by Governor Mbah’s efforts to make the state more business-friendly and attractive to investors.

He revealed that the plan had been in the works for a while: “We’ve always had our eyes on Enugu. We had planned to come into Enugu three years ago during the administration of former governor Ifeanyi Ugwuanyi, but it did not materialise. But when Peter came on board and quickly began to transform Enugu and make it more business and investor friendly, that urgency to open an Enugu office increased.”

Chioke described the move as part of Afrinvest’s “aku ruo uno” (think home) philosophy, bringing over 30 years of expertise in various financial services, including investment banking, asset management, securities trading, trusteeship, consulting, research, fintech, and microfinance, to the region.

He lamented the fragility of some successful businesses in the area, explaining, “With us here, Enugu people cannot say they didn’t have access to expert financial advice. All too often, we see that Enugu has very successful entrepreneurs who build great businesses and even expand beyond Nigeria, but once the founder dies, the business collapses. Part of those problems are governance and strategy — some of which is the expertise we bring.”

He cited the Ekene Dili Chukwu Transport Company as an example of a once-thriving business that collapsed after its founder’s death, stressing the need for a business continuity culture.

Chioke noted, “There are many such businesses that died because their proprietors died. What we are saying is that there are standardised ways of ensuring business continuity and of raising capital for your business. There are structured ways of hiring the right people for your business.”

He added that Afrinvest’s presence would help local entrepreneurs build businesses that endure across generations, stating, “That wealth of expertise which we daily provide Nigerians in the western and northern regions of the country is what we are gladly bringing to Enugu State. The essence is that our clients here will understand what it takes to build a business for the long term and ensure continuity.”

Chioke concluded by noting that the office opening was a board resolution leveraging existing relationships in the state, adding, “We felt we could leverage relationships we already have in Enugu, one of which is Rangers International Football Club, whose shirts we began sponsoring in 2023.”