Former President Olusegun Obasanjo has urged businesses to embrace principles that support succession planning to preserve legacy of businesses unto many generations and engender sustainability.
Chirf Obasanjo gave the advice on Thursday night in Lagos at the Coleman Wires and Cables 50th anniversary dinner.
He commended the company for sustaining a legacy of family succession and visionary leadership.
This, he said, had kept the company thriving for five decades.
Obasanjo further stated that businesses must emulate models of companies that have thrived beyond its first ownership and ensure that many businesses survive many years in the country.
He also praised the company’s founder, Dr Solomon Onafowokan, and his family for building a generational enterprise that continued to expand under the leadership of his sons.
Obasanjo described Coleman’s success as a model of sustainability and corporate resilience, urging other Nigerian entrepreneurs, especially owners of family businesses, to emulate and establish strong succession plans.
“I commend and congratulate you.
“When you go to the cemetery, you do not see it written that a man tried and died; you only see that men lived and died — and many died for one reason or another.
“But you have done something different; you have ensured your business continues to thrive while you are still alive and not in charge. That is wisdom and foresight,” he said.
The company’s Founder and Chairman, Onafowokan, attributed its success to divine grace and strategic succession planning.
He expressed gratitude to God, his family, and the company’s workforce for their role in building the Coleman brand.
He said, “It is not by my might but by the grace of Almighty God.
“I was deliberate about succession because when you have a mission, you must ensure those who will take over have the same determination to succeed and I am proud that my sons are ready to take this company to greater heights,” he said.
The Managing Director, Coleman Wires and Cables, Mr George Onafowokan, celebrated Coleman’s transformation from a small trading firm established in 1975 to a manufacturing giant.
He disclosed that the company recently inaugurated Africa’s largest fibre optic cable facility and the continent’s first fibre-reinforced plastic production factory.
Onafowakan said the company was on track to becoming a N15 trillion enterprise, with over 50 per cent of revenue expected from exports.
“Our journey reflects a strong belief that Nigeria can build, innovate, and compete globally.
“The celebration marked not just 50 years of corporate success but also the triumph of faith, resilience, and the enduring Nigerian entrepreneurial spirit that has positioned Coleman as a continental leader in cable and fibre technology,” he said.
The event, Obasanjo presented several awards to members of the company’s staff for excellence, distribution and long service.
The company’s management also presented a Rolls-Royce car gift to its Chairman, Dr Solomon Onafowokan, which was formally handed over by former President Olusegun Obasanjo.
NAN
