A Nigerian billionaire and founder of GUO Transport, Sir (Dr.) Godwin Ubaka Okeke, has lamented the negative impact of poor leadership on the Nigerian economy, recalling that when he started his business in the 1970s, the dollar was worth 30 kobo.
NewdayReporters reports that the business tycoon shared this during the 3rd edition of the Onitsha Business Hangout in Onitsha on Sunday.
Narrating his journey, he explained how he began his business after the Nigerian Civil War. According to him, the day after the war ended, he informed his parents that he would travel to Onitsha, and they allowed him to use their Peugeot 404 saloon car.
Upon reaching Onitsha, he checked on the family’s property, which remained intact, and then visited the Fegge district, where trade activities were in full swing.
While preparing to return to Adazi-Ani, passengers approached his car, asking if he was heading to Enugu. He agreed to transport eight passengers to Ogbete in Enugu, charging them £1 each, a considerable amount at the time.
Upon arriving in Enugu, he immediately found eight passengers eager to return to Onitsha at the same fare. Although passengers in Onitsha wanted him to make another trip to Enugu, he declined as it was late at night.
When he finally returned to Adazi-Ani, his mother was anxious and tearful, fearing something bad had happened, but his father reassured her.
The next day, he resumed his trips between Onitsha and Enugu, taking advantage of the scarcity of vehicles and conducting multiple trips daily. This marked his entry into the transport business.
He also combined his transport business with trading, which he had been doing on weekends to help his parents in various markets.
During this time, the Federal Government announced that all Biafran currency should be deposited in banks. He discovered that regardless of the deposited amount, a uniform receipt was issued.
He advised his family to split their money and deposit it separately to receive multiple receipts. This strategy proved beneficial, as the government later redeemed each receipt for £20.
With these funds, he started a poultry farm with his parents in Adazi-Ani and opened a shop in Ogbete, Enugu, marking the beginning of his entrepreneurial journey.
Despite the current economic challenges, he encouraged young people to be courageous and take risks, just as he did when he fearlessly drove people to Enugu without knowing if the war had truly ended.
He emphasized the importance of integrity in business, noting that it had set him apart and contributed to his success.
Addressing succession, he criticized parents for giving their children an easy life, depriving them of the experiences necessary to succeed.
He urged parents to involve their children in the family business from an early age, mentoring and tutoring them.
The keynote speaker, Iyke Aniedobe, echoed these sentiments, attributing business failures to parents who send their children abroad too early, preventing them from growing up under their guidance and developing an interest in the family business.
