Erosion of standard businesses dangerous for the economy ― ICCI president

The Chairman of Bovas Company Limited, Arch. Bamidele Samson has bemoaned the gradual phasing out of businesses in Ibadan and called for a better approach to business management and sustenance.

Samson said the trend is evident in the increasing unemployment rate of people in the state, which he said poses a greater challenge.

He said this in his acceptance speech at the 2022 Annual General Meeting and his investiture as the 21st president of the Ibadan Chamber of Commerce and Industry (ICCI), which was held on Thursday at the Banquet Hall, Premier Hotel, Ibadan.

“Industries and commerce in Oyo State and Ibadan in the old Nigeria was one of the pivots of industries and commerce. Many of these industries in Lagos and Ogun States today started from Ibadan. Today in Oyo State and Ibadan in particular, you can count only very few industries left and the majority of these leftover industries are either folding up, inefficient or moribund. Some that are still functioning well have their head offices in Ogun State or Lagos State. In other words, we cannot have any direct contact with the top management of these industries and companies without going via their surrogates or their agents.

“Still unfortunate it is that there are some industries and companies in Ibadan that have lost their bearings for whose, that today, we only see the carcass of the edifice that once housed these industries and companies,” he said.

Samson called for the collaboration of the government and various stakeholders in halting the trend as well as the menace of street begging in order to restore the state to its pride of place.

“It is time we all come together – the industrialists, the business people in our midst and the government – to take this as a challenge and find simple and acceptable solutions to these serious problems confronting our state.

“The Oyo State Chamber of Commerce and Industry is asking our state governor to please lead the way. He should set up a high-level and impartial panel of inquiry to investigate, report and advise the governor on the way forward,” he said.

While reacting to this in his felicitation, the state Commissioner for Trade, Industry, Investment and Cooperatives, Olasukanmi Olaleye, said the state government is working to ensure a better and friendly environment for businesses to thrive through the various projects it is embarking on.

“The Light up Oyo project, road infrastructure and Amotekun security outfit are meant to support businesses in Oyo and connect them with one another. Today, people can stay longer to do their businesses.

“This government will continue to support businessmen and women in Oyo and help them to thrive. We have not been having trade fairs in Oyo State for some years now; we are going to collaborate with ICCI to have a trade fair this year,” Olaleye said.

The President, Oyo State Chamber of Commerce, Industry, Mines and Agriculture, Chief Wole Akinwande, who described the appointment of Arch. Samson, as ICCI president as well-suited, lent his voice to the call for the government to provide an environment that would engender the growth and survival of private businesses.

“The principal aim of this chamber is to promote and protect trade, business, commerce and public welfare of the people. Nigeria’s economy today does not encourage business at all. Therefore, we as a business body, must strive hard to encourage small and medium scale businesses for the growth of our economy.

“I want to use this medium to appeal to the government to create an enabling environment for private enterprises to thrive especially in the area of security, provision of necessary infrastructure and provision of easy access to finance,” said Chief Akinwande.

The Asiwaju of Ibadanland and chairman of the occasion, Chief Olabode Amao, said for businesses to outlive their founders, they must commit to mentorship and grooming of younger hands. He charged the new executives of the chamber on this.

The audited financial statement of the chamber for the year ended December 31, 2021, which was presented during its AGM, posted a gross income of N10.598 million, N8.741 million expenditure and a surplus of N1.857 million.

The audit committee of the chamber said there was a “slight increase in revenue during the year under review when compared with that of the previous year. There was, however, a surplus of N1,857,106 when compared to the surplus of N1,749,324 recorded in the previous year. The Chamber would improve on cost control and income generation measures to improve the results in the ensuing years.”

Other dignitaries at the event, the Olubadan of Ibadan, Oba Lekan Balogun, who was represented by High Chief Eddy Oyelede and the 1st Deputy President, NACCIMA, Dele Oye, extolled the qualities of the new ICCI president and wished him a successful tenure.

The chamber also inducted two new members and called on business owners to join its fold.