Former President Olusegun Obasanjo has warned African nations against accepting foreign assistance that compromises their sovereignty, saying the wrong kind of aid can leave countries economically trapped and unable to pursue independent development.

Obasanjo spoke on Wednesday at the public presentation of a book titled, ‘The Ibru Story: An Account of a Pioneering Nigerian Business Family,’ a biography chronicling the life and business legacy of the late industrialist, Michael Ibru, held at the MUSON Centre, Onikan, Lagos.

Drawing from Nigeria’s support for Angola during the administration of the late President Agostinho Neto, Obasanjo recalled how Michael Ibru encouraged him to explore investment opportunities in Angola’s fishing industry after Nigeria provided the country with $20m in assistance.

He said Neto later explained that Soviet influence over Angola’s economy had effectively shut out other investors.

“The Soviets are advising us, and they are exploiting their fish. If they are the ones exploiting the fish and they are also the ones advising, where is the chance for anybody else to come in?” Obasanjo quoted Neto as saying.

The former president said the encounter taught him that countries must carefully evaluate the conditions attached to foreign assistance.

“When you are asking for help, you must watch the type of help you seek and the type of help you get. Angola got help from the Soviet Union, but it was the help that choked Angola in the throat. Angola had no chance to do anything with anybody else,” he said.

Obasanjo also reflected on Michael Ibru’s management philosophy, recalling how the late businessman advised him against micromanaging every aspect of an organisation.

He described Ibru’s enduring legacy as one built on discipline, determination, and family unity, urging members of the Ibru family to preserve those values.

“This family must be held together at all costs. We should never be tired of bringing everybody together. That will be a good legacy,” Obasanjo added.

In his remarks, the chief host of the book launch and patriarch of the Ibru family, Goodie Ibru, announced that proceeds from the sale of the book would be channelled into the Ibru Foundation to support education, entrepreneurship, and opportunities for young Nigerians.

According to him, the initiative reflected the late Michael Ibru’s belief that enterprise and wealth creation remain the most effective antidotes to poverty.

“I believe the future of this country is in enterprise. I believe the future of this country is in the creation of wealth.

“When you create wealth, you create employment, and when you create employment, you reduce the incidence of poverty.

“Poverty is a deadly disease, and the creation of wealth is the antidote to poverty,” he said.

He also urged young entrepreneurs to remain resilient in the face of setbacks, recalling that his elder brother’s business struggled in its first year after it was founded in 1956.

“He could not make capital in the first year, but he was not deterred. He started again. My advice to young businessmen is: Never give up. If you fall, get up and try again,” he said.

The book reviewer and renowned scholar, Prof Godini Darah, described the book as “the most pleasant news to come out of Africa in the 21st century.”

He said the book challenges long-standing stereotypes that Africa has little to contribute to global development, adding that the biography celebrates indigenous enterprise at a time when the continent needs more success stories capable of inspiring a new generation of entrepreneurs.

Darah also praised the family’s unity and entrepreneurial culture, saying the Ibru success story demonstrates that wealth creation thrives on shared values, discipline, and long-term vision.

Speaking on the purpose of the book, the author, Mike Awoyinfa, described the publication as more than a biography, saying it serves as a guide for future generations of the Ibru family and aspiring entrepreneurs.

Awoyinfa said the book captures the values, struggles, and resilience that built one of Africa’s foremost business dynasties, adding that it preserves the family’s heritage and offers younger members of the Ibru family a blueprint for navigating life’s challenges. (The PUNCH)

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