Governor Peter Mbah of Enugu State has advised Ndigbo to move beyond personality-driven business models towards structured, multi-generational institutions.

While officially commissioning the Enugu office of Afrinvest West Africa Limited, on Monday, the governor, represented by his Deputy, Ifeanyi Ossai, was particular about making businesses to endure from one generation to another.

The opening ushers In 30 years of experience in investment banking, asset management, and securities trading to the state.

The governor stated that Igbos must embrace a structure that would ensure that their businesses outlive the founders in order to grow and sustain the economy of the South East region.

“We, Igbo people, are known for strong personalities. Everyone wants to own an Ifeanyi Ossai Nigeria Limited. But we must evolve to build systems like Guinness or Nigerian Breweries that outlive their founders.

“Businesses cannot thrive where support services that drive investments do not exist. The kind of services Afrinvest offers, from capital mobilisation to business structuring, are the very backbone of a sustainable economy,” he said.

Mbah described Afrinvest’s arrival as “timely and transformational,” emphasising that the company’s range of services would strengthen Enugu’s investment ecosystem.

He urged Afrinvest to help local entrepreneurs move beyond personality-driven business models towards structured, multi-generational institutions.

Encouraging Afrinvest professionals to engage with the state’s numerous tertiary institutions to inspire students and young entrepreneurs towards building sustainable, knowledge-based enterprises, he added, “With the number of universities in Enugu, we should be leading a knowledge-based economy. I urge Afrinvest to visit these institutions and help shape the next generation of business leaders.”

The Group Managing Director of Afrinvest, Dr Ike Chioke, said the firm had long considered expanding to Enugu but found the right environment under the Mbah administration.

“We had planned to come into Enugu three years ago during the administration of the former governor, Ifeanyi Ugwuanyi, but it did not materialise. When Mbah came on board and began transforming Enugu into a business-friendly environment, the urgency to open this office increased,” Chioke said.

He explained that Afrinvest would bring its broad experience in investment banking, asset management, securities trading, trusteeship, consulting, research, fintech and microfinance to help businesses in Enugu grow sustainably.

Chioke noted that many successful Igbo-owned enterprises collapsed after the founders’ demise due to weak governance structures.

He said: “All too often, we see that Enugu has very successful entrepreneurs who build very big businesses and even go beyond Nigeria, but once the founder dies, the business collapses. Part of the cause is governance strategy, some of which is the expertise we bring.

“There are standardised ways of ensuring business continuity, raising capital, and hiring the right people. That wealth of expertise, which we’ve long provided clients in other regions, is what we’re gladly bringing to Enugu,” he said.

The entrepreneur added that the firm’s expansion aligns with its ‘Aku ruo uno’ (think-home) philosophy of the Igbo and pointed out that Afrinvest already enjoys a strong relationship with the state through Its sponsorship of Rangers International Football Club.

He added that the decision to open the Enugu office was a board decision, he expressed confidence that it would benefit the people of Enugu.

“The essence is that our clients here will not just invest in the stock market, put their money in the bank, they will also understand what it takes to build a business for long term and continuity,” he said.

Manager of Nigeria Exchange Limited, Onitsha branch, Chidiebere Eziaghala, believes that Enugu people will be the biggest beneficiaries of the branch.

He further said: "On the behalf of Nigeria Exchange Limited, it is a great pleasure to join Afrinvest for the opening of their Enugu branch. This shows a milestone and commitment by Afrinvest in deepening capital market and financial inclusion at all levels of Nigeria. We can only wish them success in Enugu and I believe the Enugu people will be the beneficiaries of this branch.”