● Ferdy Agu
Enugu, Nigeria – The 2024 Amadeo Business Summit which kicked off about an hour and half ago in Enugu saw business leaders, policymakers, and scholars gather to discuss innovative approaches for societal improvement, but the highlight of the event was the keynote address delivered by Professor Bart Nnaji, the founder and CEO of the Geometric Power Group. His thought-provoking presentation challenged the audience to rethink the core purpose of business, urging them to look beyond mere profit-making.
In his lecture titled “Business Must Strive for the Common Good,” Nnaji, a globally acclaimed engineer and former Minister of Power, took a stand against the conventional capitalist model that prioritizes profit maximization. Drawing on historical economic thought, Nnaji critiqued the ideas of Milton Friedman, the Nobel laureate whose free-market doctrines shaped much of global economic policy from the 1980s. Instead, Nnaji turned to the philosophy of 18th-century economist Adam Smith, emphasizing that while individuals pursue their own interests, they often inadvertently contribute to the welfare of society.
He noted that businesses, while motivated by profit, must also account for their impact on the broader community. “A business concerned only with maximizing shareholder value at all costs will ultimately create social disharmony that can destroy it in the long run,” Nnaji stated, as he addressed the packed hall of professionals, government officials, and entrepreneurs. His perspective echoed the ideas of stakeholder capitalism, a concept championed by Klaus Schwab, the founder of the World Economic Forum, which advocates for businesses to consider the interests of all stakeholders, including employees, customers, communities, and the environment.
Front row L-R: Cecilia Ezeilo, Ugo Chime and Chinelo Chime
Nnaji took the audience on a journey through his own business ventures, notably the 188-megawatt Geometric Power Plant and the Aba Power Limited Electric Company also known as Aba Power, both located in Aba, Abia State. He revealed that the decision to build these projects in Aba, rather than more industrialized areas like Lagos or Ogun State, was rooted in a desire to stimulate economic growth in underdeveloped regions. “Had I been driven purely by profit,” Nnaji explained, “I could have chosen locations where manufacturers would pay a premium for reliable power. But the common good must also be a factor in business decisions.”
This notion of balancing profit with societal benefit also informed his views on corporate social responsibility (CSR). He argued that CSR goes beyond philanthropy, stressing that businesses must promote environmental protection, treat employees with respect, and avoid exploiting their partners or communities. “Corporate social responsibility isn’t just about giving back to society; it’s about ensuring that your business practices, at all levels, promote the common good,” Nnaji asserted, citing examples of global companies like Nestlé, which came under fire for benefiting from exploitative labor practices in its supply chain.
Nnaji also highlighted the growing relevance of Ubuntu, the African philosophy of solidarity and collective humanity, in modern business ethics. He lauded efforts by scholars and managers to integrate Ubuntu’s principles of compassion, interdependence, and community welfare into the corporate world. “Ubuntu teaches us that I am because we are,” Nnaji said, referencing the Igbo adage onye aghana nwanne ya, which translates to “be your brother’s keeper.” He called on the business leaders present to adopt this mindset, reminding them that their success is tied to the well-being of their employees, customers, and communities.
Opening the summit, Governor Peter Mbah of Enugu State, represented by the Commissioner of Trade and Investment, Adaora Chukwu, echoed Nnaji’s sentiments on the importance of inclusive business practices. In her remarks, Chukwu commended the Amadeo Initiative for aligning with the state government’s vision of transforming Enugu into a hub of innovation and sustainable development. “What Amadeo is doing resonates with our goals for Enugu State. We have immense potential and resources waiting to be tapped, and with initiatives like this, we can create a future where businesses thrive alongside the communities they serve,” she said.
Chukwu also outlined some of the state government’s recent achievements, including the establishment of smart and green schools across Enugu’s 260 communities and the implementation of digital solutions in the health sector. She emphasized the administration’s commitment to creating an enabling environment for businesses, highlighting reforms aimed at improving the ease of doing business. “Together, we can make these changes a reality in Enugu State,” she concluded, calling for greater collaboration between the public and private sectors.
R-L: Bart Nnaji, Ahmed Musa and Ugochukwu Chime after Nnaji received ‘Amadeo Fellowship Award’.
The event’s significance was further underscored by the remarks of Rev. Dr. Ugochukwu Chime, founder of the Amadeo Initiative and host of the summit. In his welcome address, Chime recounted the origins of the initiative, which began in 1997 with a divine revelation and has since grown into a multifaceted organization committed to mentoring, poverty alleviation, and providing housing. He emphasized that the summit was designed to challenge conventional thinking and inspire participants to pursue goals that benefit society.
“Business is not just about profit; it is about service,” Chime declared, reinforcing the summit’s theme, “Transposition of Interest in Service Delivery.” He urged attendees to adopt a selfless approach to business, citing biblical principles that call for love, humility, and service to humanity. Chime also introduced the newly established Amadeo Hall of Fame, which honors individuals who exemplify these values. Among this year’s inductees were Professor Nnaji and Senator Osita Ngwu, both of whom were recognized for their contributions to society through selfless service.
The summit drew an impressive array of distinguished guests, including Architect Ahmed Musa, the Minister of Housing; Monsignor Professor Obiora Ike; Dr. Ifeanyi Okoye, former chairman of the Enugu Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA); Professor Chinedu Nebo, former Minister of Power; and HRH Harold Onuora of Eke, who served as the Royal Father of the Day. Their presence underscored the importance of collaboration between government, business, and civil society in driving economic and social progress.
Reflecting on the day’s discussions, one of the attendees, Professor Edith Nwosu, noted that the summit had provided invaluable insights into the evolving role of business in today’s world. “Professor Nnaji’s lecture was a masterclass in ethical leadership and responsible business practices,” she said. “It’s a reminder that as business leaders, we have a responsibility not only to our shareholders but to society at large.”
As the summit drew to a close, Nnaji’s message resonated deeply with the audience. His call for businesses to prioritize the common good over profit alone left a lasting impression, reminding everyone present that the future of business lies in building a more inclusive, equitable, and sustainable world. GMTNewsng
