At the 2024 Business Summit held in Enugu, Professor Bart Nnaji, the Founder and Chief Executive Officer of the Geometric Power Group, emphasized that business should go beyond profit-making. Addressing the business community at the Amadeo Event Centre, Nnaji remarked that businesses solely focused on maximizing shareholder value or profit without considering broader social responsibilities risk long-term instability. He argued that this narrow focus could create social disharmony, which may eventually harm the business itself.
Nnaji’s perspective contrasts with the economic theories of Nobel laureate Milton Friedman, whose ideas have significantly influenced global economic policies since the 1980s. Instead, Nnaji drew on the thoughts of Adam Smith, the renowned 18th-century British economist, noting that while profit motives drive economic activities, these pursuits indirectly contribute to societal progress by fulfilling essential needs like food and services.
In his lecture, titled "Business Must Strive for the Common Good," Nnaji advocated for a shift from stockholder capitalism to stakeholder capitalism, a concept promoted by Klaus Schwab, the founder of the World Economic Forum (WEF). He emphasized that businesses must consider the interests of all stakeholders, including employees, distributors, suppliers, host communities, non-governmental organizations (NGOs), and governments, which benefit from tax revenues and employment opportunities provided by companies.
Nnaji cited global business leaders like Bill Gates, who have embraced this new approach to capitalism, which opposes exploitation. He highlighted his own business ventures, particularly the 188-megawatt Geometric Power Plant and Aba Power Electric Company, located in Aba, Abia State. He explained that these projects were not merely established for profit but to foster industrial growth across Nigeria, particularly in less industrialized regions.
Reflecting on the origins of the Aba Power project, Nnaji recalled how he was initially asked by the World Bank and Nigeria’s then Minister of Power, Dr. Ngozi Okonjo-Iweala, to construct a 50MW power plant to support Aba's industrial community. However, he chose to expand the project to 188MW to serve smaller manufacturers, hospitals, and other local businesses, thereby extending the benefits to a broader section of the community.
Nnaji also delved into the concept of Corporate Social Responsibility (CSR), stating that it goes beyond token gestures of giving back to society. True CSR, he said, encompasses environmental protection, fair treatment of employees, and promoting inclusivity regardless of gender, creed, or ethnicity. He warned businesses to avoid indirect involvement in exploitative practices through their supply chains, referencing the criticism faced by Nestlé for sourcing cocoa from farms using child labor in Côte d’Ivoire.
In his address, Nnaji praised the growing academic interest in the South African philosophy of Ubuntu, which emphasizes compassion, solidarity, and interconnectedness—values reflected in the Igbo saying "onye aghana nwanne ya," meaning "be your brother’s keeper."
The summit was officially opened by Enugu State Governor Peter Mbah, represented by Adaora Chukwu, the Commissioner for Trade and Investment. Chukwu commended the summit’s focus on sustainable business practices, reaffirming the Mbah administration's commitment to fostering an environment where businesses not only thrive for profit but also for the common good.
Other dignitaries at the summit included Architect Ahmed Musa, Minister of Housing, who emphasized the need for businesses to contribute to local community development, Monsignor Obiorah Ike, and Professor Chinedu Nebo, former Minister of Power.
