Nigerian billionaire and business mogul, Obi Iyiegbu, popularly known as Obi Cubana, has opened up on why many African entrepreneurs struggle to achieve global success, despite their talent and hard work.
Speaking in a viral video, the nightlife king and founder of Cubana Group said the major problem is lack of collaboration and excessive focus on personal ownership among African business owners.
Cubana explained that unlike their Western counterparts who embrace partnerships and shared ownership, many African entrepreneurs are obsessed with controlling everything — even at the expense of growth and continuity.
“Why we Africans don’t go far in business is because we want to own it all. Nobody wants to share. You see, oyibo people may have 20 owners who don’t even know each other, yet they make big projects look simple,” he said.
He added that the “I must own it all” mentality kills innovation and succession planning, noting that most African businesses die once their founders pass away or become incapacitated.
“We want to have ‘Obi Cubana and Sons Limited,’ whether the sons are interested or not. That’s why many businesses die with their founders — there’s no second or third generation to carry on,” he added.
Cubana urged African entrepreneurs to embrace partnership, trust, and collaboration, stressing that no great empire is built in isolation.
