Foreword

In 1999, … I had the privilege of leading Nigeria back to democratic governance after decades of military rule. As I have discussed in my book, My Watch, one of the priorities of my administration was to create an environment conducive to the growth of the private sector. We recognised that the government could no longer shoulder the burden of running state-owned enterprises efficiently without pervasive corruption, nor could it lead the country toward the economic diversification we so desperately needed. Privatisation, therefore, was not merely a policy. It was a necessity for survival. We needed a new class of entrepreneurs who could purchase and manage these public enterprises—entrepreneurs who would build and sustain industries in power and other infrastructure, oil and gas, industrialisation, transportation, and beyond. We were successful in this regard and

such individuals as Aliko Dangote, Femi Otedola and Emeka Offor made their debuts on the national stage.

In encouraging the growth of a robust private sector, we laid the foundation for a liberal economy. This move was made alongside critical reforms in the financial sector and opened the doors to direct foreign investment. It allowed the private sector to flourish. As the government began to focus on creating an enabling and conducive environment for investment, whether in agribusiness, manufacturing, iron and steel, petrochemicals, or consumer goods, the private sector took up the mantle, providing the innovation and

dynamism that a Nigerian government bureaucracy could not.

It was during this era of liberalisation, fostered by the return to democracy and a renewed sense of freedom, that a new generation of businesspeople came of age. The advent of mobile telephony and the GSM revolution in Nigeria was one of the greatest advantages that this generation had as they entered the workforce. The changes that we initiated in the early 2000s allowed these young Nigerians to take advantage of new technologies, ideas, and markets that were previously out of reach. They were reasonably part of globalisation.

But just as things were beginning to look promising, the global financial crisis of 2008 struck. Nigeria, like the rest of the world, felt the effects of this economic downturn, with businesses failing and jobs lost. It was a difficult time, especially for the post-Biafran generation of Nigerians who were supposed to be in their most productive years. Many of them were badly affected with some losing their livelihoods. Even those who had earlier emigrated overseas to escape the military regimes of the 1990s returned to Nigeria as economic opportunities in their erstwhile host countries dried up. But there were also those who, in the face of adversity, saw opportunity.

Out of this crucible of crisis was born companies like The VFD Group. This was a company that, from its inception, was a symbol of Nigeria’s new generation of businesspeople—young men and women who did not let ethnic or regional divisions define them. The founders, Nonso Okpala, Ayotunde Aliu, Adeniyi Adenubi, Mobolaji Adewumi, Gbenga Omolokun, Chukwuma Kalu, Azubike Emodi, and others, came from diverse backgrounds and regions of Nigeria. Yet, they shared a common vision: to create a financial institution that was nimble, innovative, and attuned to the needs of a rapidly changing market. They did something remarkable in the context of Nigerian business culture: they built this company together.

It is no small feat to succeed in Nigeria’s business environment, which is often marked by individualism and competition. What makes The VFD Group stand out is not just their entrepreneurial spirit, but their ability to navigate the complexities of partnerships and shared ownership. In a society where many business ventures are dominated by a single owner or family, The VFD Group’s broad-based shareholding structure is evidence of the maturity and foresight of its founders. They understood from the beginning that for their company to thrive, they would need to build a culture of trust, accountability, and governance. This commitment to strong corporate governance has been one of the keys to their success.

The story that Eghosa Imasuen tells in The Challengers is, therefore, not just the story of a company. It is the story of a generation. These young men and women represent the best of what Nigeria can become: a country where talent and hard work are rewarded, where people from different parts of the country can come together to build something greater than themselves. In many ways, this book is a spiritual sequel to Eghosa’s earlier work, Fine Boys, a novel that so eloquently captures the struggles and aspirations of Nigeria’s youth during a time of great uncertainty. Now, with The Challengers, Eghosa turns his attention to the real-life stories of those young Nigerians who have taken control of their future, and in doing so, have helped to shape the future of their country.

It is not often that we get to witness the birth of something truly transformative in real-time. The Challengers: The Disruptive Entrepreneurs Creating a Billion-Naira Company is a story of cultural and economic significance, one that highlights the power of innovation, partnership, and vision. As Nigeria continues to face new challenges in the global economy, it is the stories of companies like The VFD Group and its founders that give me hope. These young entrepreneurs have shown that with determination, integrity, mutual understanding and trust, and a commitment to excellence, it is possible to build something lasting, something that will inspire future generations of Nigerians.

I encourage everyone, especially young Nigerians, to read Eghosa Imasuen’s book and draw lessons from it. The story of The VFD Group is not just a business success story. It is a story of friendship, resilience, vision, and the power of working together. It is a story of what is possible when we put aside our differences and focus on building a better future for all.

Olusegun Obasanjo GCFR

Abeokuta, Nigeria