Despite Nigeria’s chaotic business environment, profit margins higher - Omotola

The Group Managing Director and Chief Executive Officer (CEO) of CFL Group, Mr. Lai Omotola, has said that despite the chaotic business environment that stifle many businesses to death in Nigeria, there is hardly any nation in the world with the profit margin that Nigeria has in every sector.

Omotola said despite a World Bank report put the average lifespan of a Nigerians company to be five years, his first company is 25 years and has birthed other 27 companies.

Omotola said his group of companies which was incorporated in 1998, had set up about 27 companies in different sectors of the economy.

“We’ve seen all the crises. We’ve seen the financial crisis, inflation, COVID-19 and now the subsidy crisis. It has been very challenging,” he stated.

According to him, “In Nigeria, the government is not pro-business. We pay all our taxes but don’t get the same compliment. The only thing that can keep you in business for 25 years is God and the power that you have because someone can just come one day and pull down your building. Anything can happen at any time.

“So, you need that resistance that it’s not going to happen. The chaotic environment is what makes a lot of people run away. But the truth of the matter is that there is hardly any country in the world that has the same profit margin that Nigeria has in every sector.”

“In Nigeria, the government is not pro-business. We pay all our taxes but don’t get the same compliment. The only thing that can keep you in business for 25 years is God and the power that you have because someone can just come one day and pull down your building. Anything can happen at any time.

“So, you need that resistance that it’s not going to happen. The chaotic environment is what makes a lot of people run away. But the truth of the matter is that there is hardly any country in the world that has the same profit margin that Nigeria has in every sector,” he said.