Akin Ogunbiyi, a Nigerian business leader, has called for a re-examination of capitalism, questioning whether the pursuit of profit can be balanced with social equity. He cited two human-interest stories to illustrate his point. The first story was about a successful empowerment programme for okada riders, which provided medical expenses, new motorcycles, and life cover. The programme, named Third-Party Plus, was a huge success and significantly reduced accidents caused by reckless riders.
Mr. Ogunbiyi's second story was about a colleague who built an exclusive enclave, only to find that it was not secure, and the project was eventually abandoned and converted into a secondary school. He used these stories to illustrate the need for leaders to regularly conduct a referendum on themselves and be wary of lack in the midst of abundance. This, he believes, is crucial for sustainable business growth and impactful development.
Capitalism, Mr. Ogunbiyi noted, is an economic system that prioritizes profit maximization. While it has driven innovation and growth, it can be inherently antithetical to living an ethical life. The pursuit of wealth and the emphasis on competition have led to massive value-adding innovations, but also created a dichotomy between the super-rich and the poor. This has resulted in a phenomenal increase in the number of poor citizens.
The business leader questioned whether the ways businesspeople practise capitalism can be fundamentally upended to promote economic and social equity. He asked whether greed can be modified to accommodate the golden rule: "Do unto others as you want them to do unto you." He also wondered if a wonderful society can be established if the world lives by this golden rule.
Mr. Ogunbiyi argued that today's smart leader enhances value and courageously leads crucial initiatives. The leader navigates economic and social contexts with smart strategies and initiatives, upgrading people's needs with insight and dynamism. For sustainable business growth, comprehensive and deep knowledge of the environment enables the leader to push out advantages from potentials.
The evidence of a leader's success, Mr. Ogunbiyi said, is the impact on lives. The leader regularly leverages problem-solving loops to course-correct strategies, employing root cause analysis, lateral thinking, and mind mapping. He works with diversified patterns of personal, professional, and stakeholder networks and even wins over social "adversaries."
Mr. Ogunbiyi's experience in insurance has taught him that success models must be built around enhancing human lives and livelihoods, as well as growing responsible nations that genuinely accord humanity the priority it deserves. As responsible leaders, our legacy should never be "The Leader with a Growth Paradox," he said.
Key points
- Can capitalism be upended to promote economic and social equity?
- A leader's success is measured by the impact on lives.
- Sustainable business growth requires a deep understanding of the environment.
