Prof. Johnson Adeoti of Department of Business Administration, University of Ilorin, has described the imposition of federal character policy on the running and management of public enterprises as the major clog in the wheel of progress of such outfits in Nigeria.
Adeoti stated this while delivering the 232nd Inaugural Lecture of the University of Ilorin at the institution’s Main Auditorium on Tuesday in Ilorin.
In the lecture, entitled “Everything is Business And Business is Everything”, Adeoti said that for public enterprises to succeed as business outfits they must be managed by those who have the intellectual, psychological and managerial capacities as well as perquisite experience to run them and not those who are appointed for political reasons.
Adeoti said that public enterprises would do better in achieving their corporate objectives when those who are saddled with the responsibilities of managing them are carefully selected based on competence and qualifications, and not on the basis of where they come from.
The renowned Professor of Business Administration insisted that the concept of game theory must be employed in every business undertaking such that each competitor is seen as competing for customers and wanting to outsmart each other.
He reminded operators of businesses to always be mindful of everything they do as every action and inaction posted by them would be seen as being tailored towards their businesses.
The inaugural lecturer also encouraged business owners to always prioritize record keeping, saying that it is only by so doing that business assessment, profit and forecast can be made in a scientific manner.
Adeoti also expressed his conviction in the fact that total quality management should be a philosophy that should be adopted by all organizations, whether private or public, so that the value chain would not be broken at any point in time by employees.
He also advocated the promotion of good interpersonal relationships between producers of goods and their customers, adding that such interactions must be robust and good enough to sustain the relationships and retain them for a longer period.
The former Head of the Department of Business Administration also encouraged entrepreneurs to have strategic plans that would cater for shocks arising from the business cycle as the environment of a business is critical to its success.
Adeoti also advised business owners to always work towards customer satisfaction, saying that customer satisfaction must be the goal of producers of goods and services in order to earn more profit and patronage.
The don also warned business owners on the need to limit the credit facilities to be made available to their customers so that the survival of the business would not be jeopardized by too much credit.
He encouraged business organizations to always update their facilities in term of technological acquisition to reduce the cost of doing business and increase customer satisfaction.
He added that businesses must be sensitive to changes occurring in their physical and social environments for them to succeed.
Besides, Adeoti advised government against policy somersaults, which make the business environment difficult for entrepreneurs.
He cited the untold negative effects the recent Naira redesign policy visited on businesses and their owners, saying that the imposition of such untimely policies discourages the establishment and growth of public enterprises.
The Inaugural Lecture, which was chaired by the Vice Chancellor of the university, Prof. Wahab Olasupo Egbewole, attracted dignitaries from across the country, including the Olomu of Omu-Aran, Oba AbdulRaheem Adeoti, as well as students, relations, friends and colleagues of Prof. Adeoti.
