By Sunday Ani
Former governor of Ogun State and Chairman of Kresta Laurel Limited, Gbenga Daniel, has decried the tough conditions under which indigenous businesses operate in Nigeria, saying many local firms fail not due to lack of vision but because of systemic challenges and inadequate government support.
Speaking during students’ interactive session to kick off activities marking Kresta Laurel’s 35th anniversary, Daniel noted that Nigerian entrepreneurs are forced to provide essentials such as electricity, water and security, while simultaneously grappling with over regulation and multiple taxes.
“You do virtually everything yourself in Nigeria. You provide your own power, water and even security. Then, tax authorities come, and when they see a decent environment, they assume you are making too much money and slam you with levies,” he said.
Founded in 1990, Kresta Laurel has grown into a leading engineering firm with over 3,000 completed projects, ranging from elevators and cranes to maintenance services. Daniel said the company was established to challenge the dominance of foreign firms in the high-tech engineering space.
“We were very clear from the inception that we were entering a space monopolised by expatriates. But, we believed strongly that what a white man can do, a black man can also do, and even better,” he stated.
He argued that many indigenous businesses collapse because of misplaced priorities. “It’s not all about money-making. Our vision was about building a company of the future. That’s why we’re still standing after 35 years,” he said.
Daniel, who now serves as a senator, admitted that legislative reforms are needed to ease the business environment. “We are working to change these policies, but it won’t happen overnight. Still, there’s a renewed effort to encourage local businesses,” he added.
Managing Director of Kresta Laurel, Dideolu Falobi, recounted how the company evolved from a small representative office to a major player in the engineering industry.
He cited landmark projects such as the Lagos and Abuja airport terminals and the Lagos-Ibadan railway, where the firm delivered Nigeria’s largest single elevator and escalator contract.
He said one of the company’s strengths lies in its commitment to quality and its people. “We invest in people and processes. That’s why many of our staff stay long-term.”
He also highlighted the firm’s ISO certification in 2014 as a pivotal moment in Kresta Laurel’s rise.
The firm also uses the anniversary to spotlight its long-running internship and training programmes, which have helped prepare hundreds of students for careers in engineering and related fields.
“This isn’t just charity; it’s our contribution to nation-building. Many of our past interns now occupy leadership roles across the public and private sectors,” Falobi said.