Renowned industrialist and Chairman/CEO of Innoson Vehicle Manufacturing Company Limited, Chief Innocent Ifediaso Chukwuma, has hailed The Sun for remaining unbiased and unwavering in reporting truth, defending the voiceless in the society and honouring Nigerians.
He described The Sun as an incredible platform that is dear to the heart of many Nigerians, promising to continue to work closely with the newspaper for the good of the nation.
Chukwuma and 33 other Nigerians would receive various awards at The Sun Awards ceremony holding on February 17, 2024 in Lagos.
Speaking when a delegation from The Sun, led by the Managing Director/Editor-in-Chief, Onuoha Ukeh, visited him in Nnewi, Anambra State in connection with his emergence as the newspaper’s Man of the Year 2023, Chukwuma said he would forever cherish The Sun recognition.
Said he: “This recognition as The Sun Man-of-the-Year 2023 is what I’ll live to cherish. I am gladdened that our modest achievements, even under very harsh operating environment, are acknowledged by a reputable media outfit like The Sun. So, I heartily appreciate it.”
He extolled The Sun for finding him worthy for the award, promising to continue doing things that would make Nigeria proud.
Chukwuma announced that the multi-billion-naira IVM plant annex sitting on about 300 plots of land and dedicated for production of auto gas vehicles, will be commissioned this year.
Earlier, Ukeh explained that Chukwuma’s selection for the award was based on merit because of his outstanding contributions to national development.
The MD said the businessman’s phenomenal growth was a study in the celebrated Igbo apprenticeship scheme, having transformed from a small beginning as an apprentice motorcycle and auto spare parts trader, to a well-known manufacturer of vehicles.
He said: “We note that your journey to the multi-sectoral Innoson Group started in 1981. But more recently, you exhibited an uncommon entrepreneurial skill when you anticipated a major shift in the petroleum industry. In 2021, you invest in manufacturing vehicles that run on Compressed Natural Gas (CNG); and Liquefied Natural Gas (LNG) at a time when no one expected that the removal of fuel subsidy was going to have a major effect on the automobile industry. Your business instincts turned out to be right on May 29, 2023, when President Bola Tinubu, in his inaugural speech, declared the fuel subsidy gone.
“By the time the search began for alternatives to the now exorbitant petrol Innoson CNG and LNG vehicles were already on the roads in some parts of the country. We consider that as one of the most outstanding business decisions taken by any Nigerian entrepreneur in recent times.
“It is worthy to note that you have a rich history of showcasing ingenuity. Back in your early years as a young entrepreneur, you dazzled the motorcycle industry at a time multi-national companies like Leventis, Bolous Enterprises, and CFAO, were importing fully assembled motorcycles for the local market.
“We recall that you capitalised on the fact that the big companies were importing 36 fully built units of motorcycles in one 40 feet container, which made motorcycles almost unaffordable, to launch yourself into the mainstream motorcycle business.
“After a careful study of the market, you began to import motorcycles in Completely Knocked Down (CKD) parts, and used local technicians to assemble them in Nnewi. This way, the same 40-foot container carried CKD parts for over 220 units in one, instead of the 36 units those big companies were importing as fully built. This ingenuity made it possible for you to crash the price of a motorcycle from N150, 000 to N60, 000.”
Ukeh stressed that Chukwuma is being honoured for his exploits in deepening the automobile industry in Nigeria, explaining that the Man of the Year Award is given to that person who has made tremendous impact in the development of Nigeria.
Other people receiving The Sun Awards are: Alhaji Aliko Dangote, President, Dangote Groiup and Mr. Tony Elumelu, Chairman, Heirs Holdings (Man of the Year); Governor Peter Mbah of Enugu State; Governor Dapo Abiodun, Ogun State and Governor Muhammad Inuwa Yahaya of Gombe State (Governor of the Year); Chief Ayo Adebanjo; Rev. Uma Ukpai and Prof Awa Kalu, SAN (Lifetime Achievement Award); HRM Oba Adeyeye Enitan Ogunwusi, Ooni of Ife and HRM Ogiame Atuwatse III, Olu of Warri (Most Impactful Royal Father).
Others are Mr. Peter Obi, Presidential Candidate, Labour Party (LP) (Political Icon); Dr. Ifeanyi Nwachukwu, Chairman/CEO
Richland Property and Homes Limited, Lagos; Kenneth Ifekudu (Agbalanze), Chairman, Diamond Leeds Ltd and Chief Peter Oge Obi
Chairman, SeaMap Group of Companies (Businessman of the Year); High Chief Dr Christopher Ndubuisi, Chairman, Pinnatech Engeering Nigeria Limited; Dr. Oludare Akande
Chairman, Bellagio Airlines Limited and Dr. Jayne Onwumere, MD, Property World Africa Network (PWAN) Group (Investor of the Year); Dr. Uche Ogah, President, Masters Energy Group and Chief Celestine Ebubeogu, Chairman, Tiger Foods and Chief James Uzuh, Chairman, J_Jumac Industries Ltd (Industrialist of the Year); Chief Ikenna Okafor, Chairman, Kevs Global Leasing Ltd; Lady Adaora Umeoji, DMD, Zenith Bank Plc and Archbishop Dr. Emeka Agwu
President, Voice of Evangelism International
Houston, Texas, USA ( Humanitarian Service Icon); Amb. Dr. Olufolake Abdulrazaq, First Lady, Kwara State and Founder, Ajike People Support Centre (First Lady of the Year); Chief Government Ekpemupolo (Tompolo), Chairman, Tanita Security (Courage in Leadership Award); Mr. Robert Aziboala, Founder; Zeetin Engineering Limited, Managing Director ofQ Kakatar Group; Engr. Gbenga Komolafe, CEO, Nigerian Upstream Petroluem Regulatory Commission and Mr. Charles Odii, DG, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) (Public Service Award); Moruf Oseni, MD/CEO, Wema Bank and Mr. Femi Bakare, Managing Director, Parallex Bank (Banker if the Year); Bukola Olopade, MD/CEO, Nilayo Sports Management Ltd. (Spirt Personality of the Year); Lady Ngozi Ezeonu and Tobi Bakare (Nollywood Icon of the Year).