50 Years of legacy: Coleman’s story of succession plan, enduring impact
In this interview with the Managing Director of Coleman Technical Industries Limited, George Onafowokan spoke recently on the company’s touching story.
Can you share the touching story behind Coleman’s upcoming 50th anniversary?
Coleman’s touching story revolves around its belief in succession planning. The founder, Asiwaju Solomon Kayode Onafowokan, started the company in 1975 with the goal of creating businesses that would outlive him and his name.
He strongly believed in building companies and training successors, inspired by the absence of multi-generational businesses in Nigeria. Coleman embarked on this journey of succession planning, transitioning from trading to manufacturing cables. This celebration of Coleman’s 50th anniversary showcases the success of this belief and the ability to pass the business to the third generation. It is a joyful celebration of 50 years of being a limited liability company and a testament to the completion of the succession planning that began in 2001.
Q: How does Coleman’s succession planning set it apart from other businesses in Nigeria?
Coleman’s succession planning is a unique and remarkable achievement in Nigeria. It demonstrates the company’s commitment to building a legacy beyond personal wealth and lifestyle. By transitioning management in 2001, Coleman embarked on a 24-year journey to ensure a seamless succession of leadership. This dedication to succession planning sets us apart, and by the time we enter 2025, our transition will have spanned 24 years out of the company’s 50-year history. It is a reflection of the chairman’s prayers being answered, as he has witnessed the realization of his dream of a multi-generational business that has surpassed his expectations. Now, his hope is for a balanced second generation to secure the business for the third generation.
Q: What does the future hold for Coleman beyond its 50th anniversary?
Coleman’s future holds the continuation of its legacy and the implementation of strong processes to ensure the business thrives beyond the current generation. It is our prayer that the next generation will lead Coleman to even greater heights. Our focus is to build a business that becomes a lasting legacy, and our success in achieving this will be evident as we tell the full story of 29 years in the cable industry and 50 years as a business. We hope to inspire other Nigerian companies to embrace succession planning and strive for multi-generational success.
Q: What is the uniqueness of the COREN visit to Coleman?
A: The visit of COREN’s President and Council members to Coleman symbolizes the Coleman story and where we are coming from. It highlights our belief in the capabilities of Nigerian indigenous companies to outshine their peers internationally.
The visit demonstrates to the regulator that Coleman, as an engineering company, has been training and employing Nigerians for over 28 years, improving their skillsets and contributing to the development of the power sector and other industries. This partnership signifies our belief in Nigerian indigenous capacity building and showcases the symbiotic relationship we have built with COREN over the years.
Q: How does this partnership benefit both Coleman and COREN?
A: Coleman’s partnership with COREN solidifies our commitment to maintaining exceptional standards and confirms the quality of our products and the people producing them. It serves as an endorsement of our top-notch products and practices, making us a company that COREN, as the regulator for all engineers in Nigeria, is proud to be associated with.
Additionally, COREN can see firsthand our best laboratory facilities, processes, and practices, and would like to partner further with us. This partnership also encourages other companies in various industries to collaborate with the regulator.
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