THORNS & TURNS: MY BUSINESS STORY – Dr. Chidozie Nwankwo

It is inspiring to read the stories of those who have achieved success in their chosen career or business. However, many times, we tend to overlook the struggles, efforts, strategies, and the skills they displayed to earn their place at the top. Our African Giant, Dr. Chidozie Nwankwo, the CEO of Wichtech Industries, shares his story with us, which he captioned – Thorns  & Turns: My Business Story – Dr. Chidozie Nwankwo

Wichtech Industries is one of the largest importers and distributors of roofing and plumbing products in Africa, with 120 offices throughout Nigeria. It is also an outstanding international partner of AHI Roofing Ltd, a New Zealand’s roofing company supplying stone coated metal roofing products worldwide. Wichtech Industries also provides distribution for AHI in Ghana, Benin, and Cameroon. The company is also a leading property development company in Nigeria.

Dr. Chidozie Nwankwo grew up in a Christian home, a middle class family. He attended City & Guilds, London, where he studied Building Technology. He also obtained a degree in Building Services Engineering, and earned several honorary doctorate degrees.

Below, read the story of Dr. Chidozie Nwankwo and be inspired by his Thorns & Turns and how he found success at Wichtech Industries.

Dr. Chidozie Nwankwo – THORNS & TURNS: MY BUSINESS STORY

I started my business in 1986 with only 10,000 naira, distributing glass sheets to Oluwa Glass in Ondo State. The business grew and began importation of the raw materials used in making the glass sheets and some other building products. I identified an opportunity in textile business, so we started importing textile from Asia, and created our own “blue ocean” to facilitate importation for other importers. This gave birth to a shipping outlet called Global Express Shipping Services. It was this shipping business that brought the fortune. We first started in Indonesia, expanded to Hong Kong, had three offices in China, and offices all over Asian capitals. I had a partner who owned 40% of the Shipping business. Together, we partnered with Maersk Line, and became the biggest customer in Nigeria for about ten years. The business was very successful, until 2005.

The Challenges and Obstacles

First of all, I started the business with only 10,000 naira, which I got through long term savings and some assistance from my family. If not well managed, starting a business with little money could be a ticket to failure. I did not have so much to fall back on, so I knew I had to work hard to make the business successful. It was not enough money to operate the business at the level I wanted at that time; but I struggled to pull through until we became successful.

Though successful, the business has not been without challenges. We have won some, and we have lost some, in different dimensions. There was a time we imported container load of products. When we received the shipment, everything that was shipped were wrong products. We have also lost full containers at the port. These are just some of the challenges, but we had a major obstacle – government policy change!

When government banned importation of textiles, it was a big obstacle to our successful textile business which constituted about 80% of our imports. We had invested millions of dollars in the channel, but were forced to close down our offices. We had over 200 dedicated and hardworking staff, who had invested so much to the growth of the business. When the need to close down the business came, we had no option than to let them go. It was the most difficult decision to make, but we had to lay off over 200 staff, closed the offices in Aba, Onitsha, and Nnewi. This policy change affected a lot of things in the business. We counted our losses, and had to quit  and close down the business.

The Birth of Wichtech Industries

Diversification is the key! Diversifying into new products or new lines of business can enhance your ability to grow rapidly. However, it is important to invest in a business you truly understand and have the skills to pursue.

Before the shipping business closed down, I did not put all my eggs in one basket. Although the business was successful at that time, but I wanted to exploit my skills and the opportunities in the building industry. In 1999, I started Wichtech Industries and set up a management team to run the business, which consists of my friends. But in 2005, when the shipping business was completely closed down, I put the right structure in place and  started managing Wichtech Industries myself.

Secrets to My Success – Dr. Chidozie Nwankwo

How you are able to grow your capital and the return on your investment is what matters the most. The level you attain depends on the standards/goals you have set for yourself and your business because these standards set invisible limits to your growth and success. I made my first million in 1990 with just 10,000 naira startup capital after about four years in business. At that time, making millions was not very common, but I was indifferent about it because everything about money depends on where you want to be at a time.

The standard I set for myself and the business was very high, and diversification was the key. Today, I strongly believe we are still at the infantry level, and are yet to make huge impacts in the industry. There are still so many grounds to be covered and so many opportunities to be exploited.

To be honest, I am not yet successful, but I hope I have the foundation that if we keep pleasing God, He will grow us and we will get there. So, I don’t consider myself to have gotten “there” yet because success is a continuous process and I am continuously setting higher goals for myself and the business. We work towards achieving those goals; each time we meet one goal, another goal comes up. This is a discussion I have with my wife quite often, that I am not yet successful. She replies that “people say you are rich”; but I have a dream, which is to be one of the top companies in Africa.

My Inspiration

The Word of God is my source of inspiration. It inspired me to quit the textile business after government banned importation of textiles. As a Christian, I felt it was not right for me to engage in contraband business. My business is motivated not by the income, but by the dignity of offering quality products and services to my customers without compromise. My story has been ups and downs before I gave my life to Christ. But since I gave my life to Him, I have not had any major setback, and have been growing gradually.

My greatest fear is to offend God and by His Grace, I am born again and have had a wonderful story since then. Witchtech Industries is owned by God, and because of Him, it is prosperous and we do not have to struggle to expand. The only sacrifice I have made was to give my life to Jesus Christ and hand everything over to Him. God owns our business and it is run based on the principles of the kingdom. If God owns your business, your effort is minimal.

What Makes My Business Stand Out in the Industry

We focus on providing value to our customers. Our focus is on quality not quantity. We are known for high quality products and buildings and best customer experience. My dream as a builder is to develop properties that will be sustainable over time and can compete with international standards. I thank God, that we are actualizing that dream now. While most businesses in Africa are focused on making money, we look beyond money, and go the extra mile to deliver the best and sustainable value to our customers; and our customers remember us for that.

Our Vision for the Next 5 Years

Vision is the starting point. It is more important than strategy. Your vision drives your strategies and gives you a benchmark to measure your performance. If you have the right vision, it basically takes care of the strategies; but if you think about strategies first, it will inhibit your vision. I have a compelling vision for Wichtech Industries and was able to identify and begin to act on the strategies to make the vision become a reality.

My vision for Wichtech Industries for the 5 years is that it grows to become an international property developing company. We are going into real estate business; we have estates in Ikoyi, flat projects in Banana Island & Osborne, and shopping complexes in various locations. In the next five years, I believe Wichtech Properties will be the leader in the industry.

My Advice to Young Africans Wishing to Become Entrepreneurs

Maintain strong profile and be careful about your integrity. Do what will make your customers and clients to trust you. Do not be in a hurry to make money. Strive to be the best at whatever you do, and nature will come back to promote you. Know that the way to up is down, and the way to down is up. Believe in God and always remember Him. When you insure your life in Jesus and God’s kingdom, He will see you through all circumstances.

To learn more about Dr. Chidozie Nwankwo and Wichtech Industries, visit www.wichtech.com

Dr. Chidozie Nwankwo does inspire so many people. I hope his business story has inspired you and you have learned some his secrets for success at  Wichtech Industries.

Written by: Dr. Charity Ezenwa-Onuaku. Read more about me here

Do you know a “Giant”? Do you have an inspiring story of how you achieved success against all odds? We would love to hear your story, send us a message.

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