The Nigerian company mogul and clever entrepreneur Innocent Chukwuma. He is the chairman and founder of Innoson Group of Companies and also a member of Innoson Vehicle Manufacturing, Africa's first indigenous engine brand. As a motorcycle replacement part dealer, Innocent Chukwuma started his small company. Since then he has become a force in Nigeria's automotive sector. His story inspires all young Africans and is a lesson. A lesson which shows that you can accomplish the impossible with determination.
Background of Innocent Chukwuma
Innocent Chukwuma was founded in Uru-Umdim, Nnewi, Anambra, on 1 October 1961 in a lowly family. His dad was Chukwuma Mojekwu, a junior official while Martina Chukwuma, his mother's home mother, was a housekeeper. The final of six, four boys and two girls. He's the last one.
Fate Or Destiny?
In his hometown, Uru-Umudim in Nnewi, he had his primary and secondary education. He dreamed of becoming an engineer in 1978 after Innocent completed his secondary education. He applied to university engineering but couldn't get the cutoff mark in that year. He didn't. Earlier on, while waiting for the outcome of the admission he helped his elder brother in his medical shop. At that time, Innocent figured out that he had a natural trading talent.
He moved easily because he had a commercial flare when he didn't meet the admission cut-off. His uncle, Gabriel, has taken him to Chief Romanus Eze Onwuka (popularly known as Rojenny). His owner, Romanus chief Eze Onwuka is a motorcycle replacement parts retailer and the builder of Nigeria's first private stadium, the Rojenny Stadium in Oba near Onitsha.
His Entrepreneurial Journey
As mentioned, Innocent was an apprentice to Chief Romanus Eze Onwuka, the largest motorcycle supplier in Nnewi at that time. He mastered the purchase and sale of motorcycle parts within one year of his apprenticeship, then went back to the company of Gavril, his brother.
His brother has currently traded in motorcycle parts for Gabros International and gave Innocent to start a business a sum of N3,000. Innocent rented a shop and purchased the first products with a free hand to operate the new company. One year later, innocent people took stock of the medical and motorcycle industry with their uncle. They discovered that Gabros International created ten times more revenue than the medical store. His brother then decided to close the medical store and took care of the car repair company.
The Launch of Innoson Group of Companies Limited
The company started trading Honda motorcycle parts in 1981 from his brother Innocent Chukwuma. He started trading under the name Innoson Nigeria Limited armored with his savings and the cash his brother gave him. He began importing motorcycles over time.
He realized that people bought second-hand motorcycles because they were costly new motorcycles. The new motors were costly because they were imported assembled and 40 ft of a container could hold only 40 motors that gave the motorcycle the cost.
Innoson Nigeria Limited
In July 1987, the company joined the Chinese Motorcycle Manufacturer in 1994 to form a joint mobile-assembly company in Nigeria. They are specialized in the production of motorcycles, tricycles, replacement parts, and equipment. It lies in Nnewi, in the State of Anambra.
I have come across several people discussing about how Innoson motors is too costly and tends to be difficult for an average Nigerian to afford.
Innoson motors also known as IVM (Pride of Africa Roads) is locally manufactured motor in Nigeria, although some of its parts are imported from other countries. IVM boast of sourcing 50% of its parts in Nigeria.
This manufacturing company which was found in 2007 by Nigeria Business tycoon cum billionaire Mr. innocent Chukwuma has seen the light of the day in Nigeria Automobile market with federal government and some state governments having interest in their vehicles.
This manufacturer has worked tirelessly in Nigeria over the years but continues to face a visible problem that many buyers have found their cars too expensive to afford for a mean standard person.
Why is Innoson Motors are costly (The question we want to answer)
1. Produce New brand Vehicles:
Here, Innoson Motors is dealing with new cars, which is one of the main reasons for their high-cost products. One agrees with me that all Tokumbo (second hand) seem to be cheaper than those cars. We should know before we criticize this company further that it can not be sold at the same speed already used and brand new.
A rapid analysis: Camry car can already be purchased at a rate of 1.2 million, however, the new Camry can be estimated at approximately 4 million.
2. Tax and other duties:
The taxes and other taxes imposed on businesses are far too high, and by increasing product costs the only way they can pay workers and make a profit as a company.
3. Lack of Social Amenities (Light)
Although the country should provide insufficient social facilities, the cost is high. Every manufacturing company needs continuous lighting, using electricity as a case study, and in the absence of this light, it uses second-generation light (using generators). With all those problems and with many others, you will understand the cause of price increases when you compare them with other foreign industries.
In particular, the government should promote them by reducing their taxes and providing a sufficient supply of electricity. Help may be granted to an indigenous company by a nation in certain ways.
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