Africans
THE BIOGRAPHY OF CHIEF INNOCENT CHUKWUMA IFEDỊASỌ; CEO OF INNOSON GROUP
Chief Dr. Innocent Chukwuma was born in 1961 to Mr. and Mrs. Chukwuma Mojekwu in a family of six. He is the last of six children. He is the founder and CEO of Innoson Vehicle Manufacturing (IVM), Nigeria’s first indigenous automobile manufacturing company.
In 1978, after he was done with his secondary school education, he applied to study Engineering at the university. He waited for a while to get his admission results. After the release, he realized that he couldn’t qualify for the university, because he did not make the cut. Since he could not make it into school that year, he resorted to assisting his elder brother, Gabriel, in his medicine store.
While with his brother, he realized that he had a natural talent for trading. So, in 1979, he became an apprentice to Chief Romanus Eze Onwuka, the biggest dealer of motorcycle spare parts in Nnewi Market as at then.
A Year later, in 1980, Innocent left his boss and returned to his brother, Gabriel. During which he registered a business called Gabros International. The business was funded by his brother to the tune of 3,000 Naira ($10; which had a considerably higher value back then), and traded in motorcycle spare parts.
With the total freedom to run the business his own way, Innocent rented a shop and started purchasing merchandise.
By the end of 1980, Innocent and his elder brother, Gabriel, took a thorough account of everything the medicine store and the spare part business were making and realized that Gabros International was making 10 times more money than the medicine store.
In 1981, he launched his own motorcycle spare parts business. In 1982, he incorporated Innoson Nigeria Limited to sell Tyres and motorcycle spare parts.
When Innocent Chukwuma personally ventured into motorcycle sales, he realized that most people were importing used motorcycles into Nigeria and that their prices were really high. This prompted him to devise a way to bring in brand new motorcycles into the country, at a price far lower than the used motorcycles.
With this goal, he took a trip abroad to see how it was all done. He realized there were four companies bringing in the motorcycles at the time. These were Leventis, Yamaco, Boulous, and CFAO. He noticed that when they imported the motorcycles, they’d bring them in crates, and each crate could only contain one motorcycle, which would take up a lot of space. This meant only 40 crates could be put into a 40 feet container, and upon arrival, the motorcycles would become naturally expensive to buyers.
This insight gave a great idea. He would purchase the motorcycles overseas, and disassemble them before he shipped them. This enabled him to ship 200 motorcycles in parts, in one 40 feet container. Upon arrival, he’d reassemble them, and his motorcycles would cost 40% lesser than his competitors’ prices. This tactic brought down the average cost of a motorcycle from 150,000 Naira to 60,000 Naira, and subsequently exploded his sales and revenues.
Out of the need to be more innovative and conservative, he decided to do some more research on how to reduce the cost of importation and see another way to devise and make life easier. As he imported the motorcycles, he realized they usually contained a lot of plastics. This eventually prompted him to set up a plastic factory in Nigeria, which is now one of the largest in Africa.
He began his career in 1981, trading in spare parts, before founding the Innoson Group with its subsidiaries namely:
- Innoson Nigeria Limited Nnewi; Manufacturers of motorcycles, tricycles, spare parts and accessories.
- Innoson Tech and Industries Co. Ltd. Enugu; Manufacturers of Household and Industrial Plastics, Health and Safety Accessories, Storage containers, Fixtures and Fittings, Electrical components & accessories.
- Innoson Vehicle Manufacturing (IVM) Nnewi; manufacturers of capacity city Buses, Mini and Midi Buses, Pick-up Trucks and Garbage Collecting Vehicles.
- General Tyres & Tubes Co. Ltd. Enugu; manufacturers of tyres and tubes.
Innoson Vehicle Manufacturing (IVM) was established in 2007 and is headquartered in Nnewi, Anambra, Nigeria. IVM is also known as the “Pride of African Roads”.
With the public display of some of the vehicles at the 2nd Nnewi International Auto Trade Fair held at the Beverly Hills Hotels in the last quarter of 2009, IVM did not only silence the critics, but made a bold statement about its readiness to achieve the avowed mission of being the first indigenous auto maker to produce truly Nigerian Vehicles that are affordable and reliable.
IVM is currently expanding its operations to other African countries and has established partnerships with the Nigerian Air Force and Army and many more.
Recently it was reported that Innoson Motors have started producing vehicles for the Nigerian Army, Police, even spare parts for the Nigerian army’s fighter jets and many more.
IVM is today, a success story which has attracted effusive commendations and awards from different quarters, including Nation’s seat of power. While opening the plant on October 10th, 2015, President Goodluck Jonathan not only hailed Chief Innocent Chukwuma for his courage of venturing into an industry many shied away from, but also assured him of patronage from the government.
He was appointed Deputy Chairman, Board of Trustees, National Coalition for Jonathan/Sambo Presidency in 2013. He has received numerous awards, including Honorary Life Vice President of Nigerian Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA), Most Outstanding Indigenous Entrepreneur in the Manufacturing Sector, Officer of the Order of the Federal Republic (OFR), and Commander of The Order of The Niger (CON).
