To address the challenges posed by a volatile, uncertain, complex, and ambiguous (VUCA) business environment, experts from various industries converged at the Lagos Business School (LBS) Executive MBA Symposium in Lagos.
A first of its kind by any EMBA cohort, the event was put together by the EMBA 28 set of the Executive MBA Programme. Themed ‘Business Development and Sustainability in a VUCA World’, the symposium emphasised strategies for thriving amidst unpredictability.
In his opening remarks, Akinsanmi Olusinminrin, Governor of EMBA 28, acknowledged the escalating challenges businesses face due to VUCA conditions. He urged participants to adopt innovative and forward-thinking strategies to ensure sustainability.
The Guest of Honour, Dr Owen D. Omogiafo, President and Group CEO of Transcorp Plc, highlighted the transformative role of social media in navigating a VUCA world. She described it as an indispensable source of information and a tool for strategic decision-making.
Citing Transcorp’s experience during the COVID-19 lockdown, she shared how her team turned challenges into opportunities through intensive brainstorming and innovative strategies.
Samuel Nwanze, Executive Director and CFO of Heirs Energy Limited, traced the origins of the term “VUCA” to the U.S. military, explaining its relevance in today’s interconnected and unpredictable business environment. He emphasised the need for businesses to continuously innovate and adapt, as traditional models often struggle to meet the demands of the evolving market.
“Our environment is more interconnected than ever. Businesses must embrace complexity and develop models that align with this reality,” Nwanze advised.
The first panel session which focused on ‘Strategies for business continuity and Resilience in a VUCA world’ was moderated by Gbolahan Aina, Managing Director of Cordros Asset Management Limited and a member of the EMBA 28.
Former Executive Director and CFO of TotalEnergies EP Nigeria, Taiwo Adetokunbo Oshisanya, stressed the importance of flexibility. She cited how her organisation quickly restructured operations during COVID-19, such as identifying quarantine facilities and rethinking work flows.
On his part, Dr Steve Ojeh, Director of Corporate Services at SEPLAT Energy Plc, advocated for a culture of resilience. He emphasised the importance of understanding one’s environment and adapting work strategies to emerging challenges. Toyin Abiola Salami highlighted how corporations can inculcate VUCA-readiness into their organisation culture.
The second panel session was moderated by Dr Henrietta Onwuegbuzie, an Associate Professor of Entrepreneurship at Lagos Business School. The panelists, which include Engr. Charles Emembolu, MD/CEO Crestage Limited; Mr Obi Emetarom, CEO/Co-founder Zone Network Limited, and Edwin Iyk Anyadigibe, Group CEO, Equip and Logistics Services Limited, gave various strategies that will help entrepreneurs anticipate and prepare for uncertainties in today’s fast-paced environment.
