The Lagos Business School (LBS) Executive Masters in Business Administration (EMBA) Symposium recently convened industry leaders and experts to discuss strategies for navigating the volatile, uncertain, complex, and ambiguous (VUCA) business environment. The overarching theme of the symposium, “Business Development & Sustainability in a VUCA World,” underscored the pressing need for innovative and proactive approaches to ensure business continuity and resilience in today’s rapidly changing landscape. The event, organized by the EMBA 28 cohort, marked a significant milestone as the first symposium of its kind hosted by an Executive MBA class, demonstrating a commitment to addressing the challenges and opportunities presented by the VUCA world. The symposium’s discussions and recommendations centered on embracing innovation, leveraging technology, and fostering a culture of adaptability as key strategies for thriving in uncertain times.
The symposium’s opening remarks, delivered by Akinsanmi Olusinminrin, Governor of EMBA 28, emphasized the importance of forward-thinking strategies for business sustainability in the face of VUCA challenges. This sentiment was echoed by Owen Omogiafo, President and Group CEO of Transcorp Plc, who served as the Guest of Honour. Omogiafo highlighted the critical role of social media as a tool for navigating uncertainty, citing Transcorp’s experience during the COVID-19 lockdown as an example of how businesses can transform challenges into opportunities through innovative thinking and strategic use of online platforms. Social media, according to Omogiafo, provides invaluable access to real-time information, enabling businesses to make informed decisions and adapt quickly to evolving circumstances.
Samuel Nwanze, Executive Director and CFO of Heirs Energy Limited, provided a historical context for the term “VUCA,” tracing its origins to the U.S. military and emphasizing its increasing relevance to contemporary business dynamics. Nwanze stressed the importance of continuous innovation and adaptation in response to shifting market demands, highlighting the interconnectedness of the global business environment. He urged organizations to develop business models that acknowledge and embrace this complexity, fostering agility and resilience in the face of unpredictable market forces.
The symposium featured two panel discussions that delved into specific strategies for navigating the VUCA world. The first panel, moderated by Gbolahan Aina, Managing Director of Cordros Asset Management Limited, focused on business continuity and resilience. Panelists shared real-world examples of how their organizations successfully responded to unforeseen challenges. Taiwo Oshisanya, former Executive Director and CFO of TotalEnergies EP Nigeria, emphasized operational flexibility, recounting how her organization restructured operations during the COVID-19 pandemic by identifying quarantine facilities and rethinking workflows. Dr. Steve Ojeh of SEPLAT Energy Plc highlighted the importance of cultivating a culture of resilience and adaptability, emphasizing the need for businesses to understand their operating environment and adjust strategies accordingly. Toyin Abiola Salami further stressed the critical role of embedding VUCA-readiness within the corporate culture, ensuring that organizations are prepared to anticipate and respond effectively to change.
The second panel, moderated by Henrietta Onwuegbuzie, Associate Professor of Entrepreneurship at LBS, explored practical strategies for entrepreneurs in the VUCA world. Panellists Charles Emembolu of Crestage Limited and Obi Emetarom of Zone Network Limited offered insights into anticipating and preparing for uncertainties in today’s fast-paced business environment. They discussed methods for developing foresight, identifying potential risks and opportunities, and building resilience into entrepreneurial ventures. The discussion emphasized the importance of agility, adaptability, and a willingness to embrace change as crucial attributes for entrepreneurial success in the VUCA context.
The symposium concluded with a clear call to action for businesses: embrace flexibility, leverage technology, and cultivate a culture of learning and adaptability. These key takeaways resonated throughout the event, emphasizing the importance of proactive strategies for not only surviving but thriving in an increasingly unpredictable world. The symposium served as a valuable platform for sharing insights, best practices, and practical strategies for navigating the VUCA landscape, equipping business leaders with the tools and knowledge necessary to build resilient and sustainable organizations in a rapidly changing world. The insights shared reinforced the importance of incorporating VUCA-centric thinking into strategic planning and organizational development, fostering a proactive approach to anticipating and responding to future challenges and opportunities.
