Resilience, innovation and adaptability are the tripartite prongs that has sustained Dorman Long, a manufacturing and steel producing company, for seven decades despite the odds
The operating business environment in Nigeria is dynamic and constantly evolving with the ability to adapt, as a crucial element for survival.
For businesses in the country, it is safe to agree that only those who adopt and adapt to change can create sustainable and scalable operations both in the long and short term to meet the growing demand in their industries.
Following the impact of the 2008 global financial crisis on the global economy, many companies that could not adapt and innovate along the line of consistent business transformations have either gone out of business or remained stagnant.
From manufacturing, to technology, oil and gas, finance and other key sectors of the Nigerian economy, the businesses that have shown the biggest potential to thrive are the ones demonstrating commendable resilience, adaptability and embracing innovation.
This captures the story of Dorman Long Engineering (DLE) Limited, a 70-year-old company, who recently announced significant equity investment, from a Sub-Saharan Africa-focused private equity company, Africa Capitalworks (ACW).
This development has received huge commendation from the Nigeria Content Development Management Board (NCDMB), the Asset Management Corporation of Nigeria (AMCON), the Nigerian Investment Promotion Commission and other major industry players.
The Chairman Dorman Long Engineering, Dr. Timi Austen-Peters strongly assures during recent chat with THISDAY that as Dorman Long engineering limited looks to leverage its recent partnership with ACW to expand its footprints in the Nigerian market and beyond, the company has continued to remain invested in Nigeria as a partner to all tiers of Government. The company, he noted, is now better positioned to expand its rich capabilities and geographical presence, while delivering increased value to Nigeria and Africa sustainably.
Aside the hope that Dorman Long’s recent investment brings to indigenous contractors, the company’s story of survival, especially through the period when the company owed substantial sums to the Asset Management Corporation of Nigeria (AMCON), provides what can be called a blueprint for how businesses in Nigeria can be best positioned to thrive in the long term.
At a time when there are never ending conversations around the value of what (AMCON) brings to Nigerian businesses, Dorman Long’s resilience and survival proved yet again that the corporation’s mandate is in the best interest of Nigerian companies.
Dorman Long has been in operations for such a long time. Its company’s RC number is a three-digit number, 744. In Nigeria at the moment, there are only few companies with a 3-digit RC number still in existence, yet the company’s flexibility and innovation are remarkable, helping it to seamlessly transcend the transformational times and keep delivering value till date.
Although the company started as a British colonial bridge builder, it has leveraged innovation and adaptability, evolving over time to offering services that are relevant to Nigerians.
From constructing the first River Niger Bridge, to building warehouses and developing tanker bodies, today, the company is an all-embracing infrastructures services company focusing on steel works, while offering procurement services and has shown commendable nimbleness in transitioning into the oil and gas industry at a time when few Nigerians possessed the capability.
Till date DLE has successfully executed major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria, including Shell, Mobil, Addax, Agip, NLNG, Chevron, Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux.
For a company that experienced the civil war, oil price crashes, coups and other significant events which generally impact business survival, being able to keep on the lights and pay salaries for 70 years, is no small feat.
Perhaps it was because of this that that the executive secretary of the Nigeria Content Development Management Board (NCDMB), Engr. Simbi Wabote, recently at the Dorman Long and Africa Capitalworks (ACW), investment ceremony, predicted that Dorman long would celebrate another 30 years and beyond amidst remarkable business growth and profitability.
“This investment gives hope to indigenous contractors and what we are doing with local content policy in the oil and gas sector. It will also position Dorman Long to play a major role on fabrication contracts in the oil and gas sector and further promote in-country content development. I look forward to celebrating 100 years of Dorman Long”, Wabote said.
For ACW it is important to maintain its track record of partnering with exceptional management teams by providing permanent equity capital and complementary skills for building companies across Sub-Saharan Africa.
According to the Managing Partner of ACW, Nana Sao said: Dorman long’s strong reputation of over 70 years of operating in Nigeria alongside the company’s manufacturing facilities that have internationally recognised quality and product certifications, attracted ACW to come into the partnership and the company is geared to support Dorman Long in its next phase of growth.
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For a company that experienced the civil war, oil price crashes, coups and other significant events which generally impact business survival, being able to keep on the lights and pay salaries for 70 years, is no small feat
Source: Thisday
