Dr. Daere Akobo, entrepreneur and founder of PANA Holdings
Dr Daere Akobo, an entrepreneur and founder of PANA Holdings, has challenged Nigerian universities to transform from theory-based institutions into hubs for innovation and patent commercialisation.
Speaking at Rivers State University’s combined 37th and 38th convocation, he stressed the importance of collaboration among academia, industry, and government for economic growth.
“Innovation starts with critical thinking,” Akobo told 13,242 graduates, urging them to produce marketable intellectual property rather than just pass exams.
He lamented Nigeria’s low patent output—only two per million people annually—and highlighted the economic potential of university-driven commercialisation, citing MIT and IIT Madras as models.
Akobo proposed the “Five P’s of business success” — Purpose, Philosophy, Process, Product, and People — while warning graduates against relying on family, friends, or fools to execute their ideas. He urged Rivers State University to develop indigenous software for the oil and gas sector, create technology hubs, and convert research into commercial ventures.
Reflecting on his journey from RSU to global business leadership, Akobo encouraged graduates to act on their dreams immediately: “A dream without a deadline is a nightmare.”
He called on universities to embed industry realities into curricula, foster entrepreneurship, and position graduates as innovators shaping Nigeria’s emerging economy.
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