Cyprus’s business community has suffered a significant loss with the death of Nikos Kyprianou Siakola, founder, Executive Chairman for decades, and subsequently Honorary Lifetime Chairman of the CTC Group.

Read also: Nikos Siakolas, the pioneering entrepreneur, has passed away

A man who not only taught what entrepreneurship is, but also made a significant contribution to Cyprus’s economy. As he himself states in his book “A person must always strive, learn, stand up for what is right and just, persevere, love, acknowledge their mistakes, understand, forgive, always with decency and dignity, and to contribute to society.”

A pioneer with vision, leadership skills, and a creative spirit, active in Cyprus and abroad, a man with a passion for and commitment to the public good, a donor and benefactor, honored with distinctions from Heads of State, Nikos Siakolas, a self-made entrepreneur, left his mark on the Cypriot business world through his presence and actions, while also engaging in extensive social and philanthropic activities and contributions.

Who was he?

The son of a large family, Nikos Kyprianou Siakolas was born on December 1, 1927, in Karava, in the district of Kyrenia. From a young age, he showed an aptitude for business, although his dream was to study law. He and his wife, Elpida, had four children.

Nikos Siakolas began his business career in 1953 by exporting agricultural products. He was the founder and first Executive Chairman of the Siakolas Group, which grew into one of the largest, multifaceted economic organizations in Cyprus, with Cyprus Trading Corporation Plc (CTC) as its parent company, providing employment and opportunities for advancement to thousands of employees.

With vision and an inexhaustible creative spirit, he never stopped working and planning new projects until the end of his life. A workaholic, persistent, methodical, focused and dedicated to his goals, bold and optimistic, he was an undisputed leader, inspiration, and mentor to his colleagues, who held him in the highest regard and esteem.

The Blow of the Turkish Invasion

Following the blow dealt by the Turkish invasion of 1974, in collaboration with “AGET – Heracles” in Greece, he established a floating cement-packaging plant in Nigeria—a world first.

In Cyprus, this was followed by the acquisition of a number of companies, including the sulfur and copper company in the Limni area of Polis Chrysochous. The complete restoration of the region’s natural environment—which had been severely degraded by previous mining operations—is considered a major achievement for the Siakola Group and its founder. Through the acquisition of other companies, the Group expanded in the following years into sectors such as the retail trade of household appliances and sanitary ware, the manufacturing of hosiery and paper products, the dairy industry, insurance, and telecommunications. Today, it continues to import and distribute consumer goods, cosmetics, and fragrances; sell vehicles and machinery; manage real estate; and engage in retail trade.

With the acquisition of Woolworth, the first department stores opened in Cyprus, making a significant contribution to the revitalization of Nicosia’s Old City, including the Siakola Tower, the Ledra Arcade, and the Ledra Museum-Observatory. This was followed by the founding of the “Superhome Center” chain of DIY superstores, and his pioneering spirit continued with the creation of the first malls: the Mall of Cyprus and the Mall of Engomi.

Nikos Siakolas’s life’s work was his initiative to establish the international consortium Hermes Airports Ltd, which was responsible for the construction and management of the two international airports in Larnaca and Paphos. He was the first chairman of Hermes, and upon his departure, he was named Honorary Chairman for Life in recognition of his service.

Social Activism and Service

Nikos Siakolas served as Honorary Consul of Mexico in Cyprus for seventeen years. He served as Vice President of the Cyprus Ports Authority, Honorary Treasurer of the Cyprus Chamber of Commerce and Industry (KEVE), and Vice President of the Nicosia Chamber of Commerce and Industry.

He is one of the major donors and sponsors supporting our national cause, as well as the cultural and social life of Cyprus. Notable contributions include funding efforts to promote Cyprus abroad and the purchase of patrol boats. The major donation (of €13 million) to the University of Cyprus for the reconstruction of the “Nikos K. Siakolas” School of Medicine and Health Sciences building “Nikos K. Siakolas” and the “Siakoleio Educational Center for Clinical Medicine.” The construction of the Marios–Arsinoe Archaeological Museum and the Cultural Center of the City of Chrysochous, as well as the construction of the Karaviotis Cultural Foundation and the establishment of the Karava Scholarship Foundation for outstanding students. In 2013, during the difficult period of the local economic crisis, the provision of breakfasts for underprivileged elementary school children for four consecutive years. Support for the commendable work of the “Sophia for Children” foundation in Africa and Cyprus.

Honors and Awards

A testament to Nikos Siakolas’s business and social contributions is the series of honors he has received. For his overall contributions, President Clerides awarded him the Medal of Exceptional Service of the Republic of Cyprus.

He was also awarded the title of Honorary Officer of the Order of the British Empire (OBE) and the Aztec Eagle from Mexico. He was twice honored with the titles of Knight of the Republic of Italy and Grand Officer of the Order of the Stars of Solidarity of the Italian Republic.

The French Republic named him an Officer of the National Order of the Legion of Honor, and Sweden awarded him the Royal Order of the Polar Star. He has also been honored by the Church of Cyprus, the Cyprus Chamber of Commerce and Industry (KEBE), the Cyprus Federation of Industries (OEB), the Municipality of Nicosia, the Municipality of Karava, and other institutions and organizations.

His Life and Work in a Book

In 2021, the book *NIKOS K. SIAKOLAS—Narratives, Experiences, Lessons,” in which the well-known entrepreneur compiles first-person accounts of his life experiences, adventures, and lessons learned, offering valuable insights for young entrepreneurs and others. He summarizes his life philosophy as follows: “One must strive, learn, stand up for what is right and just, persevere, love, acknowledge one’s mistakes, understand, forgive, always with decency and dignity, and to contribute to society.”

Photo source: KYPE, polygnosi