Tony142:




Boss, is it possible to own 100% of them company? Because I will like to own my company myself, I no want any useless partnership

Quite possible, man.

However, if you have plans to break into the corporate world, you'd need the partnership albeit you need to be on your toes to explore every possible options that will not let the other partners snitch on you.

DonroxyII:
Dangote Group can be taken away from Dangote by the Government but Director wouldn't be stupid to lose less than 51% ownership in the shares of Dangote Group ...

Infact, he will have proxies shareholders among the 49% .... You must protect your companies ... His banks can also buy from the 49% ... in total Dangote can own up to 75% and nothing can shake him ...

Dangote (proxies) has the majority shares of 60%, he bought most of the shares backs

KHRIZ565:
Fire me say wetin happen? I'll just sack all of una, or better still, close my company. It's my own.

Directors are appointed by shareholders, you can only change them through CAC.

beautyhd:
It's possible if the collective shares of the directors are up to 60 percent.

In this case he is removed from the position and decision making powers taken from him but somehow still retained as the founder of the company.

do you watch POWER ? Lucious Lyon is an example

Shegzy8:
Please I'm having issues with the payment of my rent, I'm about been rendered homeless. I'm in need of anyone to lend me #15,000 to complete my rent and I'll pay back by month end. Please, I'm ready to do anything to verify my identity and show commitment towards paying back.

You can quote me if you're willing to help.

loan app plenty where you can do this

aktolly54:
loan app plenty where you can do this

The cash on me presently was gotten from a loan app. There's a limit to what they can borrow people.

kayphyzee:


I don't understand you. Did the source you quoted contradict what I wrote. I even went further to state that we don't have NSE again, the entity is now called NGX Group. This is my field of practice, and I need no Wikipedia to reference.

SEC regulates ngx group or whatever

mufadem2012:
The best way to remain perpetual is to be a board chair with your establishment and put MD under control.

You may get away with this provided the Company operates in a non-regulated industry. The different codes of corporate governance prescribes a term for Directors (both executive and NEDs) and MD/CEOs. Reference CBN Code, SEC Code and the FRC Code.

Agent8706:
The first time I saw this crap was in Spiderman when Norman Osbourne was fired from his own company and I thought this could only happen in the movies.

But I had an opportunity to work with corporate lawyers and knew the processes of registering a company. If you want to retain full ownership of your company, make sure you don't sell your share of the company to exceed 49.9 percent. Meaning you must have at least 50.1 percent of the company share. Anything below that and the shareholders can come together and boot you out if they have majority of the shares.

Corporate lawyers in the house can correct me if I am wrong

He can also lose the controlling share if the company decides to increase the share capital and the one who has the controlling share fails to take part in the share allotment.

Very possible and true, read Jeffery Archer's Kain and Abel, you will learn what board room politics is all about

Kzinne:
SEC regulates ngx group or whatever

Let's add constructive comments to the discourse. I haven't said anything different from what you posted and referenced. Why quote me, with a view to correct an impression?

Please feel free to point out where I made a wrong submission.

Shattuck:
it is highly impossible for a start-up to not have investors have larger shares because to build an empire they need those billions of investors fund no start up founder have that amount the only thing they are bringing to to table are the ideas. Unless you don't want your company to grow rapidly then you can ignore the investors fund and start small and take your time.

Not all investors want a large share of your company.

phazotron:



Best strategy na to buy back the shares from the investors

Buy them out of the company or buy most of their shares back

Like Dangote Company Limited buying back shares of Dangote Cement Plc

sandra50:
Can't one person own a company?why must we add other people to it?when I was opening my company the lawyer told me I must have another director so I brought a friend and gave me 10% shares and I really want to remove him because we are far apart..the last time I wanted to fix my cooperate account I know the stress that gave me..they needed his signature before I could fix it..

Wow! This is an eye opener, did you later fix the corporate account issue and have you ever been at logger heads with him before pertaining to issues or decisions that could affect the company positively or negatively?

Kirkman:

Wow! This is an eye opener, did you later fix the corporate account issue and have you ever been at logger heads with him before pertaining to issues or decisions that could affect the company positively or negatively?

Permit me to enlighten you and @Sandra50 on this. The 2020 CAMA now permits an individual to register a Limited Liability Company as a the sole shareholder.

So @Sandra50's concern has now been addressed.

Shegzy8:
Please I'm having issues with the payment of my rent, I'm about been rendered homeless. I'm in need of anyone to lend me #15,000 to complete my rent and I'll pay back by month end. Please, I'm ready to do anything to verify my identity and show commitment towards paying back.

You can quote me if you're willing to help.

Try loan app

tutudesz:

Adenuga is a prefect example, baba no gree put Glo for stock exchange

Not putting your company in stock exchange does not mean you own 100% of the shares. Besides, don’t you know that glo is falling every mini second?

Studentdelta21:
Try loan app

Part of what I have on me was gotten la loan app.

Nope! Except if the founder/Owner is also the CEO. MD/CEO is just the title of the number one employee of the company. It's quite different from being a founding shareholder. The founder might choose to be a shadow director or have his identity buried by layers of secret trust.

Hence a politician might own loads of companies and you won't know because his name is not in the books. His shareholding is being managed by layers of trust companies and he simply a beneficiary.

Can a founder lose his company to investors?

Absolutely! Especially those venture capitalist. Run from them if you do not have a good lawyer. Those guys are only after profit and they do not care about the founder of the company. They will steal your intellectual property and kick you out of your company. Need an example? Watch "Start-Up"

That's why you must have a lawyer by your side at all material times before signing any dotted line.

justmondris:


Not putting your company in stock exchange does not mean you own 100% of the shares. Besides, don’t you know that glo is falling every mini second?

100% his!! Not a Glo user

Dottore:
@Casper21 this is a Copy and paste effort and you even went as far as making it seem as if you are the originator of the article.

This country doesn't take copyright laws serious. Everybody plagiarizes with impunity. Can you at least acknowledge the source from which you copied the the article.
#spits#

The article came from"
https://www.upcounsel.com/can-the-board-of-directors-fire-the-owner

Wow smart man

I was looking for in the case of x vs y, all op said was if , do you think the technical know how will be released to them, the company is dead on arrival, in as much as I understand what he is saying we need more than if, get facts. Give examples real examples.

aktolly54:
do you watch POWER ? Lucious Lyon is an example

Erm! I think you were referring to EMPIRE

Dottore:
@Casper21 this is a Copy and paste effort and you even went as far as making it seem as if you are the originator of the article.

This country doesn't take copyright laws serious. Everybody plagiarizes with impunity. Can you at least acknowledge the source from which you copied the the article.
#spits#

The article came from"
https://www.upcounsel.com/can-the-board-of-directors-fire-the-owner

And this is a major problem because while this article might work in the US, it may not work in Nigeria. In Nigeria, company laws are regulated by the Companies and Allied Matters Act 2020.

The laws are different.

This topic reminds me of the series succession

A must watch if you haven't.

FengChui:


Yes o!

Whenever I have issues with my dad, the man I'll just walk me out of his house. I'll have to come back days later with relatives to beg him. Me and my Popsy quarrel one day, the Manny say make I comot from him house. I told him to go out and go to his father's house as this is my own father's house.
Baba just form vex, comot from house go drink beer. When we settled, he told me never to tell him that again. But he learnt his lessons. He never ordered me out of the house again.

Lol

What i learnt in company organization is when going public, try to buy ur shares back using either ur wife and kids, so that you can have a controlling power, cos family will always back you, or if you want to step aside, you can give ur shares to ur son or daughter or wife to have the controlling shares

Nellsworld:
What i learnt in company organization is when going public, try to buy ur shares back using either ur wife and kids, so that you can have a controlling power, cos family will always back you, or if you want to step aside, you can give ur shares to ur son or daughter or wife to have the controlling shares

If I decide to start a company, I'm not going public.

At least 60% controlling shares in all categories. No less.

Hold majority (if not all) of the voting shares (I must find out how to do this one)

buy back as many shares as possible.

Put your trusted boys as Md and on the board of directors

hold more shares than the investors/shareholders

Make I see the good for nothing shareholder Wey wan talk rubbish

I go sack am join

Casper21:
The question “Can the board of directors fire the owner?” is becoming increasingly contentious. CEOs and founders of companies often find themselves out of a job after being fired by means of a vote undertaken by the board of the company. If the person in question is not the owner of a controlling share in the company, there is not much they can do to avoid being fired.

Sharing the ownership of a company leads to loss of total control over it. As external investors are brought in, owners' shares get diluted, and the founder of a company can often find that he or she owns less than half of the shares in that company. This leaves him or her at risk of being fired.

If a CEO has a contract in place, he or she may get fired at the end of that contract period, if the company has new owners or is moving in a new direction.

The CEO, despite being the person who incorporated the company, often gets fired in times when the company is experiencing a slump in financial performance. This is because internal company politics and differing leadership styles render people vulnerable.

If a founder gets fired, then the company's investors have obviously lost confidence in that founder's ability to establish profitability. Or, in the case of a company that is already turning a profit, they do not consider the founder capable of helping the company grow and evolving to meet the needs of a changing market.


...Strategies for Avoiding Dismissal....

Tech Crunch advises executives to always remain defensive, working with key players and building personal relationships with board members and shareholders. These, according to Tech Crunch, are the most important strategies in defending oneself from being attacked by the board of one's own company.

Founders and CEOs need to focus on more than the fact that they are indispensable – they also need to recognize the areas in which they are vulnerable. They can do this in a number of ways:

Knowing whether or not a board vote is enough to fire them.

Being aware of whether or not alleged wrongdoings need to have taken place in order for them to be dismissed.

Keeping one's ears open to listen for complaints and expressions of discontent, and
Being careful of the contracts that they sign.
An important step that CEOs can take to protect their position is to get all promises in writing. A CEO should never trust anybody who claims to always have his or her back.

steve jobs was fired from Apple. a company he founded in a garage. he was later employed as CEO.

tutudesz:

Dangote (proxies) has the majority shares of 60%, he bought most of the shares backs

How did he do this? How can one buy back his shares from the investors?

NEVER SELL SHARES IN YOUR COMPANY. IF I OWN A COMPANY, UNA THINK SAY I GO SHARE ANYTHING WITH ANYBODY. MOST PEOPLE SELL SHARES TO GROW BIGGER. AS FOR ME I DON'T MIND GROWING WITH TIME. I AM KEEPING EVERYTHING 100% AND ANYBODY I EMPLOY REMAINS MY EMPLOYEE. IF YOU WANNA OWN A COMPANY, GO AND START YOUR OWN AND STOP PUTTING YOUR BIG EYES IN MINE. I WILL ONLY HAND OVER TO MY CHILDREN AFTER THEY HAVE UNDERGONE THE NECESSARY TRAININGS.

Casper21:
The question “Can the board of directors fire the owner?” is becoming increasingly contentious. CEOs and founders of companies often find themselves out of a job after being fired by means of a vote undertaken by the board of the company. If the person in question is not the owner of a controlling share in the company, there is not much they can do to avoid being fired.

Sharing the ownership of a company leads to loss of total control over it. As external investors are brought in, owners' shares get diluted, and the founder of a company can often find that he or she owns less than half of the shares in that company. This leaves him or her at risk of being fired.

If a CEO has a contract in place, he or she may get fired at the end of that contract period, if the company has new owners or is moving in a new direction.

The CEO, despite being the person who incorporated the company, often gets fired in times when the company is experiencing a slump in financial performance. This is because internal company politics and differing leadership styles render people vulnerable.

If a founder gets fired, then the company's investors have obviously lost confidence in that founder's ability to establish profitability. Or, in the case of a company that is already turning a profit, they do not consider the founder capable of helping the company grow and evolving to meet the needs of a changing market.


...Strategies for Avoiding Dismissal....

Tech Crunch advises executives to always remain defensive, working with key players and building personal relationships with board members and shareholders. These, according to Tech Crunch, are the most important strategies in defending oneself from being attacked by the board of one's own company.

Founders and CEOs need to focus on more than the fact that they are indispensable – they also need to recognize the areas in which they are vulnerable. They can do this in a number of ways:

Knowing whether or not a board vote is enough to fire them.

Being aware of whether or not alleged wrongdoings need to have taken place in order for them to be dismissed.

Keeping one's ears open to listen for complaints and expressions of discontent, and
Being careful of the contracts that they sign.
An important step that CEOs can take to protect their position is to get all promises in writing. A CEO should never trust anybody who claims to always have his or her back.

Yes, happened to Steve Job, he was sacked from apple