ukay2:


Like Diamond Bank plc.......

DexterousOne:
And for those saying that nepotism does not exist in the private sector

I just dey laugh una

emmanuelewumi:
I have a question, do we think socialites are good business leaders or managers?

einsteine:



At FBN Holdings, an individual investor with significant shares ( the investor also holds significant shares in a flour milling business) got his daughter employed straight out of law school in a position of Deputy Manager (instead of graduate trainee). Over the next seven years, she got multiple promotions and became an assistant general manager. A normal individual from law school would probably need to work 20-30 years to get to that position.

That's nepotism.


Edited to add: She had three years of experience in the sector before but even that was not enough to get an AM grade. Also, not exactly sure she is the investor's daughter (could be daughter in law) but they share the same surname and now works in the flour milling industry

emmanuelewumi:
I have a question, do we think socialites are good business leaders or managers?

BECALMBECALM:
Sir please can you tell us the investment opportunities in Ivory coast? Thank you

BECALMBECALM:
And dont you think language will be a big barrier for someone wanting to do business there? These are my thoughts. Thank you

emmanuelewumi:



Our successful businessmen and entrepreneurs need to groom our children in every areas of our business. It is among Nigerians that a child will automatically become the CEO of a family by virtue of inheritance without getting the necessary experience, knowledge and training about the business and the industry

ukay2:


It still baffles me how his father did not know that the bank will become distress as soon as his poorly equipped children inherit and manage the affairs of the bank.....

Many parents are still doing the same thing Pa Dozie did.....we need to groom our children on our business or get the best hands to manage the company as Pa Peter Atedo did with Stanbic ibtc bank and the bank is still waxing strong even after his retirement 3 years ago.

emmanuelewumi:



He is a socialite, a party lover. Bankers are usually conservative

ukay2:


Quite painful.

The son gave lots of loans that became NPL to friends....not knowing they were hawks and devourers.

Now Herbert Wigwe is cleaning the books and possibly take all the inherent positive potentials of the bank.

emmanuelewumi:



Gave the loans to other socialite business owners. Very difficult to see a frugal socialite

emmanuelewumi:



Our successful businessmen and entrepreneurs need to groom our children in every areas of our business. It is among Nigerians that a child will automatically become the CEO of a family by virtue of inheritance without getting the necessary experience, knowledge and training about the business and the industry

einsteine:



At FBN Holdings, an individual investor with significant shares ( the investor also holds significant shares in a flour milling business) got his daughter employed straight out of law school in a position of Deputy Manager (instead of graduate trainee). Over the next seven years, she got multiple promotions and became an assistant general manager. A normal individual from law school would probably need to work 20-30 years to get to that position.

That's nepotism.


Edited to add: She had three years of experience in the sector before but even that was not enough to get an AM grade. Also, not exactly sure she is the investor's daughter (could be daughter in law) but they share the same surname and now works in the flour milling industry

emmanuelewumi:




But you are also in this business. Are you trying to say you have all the necessary approvals and certifications from government?

Who is the regulator of forex trading investments in Nigeria?

Donbrig:
Grooming your children to take over your business in not always that easy, the children must first have interest in that business, the family business will definitely fail if you cajole them to take over the business when they don't have much interest in it.

Ibrahim505:

He is just detailing the 'due diligence' investor will make to avoid being scammed by fraudsters fronting forex as their business.
Forex is not regulated in Nigeria, it's a highly risky legit business that test individual emotional strength with money.

emmanuelewumi:



How can we develop their interest in the business?

One of the reasons why it is very difficult to have a 70 year old Nigerian owned family business, we have a lot to learn from the Indian and Lebanese owned family businesses in Nigeria.


It is a waste of capital, labour and enterprise to build a N500 million family business but 10 years after the demise of the founder the business will cease to exist, compared to the Indian or Lebanese owned family businesses that would have grown to a N2 billion Business 10 years after the demise of the founder

ahiboilandgas:
several reasons africans tend to share property to several persons as inheritance, africans tend to have muliple children from different women and objectives ,africans are majorly consumers and rearly build wealth.....Sherrif plaza abuja was inherited by 12 kids from different wives ..one wife got 20 shops and sold it immediately creating problems for other that enter partnership with a company to develop it into mall ....

emmanuelewumi:




But you are also in this business. Are you trying to say you have all the necessary approvals and certifications from government?

Who is the regulator of forex trading investments in Nigeria?

emmanuelewumi:



Hmmm,


That is why some informed people with this type of problem and background usually transfer all their properties, investments, business, shares etc to a Trust. They don't share their properties, the trust pays money to all the beneficiaries of the Trust.


Some beneficiaries get tens of millions of Naira from such Trust account arrangement

yemibayo:
Exactly what Gain Fawehin did

emmanuelewumi:



How can we develop their interest in the business?

One of the reasons why it is very difficult to have a 70 year old Nigerian owned family business, we have a lot to learn from the Indian and Lebanese owned family businesses in Nigeria.


It is a waste of capital, labour and enterprise to build a N500 million family business but 10 years after the demise of the founder the business will cease to exist, compared to the Indian or Lebanese owned family businesses that would have grown to a N2 billion Business 10 years after the demise of the founder

Donbrig:
Well, trying to encourage our children to master our businesses when they are still very young often help, but one big problem wealthy Nigerian business men/women often have with their children is over pamperedness. Never allowing their children to fall and stand up on their own. Wealthy business owners in Nigeria always give virtually everything their children wants in life to them without their kids working hard to earn it, this always make most Nigerian kids feel entitled to things they didn't really work for or deserve and it affects their zeal to take over family business, because they are not accustomed to challenges on how to survive in business in the real world.

If you are close to most Lebanese or Indian families, you will notice that these folks aways ensure that their children work hard for every dime they earn from their parents, and don't aways have access to family funds without working for it or deserving it. That's is why in Europe or USA, you will find most children from a very wealthy family working in McDonalds or other low paying jobs, to discipline them and let them know how to work hard for every dime and confront challenges in the real world.

emmanuelewumi:



First Trustees a subsidiary of First Bank is managing the properties, shares and business of Gani Fawehinmi. He gave residential houses to his 2 wives and their children.

The Trust will maintain the house, change the cars of some of his children after certain years, pay a stipends to them every, certain percentage of the income should be reinvested, the Trust will continue to sponsor his annual scholarship for indigent children and annual lecture etc. There are opportunities to grant loans to the children which should be paid back at a certain time, if not it will be deducted from the annual income shared among the children

emmanuelewumi:



The Indian and the Lebanese make sure that their children understand the business and work in all sections of the business, before making the children CEO or top executives of their businesses, this type of exposure are made when the children are still in high School.

A guy graduated from Unilag in 1995 with first class in Mathematics, but the guy never worked in a corporate setting upon all the job offers. The guy started selling textile materials with his mother on Lagos Island, eventhough his mum wanted him to work in a corporate setting is a banker

When asked why he opted for trading with his good performance, he said he worked in his mother's shop in 1993 during ASUU strike for about 8 months and that opened his eyes to the opportunities in the business.

He said why should I be a banker? When bankers were coming to him for deposits. This is a business that built 4 houses for my mother, training 3 of us in the University and can afford to send us to UK for annual vacation.

25 years after graduation, Deji must have been able build a minimum asset of N1 billion for himself, with Investments in real estate is houses, warehouses, shopping complex. Luxury apartment in Dubai, investment in shares and other portfolio assets coupled with a thriving textile business.

His mother is late but the business is still surviving and growing.

Among his mother's friends, it is only Deji that interested in the business. Most of his mother's friends are dead, the business are also dead, their children are now civil servants, bankers, accountants, lawyers, doctors, others have relocated.


Maybe if not for ASUU strike, Deji would not have thought of showing interest in his mother's business

yemibayo:
And the best part is that non of the children can contest the trust in court. Anyone that tries that will not be entitled to his or her part of the trust

emmanuelewumi:



Hmmm,


That is why some informed people with this type of problem and background usually transfer all their properties, investments, business, shares etc to a Trust. They don't share their properties, the trust pays money to all the beneficiaries of the Trust.


Some beneficiaries get tens of millions of Naira from such Trust account arrangement

emmanuelewumi:



Yes he kept that clause in his will

Fxmanager:
Any legitimate forex company should be trading the forex market using a government licensed, regulated, periodically monitored and audited forex broker, and such forex company should be able to show proof about this.

Any legitimate forex company should name and put the name of the government and government regulatory body regulating its preferred broker, used in offering its investment service on its website, with a link to the government regulatory body website or a direction to where the investors can verify about the broker's government licensed and regulatory status, and the investors should also verify that the website is actually the government regulatory body's website, as a scam investment company can go as far as building their own fake government regulatory body's websites, list other brokers to deceive and directs its potential investors there.

Any legitimate forex company should provide an independent/third party audited and verified trading performance track record from websites such as www.fxblue.com, www.myfxbook.com and www.fxstat.com to its investors by placing the verified track records on its website, and the investors must do their due diligence to verify the broker in the track records as a recognized broker.

Note that a trader or an investment company can partner with a broker that will doctor, through their trading server and provide to the trader/investment company a trading performance track record, which they will use to operate their scam schemes. You will see monthly trading performance track record, not knowing that it is doctored through the broker's trading server in favour of the scam investment company, without the actual trading taking place in the real market environment. If the broker used by the forex investment company is not a popular broker, and you can get in touch with the trader/investment company, request that they provide another of their independent/third party trading performance track record from another known/popular broker for you to compare the trading performance track record of both.

You can suggest and get the forex investment company to use your preferred popular broker to run a demo account, if not a live account, using their trading strategy, going forward as long as you feel comfortable, so as to compare the trading performance with their main portfolio trading performance track record, to prove that their trading performance track record is not doctored by the broker, even if it is from an independent/third party website, before investing with them.

A legitimate forex investment company that does not want to exposed the investors to being scammed should allow the investors to open their personal brokerage account and give them the log in details for them to manage the account for the suppose investors. This approach is always very complex to the forex fund managers/investment company in a situation where they are to manage multiple investors account at the same time.

In a situation where the investment company is to manage multiple investors account, which is a certainty, the preferred means of fund management is through a PAMM , LAMM and MAM system of fund management. This puts the deposit/withdrawal control, 100% in the hands of the investors, so that even if the investment company wants to close shop and run away, they can't run away with a dime of investors funds, same with the investors personal brokerage account being traded by the fund manager/investment company.

With all of the above, you should be able to differentiate between a legitimate forex investment company and scam/ponzi scheme.

All these scam/ponzi schemes are actually using the name forex to run their scams. They are using new investors funds to pay old investors in the scheme. Those payouts are not from actual trading. That they are running the schemes without running away yet, does not mean that they are legit.

Any scam/ponzi scheme always launches with a target amount of money they will run away with. The time to shutdown depends on the inflow of funds from investors into the scheme compare to the outflow of funds to payout investors.

The promoters of the scheme might meet their target amount to shutdown and run away with, but choose to increase their target amount to run away with, as they discover that more funds are still coming in, and being rolled over into the scam scheme compared to the payouts to investors.

It will definitely earn in tears, both to the new investors and those rolling over into the scheme, when a decision is made for the scheme to shutdown by the operators. We just pity the marketers of the schemes as they will be roasted by the gullible investors.