Nice article so far. It is quite insightful.

What would your suggestion be about financial investment such mutual funds, asset management etc at this point in time. Especially the FBN Quest

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

I think it has to do with the way we perceive work or jobs here. In the west, you would see a supermarket being run by the grand children of the founder. Two generations after.

What I observed is that they don't view their work as a means to get salary. They place it in the context of value their work has for the larger society. If you see a truck driver, he would tell you that he has to get the goods to the location on time because people need them. A food vendor would tell you that she has to open because people need to feed. She feels that if the business closes for one day that people would not get to eat and in that way she has failed them.

But over here we attached monetary gains to a job and not the value it creates. That is why we attched prestige to jobs because we see them as social titles and not for their value.

Same reason why people would go abroad and do menial jobs that they would not have done here in the first place.

We don't cherish the dignity in labour here. So how would you convince your kid who wants to be a highflyer to come into your business and grow it after your demise.

Even if he comes in, you would not want him to start at the bottom like the others because you feel it would demean his/your status as the owner, forgetting that it is in the trenches that one learns the trick of the trade.

How do you now expect generational transfer of wealth when we see our jobs as social titles and not value they create?

ahiboilandgas:
i have try to understand what he means by people skilled graduates should stay in their villages ....to do what ....tap palm wine i guess ....i f my village is onne or obajana ...then i have a reason tp try my financial luck with dangote or onne port activities...but if my village is one remote area in udi ....which luck they there to try

Enough plan wine dey Udi na. Na just to begin dey bottle am

Born2conquer:
May God bless everyone on this Thread and may God bless my elders in the financial industry.

I love investment but i do not have a thing for settling up a business because i love working from home and feom the comfort of my house.

I made some couples of money from Forex and I already have some investment in lands.

I need suggestions on where else i can invest in (like Tbills and co)

I have a budget of some millions and I am looking at suitable places (well insured) i can invest in with Favourable ROI. I am ready to explore as many opportunities as possible.

I read back on some pages and i really can’t fully understand most of the opportunities.

God bless everyone and i hope to get favourable responses from everyone

Suggestions:
You can do:
Mutual Funds - VGIF Recommended
Shares of dividend paying companies e.g Gtbank, Zenith, MTN etc
Bonds - You can be building your funds in VGIF before a primary auction of Sukuk or FGN Bonds
Open account with the link on my signature to venture into the above options with Investment one (Former GTBank Asset Management)

emmasoft:



Suggestions:
You can do:
Mutual Funds - VGIF Recommended
Shares of dividend paying companies e.g Gtbank, Zenith, MTN etc
Bonds - You can be building your funds in VGIF before a primary auction of Sukuk or FGN Bonds
Open account with the link on my signature to venture into the above options with Investment one (Former GTBank Asset Management)

pls i need help with this VGIF thing.. i already have a stock broking account with investment one, but how do i subcribe this VGIF. i noticed the fund i have in my account balance can only be used to trade stocks.. how do i make deposits for VGIF?

Donbrig:
Grooming your children to take over your business is 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.

Well said

afroxyz:


I think it has to do with the way we perceive work or jobs here. In the west, you would see a supermarket being run by the grand children of the founder. Two generations after.

What I observed is that they don't view their work as a means to get salary. They place it in the context of value their work has for the larger society. If you see a truck driver, he would tell you that he has to get the goods to the location on time because people need them. A food vendor would tell you that she has to open because people need to feed. She feels that if the business closes for one day that people would not get to eat and in that way she has failed them.

But over here we attached monetary gains to a job and not the value it creates. That is why we attched prestige to jobs because we see them as social titles and not for their value.

Same reason why people would go abroad and do menial jobs that they would not have done here in the first place.

We don't cherish the dignity in labour here. So how would you convince your kid who wants to be a highflyer to come into your business and grow it after your demise.

Even if he comes in, you would not want him to start at the bottom like the others because you feel it would demean his/your status as the owner, forgetting that it is in the trenches that one learns the trick of the trade.

How do you now expect generational transfer of wealth when we see our jobs as social titles and not value they create?

Well said

It's also about the mindset prevalent in Nigeria
Among the elite class

Its destructive to the kids

Barrytone:


Every man's profit after a good investment

Hahahahahaha


This comment made me laugh out so loud

ahiboilandgas:
oga na our slangs for people born from 1975 -1985 ....investors wetin this range understand

Hahahaha

X21:


The most beautiful part of the other gender is the reward for social investment

Lmao

This Forex guy go create your own thread. We don't do forex here please.

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

Being a good business man has no link to being a socialite

A socialite can be a good manager


Case in point...

The CEO of Goldman Sachs is a part time DJ

steveneche:

pls i need help with this VGIF thing.. i already have a stock broking account with investment one, but how do i subcribe this VGIF. i noticed the fund i have in my account balance can only be used to trade stocks.. how do i make deposits for VGIF?

All you need now is to click the link on my signature and open VGIF account. If you do it today by tomorrow you get your account details. Stockbroking account has a different account you cannot use the funds there except you open a VGIF account and give instructions for the money to be transferred. You can call or chat with my number on my signature.

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 ....

African men in general dont live good life in that regard

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.

Well said


We got that part upside down in Nigeria

Corruption in Nigeria might drain all our investments and businesses. Considering the embezzlement and heavy corrupt cases against Magu, it is very embarrassing, and this might further hinder foreign investors from investing in Nigeria. I don't just know why, everybody seems to be a thief in Nigeria, even those who are claiming to be saints won't waste anytime to steal if they have the opportunities.

DexterousOne:


Being a good business man has no link to being a socialite

A socialite can be a good manager


Case in point...

The CEO of Goldman Sachs is a part time DJ

A socialite and politician are not got business manager
Most of the chronic bank debtors are socialites. A socialite craves for attention, media hype and acceptance.

Rather than ploughing back money for the expansion of his business, a social is more concerned about his societal credibility and building his social capital

emmanuelewumi:



A socialite and politician are not got business manager
Most of the chronic bank debtors are socialites. A socialite craves for attention, media hype and acceptance.

Rather than ploughing back money for the expansion of his business, a social is more concerned about his societal credibility and building his social capital

I disagree sir

Maybe our definition of being a socialite is what is causing our divergent views.


I made mention of the CEO of Goldman Sachs
He is a part time DJ and a club rat


Some of the best performing investment houses on walk street have party junkies as their top management
It's what it is

And depends on the person

emmasoft:



Suggestions:
You can do:
Mutual Funds - VGIF Recommended
Shares of dividend paying companies e.g Gtbank, Zenith, MTN etc
Bonds - You can be building your funds in VGIF before a primary auction of Sukuk or FGN Bonds
Open account with the link on my signature to venture into the above options with Investment one (Former GTBank Asset Management)

What are the ROI sir?

DexterousOne:


I disagree sir

Maybe our definition of being a socialite is what is causing our divergent views.


I made mention of the CEO of Goldman Sachs
He is a part time DJ and a club rat


Some of the best performing investment houses on walk street have party junkies as their top management
It's what it is

And depends on the person

Managing a business is different from trading on Walls street.

A socialite can owe his workers 3 months salaries, but just changed his private jet, recently spent N300 million organising destination wedding for his Son in Dubai, but still indebted to banks to the tune of over N20 billion .

Daar Communication has not paid dividend in 14 years, still indebted to banks

emmanuelewumi:



Managing a business is different from trading on Walls street.

A sociate can owe his workers 3 months salaries, but just changed his private jet, recently spent N300 million organising destination wedding for his Son in Dubai, but still indebted to banks to the tune of over N20 billion .

Daar Communication has not paid dividend in 14 years, still indebted to banks

I'm not so sure about that

emmanuelewumi:



Managing a business is different from trading on Walls street.

A sociate can owe his workers 3 months salaries, but just changed his private jet, recently spent N300 million organising destination wedding for his Son in Dubai, but still indebted to banks to the tune of over N20 billion .

Daar Communication has not paid dividend in 14 years, still indebted to banks

The socialite is not failing at his business because he is a socialite

He is failing at his business because he is not a good business man.

That's just it


Elon Musk is another social rat

But Tesla is growing in leaps and bounds



It's to draw the line between business and pleasure

That's the key

DexterousOne:



I'm not so sure about that

Managing a business involves managing materials, resources, money, people, customers, suppliers, regulatory bodies, bankers, financiers, market etc. and you should be able to make profit, create wealth and enhance sustainability of the Enterprise.

Trading on Walls street involves your knowledge of technical analysis, fundamental analysis, sentimental analysis, human psychology and behavioural finance

DexterousOne:




The socialite is not failing at his business because he is a socialite

He is failing at his business because he is not a good business man.

That's just it


Elon Musk is another social rat

But Tesla is growing in leaps and bounds



It's to draw the line between business and pleasure

That's the key

Based on market sentiment at a PE of about 1000, will you place a bet on that. The business currently has no earnings.


Investors have lost money investing in Businesses managed by Socialites.

Oando is an example, the company has the record of the biggest loss after tax in corporate Nigeria.

At a loss of over N250 billion about 3 years ago

emmanuelewumi:



Based on market sentiment at a PE of about 1000, will you place a bet on that. The business currently has no earnings.


Investors have lost money investing in Businesses managed by Socialites.

Oando is an example, the company has the record of the biggest loss after tax in corporate Nigeria.

At a loss of over N250 billion about 3 years ago

Okay

Let us simplify this thing



Are you saying that a "socialite" by default is a bad business man?


Or being a socialite means that you wont run a successful business?

DexterousOne:



Okay

Let us simplify this thing



Are you saying that a "socialite" by default is a bad business man?


Or being a socialite means that you wont run a successful business?

No, but unfortunately 90% of badly managed businesses in Corporate Nigeria had socialite owners/CEO or politically exposed owners/CEO.


To a typical Nigerian socialite societal credibility, societal perception, media hype is more important to them than anything.

The guy that owed Polaris Bank a whopping N220 billion is a socialite and a politically exposed business man

As an investor, I avoid businesses that are owned or managed by such people. A Nigerian socialite is not ready to downgrade if his income reduces, because of the perceived fall in his societal credibility, they will rather ruin their business or get loans which they don't hope to pay back in order to maintain the status quo

emmanuelewumi:



No, but unfortunately 90% of badly managed businesses in Corporate Nigeria had socialite owners/CEO or politically exposed owners/CEO.


To a typical Nigerian socialite societal credibility, societal perception, media hype is more important to them than anything.

The guy that owed Polaris Bank a whopping N220 billion is a socialite and a politically exposed business man

As an investor, I avoid businesses that are owned or managed by such people. A Nigerian socialite is not ready to downgrade if his income reduces, because of the perceived fall in his societal credibility, they will rather ruin their business or get loans which they don't hope to pay back in order to maintain the status quo

Now you have made the distinction


A typical Nigerian socialite



I can agree with that

A typical Nigerian socialite

DexterousOne:



Okay

Let us simplify this thing



Are you saying that a "socialite" by default is a bad business man?


Or being a socialite means that you wont run a successful business?

I think the belief is that a socialite might be too consumed by pleasure and the outward appearance of success and would not have what it takes to be conservative in business which is what a business sometimes needs. Don't know how true this is anyway. Just thinking out loud.

Donbrig:
Corruption in Nigeria might drain all our investments and businesses. Considering the embezzlement and heavy corrupt cases against Magu, it is very embarrassing, and this might further hinder foreign investors from investing in Nigeria. I don't just know why, everybody seems to be a thief in Nigeria, even those who are claiming to be saints won't waste anytime to steal if they have the opportunities.

the thing tire me...

Phraences:


I think the belief is that a socialite might be too consumed by pleasure and the outward appearance of success and would not have what it takes to be conservative in business which is what a business sometimes needs. Don't know how true this is anyway. Just thinking out loud.

You are correct.

When Oando made a loss of over N250 billion, the salary of their CEO was more than the combination of what the CEOs of Zenith, Access, UBA and First Bank earned

emmanuelewumi:


You are correct.

When Oando made a loss of over N250 billion, the salary of their CEO was more than the combination of what the CEOs of Zenith, Access, UBA and First Bank earned

This one is financial recklessness

DexterousOne:


This one is financial recklessness

He is a corporate Wizkid, who craved media hype, the company had fleet of privates jets, he adorned a lot business newspapers and magazines in Nigeria and abroad, first Nigerian owned business to be quoted on Johannesburg Stock exchange, in fact he was a noise maker.

The Businesses making money for Investors are quiet and smooth operators