The President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) Eze, Sir Mike Elechi, NPOM, DSSRS, FNIM, JP has advocated for a generational wealth creation that could passed down through families, children to great grandchildren.
He counseled the participants while delivering his keynote address at a Special Business Fair/Symposium Breakfast for eminent persons put together by Full Gospel Business Men followship International Nigeria, South South 4 District, Garden City Eminent Chapter, at Hotel Presidential in Port Harcourt, the Rivers State Capital, on Saturday.
The PHCCIMA Boss explained that generational wealth help to erect a solid foundation for children and grandchildren to build on through the power of the holy spirit (Deut.8:18) and breakthrough cycles that ought to have kept families in bondage for years, adding that the bible was explicit in( proverbs 20:21) about corrupt inheritance, as wealth gained hastily in the beginning might bring ruin to the next generation.
On building generational wealth, Elechi explained “when it comes to building generational wealth, growing your net worth is half the battle, building lasting wealth involves creating a plan for how it will be transferred and passed down to your next generation, this is called generational wealth, survey from banking rates shows that 70% of wealthy families lose their wealth by second generation and 90% losing it the third generation”.
On succession planning, he said ” succession planning is about putting in place plan that passes on ones legacy and family wealth to successive generation without unduly burdening them, it help you to decide who should benefit from your wealth, when they should benefit and then carrying out these discussions. Succession plan involves making WILL to set out who should inherit your assets”
The keynote speaker asserted that establishing a solid succession plan can help manage the transition to the next generation, adding that it help one to decide who is the best to move the wealth to the future generation when the principal joins his ancestors.
He posited that succession plan involves making and setting out solid plan on who should inherit the assets which is commonly called replacement planning or passing ownership of company to someone else, just as he said that for generational wealth to be sustained, the succession planning plays pivotal role which according to him it is estimated that over 70% of families loses their wealth by the second generation and 90% by the third generation.
Earlier in his speech, the President of Full Gospel Business Men followship International Nigeria, Garden City Eminent Chapter, Dr. Anthony Chovwen explained that the fellowship is a congregation of Business Men that carries the gospel of Jesus Christ to business places.
He noted that the founder of the fellowship observed that Men chooses to go to hotels and other high places in search of greaner pastures on Sundays and may not be opportune to hear the gospel of Christ, hence the idea of the fellowship to spread the gospel at their business places.
One of the highlights of the business breakfast meeting was the Panel Discussion which x-rayed the programme topic “Generational Wealth Creation”. The panelists were Dr. Mrs. V. N. Atako, FNIM, the National President of Nigerian Institute of Management Chartered, Dr. Nathaniel Ejiga, Fmr. Ag. MD of NAFCON, and Engr. Nnamdi Ezepue, FNSE, an Entrepreneur with Dr. Sam Okorie as moderator. The panelists agreed with the assumption of the Keynote Speaker that Wealth Created must be sustainable for it to be transferred to other generations, and identified the following ways of creating wealth; to have a dream of what to become, take a decision, have determination to succeed, be highly dedicated, to be disciplined. On how a business can be sustained, they advised that successive managers should always remember the history of the Company, the history of the products and the vision and mission of the company at start, and that bad generational habits should be avoided. They also identified that wealth built on Godly principles are sustainable, and the place of management in wealth creation is key as the interest, capability, right thinking and the ability to take the right decisions are required. And Businessmen were advised to shun corruption and bribery and to do business with God’s principles. There were also exhibitions by PHCCIMA, NEPC, NHIA, United Capital Plc, and NIRSAL. The Chamber President was accompanied to the event by Treasurer, Surveyor Emmanuel Ogbonda, FCAI, Elected Council member, Amb. Clement Akanibo, Vice Chairman of SMEs and NGOs Trade Group Mr. Jack Daboikiabo, the Director General, Mr. Erasmus Chukunda, the Business Development Officer, Mr. Godfirst Belema Anaka and the Press Secretary, Mr. Joseph Asomeji while the Chamber Auditor, Mr. Silas O. Igwe was one of the organisers of the programme which had other dignitaries in attendance as shown in the picture gallery above.
