sapele914:
MKO’s wealth is still there, he has so many landed properties, problem is too many children.

Yes and litigation

One man business

it happens mostly here in nigeria or africa
Guinness is run by the fourth generation now
KFC
Colgate
Pabst Brewing Co.
JPMorgan Chase
.Baker’s Chocolate
lever brothers now unilever
Brooks Brothers
etc

He is called the CEO for a reason, he knows the secret of the business

Ome of the disadvantage of Sole proprietor in business. Another reason is that our government does not protect businesses, they rather battle business men to their knees.
Greediness among Nigerians also contribute to it. You hardly see a Nigerian without criminal intent working in another man's establishment . All they want is to cashout, they care less about the biz survival

Lampass:

It's because MKO Abiola sank millions of Holy Bible in the Ocean, that was why he lost everything including his life. Some idiots in Nigeria haven't learn a lesson from this

You are the no 1 idiot

Not their Vision so they can't see the future but they can see the money, so.......

Polygamy

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

Lol Maureen you bring the matta reach here too?
It's me Osayi

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

Owner did not create system
When you create a system for everything things will continue to run smoothly whether the CEO is available or not.

Key man risk. Many of the successful businesses in Nigeria rely on government patronage/ contracts. On their demise the Children probably dont have same connections their dad had, or the government guys feel its time for someone else to chop too.

dazzlingd:
Sole proprietorship

Number 1 factor.

Most businesses set out to meet ends and end poverty.

Governance is not open to beyond the family setting most of which seeks greener pastures in locations far from the business.

Average African employees are terrible too.

Most of the CEO in Nigeria are criminal, their ill-gotten money..

1. Lack of big hairy audacious goals
2. Lack of cult-like culture
3. Lack of visionary goals

If a CEO passes these to his team, then his company are in safe hands.

sapele914:
You need to be more lucky than good, life will take its course.

2020 hindsight is always perfect.

LUCK is a myth.... Decisions Decide Destiny.

cassyrooy:


Present Ma.

I think what you've done is to highlight the "Key Person Factor".

When the pioneer or Key Person in a business dies, a lot of businesses folds up.

Many businesses are set up for profits taking and as such may collapse immediately the person who set it up isn't there to maintain both internal and external control over clients and employees.

Again, successive administrators may not share same vision and aggressive passion to grow the business beyond what they met so when things get out of control, they're not able to handle.

Organisational structure may not reflect current requirements. Once a key person dies, overhauling the structure of the Organisation is very important to meet the needs and demands of the challenges that may cause the business to fail.

Many don't see this until everything collapses.

how can you just take over and overhaul a successful team?

For the same reason some states start to regress, following the exit of a good administrator, who failed to mentor anyone, to continue where he left off

Lampass:

It's because MKO Abiola sank millions of Holy Bible in the Ocean, that was why he lost everything including his life. Some idiots in Nigeria haven't learn a lesson from this

Quite obvious you know nothing about wealth? All those company assets are still there, the companies are just all in comatose, when they are hungry, whoever get mind will just sell one small portion of land off Allen Avenue that their father bought in 1971, buyer will drop 200 million Naira quietly.

Maybe you are not aware that MKO Abiola farms land under operation feed the nation scheme, is way way bigger than Obasanjo Farms Nigeria?

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

No be for buying n selling business. Most distributors If the die the business continues wella

The business owner is the vision carrier. Once he dies the vision is death

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

Because CEOs of most Nigerian businesses are "be-all-end-all" and in many ways one cannot blame them. Delegate too much authority to others or go public with your business and watch your hard-earned empire stolen away from you before your very eyes. Those foreign business that often last for a dozen centuries or more are actually corporations. CEOs there are elected or fired based on their evaluated performance, that way no one man really controls it all.

Could be indiscipline, extravagance or lack of business acumen on the part of the inheritors of the business.

Don't forget the late CEO'S spiritual covenant (Godly or ungodly) with the businesses.

ZINNYBANKS:
I think it only in Nigeria . the CEO of Ford motors, KFC, and apple are dead , but take a look at their businesses today.

Most of CEO in Nigeria got their money from public confers, the prayer of people make their children useless vangabond. Abiola executed alot of fake projects for government, Ford and KFC never made their money from from people sweat neither stole it from government.

Western education is not the hallmark of success or capable of keeping success if the heirs bequetted do not learn life's lessons and discipline. Yoruba have a saying that, "Omo ta o ko, la gbe ile ta ba ko ta" (the child you failed to train properly ends up selling all his inheritance). I have a lot to say on this but this keyboard is really messsing up

Bak to this

Also, ile ti a ba fi ito mo, iri ni nwo (whatever is acquired fraudulently will be lost in due course). I am sure that is self-explanarory and certainly understood in the Nigerian context

Go ask Ezego of ihiala

when you spoil children because you are rich and when you die the little spoilt brats who become NOK will just mess things up killing themselves that they are draging inheritance

It's just a Nigerian culture. Lack of maintenance. That's why I'm scared AMAA could finally get buried now

Cha E

You’re not just beautiful, but with brain.

maureensylvia:


Poor management?
Poor staff training?
CEO selfish interest?

rita25:
when you spoil children because you are rich and when you die the little spoilt brats who become NOK will just mess things up killing themselves that they are draging inheritance

Most international companies were not run by the immediate family out of inheritance after the founder died. Nigerians don't just know how to preserve a legacy