He didn't even have d adequate papers to stay back... He was in the UK for several years after his b.sc and m.sc but still couldn't get legal papers ( citizenship)

DaBogu:
He made the mistake of coming back, he should have just stayed in the UK.

seunpinky:
He didn't even have d adequate papers to stay back... He was in the UK for several years after his b.sc and m.sc but still couldn't get legal papers ( citizenship)

Well, I didn't know this, he should have gone back to learn the business.

seunpinky:
This scenario played out with a family friend. The father was a very big and successful biz man, infact was a major supplier of security doors for banks in Nigeria.

The man tried so hard to convince his son to leave the UK to take over the biz, the son refused and stayed put. The father died some years ago and now the son is back to take over the biz, guess what, d biz has not been d same ever since.. he missed d opportunity to learn directly under his father and their competitors have seized control of their market share.

Another young guy has a father who has group of primary and secondary schools in Lagos, generating billions of Naira every year, old man also has a University that is approved by NUC.

He has been invited to come over on several occasions but always turning down the offer, whereas it is this businesses that is paying his bills in the UK.

DaBogu:
He made the mistake of coming back, he should have just stayed in the UK.

You know what, don't be surprised if it was the business that was paying his bills in the UK.

When his father died, the business suffered and could not pay his bills again, so he decided to come and manage it himself.

I have relatives in Nigeria that are sending annual grants of up to $30,000 from their family business to each of their children in the US, the family business also pays the school fees of their grandchildren, assists with mortgage payments etc. The parents are now in their 80s, let us hope the workers will be faithful by the time the founders are gone. If not the children might be forced to sell the business to the workers and management at giveaway prices.

DaBogu:
Well, I didn't know this, he should have gone back to learn the business.

In business, timing is very important.

emmanuelewumi:



You know what, don't be surprised if it was the business that was paying his bills in the UK.

When his father died, the business suffered and could not pay his bills again, so he decided to come and manage it himself.

I have relatives in Nigeria that are sending annual grants of up to $30,000 from their family business to each of their children in the US, the family business also pays the school fees of their grandchildren, assists with mortgage payments etc. The parents are now in their 80s, let us hope the workers will be faithful by the time the founders are gone. If not the children might be forced to sell the business to the workers and management at giveaway prices.

I am sure some workers are already warming up to divert their share for long-term service.

I still blame parents. When your child is young introduce him to the family business. Even when he goes to school let him know that the skills would be applied to the business.

For example if you are a spare parts dealer, you can encourage your child to read mechanical engineering. The education plus street smart from apprenticeship would push the biz to another level. Even the Mafia and Mobsters train their children to be lawyers, accountants etc so that they can apply their education to the business.

Donald Trump built the Trump tower in his ealry 30s. He learnt the biz from his father

seunpinky:
He didn't even have d adequate papers to stay back... He was in the UK for several years after his b.sc and m.sc but still couldn't get legal papers ( citizenship)

So it was when he tried unsuccessfully for several years to get his papers in the UK that he then remembered his late Father's business in Nigeria. No wonder he failed in the business too.

emmanuelewumi:



Another young guy has a father who has group of primary and secondary schools in Lagos, generating billions of Naira every year, old man also has a University that is approved by NUC.

He has been invited to come over on several occasions but always turning down the offer, whereas it is this businesses that is paying his bills in the UK.

Menwhile the teachers in those schools will be poorly paid while the guy will be balling in the UK with money generated from those schools.

emmanuelewumi:



You know what, don't be surprised if it was the business that was paying his bills in the UK.

When his father died, the business suffered and could not pay his bills again, so he decided to come and manage it himself.

I have relatives in Nigeria that are sending annual grants of up to $30,000 from their family business to each of their children in the US, the family business also pays the school fees of their grandchildren, assists with mortgage payments etc. The parents are now in their 80s, let us hope the workers will be faithful by the time the founders are gone. If not the children might be forced to sell the business to the workers and management at giveaway prices.

You mean $30,000 to their grown up children or children schooling there. I thought people there always say that money can be made left, right and centre. Is it that those children are lazy?.

afroxyz:
I still blame parents. When your child is young introduce him to the family business. Even when he goes to school let him know that the skills would be applied to the business.

For example if you are a spare parts dealer, you can encourage your child to read mechanical engineering. The education plus street smart from apprenticeship would push the biz to another level. Even the Mafia and Mobsters train their children to be lawyers, accountants etc so that they can apply their education to the business.

Donald Trump built the Trump tower in his ealry 30s. He learnt the biz from his father

My daughter has a classmate in school who opted for commercial which was a surprise to most of them. When she was asked why, she told them that she wants to go and study a buiness or commercial course so that she can takeover the father's business. She said she normally follows the father to the business during the holidays to understudy him.

afroxyz:
I still blame parents. When your child is young introduce him to the family business. Even when he goes to school let him know that the skills would be applied to the business.

For example if you are a spare parts dealer, you can encourage your child to read mechanical engineering. The education plus street smart from apprenticeship would push the biz to another level. Even the Mafia and Mobsters train their children to be lawyers, accountants etc so that they can apply their education to the business.

Donald Trump built the Trump tower in his ealry 30s. He learnt the biz from his father

It’s not by force to be in the family business na. And many intelligent parents understand this and let their children decide what they want to do with their lives.

The worst thing you can do to your children is to force them to do what they have no interest in doing for your own personal and selfish goals. You will be setting them up for a lifetime of depression and failure.

It pays to sell the business or have another trusted person run it on behalf of the family than to force an unwilling child to run it.

emmanuelewumi:



You know what, don't be surprised if it was the business that was paying his bills in the UK.

When his father died, the business suffered and could not pay his bills again, so he decided to come and manage it himself.

I have relatives in Nigeria that are sending annual grants of up to $30,000 from their family business to each of their children in the US, the family business also pays the school fees of their grandchildren, assists with mortgage payments etc. The parents are now in their 80s, let us hope the workers will be faithful by the time the founders are gone. If not the children might be forced to sell the business to the workers and management at giveaway prices.

Nothing wrong with sending money to children abroad to support them if the family business is making lots of money, provided the kids are doing something useful with their lives and not just loafing around aimlessly abroad.

What’s the point of making lots of money if one’s family cannot enjoy that money? Money is a tool to live and enjoy life and if the thing dey boku, spend it to make family members happy na

Look at Bezos that gave away USD200m to two guys yesterday. I’m sure some stingy business men can never do this. They will rather die than dash money away

seunpinky:
This scenario played out with a family friend. The father was a very big and successful biz man, infact was a major supplier of security doors for banks in Nigeria.

The man tried so hard to convince his son to leave the UK to take over the biz, the son refused and stayed put. The father died some years ago and now the son is back to take over the biz, guess what, d biz has not been d same ever since.. he missed d opportunity to learn directly under his father and their competitors have seized control of their market share.

Things like this is needed for wealth transfer to occur. His mistake becomes someone's blessing. That's how life is.

Hi.

Is there anyone here with an active UBA DOMICILIARY Account?

I just want to enquire if there are any charges needed to open one? Also do they charge any interest or any other charges for dollar savings?

What is the dollar to naira exchange rate like for them?

I'll appreciate some answers �

NL1960:


You mean $30,000 to their grown up children or children schooling there. I thought people there always say that money can be made left, right and centre. Is it that those children are lazy?.

Why not, possibly that is their dividend from the business. At 80 years with substantial assets, investments and successful businesses, nothing wrong in giving back to your children and grandchildren, make sure you educate them on how to bake the cake

A lot of people do that, there are people in their 30s and 40s, getting up to N20 million and above annually from the Trust account set up by their parents

Lazyyouth4u:


Nothing wrong with sending money to children abroad to support them if the family business is making lots of money, provided the kids are doing something useful with their lives and not just loafing around aimlessly abroad.

What’s the point of making lots of money if one’s family cannot enjoy that money? Money is a tool to live and enjoy life and if the thing dey boku, spend it to make family members happy na

Look at Bezos that gave away USD200m to two guys yesterday. I’m sure some stingy business men can never do this. They will rather die than dash money away

Never said it was wrong ooooo. Before the government paid them Covid bail out, the family business had paid them from Nigeria.


We should pray that God should bless us and be a blessing to our grandchildren.


The picture below was gotten from someones Facebook page

NL1960:


Menwhile the teachers in those schools will be poorly paid while the guy will be balling in the UK with money generated from those schools.

Haba, who told you that?

People who are poorly paid won't spend 25 years working in a place.

The Admistrator of the schools has a PhD in Management.

House ownership scheme, pension benefits, tuition free for teachers children, overseas training for workers.

Also know that the founder took a lot of risks, getting loans running into billions of Naira.

We should learn to respect successful business people oooo, if it is that easy you can easily start yours and teach us how it should be done

emmanuelewumi:



Never said it was wrong ooooo. Before the government paid them Covid bail out, the family business had paid them from Nigeria.


We should pray that God should bless us and be a blessing to our grandchildren.


The picture below was gotten from someones Facebook page

Correct man. I bet you some of his mates are busy begging for money up and down or demanding money from struggling children, after spending their spare cash buying cars and houses for slay mamas when they were younger

Lazyyouth4u:


Correct man. I bet you some of his mates are busy begging for money up and down or demanding money from struggling children, after spending their spare cash buying cars and houses for slay mamas when they were younger

Baba na chartered accountant, he should be financially smart

emmanuelewumi:



Haba, who told you that?

People who are poorly paid won't spend 25 years working in a place.

The Admistrator of the schools has a PhD in Management.

House ownership scheme, pension benefits, tuition free for teachers children, overseas training for workers.

Also know that the founder took a lot of risks, getting loans running into billions of Naira.

We should learn to respect successful business people oooo, if it is that easy you can easily start yours and teach us how it should be done

All these information you are giving now were not given earlier. Most private schools do not pay well. You always see private school teachers complain of low pay and being overworked.

NL1960:


All these information you are giving now were not given earlier. Most private schools do not pay well. You always see private school teachers complain of low pay and being overworked.

Most are cheap ie 150k and below per annum, payment is determined by revenue and allocating about 40% to 50% of the revenue to staff cost.

The man has almost 2000 students in his schools at an average fee 800k per annum

Lazyyouth4u:


It’s not by force to be in the family business na. And many intelligent parents understand this and let their children decide what they want to do with their lives.

The worst thing you can do to your children is to force them to do what they have no interest in doing for your own personal and selfish goals. You will be setting them up for a lifetime of depression and failure.

It pays to sell the business or have another trusted person run it on behalf of the family than to force an unwilling child to run it.

Nobody is forcing them, but at least let it be a learning opportunity for them. Some lessons learnt can be applied to other areas of life. But we need to build generational businesses

emmanuelewumi:



You know what, don't be surprised if it was the business that was paying his bills in the UK.

When his father died, the business suffered and could not pay his bills again, so he decided to come and manage it himself.

I have relatives in Nigeria that are sending annual grants of up to $30,000 from their family business to each of their children in the US, the family business also pays the school fees of their grandchildren, assists with mortgage payments etc. The parents are now in their 80s, let us hope the workers will be faithful by the time the founders are gone. If not the children might be forced to sell the business to the workers and management at giveaway prices.

This is usually the case.

Coolabbie:

I am sure some workers are already warming up to divert their share for long-term service.

The more reason, they need to learn it while their parents are alive, otherwise once they are dead, the bad workers will manipulate them to selling to them indirectly.

NL1960:


Menwhile the teachers in those schools will be poorly paid while the guy will be balling in the UK with money generated from those schools.

it's business, no emotions attached. School business is a booming Business stat one one today and come back to read your statement.

Lazyyouth4u:


It’s not by force to be in the family business na. And many intelligent parents understand this and let their children decide what they want to do with their lives.

The worst thing you can do to your children is to force them to do what they have no interest in doing for your own personal and selfish goals. You will be setting them up for a lifetime of depression and failure.

It pays to sell the business or have another trusted person run it on behalf of the family than to force an unwilling child to run it.

Nigeria or abroad?

QuinModah:
The more reason, they need to learn it while their parents are alive, otherwise once they are dead, the bad workers will manipulate them to selling to them indirectly.

They have no other choice than to sell, when the business starts making losses, instead of the children to get dividends from the business they will be asked to invest more money in order to recapitalize the business.

Lazyyouth4u:


Correct man. I bet you some of his mates are busy begging for money up and down or demanding money from struggling children, after spending their spare cash buying cars and houses for slay mamas when they were younger

How did you know this?

NL1960:


All these information you are giving now were not given earlier. Most private schools do not pay well. You always see private school teachers complain of low pay and being overworked.

Do you have a business?

afroxyz:


Nobody is forcing them, but at least let it be a learning opportunity for them. Some lessons learnt can be applied to other areas of life. But we need to build generational businesses

A family friend started as a gate man, then moved to cleaning, then became the cashier, receptionist then move up the ladder till he got to the top, he was in these positions when school are on holiday. There is nothing about the business he doesn't know about.

Lazyyouth4u:


It’s not by force to be in the family business na. And many intelligent parents understand this and let their children decide what they want to do with their lives.

The worst thing you can do to your children is to force them to do what they have no interest in doing for your own personal and selfish goals. You will be setting them up for a lifetime of depression and failure.

It pays to sell the business or have another trusted person run it on behalf of the family than to force an unwilling child to run it.

Get corporate Trustee firm to manage the business and the children will be okay, none of the children of the founders of Nestle, Coca-Cola, Cadbury is running the business, but they are getting huge dividends from the Businesses.

I don't think any of Dangote's daughters can run the business, but the daughters and their children's children are made.