The journey of building wealth from “next to nothing” is a story very familiar to Nigerians and Africans at large. It typically starts with that first job, the first bank account, first salary, first land purchase, first business set up, the first client, first 1 million naira, etc. and suddenly, some 15-30 years later, we see an empire of multijurisdictional, multi-currency assets and business endeavours well established and making impacts.
However, this tells only half the story of the wealth journey. Somewhere in between, came spouses, children, interests, passions, causes, faith, laws and death, to which this wealth must become subject or cater to. This other half is continuously becoming more important to address, in our journey of wealth creation.
Across conversations with high-net-worth individuals, entrepreneurs and business owners, one reality emerges repeatedly: some are yet to figure out a plan for their wealth beyond their lifetime or in a case of incapacity. This tells the story of most people who remain uncomfortable with succession conversations, and even when acknowledged, it’s frequently postponed. The assumption is often that there will always be time to address it later. Others believe that strong family bonds, shared values or quality education will naturally ensure a smooth transition of wealth across generations. While these factors are important, they are not substitutes for structure.
