PHCCIMA  Harps On Generational Wealth Creation

The President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Eze Mike Elechi,  has reiterated the need for generational wealth creation that could be passed down through families, children to great grandchildren.
Elechi said this 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, Port Harcourt on Saturday.
He explained that generational wealth helps to erect a solid foundation for children and grandchildren to build on through the power of the holy spirit and breakthrough cycles that ought to have kept families in bondage for years.
According to him,  Bible was explicit  about corrupt inheritance, as wealth gained hastily in the beginning might bring ruin to the next generation.
“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 70% of wealthy families lose their wealth by second generation and 90 percent losing it in the  third generation”, he said.
He also said succession planning was  about putting in place plans that passes on ones legacy and family wealth to successive generations without unduly burdening them.
The PHCCIMA Boss noted that it helps one  to decide who should benefit from ones wealth.
Such succession plan , he said, involves making “Will” to set out who should inherit ones assets.
The keynote speaker asserted that establishing a solid succession plan can help manage the transition to the next generation, adding that it helps one to decide who is the best to move the wealth to the future generation when the principal joins his ancestors.
He stated that succession plan involved 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.
Earlier in his speech, the President of the  fellowship, Dr. Anthony Chovwen, explained that the fellowship was a congregation of Business Men that carry  the gospel of Jesus Christ to business places.
Chovwen  noted that the founder of the fellowship observed that men choose to go to hotels and other high places in search of pleasure on Sundays and may not be opportuned 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 a Panel Discussion which x-rayed the programme’s topic, “Generational  Wealth Creation”.
The panelists were Dr. V. N. Atako, the National President of Nigerian Institute of Management (Chartered); Dr.  Nathaniel Ejiga, Fmr. Ag. MD of NAFCON; and Engr. Nnamdi Ezepue, 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.
They 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 and 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 the point of starting, adding 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, and the ability to take the right decisions are required.
They also advised businessmen to shun bribery and corruption

By: King Onunwor