Parents risk losing generational wealth without preparing heirs — SAN

A Senior Advocate of Nigeria, Osaro Eghobamieh, has warned that parents who transfer businesses and properties to their children without proper preparation risk losing generational wealth. Speaking at the 18th anniversary celebration of Arise Women Conference, Eghobamieh emphasized that Nigeria lacks sustainable generational wealth due to the collapse or disputes surrounding family businesses after the death of their founders.

He urged parents to involve their children in business, relationships, and financial decisions early on to prepare them for eventual succession. Eghobamieh identified five forms of capital - spiritual, intellectual, social, human, and financial - as essential for successful wealth transfer. He stressed the importance of instilling values such as integrity, hard work, and discipline in children from a young age, and exposing them to business operations, professional relationships, and decision-making processes.

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