ON Saturday 5th February, Pastor Tobi alongside some of the Business Mentors of the Wealth Nxtion Community sat down for the Wealth Table talk discussing money, mindset and gave opportunity for budding entrepreneurs to pitch their ideas for yet another chance to win ₦1,000,000 each.
The Business Mentors on panel included Pastor Bukky, Chief Strategy Officer for a Global Broking Organisation, Keyboardist and Founder of The Insurance Community; Pastor Damy Balogun, one of the Lead Pastors at The Nxtion Family who retired as an Engineer after 12 years of practice which saw the field running high-valued pound contracts for the British National Rail and who was responsible for Cross-Rail, the largest railway project in Europe worth £15bn.
Also, on the panel were successful young entrepreneurs namely Pastor Sam Akokhia, a 31-year old CEO of Multi-million pound recruitment firm handling government contracts and employing dozens of people and Pastor Onyi, CEO of Knightshield Services, the lead business sponsoring the Wealth Nxtion endeavours.
Viewers tuned in from various locations globally, via the TOBI YouTube channel and the audience were also able to participate in the discussions sharing their opinions passionately as Pastor Tobi and the Business Mentors impacted nuggets of Wisdom.
Discussions began with each panelist sharing their definition of wealth. Pastor Sam, who was successfully raised in business under Pastor Tobi’s leadership over the last decade, defined wealth as empowerment; the ability to give employment to many and to put food on the tables of others’ family, consistently, ensuring individuals are economically empowered and have career progression.
Pastor Tobi said wealth is getting to a stage where you never have to say No.
In his contribution, Pastor Onyi said “sustainability is not the makeup of the nation but leadership’s ability to cascade down wealth.”
The Business Mentors debated on what comes first in the School of Wealth and spoke the theme of Money vs Mindset, arguing that it takes both money and the right mindset about money, through mentorship for one to become wealthy. They agreed that wealth does not entail just having money but the ability to do so over a period through right leadership.
They gave the example of Nigeria which at a point in time had an unmatched productivity of oil which led to a rise in GDP. Unfortunately however, this did not translate to an improved living standard as young children were still hawking on streets.
In the words of Pastor Damy, “the government had cash, but the country was still not wealthy. In comparison, other countries such as China, can create sustainable economies owing to their government’s ability to cascade down wealth.”
Pastor Onyi explained that the Chinese practices are favourable for him as an entrepreneur because billionaires and entrepreneurs are involved in policy making.
“The CEO is also the Governor responsible for passing state-wide policy involved with all the issues faced front-line benefiting shareholders and beneficiaries.”
Pastor Tobi added that systems convert people who are not naturally entrepreneurs to entrepreneurs. He went on to highlight the importance of systems in wealth creation, teaching that systems are exportable commodities.
“For example, the United States and United Kingdom have a strong education system to which other nations send their citizens to learn of it and those who are educated there return to their nations to build them.”
“The new generation must begin to view systems and people as commodities. For us at SPAC Nation, it took us many years to build a system. It is more powerful to raise two or three people that understand your system than vision.”
PT explained that new leaders come with new visions but rarely a system.
The conversation turned to comparison of other economies such as Luxembourg which despite being the second smallest country in the EU has the highest income per person.
According to the panelists, Luxembourg has implemented similar systems to the Cayman Islands, including offshore zones and the ability to create shell companies. They said it is such systems and services that make these economies attractive to big corporations such as Amazon.
“The U.K. on the other hand doesn’t allow for free flowing entrepreneurship due to its strongly regulated market environment especially regarding the movement of money or cash heavy business but other environments such as the USA are less restrictive.”
The panelists agreed that it was this that makes it difficult for black business owners to expand and reach billionaire statuses. They concluded that these procedures must remain as London is a dynamic cosmopolitan city.
After the panel discussion, there was another opportunity for businessmen and women to enter the challenge to win ₦1,000,000 live during the discussion by pitching to Pastor Tobi and the business mentors.
The line-up of winners included a 26-year-old woman from Lagos Nigeria, a perfume oil business whose projections would be to turn the ₦1m to ₦5m in 3 months, having already invested personally ₦200,000 capital to begin her business venture.
Also amongst the business pitches was the CEO and Founder of LSE Technology Infrastructure Limited, a company providing local protective equipment of telecommunications with hopes scale business to empower local artisans. He did not immediately win money but he was paired with a business mentor in his field.
The founder of Weaning is Winning Mothers, a business focused on the health of babies and child nutrition also won one million naira. The company reaches customers with health recipes via a mobile app on Apple and Google. Their plans through the ₦1m investment are to be able to bring out nutritious cereals to children help malnourished children by giving them access to nutritious food made in Africa.
The final winner of the day was ‘Afredian’, Africa’s first youth media start-up who hope to fill a huge void left unharnessed, turning Africa’s most untapped resources it’s youth which is growing in number and force through social media by way of a creative media agency,
Viewers found the session valuable with one viewer commenting “I wonder why all of Africa including Nigeria are not here on this platform. What an educative and direct way of impacting lives, even financially!”
This edition of the Wealth Table talk was sponsored by Knightshield, lead sponsor of Wealth Nxtion.
Knightshield is a multi-million pound Services company with specialization in Logistics, Finance, Healthcare and other industries.
Pastor Onyi, the CEO of Knightshield said he was looking forward to seeing what the company can do in Nigeria with the help of Pastor Tobi as they hope to embark on new ventures in new territories.