Nigerian realtor and human rights activist, Segun Awosanya, recently tweeted that true wealth isn’t just about the accumulation of paper money.
According to him, it is too shallow to limit wealth to only making money, because there are better ways true wealth can be truly defined. He also opined that the absence of imagination can be “traumatic” because it can stagnate in productivity and ultimately lead to abject poverty.
True wealth has nothing to do with the accumulation of paper money. Lack of imagination can be traumatic thus impeding productivity/fruitfulness & landing you in Poverty. ⛱
— SEGA L'éveilleur®🚨 (@segalink) March 31, 2019
He continued by tweeting that if money is the only possession one has, then the individual is as good as impoverished.
If money is all that you have, you are still poor.
— SEGA L'éveilleur®🚨 (@segalink) March 31, 2019
Why it matters – The saying “some people are so poor, all they have is money” is very apt in this situation. Indeed, it is important for everyone to always bear in mind that money is not the only measure of greatness. Moreover, there are many other factors that determine wealth.
Therefore, just as one focuses on making money, they should also enrich their minds, thoughts, and activities as it also speaks volume about the individual.
Many of those who reacted to Mr Awosanya’s tweet agreed with him. According to a particular comment, some people focus so much on earning money and forget to map out their retirement plan. Others lack imagination as to how to make their money work for them.
This is why some Salary-earners hit rock bottom after retirement or retrenchment. They don't know how ideate & create wealth outside the walls of their office.
— Tarina (@Umars_Daughter) March 31, 2019
Another follower of Segun, however, noted that money can never be eliminated from the scheme of things, as far as wealth creation is concerned.
That is correct sir however enroute to wealth is need and demand for money which is the oxygen to give life to all ideas and imagination. Gates has expended quite a fortune in pursuit of developing alternative power to drive the future generations and technology.
— Mr. 'Dipo 🇳🇬 (@edoyakulo) March 31, 2019
It is also important to mention that poverty doesn’t necessarily stop once one make money. After all, the more money you have, the more problems you need to solve.
Therefore, the ideal kind of wealth Segun might be pointing out is the need to not just being rich, but also impactful. And one of the ways to do this is by helping others around to benefit from the riches.
Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation
The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.
Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.
This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.
According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.
What the residents of Osborne Foreshore 2 estate are saying
The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”
They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.
They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.
The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.
What the Chairperson of Osborne Foreshore Residents Association is saying
The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.
She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.
“When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”
What you should know
- It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
- Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
- The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
- The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.
The five-ingredient of a successful startup pitch
Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.
Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.
According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.
- Problem: Is this an issue?
- Solution: Do you have the fix?
- Market: Is this a big enough issue?
- Business: Can you make money
- Team: Do you have the human resources to do it?
The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.
The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.
The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.
In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.
The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.
Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.
Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:
- Problem-Market = Industry Dynamics
- Solution-Market = Competition
- Market-Business = Unit Economics
When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.
Nairametrics | Company Earnings
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- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.