At the recent Cordros Summit in Lagos, leading financial experts gathered to explore innovative strategies for transferring wealth to Generation Z. As this demographic begins to come of age and accumulate wealth, understanding effective methods for asset transfer becomes increasingly crucial.
The second edition of Cordros Summit with theme: “Wealth Revolution” provided a platform for industry professionals to share insights and strategies tailored to the unique financial behaviors and expectations of Gen Z, ensuring that wealth transitions smoothly across generations.
Through a series of discussions and presentations, the event was aimed to equip attendees with the knowledge and tools needed to navigate the complexities of growing, preserving and intergenerational wealth transfer in today’s rapidly evolving financial landscape.
Setting the ball rolling, the keynote speaker, Chief Executive Officer, Globus Bank, Elias Igbinakenzua said that, research has shown that there’s about 90 trillion dollars to be transferred to the next generation majority of whom are Gen Z in the next ten years, noting that, the Gen Z are thinking digital, they are not like what we used to know in time past, we must move with their thinking and create a framework that will sustain that wealth when it’s transferred.
According to him, “today, we have over 1 trillion dollars in market cap in digital asset, and if we don’t understand how that work and impact the economy we will be on the losing side because the Gen Z are thinking global, we that will transfer the assets to them must think global, if we don’t do so, most of them will flee from our midst to global realm.”
Continuing, he disclosed that, the transfers must be relevant and transformative and any player that wants to succeed in this transformation must embrace technology/digital, emphasizing that, players must take regulations and cyber security issues seriously, hence, the need to put mechanism in place to safeguard their customers.
Also, he said that the greatest revolution in wealth creation is what technology has done today, stressing that, historically, the old folks believe that the whole idea of wealth creation is about physical asset but today, that has changed.
“It’s important that wealth managers and wealth creators pay keen attention to digital space because the world is moving in that direction and understanding the dynamics of the digital space will be of great help to them.” He remarked.
Further, he pointed out that, “that’s why the people saddled with the responsibility of our physical management must ensure that they give hope to the Gen Z that this country is worth investing in.”
While giving the meaning of wealth, the financial expert stressed that, wealth is the process of making asset, investment and resources over a period of time, usually, it started from the age of eighteen, adding that, it’s also the art of science of managing your financial resources for a comfortable future which include good health and affluence.
Continuing, he pointed out that, before you start any investment, you must evaluate comprehensively how you want your future to look like, noting that one thing that worked against people in their journey of wealth creation is lack of proper planning.
While speaking on Nigeria’s Economy Outlook, the Chief Executive Officer, The CFG Advisory, Tilewa Adebajo started by saying, is Nigeria’s population an asset or liability? Responding to his poser, he disclosed that any population that does not have purchasing power is not an asset but a liability.
According to him, whatever wealth we are managing in Nigeria today is clear that, the level of our financial inclusion is a challenge, stressing that Nigeria’s biggest problem today is that of physical management.
“During the global financial crisis of 2008, it was the prudent in our physical planning that helped Nigeria navigate through the challenge of that period but what we have today is different from what we have at that period and that’s simply what is responsible for what we are passing through today.
“We have consistently followed the path of bad physical management to destroy our value. How do you grow, preserve and even transfer wealth in an environment with bad physical management?’ he added.
Also speaking at the event, the Managing Director of Cordros Assets Management, Gbolahon Aina disclosed that, “Cordros Assets Management is a wealth management firm and we provide our clients with adequate information on how to grow their wealth, preserve their wealth and also transfer their wealth to the next generation.”.
According to him, today is the second edition of the summit, last year we had the first edition, and today, we have distinguished expert that will be speaking on wealth management, real estate and at the end of the day, attendees will be leaving equip with knowledge on how to grow, preserve and transfer their wealth to the next generation.
He said that, “Nigeria has a youthful population, and most of them are investing in digital asset. At the moment, we have a considerable number of Nigerian youths in Fintech and with government support, I think the future will be great for them. To the Nigerian youths, I will advise that they seize this opportunity, invest in asset, learn more about investment and they should not be afraid to take risk.”
On his part, the Group Managing Director, Cordros Capital, Wale Agbeyanji wants the government to create the enabling business environment for Nigeria youths in order to give them the room to work with the trend in global economy.
Earlier, in his welcome address, Mbanugo Udenze, the Managing Partner, Mbanugo Udenze and Co who welcomed participants to event disclosed that the summit is not about acquiring wealth but about managing and growing your wealth.
According to him, summit like this is an avenue for stakeholders to share ideas and Cordros as a company has stood out in that regard.
