In building and running an enterprise, many entrepreneurs usually do not look at the Trust element and its impact on business
Trust comes with varying inroads – integrity, transparency, principles, values, to mention a few
In building a viable business, the need to delegate and empower is very crucial to growth
Apart from growth, it also reduces the keyman risk very critically and institutionalises processes
This also goes with empowerment, power devolution, succession planning as we strive to build sustainable franchises
The Trust element is very vital to all of this, as the entrepreneur is expected to concentrate on his visioning, growth plans, market expansion, amongst others, believing that he has capable hands that will execute the plans guided by Trust
In my quest to build a serious franchise both in theatre and in advisory, I have suffered very seriously in my attempt at devolving power and empowering staff to execute
You remember my first show in London where I was taken out to the tune of N50m
Trust was breached in that case, as the delegation and empowerment I ceded to the Producer was abused
He negotiated with vendors, got funds in his account to pay, underpaid, issued dud receipts, did not pay a lot and bloated the figures in his report.
Today, I am faced with another kind of breach
Same scenario: devolved creative power, devolved power to negotiate with vendors and another breach costing millions, and impinging on brand reputation
An Associate, upon hearing this latest breach, sent this message
… You give people responsibilities without double-checking
See the printing job
Did u on your own even go and check the printing cost here to compare and negotiate what you were told
Did u see the invoice?
As long as u don’t stop some habits in how u do some things…u will continue to be a victim to these people who scam you
GUILTY as charged, but to an extent
As a visionary and main driving force of my enterprises, I cannot go granular – it’s not even a brilliant management strategy
Once I get competent hands, I move on
I will not scour printing presses and be asking how much is printing; I will not be chasing customers to be double-checking their price, nor chase the website developer behind my office to know if the receipt correlates with what he got
My guilty plea on this matter is my approach to Human Capital acquisition
So I get easily carried away with people cos I love people.
I do not carry out the necessary background checks and stupidly expect people to behave like me
The London fiasco: he came highly recommended; they say he has been in the industry for over 30 years, he has a PHD and he came with the arrogance of all that
I saw a professional, I saw a visionary partner and promptly moved N200m to him, and he promptly stole N50m and said – I gave you a good show, so piss off
As we uncovered the scam, we saw underpayments, non-payments, bogus receipts, and direct theft. I cried
The same has happened here now. Bogus figures, fictitious receipts, invoices and labelling; at least in this case, I have the assets- books- with which I can recover my investment and make a little profit
So with these experiences, is it to devolve into a one-man model, where you are MD, accountant, driver,erdrivererd procurement in all?
I think not. I think my style is still the best, as it’s the one practised by the greatest CEOs of our time
I once walked into Herbert Wigwe’s office and saw nothing on his table but phones and a lap top snd that is what is expected of a CEO – visioning, building relationships, expanding horizons
But I must also build structures that will protect, audit and screen these things while detaching myself from the process and allow it flow unimpeded.
To be a successful CEO in this guise, you must understand Human Capital and, much more importantly, understand the TRUST element in Human Capital deployment
This is where I have FAILED as a CEO
Someone should come and beat me
Thanks
Duke of Shomolu
Last modified: September 15, 2026
