Why Capital Flows to the Wrong Places
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capital allocation
Why Government-Owned Businesses Fail
How misaligned incentives, broken feedback loops, and soft budget constraints turn assets into liabilities—and activity into loss. Government-owned businesses rarely fail for lack of importance. They operate in sectors that are essential: power, transport, aviation, steel, water. Demand exists. In many cases, demand is overwhelming. Yet across countries—and with particular clarity in Nigeria—the pattern repeats:
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The Allocator’s Lens
Why understanding systems, incentives, coordination, and capital allocation may be the most important way to understand the modern world. Most people look at events individually. They see: and interpret each as isolated outcomes. But allocators learn to see differently. They learn to look beneath visible events and study the systems producing them. Because outcomes rarely
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How to Think Like a Capital Allocator
A rigorous guide to cash flow, fragility, incentives, and the discipline that separates durable systems from failing ones. Most companies do not fail because they ran out of ideas. They fail because they kept funding the wrong ones. Every naira a business spends is a capital-allocation decision. Most managers do not know they are making
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