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You can stay local and earn global – Wealth creation expert, Olumide Emmanuel
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You can stay local and earn global – Wealth creation expert, Olumide Emmanuel

Wealth creation/investment coach and Chief Executive Officer, Commonsense Group, Olumide Emmanuel who sits atop The Billionaire Initiative as its global president has hinted that it takes strategic, consistent and intentional

  • PublishedAugust 1, 2023

Wealth creation/investment coach and Chief Executive Officer, Commonsense Group, Olumide Emmanuel who sits atop The Billionaire Initiative as its global president has hinted that it takes strategic, consistent and intentional application of wealth creation principles to create wealth, stressing that schools do not teach financial intelligence.

He also said Nigeria “has some of the best policies but they are not being implemented because the people that developed the policies are not the ones in charge of running the government.”

Speaking with some select journalists in Lagos, he said Nigeria’s current business environment affected by insecurity and economic crisis had, however, created opportunities for the nation’s over 200 million people

According to him, one of the reasons foreign investors are investing in Nigeria is because of the population and wealth, adding that money hides in problems.

“So, when you talk about Nigeria, the country is loaded with people and problems which means that Nigeria is a land of opportunities and is one of the places one can make so much money if one knows what to do,” he said.

Emmanuel said there was a need to make entrepreneurship a major part of education from the primary level, emphasising that once people had the right understanding of finances and wealth creation, they would begin to understand the options available to make better education.

He noted that formal education could be structured to accommodate wealth creation once it gave realistic expectations.

Emmanuel said there was a need to make entrepreneurship a major part of education from the primary level, emphasising that once people had the right understanding of finances and wealth creation, they would begin to understand the options available to make better education.

He noted that formal education could be structured to accommodate wealth creation once it gave realistic expectations.

“You should also invest in your passion. One of the pointers to passions is that it is something you are willing to do without money; and whatever you do with passion consistently always ends up bringing money. There are two ways to make more money available to you; these are increasing your income and decreasing your expenditure.”

According to him, another name for investment is risk, urging individuals to understand that every investment has a risk factor and “there are informed risk and calculated risk.”

“Informed risk means carrying out due diligence to know how volatile that sector is. Calculated risk is investing the money you can do without. The question is how manageable is the risk? What is your investment goal? What is your risk appetite? How much do you have to invest? For how long do you have to invest,” he noted.

He also spoke on the need for entrepreneurs to have the right kind of education.

He said, “When we talk about education, there are three dimensions to education. You are either educated or uneducated or mis-educated. To be mis-educated is one thing that became real to me.

The expert said, “Mis-education is a situation where you don’t know; you don’t know that you don’t know, and you think that you know. When you don’t give people the truth, it’s mis-education.

“When you give people only a dimension, an aspect, or just a picture, it is mis-education. So, people walk away thinking that they know all they need to know, meanwhile they don’t, and that came as a shock to me.

“For me, wealth creation is broken down into three different steps and these are: financial intelligence which means understanding money, what money is, where money hides, how to manage it, how to attract it, how to multiply it, and the new rules of money.

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Speaking on how the global economy shrank in 2022 and why it’s worse In Nigeria, the expert posits thus;

“When we look at what has happened with the economy in the last seven years plus, we find that we’ve gone through two recessions, and we are right now on our way to another one. Apart from going through two recessions within a short period, the economy has shrunk tremendously.

The value of our currency has been completely eroded and damaged, and its purchasing power is low now. We have also seen a lot of people plunged into poverty and unemployment.

The debt to GDP ratio of the country has gone off the mark, and looking at what we paid as subsidy, which was a fraud, you see that there are so many negatives around the economy.

The principles of wealth creation are universal and they are not new. The question is: How can you increase your income or reduce your expenditure? My advice is that every Nigerian should start from reducing expenditure.”

On what the country should do to get out of this situation he posits thus;

“One of the things that I’ve come to realize is the fact that there is nothing new under the sun. As far as finance is concerned in this world, there are only two ways that you can make more money and they are: increase your income and reduce your expenditure.

So I have itemized some ways that Nigeria can do both. To reduce its expenditure, Nigeria should deal with inflated contracts and routinely audit government agencies, and parastatals including the NNPC Ltd.

We should audit all their contracts and ensure that the right prices are quoted. We have seen in Nigeria where they build an airport and another African country will use about 30 percent less to build the same size facility.

Secondly, there are a lot of unreported and unremitted revenues from all the ministries, departments and agencies. You remember that Jonathan came up with a Treasury Single Account (TSA). Now do you know that by the time they went into TSA, one parastatal had 42 accounts, 56 accounts, and some of those accounts were signed by individuals. So, by the time you go to the port authority, for instance, they will give you invoice accounts. You will see seven accounts and they will tell you to pay into anyone. Maybe only two are the government’s own while five are for other people.

The third one is misappropriation. Do you know that there is a high level of misappropriation going on in different areas in this country, such that money that is supposed to go to the government is going to individuals?

You need to ask yourself what are security votes for? This is money that you are giving to people that they cannot give account of. They can spend the money any time and they are misusing it. They have to justify the spending of security vote.

The way forward is to make sure that we increase our income and reduce our expenditure.

Let me say it quickly here that revolution is never the answer because it has never solved any problem anywhere. After the revolt, you will still have to sit around the table to discuss. During revolutions, you use your hand to destroy what you have built. And then you will use your future to build your past that you have destroyed. So, revolution is not the answer. If there is going to be any revolution, it will be a mental revolution and it will be a revolution of civic responsibility.”

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Speaking on how Nigerians can survive this period in terms of income or creating wealth for themselves, he said;

“The principles of wealth creation are universal and they are not new. The question is: How can you increase your income or reduce your expenditure? My advice is that every Nigerian should start from reducing expenditure; they should sit down as husbands and wives or individuals. Some people do not have records; data don’t lie, rather they educate, and so we should keep them.

As an individual you have to sit down. What are the main items of expenditure in your life and what can you reduce? You start from what we call the basic needs like food, clothes, education and shelter. One needs to cut down unnecessary spending.

The second thing we need to do is to explore new income streams. I did a series on migration popularly known as ‘Japa’ and found out that a lot of people think it’s by relocating out of Nigeria that they will be blessed. You can stay local and earn global. Everybody should be thinking of what else to do to earn extra income.

I hope you know that we now have a 24-hour economy? But because Nigeria is not a 24-hour economy, many of us don’t know that we are in a 24-hour world which has become a global community. The internet is the village square. For lack of power and security, Nigeria is not running a 24-hour economy. There are nations of the world where economy runs 24 hours and because of time difference, you can be in Nigeria and work in three different countries and three different companies and be making your dollars from Nigeria

There are now courses on data management, data analysis, editing, and project management. There are all kinds of content and other things you can do. You don’t have to go into coding; there is so much you can do on IT and all you need is one to three months training.

There are organizations that do this training free of charge. They will not only do it for free, they will also bring you on board, train you and give you jobs to do and they will share profits with you. But people are not ready because they don’t know that these things are available.”

On how to manage these realities in the midst of public expectations and social limitations he said;

“Everybody should be concerned about helping their fellow human beings and the way to do that is to budget for support. So, out of every money you make, you have to help people.

There is something we call the 20, 40, 60 principle. When you are in your 20s and 30s, you are so concerned about what people say. Many of your choices and decisions are based on how people feel and what people say. By the time you get to 40, you will know that life begins, because you don’t care what anybody says. By the time you get to your 60s, you realize that nobody was even saying anything; you were just the one putting yourself under unnecessary pressure.

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When I started my foundation 13 years ago, one of the principles of the foundation was eradicating poverty and establishing a positive legacy for others to follow.

And people are asking if it’s possible to eradicate poverty but I am not into poverty alleviation; I am into poverty eradication. And you can eradicate poverty by empowerment and empowerment means give them the knowledge that they need so that they can help themselves. We made the policy that any problem we cannot totally solve we will not be involved. I know things are tough and challenging, but there are problems you are not created to solve; solve the one you can solve and leave the rest.”

On what the government need to put in place to restructure the economy and make it work the expert said;

“We have to practice true federalism; it means that power and resources must be decentralised. So every local government should have autonomy. Same thing for every state. And they should have the power to control. We should be the United States of Nigeria.

Nigeria has 36 states plus the federal capital. Each state is like a country on its own. So we are supposed to be the United States of Nigeria. So Lagos should have authority over its resources and assets and pay to the center a certain percentage of what comes from these. This should apply to every state.

We will be safer this way because there must be local government police, state police, and federal police. We have seen this done everywhere in the world. We have to decentralize the government so that everybody is not going to the center every month cap in hand. With that, each state will grow at its pace. And each governor will put on his thinking cap.”

Olumide Emmanuel is a Nigerian Motivational speaker, author with over 30 published books, relationship expert, preacher and also the founder of Olumide Emmanuel Foundation (OEF). He is the lead pastor for the Calvary Bible Church (CBC), located in Idimu, Lagos.

Career

Olumide Emmanuel is the head pastor of Calvary Bible Church (CBC) and the president of the “Truth of Calvary Ministries (TRUCALMS). He hosts a daily radio broadcast titled “Pathway to Wealth”. He is also the anchor of School of Money Television broadcast which holds weekly all over Africa. Other Television programs hosted by him includes: Success, Business, and Leadership School, School of Money Seminar, Wisdom for Singles, Wisdom for Couples, How to be a Best-selling Author, How to Build a Successful Business, How to be a Millionaire.

He is the founder of two Non-governmental organization. First is the Olumide Emmanuel Foundation (OEF) which helps in eradicating poverty and building a positive legacy for the youths of the nation. Second is the Dynamites Forum International (DFI) which was established to help raise the next generation through youth empowerment.

Olumide Emmanuel earned his certificate in real estate from the Harvard Business School, United States, specializing in business strategy, capital markets and project finance. He also bagged his masters degree in Business administration from the University of Huddersfield, United Kingdom.

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