CDS task officers on financial literacy, successful retirement
Chief of Defence Staff, Gen. Abayomi Olonisakin, has called on military officers to embrace financial literacy to help them plan for befitting retirement.He made the call during a three-day workshop conducted for the Nigerian Armed Forces by ABO Services and Konsult, an investment and personal finance training company. The training titled ‘Impact of Financial Literacy on Successful Retirement Planning and Wealth Creation’, the second of its series, was held at the Army Resource Centre, Abuja.
Olonisakin, who was represented by the Director of Veteran Affairs Division, Maj-Gen. Edmond Obi, said the workshop was necessary to train officers on how to navigate the financial challenges they might experience when they are no longer on regular salary incomes, adding that it would help them to be financially organised and appreciate their jobs better.He attributed the hardship faced by many retired officers to “poor or lack of proper planning while in active service” and called on officers to embrace proper financial management skills from the early days of their careers.”
He added: “The aim of the workshop is to educate officers and men of the armed forces on the significance of financial literacy with a view to preparing them for a successful retirement life. It has been discovered that lack of financial literacy is one of the major reasons there is wide economic disparity in the country.
“It is believed that, in addition to the vocational and professional skills that are taught in training institutions, money skills, which can only be acquired through financial education, must be taught to fully equip individuals for retirement.”
Managing Director of ABO, Abimbola Olanrewaju, said financial literacy was necessary for all categories of employees and professionals. He said financial literacy skills would help individuals to have blissful retirement.
According to Olanrewaju, a chartered accountant and stockbroker, the society will be much better if individuals invest part of their earnings in savings and investments that would yield additional incomes for them during and after active service.
Speaking with journalists at the event, he said: “From what I have seen so far, some of the participants have realised their shortcomings and are ready to adjust their consumption and plan for the future. It is not late. Warren Buffet, one of the richest men in the world, made 90 per cent of his wealth after his 60th birthday.“The workshop is a good beginning for the security officers. This is because once one makes up one’s mind to do something, anything is possible.”
Olanrewaju, who is also the Managing Director of Tower Securities and Investment Co Limited, said the training focussed on changing the mindsets of the participants to make them think like investors.
The facilitator said the company would also create a suitable investment template for the different professionals such as athletes, entertainers and footballers to enable them identify the areas they could invest their savings.
The workshop is part of the ABO’s working understanding with the Nigerian Armed Forces on financial literacy. The partnership is aimed at training officers in financial management and related skills needed for a fulfilled retirement.
ABO, on this basis, will provide customised financial literacy skill sets to serving officers twice a year. As part of the implementation, the company has organised two series of a three-day workshop for the security operatives in Abuja, the first held in the third quarter of last year.
The sessions focused on training serving officers how to avoid wasteful spending and invest part of their incomes in good dividend yielding investments so that they would not be burdens on their relatives when they retire.
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