Financial Freedom Nigeria

Financial Freedom

Don’t wait for the hangman


By: Adeniyi Samuels

With the unemployable tsunami in the country arising from increased cost of business and sharp decline in profits, there should be no Nigerian in doubt that the only person who is responsible for your financial well being and happiness is you. It ought to be clear that your employer does not really care whether you live or die because you are dispensable. It is also clear that the government of the day only has rhetoric without commensurate action. So in the equation, you are on your own. According to National Bureau of Statistics, Nigeria’s unemployment rate has risen to 12.1 per cent, reaching the highest since 2009. so  why wait for the hangman

Sacking Saga

Nigeria’s unemployment rate has been further exacerbated as companies are feeling the biting effects of the recession and high increased cost of business. The reality is that for an enterprise to stay in business, it must make profit and drive costs down. It is therefore inevitable that people must be laid off and this is purely a business decision. It really doesn’t matter what any government official says about revoking operating licence. Businesses must thrive and will do everything to make that happen.

It is no longer news that there is a sacking spree going on and organisations are actually in competition to see who sacks the most. Those who haven’t are still compiling the names of people to be laid off. While some are lucky to be paid off, no matter how small, others are not so fortunate. In the banking sector alone, about 3,500 staff have been shown the door.

The statistics:

Ecobank – 1,040 including 40 top managers;

Diamond Bank – over 200;

First Bank – 1,000; Access Bank – 1,110;

UBA – 450.

Other banks such as Guaranty Trust Bank,

Zenith Bank, Heritage Bank, etc. have equally disengaged many of their staff but discreetly. Many food, beverage and tobacco companies have been struggling to remain in business and are at the verge of shutting down. This means that over three million jobs are at risk due to the inability of companies to source foreign exchange to import raw materials. Nigerian Flour Mills, Nigerian Breweries Limited, Guinness, Nigerian Bottling Company, 7UP, etc. have written to labour for discussions on retrenchment of workers. Already, about 1, 500 workers have been laid off in this sector.

Highest earners think outside-the-box.

Today, it is a fact that the people that earn the most money all over the world have discovered that jobs never made anyone rich. These people have understood that the keys to their financial freedom lies in their hands. So they develop the talents and skills that are needed and get stupendous fees. Unfortunately, these people are in the minority but the current economic climate is forcing people out of their comfort zones and is making them think of how they can add real value to humanity.


  • Most employers do not really care whether you live or die.
  • Laying people off is inevitable in every business enterprise interested in profit margins.
  • Many food, beverage and tobacco companies have been struggling to remain in business.
  • People that earn the most money all over the world have discovered that jobs never made anyone rich.
  • The idea of surviving on a job must change if you want financial security.


Time to extricate yourself from slavery

Before it is too late, it is important that you extricate yourself from this mindset that you can build a future from working for another. Yes, it is true that there will always be people who may never be able to take the risk of looking outside or see the numerous opportunities out there.

Many people hate their jobs and their employers but still, they are unable to envisage a life outside their jobs. It is unfortunate that some people still believe that a job can save them. Even when they get the opportunity to do something different and make money, they are scared to leave the job, because they’d rather sit in the office than do a job that will get them more money. Simply put, they’d prefer sitting comfortably in a broken wooden chair than work towards making a sophisticated strong sofa. This must change if you want to secure your financial future and be financially free

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