Financial knowledge, critical in fight against corruption

Mr. Sanmi Akindipe; CEO, Set-Group Nig. Ltd

Mr. Sanmi Akindipe, Chief Executive Officer, SetGroup Nigeria Limited, has emphasized the need for sound knowledge of money management principles, saying that financial education is the key to financial stability, wealth building and critical in the fight against corruption.

Speaking at a forum, Akindipe, who is also a financial consultant in money and capital market issues, said, “Money without financial intelligence is money soon gone.”Financial intelligence, according to him, involves the ability to manage money judiciously and ability to make good investment decisions among others. He blamed the high rate of corruption, stealing and crimes on lack of poor money management skills and lack of financial intelligence.

According to him, the high rate of poverty in Nigeria can only be solved by financial intelligence and not by making money available to people. He said financial intelligence, which involves mastering the workings of money, will go a long in helping people overcome the problem of dwindling income, poverty and also ensure the increased inflow of funds over a long period of time.

He said, “Financial Illiteracy has created a situation whereby people with fat salary end up borrowing. Poor money management skill has also been the major factor responsible for the prevalence of corruption and stealing.” He disclosed that one of the best money management skills is living under one’s means.