Fola Fin Conference 2024: Promoting Financial Literacy and Empowering Nigerian Entrepreneurs For Global Competitiveness

By Azeez Disu

 

The maiden edition of the Fola Fin Conference has come and gone but the impact it made in the lives of participants and the Nigerian business community including the government who backed the initiative will not be forgotten in a hurry as its multiplier effect will be felt in terms of economic growth.

 

Beyond a convergence of stakeholders and the general public, the event served as a meeting point for cross-fertilization of ideas, and closing the financial literacy gap in a country where the poverty rate is on the rise. It also served as an avenue to inspire entrepreneurs to expand their horizons by leveraging new technology to boost operations and stay up to date with tax matters.

 

The insight shared with participants about tax issues was timely, especially with the issue of tax reform currently on the front burner in the country thereby helping to close the knowledge gap.

 

Sheneya Wilson,  Founder of Fola Financial, a U.S.-based financial services firm,  and also the Convener of Fola Fin Conference urged businesses to create wealth and make it a generational wealth by effectively managing their finances. She also emphasized the importance of accounting and taxation in nation-building and in accelerating business growth.

 

She pointed out that the conference, held in Lagos and Abuja and organized in partnership with Temitope Akinsemoyin, Founder of Stanchion TM Consults NG, was conceptualized to help African entrepreneurs thrive in the global competitive environment, providing them with financial literacy and advocacy skills including operational and technical skills, leadership and relationship building skills, and accounting and business skills.

 

According to her, “It was inspired by a desire to help more Africans gain the skills, and tools needed to thrive in the global competitive environment. Like, as we know, technology has taken over everything, but it’s also making access to doing business easier. I don’t want any black Americans, or anyone including people who live in Africa, to miss out on being able to take advantage of how the market is currently going in terms of globalization. ”

 

She added “We wanted to create a conference where it wasn’t just about talking and being inspirational, but about giving people skills that they can take home and actually utilize. So, things like budgeting and saving, investing, and of course, doing accounting for themselves and for their businesses. I think these skills are pivotal in giving people what they need to be confident so they can explore and build them well for themselves.”

Tax Literacy

Sheneya emphasized the need for citizens to understand tax matters better despite many don’t trust their government.

 

She explained “One thing that I know that Nigeria is going through but also a lot of other developing nations in Africa are going through, is tax reform. When you talk to people, they say that they don’t pay taxes because they don’t trust the government because they believe they are corrupt.”

 

She added that to change the narrative, it is empowering citizens with knowledge of tax and financial literacy through its conference and other initiatives, which will enable them to hold their government accountable.

 

“A big piece of the conference was talking about tax literacy and then team members presented their project about how they can act as tax advocates and how everyone else can. We need the taxes to work for us, whether you’re in America or whether you’re in Nigeria. We need roads to be built, we need public schools to be funded, we need public hospitals to be funded, public parks to be cleaned for our children, roads to be done,” she stated.

 

Making Impact 

‘What is the purpose of building anything if people aren’t impacted? What’s the purpose of being wealthy and rich, If the people who live around you are all poor?” Sheneya asked.

 

She explained that she believe that the Fola Fin Conference and other initiatives under her watch will have a multiplier effect on society and the economy. 

 

“We empower these small businesses, they employ people and then, the people educate their children. It’s like pouring wealth, which starts with knowledge, into society and it is going to have a long-term effect. And that’s what we’re hoping to achieve with initiatives like this,” she stated.

 

Also, as part of the initiative, an outreach program was embarked on to support the less privileged in accessing quality healthcare.

 

Speaking on the impact of the conference on the Nigerian economy, Temitope said “A lot of people are now more enlightened about tax issues and finances and this conference is like a pathway which will help accelerate economic growth. The next cohort of fellowships is coming up in 2025 where people will be able to start their career in finance. So, it is not just about people coming to garner experience that will help their businesses but also to help them create career paths in finance and tech”.

 

Commending the organizers for putting the event together, Chukwuemeka Chiejina, Retail Team Lead, Retail & Consumer Banking unit, Sterling Bank, and one of the sponsors said the event was impactful and equipped participants on the way to manage their finances which aligned with the bank’s goal. 

 

“People tend to spend their profit alongside their capital but the event empowered participants on how to separate their capital from profit and also develop a saving culture. We came to support the program because we are keen on supporting startups.”

Fola Global Apprenticeship Program

Noteworthy, Fola Financial and Stanchion TM Consults NG launched the Apprenticeship program recently to equip young Nigerians with essential financial and business skills for global competitiveness. It also aimed to teach them about the U.S. tax system, get them certified to do taxes in America, and also teach them about how the tax system works in Nigeria.

 

Interestingly, five individuals emerged out of about 250 applicants for the apprenticeship program and they were unveiled at the Fola Fin Conference 2024. 

 

According to Sheneya, “We had over 250 applicants. Temitope helped screen them to where it was only 50, then from there we interviewed 10 people and then we chose our top five.”

 

Similarly, Temitope said it leveraged technology to make the screening process seamless. “Technology helped us out and eased the stress during the selection process.”

 

The top five winners have also been certified by the Internal Revenue Service in America after excelling in their exams, will work virtually from Nigeria, and will get paid. “They will be working with U.S. taxpayers, doing the tax returns and, of course, they’ll be paid for it. So, I think they’re all excited about that,” Sheneya stated.

 

Temitope stated that the program gives people the room to get training and start a career in finance, taxation, and tech. “Once they qualify they are able to go through between 8 weeks to 12 weeks of training and afterwards they start working with Fola Financial and some of our other partners and they get paid actually. It’s a paid apprenticeship”.

 

She explained further that after a year, the trainees under the program will be considered for permanent job placement.  “After one year, they are considered for a permanent placement with Fola Financial or some of our other partners. So we absorb them or we help them to grow and develop their own businesses at the end of the day,” she disclosed.