Author: Hauwa M. Audu
Publisher: Amyn Investments Limited
Date of Publication: 2005
Reviewer: Lanre Oyetade (08039428648)
The book, which carries a foreword by the former Director-General of the Nigerian Stock Exchange, Dr. (Mrs.) Ndi Okereke-Onyiuke, is divided into a total of 14 chapters; each dealing on a core issue under the subject matter.
Audu hinges her write-up on the philosophy that wealth can be created through a religious adherence to “certain principles” which, according to her, are universal since they work under all circumstances, “no matter who puts them to work.”
She implies the answers to her own book in the affirmative, asserting that every Nigerian can indeed become a millionaire if they practise the all-time principles of wealth creation, irrespective of their background, education or who they know.
It therefore becomes her burden to put across these principles and the result is the book. “If all Nigerians are taught these principles, and they put them to work, in no time, poverty would be eradicated from the country, just as was the case in South Korea and Babylon,” she maintains.
One of the principles, says Audu, is that God owns everything you have; you are just a steward of His resources, stressing that if Nigerians know this, top government officials will not steal public funds, nor would some others kill people for money, or sell adulterated products for that matter.
“Another principle is that little drops of water make a mighty ocean, whereas no drop of water makes a mighty desert – If you do no set anything aside out of what you earn in order for it to multiply in future, you will lack. Even ants know and apply this principle; they know there is no harvest everyday,” she states.
She insists that it doesn’t take a lot of money to make wealth but rather, “it takes a little money and a lot of time, therefore stressing the need to commence on a wealth-creation programme early.
As a Christian, she draws much inspiration from the Bible, making money sense for instance, from Pharaoh’s dream. “Pharaoh’s dream is real, even in today’s world. Everyone needs to allocate their income between their now and their future, because the future will not take care of itself; it’s your responsibility to do so,” she contends.
Chapter 1 deals with the causes of poverty, where she shows a good understanding of the concept of exchanging value for money. Some of the causes of poverty she identifies are laziness, foolishness, careless spending, drunkenness and gluttony, having too many children, planlessness, cheating and wastage.
The other chapters deal with the ‘how’ of making money, the uses of money, making good financial decisions, the matter of savings, goal setting, budgeting, wise buying, debt, investment and taking advantage of privatization.
It is important to point out that this book is one of the very few books by a Nigerian on the subject of Personal Finance. It thus has the strength of being ‘indigenous’ by taking into cognizance the local environment and issues.
The author is an associate member of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Stockbrokers (CIS).
And perhaps she should be in a good position to counsel on this all-important matter, being the founding managing director of Amyn Investments Limited, a firm of stockbrokers, which must have given her the opportunity to interact with and observe people’s dispositions on the issues of wealth creation, management, and preservation.
Another major strength it has is that it is written in plain, easy-to-read language and will definitely make a good buy for the enthusiast.