A grant can help a woman start a business, purchase equipment or expand her stock, but access to funding alone does not guarantee that the business will survive or generate lasting wealth. Understanding money, making informed investment decisions, building visibility and navigating personal and professional challenges are equally important.
This was the central message at the SHEALS Boot Camp 4.0 recently convened by Ayodeji Michael-Oni, the founder of the SHEALS Global Initiative, under the theme, “Heal. Rise. Thrive!”.
The event drew women entrepreneurs and professionals from different sectors to come explore why financial literacy, business intelligence, visibility and personal resilience are essential to building sustainable businesses and achieving financial independence.
Giving a keynote address titled The future is yours: Building relevance, financial independence and opportunities in a changing world,” Ashley Immanuel, co-founder and Chief Operating Officer (COO) of Semicolon Africa, urged the women to master soft skills and keep adapting, as the technology-driven workplace is changing very fast.
“Decades ago, you knew that if you studied accounting, you would get a job as a junior account officer and grow through the ranks to become the Chief Accountant, but now, it is not so certain. Even traditional career paths like medicine, law, and engineering are changing every day as technology creeps into the workplace,” she explained.
The workers who will remain relevant are those who master soft skills like communication, critical thinking, conflict management, effective listening, problem solving and leadership, while staying abreast of technological advancement, she said.
She encouraged women to learn how to use emerging technologies to solve the problems around them while continuing to develop their own capabilities. She explained that technology can improve productivity and help people complete tasks more efficiently. However, she warned against relying on AI without developing the underlying skills needed to assess information and make sound decisions.
The place of financial wellness in the healing journey
Speaking during her welcome address, Ayodeji Michael-Oni said the gathering would address issues around financial empowerment for women.
“We are more than happy to plan such empowerment events for everyone, but i noticed that every broken person you see out there was born and raised by a broken woman, and so by focusing on women, we will eventually get through to everyone. Because when a woman heals, a generation is healed,” she said.
She noted that sadly, some women stay stuck in unhealthy relationships and situations that are toxic to their mental health because of their financial realities, and so ensuring that women attain financial wellness is a path to healing.
Eniola Oluwa, representative of Sycamore, reiterated the importance of financial wellness during the sponsor’s segment.
She introduced the See, Structure, Protect and Grow (SSPG) framework as a practical guide to managing money. The first step, see, is for individuals to understand and acknowledge their financial reality, their income, financial obligations and needs. The next step is to structure their finances through a realistic budget that accounts for essential expenses, financial obligations, savings and personal enjoyment. She cautioned against creating budgets so restrictive that they become difficult to maintain.
Under protection, she encouraged the women to build emergency savings and have appropriate insurance.
“You may think you are rich when you have N50 million in your account, but it only takes one unplanned illness or disaster to wipe it off” she warned.
Only after understanding their finances, establishing a budget and putting protection in place should individuals focus on growing their wealth through fixed deposits, stocks, treasury bills and commercial papers, among others.
Avoid investing without financial intelligence.
One common mistake people make when investing is to take decisions based on hearsay, without conducting due diligence, and only begin asking questions when things go south.
Ruth Imafidon, BusinessDay’s Head of Products and Partnerships, who also spoke during the sponsors’ segment, warned the women against making investment decisions based solely on recommendations or testimonials from friends.
“Many people simply hear about an investment and jump in, and only start conducting research when things go south, but that should not be the case. You should start learning about investments and business long before you are ready to start investing, by keeping abreast with what is happening in your sector. And this is where BusinessDay comes in, providing you with the insights and analysis that help you make sense of all that is happening in the financial sector,” she said.
She noted that while it is easy to hear the news anywhere, one needs platforms like BusinessDay to access the insights and intelligence behind the news, and how it can influence their finances and businesses.
She also encouraged the women to communicate their expertise and make their contributions visible by taking up speaking opportunities and engagements that allow them share their successes in their space.
When personal relationships affect financial independence
But there are also occasions when women allow toxic relationships to influence their confidence, choices and ability to pursue opportunities.
Jacqueline Ogoh, a broadcast journalist and advocate against domestic violence, spoke about the impact of abusive relationships on women’s financial independence.
She explained that abuse was not limited to physical violence but could also involve emotional manipulation, controlling behaviour, isolation and actions that gradually undermine a woman’s confidence and independence.
Ogoh urged women to recognise unhealthy patterns and seek support rather than remain in situations that threaten their safety, wellbeing and identity.
“Don’t let your dreams and personal ambitions die because you want to answer Mrs,” she cautioned.
Her message drew attention to how relationships can affect women’s ability to make independent decisions, pursue careers and maintain control over their lives.
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