If you are a woman, the Chairman, First Bank of Nigeria Limited, Mrs Ibukun Awosika, has a piece of advice for you.

She wants you to be careful how you spend money on luxury goods.

Awosika, who gave the advice during a seminar organised by First Bank of Nigeria in Port Harcourt, said it was important for women to understand that luxury goods are not appreciable assets.

Instead, she advised women on the need for women to grow their businesses, create and increase wealth.

The First Bank boss enjoined women to support their families by starting small businesses, adding that such efforts could help in times of hardship.

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She said, “Spend prudently on luxuries as they are depreciating assets. If you buy a car, it does not appreciate, rather it depreciates. But real estate appreciates daily.

“Women are assets to their households; they have the capacity to support their families in times of hardships, and how women think and understand money will determine the level of success in families.

“Make deliberate and sustained efforts in starting and growing whatever you can do to support yourselves and your husbands and not just relying on them for everything. Helping women to understand and better manage money and wealth is important to us as a bank.”

She also urged the participants to take advantage of the various financial platforms the bank was offering them.

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