Many ‘wealthy’ Nigerians are deep in debt — Ibukun Awosika

Nigerian business leader and former bank chairperson Ibukun Awosika has cautioned families about the dangers of hidden debt and the illusion of wealth.

Speaking about her experience in the financial sector, Awosika noted that many individuals who appear affluent are, in reality, heavily indebted.

According to her, some families only discover the true state of their finances after the death of a breadwinner, when creditors begin to make claims on assets.

Drawing from her time as chairman of a bank, she emphasized that outward displays of wealth can be misleading. She described instances where individuals “live large” while carrying significant financial obligations that their spouses and children are unaware of.

She said in part …

“Sometimes you think your father has money. I was chairman of a bank. You’ll be shocked how many people are in debt that are living large. Until they die, their families don’t know what they really have. Very true. Please, trust me. There are many names. You know, I go to functions sometimes, sit down and watch people. I always smile. Empty posing. It’s true. You know, their children, their wives think they are acting big. The day that guy drops dead, they’re in trouble. Because they’re going to come for everything.”