Many Popular 'Wealthy' Nigerians Are Living In Debt Despite Lavish Public Lifestyle – Ibukun Awosika Reveals

Ibukun Awosika, a former Chairperson of First Bank of Nigeria, who is renowned for her work on entrepreneurship, leadership, and financial literacy, has stated that many high-profile and wealthy Nigerians are heavily in debt despite their extravagant public lifestyles.

The businesswoman made this known while speaking during a preaching engagement on the realities of wealth and financial discipline.

According to Awosika, many families of prominent and wealthy Nigerians are unaware of their financial status until after their demise.

She disclosed that appearances often mask the true financial status of some high-profile individuals.

She said, “I was chairman of a very popular bank, and you would be shocked if I told you that many wealthy Nigerians, very big names, are living in debt while maintaining a lavish public lifestyle.

"Until they die, their families often don’t even know the true state of their finances and how broke they’re.” 

Speaking about her own financial journey, Awosika revealed that for over a decade, she had earned more than her husband while he diligently built his career in the public sector.

She explained that rather than allowing the income gap to create friction, they chose to view it as a foundation for mutual growth and teamwork.

She urged couples, especially women, not to let money become a source of conflict in marriage, describing it as a tool for building and growing together.

She added, “So when I say do not make money an issue in your home, I mean it.

"Money is a tool. Use it to achieve things together, whether it comes from the man or the woman. One plus one is one. It is not mathematics.”