Ibukun Awosika warns Nigerians about hidden debt behind flashy lifestyles
Nigerian business leader Ibukun Awosika has warned Nigerians to be careful about borrowing money and trying to live a flashy lifestyle, saying that many people who look rich are actually struggling with serious debt. She shared this advice while reflecting on her years of experience in the banking sector.
Awosika explained that she learned a lot about the illusion of wealth when she served as chairperson of First Bank of Nigeria. According to her, many customers appeared financially comfortable on the surface, but their records showed a different reality behind the scenes.
She said that outward displays of wealth can be very deceptive, noting that some families believe they are financially secure because of how their loved ones live, only to discover hidden debts later. This, she explained, can create serious problems for families who are left to deal with financial obligations they never knew existed.
The former bank chair revealed that she often attends social gatherings and observes people closely, and she sometimes sees what she described as “empty posing,” where individuals try hard to look wealthy even when they are not financially stable. She stressed that this culture of appearances can lead people into unnecessary financial pressure.
Awosika warned that in many cases, families only learn about debts after a person passes away, when creditors begin to demand repayment. She said this situation can be very difficult and emotionally painful for loved ones who suddenly face unexpected financial burdens.
She encouraged Nigerians to focus on building genuine wealth, managing their finances wisely, and avoiding the temptation to impress others through spending. According to her, financial discipline and transparency within families are key to long-term stability.
Her message serves as a reminder that true financial success is not about how things look on the outside, but about responsible planning, honest living, and making decisions that protect one’s future.
