Ibukun Awosika exposes hidden debt among ‘wealthy’ Nigerians

Nigerian business leader and former bank chairperson, Ibukun Awosika, has warned families about the dangers of hidden debt and the illusion of affluence.

Awosika made the remark while reflecting on her experience in the financial sector, noting that many individuals who appear wealthy 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 lay claim to properties and assets.

Drawing from her time as a bank chairman, she explained that outward displays of luxury can often be misleading, as some people maintain extravagant lifestyles while carrying large financial obligations unknown to their spouses and children.

“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,” she said.

She added that she has attended events where people appear affluent, but their financial reality is far different.

“I go to functions sometimes, sit down and watch people. I always smile. Empty posing. Their children and wives think they are acting big. The day that person dies, they’re in trouble because creditors will come for everything,” she stated.

Awosika advised families to be more transparent about finances and to avoid building lifestyles on unsustainable debt, stressing that financial responsibility is crucial to protecting loved ones.