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Old Banker, Lagos (2026)

04/08/2026

Two Employees. Same Salary. Same Company. Twenty Years Later... Their Lives Couldn't Be More Different.
In 2005, two colleagues joined the same company.
Let's call them James and Michael.
They were both 28 years old.
Both earned approximately the same salary.
Both received annual promotions and salary increases.
Both dreamed of becoming financially independent before retirement.
Yet, twenty years later, their financial lives looked nothing alike.
James believed the safest route to wealth was real estate.
Every extra naira he earned went into buying land and, eventually, rental properties. He was patient. He wasn't interested in daily market movements or investment trends. Today, he owns several income-generating properties that provide him with steady cash flow.
Michael wasn't interested in real estate.
Instead, he consistently invested in quality stocks, mutual funds, REITs, Treasury Bills, and FGN Bonds, depending on his financial goals at different stages of life. He understood diversification and allowed compound growth to work in his favour. Today, his investment portfolio generates substantial passive income.
Then there was Sarah.
She wasn't passionate about investing in financial assets at all.
She invested in herself.
Every weekend, she taught professional courses, built her expertise, started consulting, wrote books, and eventually established a thriving business around her knowledge.
Today, her business earns significantly more than her salary ever did.
Now here's the interesting part.
Who made the right decision?
The answer is...
All of them.
And that's where many employees get it wrong.
Today, social media is full of financial advice.
One influencer says:
"Real estate is the safest investment."
Another says:
"Stocks create millionaires."
Another insists:
"Mutual funds are the smartest choice."
Someone else believes the answer is cryptocurrency.
Another recommends REITs.
Another says Treasury Bills.
Another says FGN Bonds.
Then someone tells you that none of these, matter because a side hustle is the real path to financial freedom.
So, who is right?
Perhaps all of them.
Perhaps none of them.
The problem is that people often confuse a successful strategy with the only successful strategy.
There has never been one universal roadmap to wealth creation.
Every investment vehicle has produced millionaires.
Every investment vehicle has also disappointed people who misunderstood its risks or invested for the wrong reasons.
Stocks can create enormous wealth, but they are volatile.
Real estate can preserve and grow wealth, but it requires patience, capital, and can be illiquid.
Mutual funds offer diversification and professional management, but they are not immune to market cycles.
Treasury Bills and FGN Bonds provide stability and capital preservation, though they may not always deliver the highest long-term growth.
Businesses can transform ordinary people into extraordinary success stories—but they can also fail if poorly managed. And side hustles businesses are usually mismanaged by the proxies or third parties.
So before asking,
"Which investment is the best?"
Ask yourself a different set of questions.
• What exactly am I trying to achieve?
• Am I investing for income or long-term growth?
• How much risk can I genuinely tolerate?
• When will I need this money?
• What stage of life am I in?
• If this investment loses 30% tomorrow, will I remain calm or panic?
Those answers matter far more than whatever investment is currently trending.
I've met retirees who wished they had taken more investment risk earlier in life.
I've also met young professionals who copied aggressive investors without understanding the risks and lost money they couldn't afford to lose.
Neither failed because of the investment itself.
They failed because the investment didn't match their circumstances.
Here's what I've learned after many years in banking, finance, and working with individuals and businesses:
Wealth creation is deeply personal.
There is no single formula.
No universal blueprint.
No investment that is perfect for everyone.
The most successful people don't chase every opportunity.
They understand themselves first, then choose the investment strategy that aligns with their goals, time horizon, cash flow, responsibilities, and appetite for risk.
Because in the end...
The best investment is not the one that made someone else wealthy.
It is the one that helps you achieve your own definition of financial independence.
What's your view?
If you could only choose one route to build long-term wealth, what would it be—and why?
I'd love to read your thoughts in the comments.

15/10/2025

These Money Rules Create Millionaires Quietly.......

15/10/2025

How to turn your salary into wealth (step by step guide)

02/10/2025

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Title: “The Quiet Investor: The Story of Olumide Abeoluwa”
How One Man Built Wealth Brick by Brick
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Page 1 – The Humble Beginning
In 1995, fresh out of university, Olumide Abeoluwa got his first job at a logistics company in Lagos. The pay wasn’t great, but Olumide had what many didn’t—clarity of purpose. While his colleagues raced to open stock portfolios and savings accounts, Olumide had one mantra he inherited from his late father:
"If you ever make money, don’t just save it—build something with it. Real wealth rests on foundations."
Olumide took it to heart. From his first paycheck, he began saving—not for a new car or vacation, but for a building project.
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Page 2 – The First House in Ibadan
By 1999, he has switched job and was now working in a commercial Bank and after four years of frugal living, Olumide pooled his savings and purchased a small parcel of land in Ibadan. But he didn’t stop there. Instead of letting the land lie idle, he built a modest three-bedroom bungalow over a period of 6 years, using affordable materials and local labor.
His colleagues scoffed.
“Why not be investing your money in stocks? Or at least treasury bills or fixed deposit accounts?”
But Olumide had a long game in mind. The house was rented almost immediately but it was enough to kickstart a passive income stream and owning an asset that will continue to appreciate geometrically.
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Page 3 – The Lagos Leap
By 2006, Olumide was promoted again. He took his bonus, leave/passage allowance, the rental income from his Ibadan property and a staff personal loan from the Bank to secure a plot in sangotedo, Lagos. Real estate in that axis was still underappreciated by many.
Over the next three years, he built a three-flat building: two units of 2-bedroom flats and one self-contained apartment on a half plot portion of the land. This was made possible because the 120ft length is by the road while the 60ft was the breath inside. It cost him sweat and sacrifice—often using his leave, public holidays and weekends to supervise major construction milestones.
By 2010, all three units were occupied, bringing in regular rent. With this he has developed two fully functional income-generating properties. Thereafter he commenced the development of a semi-detached duplex on the other half as his residential apartment.
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Page 4 – While Others Watched the Markets
The 2008 global financial crisis wreaked havoc. Stocks plummeted. Bank interests dropped. Olumide’s colleagues were stressed, watching portfolios shrink.
Meanwhile by 2011, Olumide's Lagos tenants (bankers and telecom workers) continued to pay their rent—post pandemic or not, market crash or not. His properties continued to appreciate with an increased rental income because of inflation.
One friend finally asked, “How did you avoid the mess?”
Olumide replied calmly, “I just built what people always need—a roof over their heads in a highly populated city.” “My savings and fixed deposit account is in properties”
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Page 5 – Abuja Ambitions
In 2015, Olumide secured a staff mortgage facility from his Bank at a staff rate of 4%. He used the credit facility to acquire a plot in Gwarinpa, Abuja and commenced the development of two units of a semi-detached duplex with a servant’s quarters on the plot. Some side hustles income he made in the course of his job was also channeled into the development of this property.
By 2017, both units were rented to expatriates at an impressive rate. Going further, all his properties have continued to enjoy strong appreciation because of the growing demand for properties in their respective locations by tenants and prospective property owners.
He now had three locations—Ibadan, Lagos, and Abuja—each with a developed, income-producing structure. One smart position of Olumide is that he always ensures that his properties have approved building plans and are registered with the relevant state land bureau for CofO or governor’s consent or registered deed of assignment depending on the status of the land.
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Page 6 – Consolidation and Strategy
Olumide wasn’t buying randomly. He had a strategy: target emerging neighborhoods on the fringe of major cities, build for middle-income renters, and ensure proximity to infrastructure projects and/or busy city activities.
In 2020, he added another property in Mowe, Ogun State—a fast-growing commuter town for Lagos workers. There, he constructed a four-unit mini-estate of 2-bedroom flats, designed for families seeking affordability without leaving urban proximity. This property was made possible by the annual share of profit he received from his employer over two years after the bumper profits declared by his Bank.
All four units were rented out immediately after construction. Monthly rent payments flowed steadily. Olumide now has four solid, built-up properties.
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Page 7 – The Final Project
In 2022, Olumide made what would be his final major development before retirement—a six-unit block of flats in Ibeju lekki, Lagos, not far from major shopping and business districts.
The development was self-financed—no mortgage. By this time, rental income from his other properties and increased share of profit from his employer as an Assistant General Manager (AGM) had created enough cash flow. He built with durability in mind—clean finishing.
On completion of this Ibeju lekki property in 2024, all six units were rented within two months.
He now has five developed properties in five high-potential zones. Collectively, their values have continued to appreciate since acquisition.
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Page 8 – Retirement with a wealthy portfolio of assets
In May 2025, after 30 years of dedicated service as an employee, Olumide turned in his retirement letter. He had risen to become a Deputy General Manager in a Bank—respected, humble, and quietly wealthy.
While others fretted over pension balances, inflation, high cost of living and market instability, Olumide was already earning more from rent every year than his full salary.
Each of his five properties ran like clockwork—managed by a reliable and professional Estate Manager, occupied by reliable tenants, and constantly appreciating.
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Page 9 – Wisdom Shared
Another remarkable smart financial move was when he realized that the Ibadan property was not giving him an expected return vis a vis the value. Early this year the tenant was still paying less than N1m as annual rent while the property open market value was N85 million. He sold off the property for N80 million and invested in a 7 yrs FGN Sukuk bond at a coupon rate of 19.75%. This means a guaranteed annual income of N15.8million from a secured investment. This was much better than the rent he was getting from that property.
After retirement, Olumide began sharing his journey through seminars, small real estate advisory sessions, and mentorship programs.
He often told young professionals:
“I didn’t chase the market. I built something real. I invested in what you can touch, rent, and improve. That’s how wealth works—it’s slow, silent, but solid.”
Olumide’s believes that an employee working in a lucrative industry and in a forward-looking organization can be wealthy by practicing – “earn, save and invest.”
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Page 10 – Legacy in Concrete
Since he is retired and believes liquidity is also important for him, he has just sold off one semi-detached duplex in Abuja for N300m and the half plot housing the three flats in Sangotedo, Lagos for N200 million and has gone ahead to invest in the latest FGN bonds on offer at 17.95% interest rate. This will bring in additional guaranteed income of N89.75million making it a total projected income of N105.55million from his FGN bond portfolio.
He is currently understudying and working with one of the biggest Fast Moving Consumer Goods (FMCG) distributors in Ajah, Lagos. The plan is to work with the established distributor for 6 – 9 months and then leave to start his own distributorship business.
His two children have grown, and they now understand what their father built—not just houses, but financial freedom with diversified portfolio consisting of properties and guaranteed money market instruments.
Olumide Abeoluwa didn’t shout. He didn’t speculate. He just built and then partly divest into guaranteed fixed income investment after the property must have appreciated.
And in doing so, he became wealthier and freer than anyone who chased quick wins.
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The End.

Olumide’s template to wealth as an employee:
1. Earn and continue to increase earnings by growing in your profession
2. Save as much as possible
3. Then use the savings to invest in Properties
4. Monitor the money market instruments for very good rates when compared to the rental income. Remember that FGN bonds are generally regarded as risk free investment instruments.
5. Sell some properties that have experienced strong appreciation in value over the years.
6. Invest the property proceed into money market instruments with very good interest rates and enjoy higher income than rent.

16/09/2025

Payable on Death (POD) Benefits: Why It Works in the U.S. but Not in Nigeria — And Practical Alternatives

When it comes to estate planning, one financial tool that often raises curiosity is the Payable on Death (POD) account. In the United States, millions of depositors use POD designations as a simple way to transfer money to loved ones without probate. But in Nigeria, this same concept does not exist in law or in banking practice.
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What is a Payable on Death (POD) Account?
A Payable on Death (POD) account allows a bank customer to name a beneficiary who automatically receives the account balance when the depositor dies.
• The beneficiary has no right to the funds while the depositor is alive.
• Upon death, the bank pays directly to the named beneficiary.
• The transfer occurs outside of probate court, saving time and legal costs.
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The U.S. Legal Backing
POD accounts are recognized across the U.S. under state laws, often through the Uniform Probate Code (UPC). They work because:
1. Contract law makes the agreement between depositor and bank binding.
2. Estate planning laws classify POD as a valid non-probate transfer.
3. Banking regulations obligate banks to release funds directly once a death certificate is presented.
This means POD accounts are both legally enforceable and administratively simple.
________________________________________
Why POD Accounts Don’t Exist in Nigeria
Nigeria’s banking and legal framework does not support POD arrangements:
• No statutory recognition: Neither the Banks and Other Financial Institutions Act (BOFIA) nor the Administration of Estates Act provides for POD accounts.
• Probate dominates estate administration: In Nigeria, when an account holder dies, their account is frozen until a Grant of Probate (if there is a will) or Letters of Administration (if no will) is obtained.
• Bank compliance rules: Nigerian banks are legally bound to insist on these court documents before releasing funds.
Thus, Nigerian heirs cannot bypass probate through a simple bank instruction.
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Alternatives Nigerians Can Use Instead of POD Accounts
Since POD is not available, here are estate planning tools Nigerians can rely on, with pros and cons of each:
1. Wills
A will is a legal document specifying how a person’s assets should be distributed after death.
• ✅ Pros: Legally recognized; flexible (covers all assets, not just bank accounts).
• ❌ Cons: Requires probate; can be contested in court; some delays in accessing funds.
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2. Trusts
A trust allows you to transfer assets to a trustee, who manages them for beneficiaries during and after your lifetime.
• ✅ Pros: Can bypass probate; provides privacy; allows detailed control (e.g., staggered payments to children).
• ❌ Cons: Setup costs are high; requires careful legal drafting; not as commonly used in Nigeria as wills.
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3. Joint Accounts with Right of Survivorship
Some Nigerian banks allow joint accounts (e.g., “Mr. A and Mrs. B”). Upon death of one holder, the survivor gains access.
• ✅ Pros: Immediate access for the surviving account holder; no probate required for that account.
• ❌ Cons: Risky if the relationship breaks down; survivor automatically owns the funds, which may exclude other heirs.
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4. Nomination of Next of Kin (NOK)
Banks in Nigeria often request a “Next of Kin” on account forms. However, this is not legally binding as a POD designation.
• ✅ Pros: Useful for communication and guidance; may guide court administrators.
• ❌ Cons: Banks cannot release funds solely on Next of Kin information; probate or letters of administration still required.
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5. Life Insurance Policies
A policyholder names a beneficiary, and the insurance company pays directly to them on death.
• ✅ Pros: Funds are released outside probate; beneficiaries have direct rights.
• ❌ Cons: Limited to insurance proceeds; doesn’t cover bank deposits.
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Final Thoughts
In the U.S., POD accounts provide an easy way to pass money directly to beneficiaries. In Nigeria, the law requires estate administration through probate, meaning no such mechanism exists.

However, Nigerians can achieve similar peace of mind by using wills, trusts, joint accounts, or life insurance policies. Each option comes with trade-offs, but combined wisely, they can help ensure that loved ones have faster and more secure access to funds after death.

courtesy: [email protected]

16/09/2025

Why Nigerian Employees Should Resist the Temptation of Running a Side Business by Proxy

In today’s Nigeria, the desire to own a business is strong. Many employees see entrepreneurship as the ultimate escape from the pressure of a 9–5 job. This has led to a common practice: setting up a side hustle while still working, then handing it over to someone else, usually a manager or staff—to run.

On paper, this sounds like a smart move: keep your salary, run a business, and make extra income. But this often ends in disappointment, financial loss, and frustration.

The Harsh Truth About Delegating Your Business
From experience, no one can run your small or medium-sized enterprise (SME) with the same passion, commitment, and discipline as you. Your employees see your side hustle as an opportunity to enrich themselves, not to grow the business.
They know you have a steady salary, so they rarely feel the same passion or sense of urgency as you do. Instead of sweating to make the business profitable, many quietly “milk” it—diverting money, overpricing suppliers, underreporting sales, poor customer service or simply being careless with operations. By the time you realize what’s happening, your hard-earned investment is already collapsing.

This is why so many side hustles fail—not because the idea was bad, but because the owner was absent.

Real-Life Stories of What Can Go Wrong
To make this concrete, here are simplified composite stories (drawn from patterns seen in many cases) that illustrate what can happen when you entrust a business that you only observe from afar.

1. The Boutique in the Suburbs
A mid-level public servant invests heavily in a boutique. She hires a manager to run it while she keeps her full-time job. Sales look okay for the first few months, but discrepancies emerge in stock records. She later discovers that cheaper items are going missing, pricing is inconsistent, and payments sometimes go into the manager’s account before ever being recorded. The shop closes within two years.

2. The Food Stall That Burned Out
Someone opens a small restaurant by investing severally. He entrusts daily operations to a friend while working his 9-5. The friend makes deals with suppliers that benefit himself, allows staff freebies, gives out credit too freely, and neglects maintenance. Profits spiral down. The owner attempts to intervene but finds that trust was misplaced. Eventually, the losses force closure.

3. Imported Goods from Abroad
Another example: someone procures goods overseas, stocks a shop, but leaves management to a distant relation - supervisor. When goods arrive, the supervisor delays clearance, allows local copying, distributes stock to insiders, and fails to update financial records properly. Local cheap versions of imported goods crop up. With weak oversight, costs accumulate. The business becomes unprofitable and is shut down after months of disappointment.

4. The Bakery Dream That Turned Sour
A young banker in Lagos invested heavily to start a bakery as his side hustle. He hired two trusted staff to run it while he kept his job. Within six months, he noticed sales reports didn’t match the supplies purchased. By the time he visited unannounced, one of the workers had opened a small shop nearby—selling bread baked with his flour and oven. The bakery shut down shortly after, leaving him with millions in debt.

5. The Fashion Store That Was Milked Dry
A woman in Abuja opened a boutique while still working at an international NGO. She stocked the shop with quality clothes from Turkey and entrusted her cousin to manage it. At the end of the first quarter, there was barely any profit to show. Later, she discovered her cousin had been selling at discounted rates to friends and keeping part of the cash. Within a year, the shop couldn’t sustain rent payments, and she closed it down.

6. The Costly Restaurant Experiment
In Port Harcourt, a civil servant invested his gratuity in a small restaurant managed by a family friend. The first few months looked promising, but as time went on, the staff became complacent—eating meals for free, giving credit endlessly, and inflating expenses. Eventually, the restaurant was running at a loss. With no close oversight, the business collapsed, and the man lost his retirement savings.

These stories are not exceptions—they are everyday realities. These stories reflect what many SMEs experience. The root cause isn’t always a bad business idea—it’s poor oversight, misaligned incentives, and letting someone else run “your baby” without your daily input.

Real Statistics: The Harsh Reality for Nigerian SMEs
These aren’t just isolated stories—you’ll see across Nigeria, many new businesses don’t survive long, especially when they are not closely managed by the owner.
• According to a 2023 report by SMEDAN (Small and Medium Scale Enterprises Development Agency of Nigeria), about 80% of SMEs fail before their fifth anniversary. (thesmebusinesshub.com+3Punch+3Independent+3)
• More than 20% of SMEs fail in their first year, and nearly 50% fail within the first five years. (The Guardian Nigeria+2thesmebusinesshub.com+2)
• A scholarly study of Lagos State found that only 42.2% of SMEs survive up to five years. (Lagos Institute of Research+1)
• In Lagos State, manufacturing SMEs have a somewhat better survival; about 53.8% survive longer (with an average lifespan of ~18 years among surviving ones), but trade SMEs have lower survival rates. (Lagos Institute of Research+1)
• Over 40% of SMEs fail because of low demand for their product/service; nearly 20% fail because they’re outcompeted; another ~17% due to poor product offerings. (The Guardian Nigeria+2Moniepoint Inc.+2)

These numbers tell a story: most businesses don’t make it to year five. Many fail early. That makes running a business part-time—and letting others manage it for you—more dangerous.

The Better Alternative: Strengthen Your Salary Earning Power
Instead of chasing a business you cannot monitor, focus on building and strengthening your salary-earning capacity. That means:
• Acquiring new certifications to make yourself more valuable.
• Improving your skills so you can qualify for promotions.
• Positioning yourself for better-paying opportunities within or outside your current organization.
The salary from a stable job is not just “survival money.” If managed wisely, it can be the seed for future wealth.

Let Your Savings Work for You
Rather than pouring millions into a business that others will mismanage, channel your savings into financial instruments that grow quietly and securely over time:
• Money Market Instruments – Treasury bills, fixed deposits, and mutual funds provide safety and moderate returns.
• Equity Market – Investing in well-selected stocks can grow your wealth over the long term.
• Real Estate – Land banking or rental properties can preserve and appreciate value and provide steady income.
By diversifying your savings into these assets, you build a financial cushion that grows while you focus on your career.

Build First, Then Launch
The goal should not be to avoid business altogether but to time it wisely. When your savings have grown significantly and your career has given you the experience, network, and confidence to step out, then you can transition.

At that point, you can liquidate part of your investments and set up a business that you will directly manage. This way, you are not gambling with your hard-earned money. You’re entering with stability, experience, and financial backing.

Final Thoughts
In Nigeria’s unpredictable business climate, passion and oversight are non-negotiable. Delegating your SME business while you remain in full-time employment is a gamble that too often ends up in tears.

Instead, appreciate your job, maximize your earning power, and let your savings work for you through investments. By the time you’re ready to take the bold step into entrepreneurship, you’ll do so from a position of strength—not desperation. Remember the ultimate guide, make sure you understudy and work with an existing business of your proposed entrepreneurship journey before starting yours. Even if it is some months apprenticeship.

Your job is not a trap; it’s a ladder. Use it to climb steadily toward your business dreams, the right way.

courtesy: [email protected]

16/09/2025

Why Your Job May Be More Valuable Than You Think

It’s common to hear people casually say, “Oh, you can open a business with ₦20 to ₦30 million.” It sounds simple until you’re the one who has sunk millions into a business, only to realize you’re making a sale of just ₦60,000 a week—or ₦150,000 a month. Maybe with a profit of just ₦10,000 a week – or ₦30,000. At that point, reality hits: business is not as easy as it looks from the outside.

Take this example. A lady once rented a shop in a popular mall to sell gift items, wines, perfumes, and decoration accessories. The place was beautifully decorated, and many wondered what she planned to do with such an expensive setup. She eventually opened the shop, but less than one year later, she had closed. Passion wasn’t enough; business simply didn’t smile at her.

The truth is that business is not just about “buying at ₦10 and selling at ₦15.” If that were the case, everyone would be rich. That’s why people spend years on apprenticeships. It is not stupidity, it’s survival. They have learnt to navigate risks, build customer trust, and handle the unseen storms of business. Jumping in without experience can make you cry tears of regret.

From experience, starting a business with massive capital often ends in disaster. The smarter route is to start small, make mistakes at a manageable cost, and gradually build expertise. Only after you’ve mastered the nitty-gritty should you consider scaling up. That’s why many successful entrepreneurs today didn’t start with millions; they grew slowly, leveraging years of learning and relationships.

But even with experience, business is not for the faint-hearted. If your body and mind can’t handle endless uncertainty, sleepless nights, and the possibility of losing it all, then maybe entrepreneurship isn’t for you.

Here’s a real story: In 2014, a man gave his wife ₦4 million to start a business. She flew to China to import goods. By the time transportation, hotel, staff and feeding costs were factored in, many of the products she brought back were cheaper in Nigeria. She struggled to sell them, even below cost price. Soon, she couldn’t renew her shop rent, and the business collapsed.

I have my own scars too. At one point, I invested ₦7 million into a business that looked promising from afar. When I eventually closed it, I couldn’t even recover ₦3 million. That’s how brutal business can be.

So, before you envy business owners, understand this: a stable 9–5 job is not a curse. It gives you security, a guaranteed income, and the chance to grow steadily through certifications, skills, and promotions. Unlike business, your salary will come in at the end of the month, rain or shine.

If your job is working for you, value it. Don’t let flashy success stories deceive you—many business owners are silently praying for the stability that employees take for granted.

Your job is more than just paycheck; it’s peace of mind. And in today’s world, that’s priceless.

courtesy: [email protected]

Old Banker

04/08/2026

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