LAGOS — Ibukun Awosika, the former Chairperson of First Bank of Nigeria, has delivered a sobering reality check to the Nigerian elite, pulling back the curtain on the “lavish lifestyle” that often masks deep financial distress. Speaking on February 24, 2026, Awosika warned that many of Nigeria’s “big names” are essentially living on borrowed time and borrowed money.
Her remarks have sparked a national conversation about financial literacy, the psychology of wealth, and the role of money in the Nigerian home.
The “Broke Billionaire” Syndrome
Drawing from her experience at the helm of one of Africa’s oldest financial institutions, Awosika revealed a recurring tragedy among Nigeria’s high-net-worth individuals:
-
The Debt Trap: Many public figures maintain an image of extreme wealth while being heavily indebted to banks.
-
The Legacy Crisis: Because these individuals often hide the true state of their finances from their spouses and children, families are frequently left in ruins following the patriarch’s or matriarch’s death.
-
The “Image” Tax: The pressure to maintain a “lavish public lifestyle” often eats away at actual capital, preventing real wealth transfer to the next generation.
Redefining Marriage: “It Is Not Mathematics”
Awosika also shared rare personal insights into her own marriage, offering a masterclass in domestic financial management. For over a decade, she earned a significantly higher income than her husband while he built a career in the public sector.
Her Advice for Couples:
-
Money as a Tool: View income not as a source of power or friction, but as a tool for mutual growth.
-
The “One” Principle: She famously stated that in marriage, “One plus one is one. It is not mathematics.”
-
Gender-Neutral Growth: Whether the money comes from the man or the woman, the goal should remain the collective advancement of the family unit.
“Money is a tool. Use it to achieve things together… Do not make money an issue in your home. I mean it,” Awosika urged, specifically encouraging women to lead with empathy and strategic vision.
Advocacy for Financial Literacy
Awosika’s intervention comes at a time when the CBN’s new banking recapitalization is forcing a more transparent look at debt and asset management. Her advocacy focuses on:
-
Transparency: Encouraging families to have honest conversations about debt and assets.
-
Productivity over Pomp: Shifting focus from “showing wealth” to “building systems” (echoing the sentiments of Kessington Adebutu ).
-
Entrepreneurial Resilience: Using leadership to create value rather than just consuming it.
Wealth & Relationship Matrix: The Awosika Framework
| Concept | The Common Myth | The Awosika Reality |
| Public Wealth | High visibility = High liquidity. | High visibility often = High debt. |
| Income Gap | Higher earning wife = Marital friction. | Higher earning wife = Foundation for teamwork. |
| Family Finances | Secrets protect the family from worry. | Secrets leave the family vulnerable to ruin. |
| Succession | Wealth is inherited automatically. | Wealth must be managed transparently to survive. |
