Ibukun Awosika has warned families about the risks of concealed debt and the false impression of financial prosperity.
Reflecting on her experience in the banking industry, the Nigerian business leader explained that many people who seem wealthy are actually burdened by heavy debts.
She pointed out that in some cases, families only uncover the true state of their finances after the death of the main provider, when creditors begin laying claims to properties and other assets.
Drawing from her tenure as a bank chairperson, Awosika stressed that outward displays of affluence can be deceptive. She recounted situations where individuals maintain lavish lifestyles while secretly struggling with substantial financial liabilities unknown to their spouses and children.
She said in part …
“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. Very true. Please, trust me. There are many names. You know, I go to functions sometimes, sit down and watch people. I always smile. Empty posing. It’s true. You know, their children, their wives think they are acting big. The day that guy drops dead, they’re in trouble. Because they’re going to come for everything.”
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