Nigeria’s Blue-Blooded Aristocrats [The Unknown Unknowns]

Somehow in my line of work, I get to meet a lot of people - and a diverse set too. The perk I enjoy the most is the one that affords me the opportunity to meet, interact and be in close proximity with extremely successful (read: wealthy) people in Nigeria and I am constantly fascinated by the allure of inordinate wealth and opulence. These are not your regular run-of-the-mill type, these are the blue-blooded aristocrats - and they love to strut their stuff.

Welcome to the affluent life of the upperclass. This is about the 1% of the 1% of Nigerians told exclusively from the frontlines.

Let's quickly get one thing out of the way. If you have a net worth of between N10M - N100M (in liquid asset) in Nigeria you are considered lower/upper middle class (atleast by the upperclass). Not rich, but not poor either. In essence, you are too poor to be rich yet too rich to be poor.

Major league wealth in Nigeria starts from having a net-worth in the nine-figure range. Still, there are levels to to this game. I see four distinct cut-offs:

Engineer Ade (Engineer): Net-worth of N100Million to N500Million liquid asset

Meet Engr. Ade, 42. A top engineer and entrepreneur managing his own road construction company. He started his company a little over 16 years ago. He has a net-worth of around N350M.

Engr. Ade even at this level, is still a mere mortal though his needs are pretty much met. He lives a very comfortable 5-star lifestyle in Lagos. he has a 4 bedroom, all ensuite duplex in Lekki Phase 1 and often books a $2k a day suite at the Burj Al Arab in Dubai for special family occasions. He flies in first class exclusively. He has the best of medical care for himself and his family’s needs. At this stage, no emergency financial situation can really affect his quality of life. 

His two kids go to one of the most expensive private schools on the Island. However, he isn’t “rich” in the way that money doesn't matter. He needs to be prudent and careful with certain financial and investment decisions, despite being at the upper end of this scale, where you would truly become insulated from personal financial crisis baring any unforeseen circumstances. (Business stress exists at all levels). He’s a firm favourite at his local bank even though a tier-1 bank still wouldn’t consider him an HNI just yet. 

Verdict: This level is attainable by anyone with a burning desire willing to graft and work smart.

Barrister Chima (Lawyer / Real Estate): Net-worth of N500Million - N1Billion

Barr. Chima, 53 is a lawyer turned real estate developer. He has an estimated net-worth of N800M.

It is at this level you start hanging out with the big wigs, prime movers and newsmakers. This man flies private every single time. He vacations in select locations - staying mostly at 5 star hotels and residences. He once hired the presidential suite of the Park Hyatt Paris Velodrome for his wife on her 48th birthday at the cost of $22k a night for the weekend. He has a palatial home in Lekki Phase 1 and another 3-bedroom luxurious penthouse in Old Ikoyi. 

He’s an Arsenal fanatic and has held the season ticket for 10 years. He also has a box seat at the Emirates Stadium. Whenever possible, he goes to Monaco for the F1 Grand Prix, and Cannes for the Film Festival - and for what its worth, accommodation in these places run from $5k-20k+ per night. He has a minor interest in a shipping line and also on the board of a popular FMCG company. 

He can often be seen fraternizing with state governors in the east, senators in the house of assembly as well as policy makers in the federal house of assembly. He is an extremely well respected member of his community. His twin girls attended private secondary schools in England and are already in the University of South Wales. He has a fleet of expensive cars in his garage as well as has a boat that accommodates 6. He has various personal assistants and has 'people' that others have to talk to to get to him. 

He is highly bankable and has his bank CEO’s private number on speed dial. 

Verdict: This level is quite achievable with work and prudent investments. I have personally thought of N1B as the magic number to try to attain which would later be corroborated (discussed later). Having a liquid net-worth of N1B, a 12% yield per annum in T-Bills is N120M. Thats earning N10M a month for life just for sleeping and waking up. Thats freedom - and I think it’s actually doable.

Otunba Akin (Accountant): Net-worth of N1B - N10B

It’s a wide range, but life doesn't change much when you go from being worth N2Billion to N9Billion. Otunba Akin, 58, is a seasoned accountant and a major government contractor. He has an estimated networth of N7B having started out in the business of tyre importation in the 90s. He also has a large farmland in Northern Nigeria as well as a printing press in Lagos. 

Otunba is a massive business wheeler dealer vast in the art of money making.

You see, at this point, you can just about think stuff into existence. First off, you can have fractional ownership of a jet. Otunba has properties in multiple locations around the world with staff and cars in each residence. He has two boats - a small one and a fairly big one that can seat 25 people. Whilst he has ownership and significant controlling stake in a couple of well known listed companies, he is also on the board of directors of a new generation bank.

He is very outspoken and a bit of a showman. 

Last year he flew his family out on a vacation to Gladden Private Island in Belize. He later told a friend, “the island is so private that the entire staff stay on a separate island and take boats to and from Gladden at the guests' request with breakfast served on the roof terrace. You can see the view of the Maya Mountains and surrounding protected marine reserve.”

“Erm…must be a nice place to visit” was all I could think. 

He collects wine the way normal people collect stamps. Early this year he went with his wife to the Wine Cottage in London for a private luxury wine tasting experience with a renowned wine connoisseur Kam Zadeh. He also indulges in clay pigeon-shooting.

He mingles with politicians, corporate elites, old money aristocrats and A-list celebrities (you can often hear praises of him in some of their poplar songs). He gets invites to major high calibre events and parties, and can go pretty much anywhere he wants in the world. He has loads of 'people' and staff at this beck and call. One day he said to me, “Seyi, the world is full of 'yes men’”. I just laughed. I once bumped into him at a Dubai Shopping Mall and he gave me $5,000 cash…just for shopping. Chump change for him.

His ability to buy things has become a bit of an art. One of his vacation homes is a 5-bedroom manor mansion in Switzerland. He owns a private luxurious two-floor 3-bedroom penthouse opposite a museum in Tribeca, NYC. He regularly hosts dinners with the vice president and high ranking political party officials in his home. He is also one of the major political party stalwarts even if you never get to see or hear him talk about it in public. He just got himself the new Ferrari 488 GTB. He has a top of the line customised BRABUS GWagon he’s so proud of. This man once forgot about a bank account he had with over N20M balance till he was reminded. 

Yes he is that rich.

Did I mention women? Because at this level, ‘na dem dey rush him’ - never mind that he’s married. Every event, party, at the polo club, private lounges, ultra-hot, world class, smart women ‘just dey rush am’, Power and money are an aphrodisiac and he’s got them in spades. I reckon that anything you want from women at this level you will find a willing and attractive partner even though you might not connect emotionally. One thing that I found rare and lacking in all this, is quality friendship and extended family that actually love you for who you are. They exist, but it is pretty difficult to know who’s who.

Verdict: It may be a little difficult to get to this level in Nigeria especially the upper single digit billion Naira. You probably need a couple of profitable businesses turning over billions yearly to have this sort of net-worth. Nevertheless, as Otunba himself often says “Dream BIG”.

Dr Ayo (Entrepreneur): Net-worth of N10B - N100B

Dr Ayo is the simplest man you’ll ever meet. He turned 60 last year. He is also a towering intellectual. You would never guess that he has an estimated net-worth of N40 Billion. He is so so fabulously wealthy. He runs one of the largest air cargo services in the country with presence in 6 African countries and offices in 4 EU countries and the USA. He also operates over 20 huge warehouses around the country providing logistics and distribution services. More recently, he launched a Private Jet service for business executives in another African country with a fleet of 3 business jets. By the way, he owns a small private bank in that African country too. He probably has over 2000 people working for him in his conglomerate. 

Dr Ayo is a financial powerhouse. He turns over between N25M and N30M a day across all his businesses.

Two years ago he gave out his daughter’s hand in marriage in an intimate, closed-door ceremony on a private island in Bora Bora, the crown jewel of the French Polynesia. The private island was on complete lockdown for 2 days. A number of local and foreign dignitaries were present and there were absolutely NO cameras allowed. You couldn’t even come in with ANY electronic gadget. His daughter’s favourite artists were on hand to perform her favourite songs. For a bit of comparison, Wale and I were probably the poorest invited guests at the event, and we are NOT poor by any means. I guess I am still not allowed to say the things we were given as souvenirs. It was really like a dream. For real, one of the best private events I have ever attended.  

Dr Ayo has over 25 properties in the nicest postcodes of the world accompanied by the single largest car collection I have ever seen. Mind numbing. He owns one of the rarest time pieces ever - a LOUIS MOINET METEORIS watch. His particular model is the Tourbillion Rosetta Stone that features a piece from the Sahara 99555 believed to have fallen to earth from mercury an estimated 4.6 billion years ago (google the price). He said he bought it off a well known Italian wristwatch dealer in Saint-Blaise, Switzerland. The yearly insurance premium on the watch alone is a fortune for most people.

Now my take is that at N10B and above net-worth, your life doesn’t change, it completely transforms. It morphs. I have seen it firsthand. I assure you as you read this that you CANNOT begin to imagine it. It’s unfathomable. 

You can all but get just about anything.

In broad terms, this is what N10B+ buys you:

ACCESS: You now can just ask your staff to contact anyone and you will get a call back. I have seen this empirically. It is bewildering the level of access and respect N10 billion+ gets you. 

One day, whilst in London, one business associate wanted to meet with another very well-known billionaire businessman (call him B1) for a yet to be approved project. The business associate mentioned that he would like to speak with B1 and Dr Ayo told him that he didn't really know B1 that well. 

Dr Ayo then called in his PA. "Get me the London Golf Club directory. Call B1 and tell him I want to speak with him."

Within 60 minutes, Dr Ayo had a call back. The associate was in B1's London penthouse having a meeting with him the following day. Dr Ayo’s opinion commanded that kind of respect from a peer. Mind blowing. 

The same is true with access to almost any senator, governor or politician (because in most cases, he is a significant donor to their party). Dr Ayo was also a silent member of Nigeria’s $18 billion economic debt relief team to the Paris Club in 2005/06. He actually Has a PhD in Finance and Economics from Harvard Business School. He often meets with presidents of nations to have policy and economic deliberations. Which leads to:

INFLUENCE: Yes, you can buy influence. As a multi-billionaire, you have many ways to shape public policy and the opinion, and you use them wherever you can. Dr Ayo is always in private meetings with top ranking legislators, state governors, the Minister of Finance and the CBN governor. This is the only man I know that has a private ATM installed in his mansion and it is managed by his bank. He is on the board of atleast 10 companies. If he were so inclined, a street in a major city could have been named after him. The amount of influence he wields at this level can be dizzying for mere mortals. 

TIME: Yes, you can buy time. He literally never waits for anything. Travelling? he flies in his wholly owned private jet. He simply shows up at the airport, sits down on the plane, the door closes and takes off in 2 minutes. He flies directly to his destination. No waiting. No stoping. The plane waits for him. If he decides to leave at anytime, he drives or takes a helicopter to the airport and he’s off. The pilots and stewardess are all his employees. They do what he tells them to do. Dinner? A driver drops him off in his Rolls Royce at his usual 5-star restaurant and waits for however long is required. The best table in the penthouse is reserved for him. The celebrity chef already has his meal prepared the way he likes it (because he gives him so much business he wants him VERY happy) and he ensures the service is ultra impeccable. Golf? His golf club is so exclusive there is always a tee time and no waiting. Going to Mayweather’s boxing match in Las Vegas or the Grammy's? he is simply whisked behind velvet ropes and escorted past any/all lines to the best seats in the house. 

EXPERIENCES: If you have Dr Ayo’s kind of money, just dream of anything and you can have it. Want to play tennis with Roger Federer (not him in particular, but that type of star), call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Beyonce? There is a price where she would simply come play at your private event. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love F1? How about racing Lewis Hamilton on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Barack Obama come speak at a dinner for you and your friends, just pay his speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone. The same is true with stuff. You like the SAX? How about owning one used by Kenny G in the album BREATHLESS? This is the type of stuff you can do. 

Dr Ayo has gotten invites from the Nigerian Embassy in the United States to all the US presidential inaugurations in the last 10 years.

IMPACT: Your money can literally change lives and change the world as we know it. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child needing a transplant? Hell...you could just build and fund a hospital and do it for a region. Renewable energy project, easy, you can fund it. You can also give scholarships to over 1000 students yearly and it won’t make any dent in your bank account.

RESPECT: The respect you get at this level is really over-the-top. You are THE MAIN MAN in almost every circle. Conferment of chieftaincy titles are the order of the day for you. Honorary degrees pour in from every quarter. You have educational endowment at your alma matter and prestigious university buildings are named after you. CEOs of multinationals look up to you. Governors look up to you. Presidents and Kings look at you as a peer.

PERSPECTIVE: He is one of the wealthiest person I have personally met and I reckon he makes a net income of about N1B a year (about $3M). I couldn't get my mind around that until I did some comparative analysis: 

Ok, let's compare this with someone who makes N10M per year. It is 100x more. Now let's look at prices the way he might. An average home in Lagos—N50M becomes N500k for him. 

First class ticket? N5M becomes N50k. 

A full time executive level assistant? N1M per month becomes N10k per month. 

A N150M Ferrari becomes N1.5M. 

A night at the Burj Al Arab $20,000/night becomes $200 per night for him. 

There is literally nothing you can't buy except…

LOVE: It is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is so valuable that you ration it - and that makes you lose connection with people. Dr Ayo has been divorced twice. I have since realised that almost all billionaires are at the apex of a certain system (late capitalism, or neoliberalism), which prioritises casual, contingent, and contractual relationships over emotional ties.

I have had a somewhat unique perspective into the lives of the super rich and have seen behind the curtains of the high and mighty. Honestly, there are a lot things I witnessed that I cannot write about. What you have read here is about a quarter of the story. 

One thing for sure is that their level of thinking is completely different. Their mindset is equally different. These men BELIEVE anything is possible. You CANNOT be in their midst and have a scarcity mentality. You will be challenged to just be the BEST you can be.

One of the things Dr Ayo told me and I hold dear is this:

“Every man should try and make a billion Naira. Even if you don't attain that level, you'll love the person you would have become in the process” 

Verdict: In Nigeria, you can relatively achieve billionaire status but to be a billionaire multiple times over requires a universe-sized serendipity and confluence of fortune that is several standard deviations away from anyone's ability to directly influence. That's not to say you can't do it - just keep in mind that becoming a multi-billionaire is no mean feat. And to think that all these people are nowhere near the likes of Jeff Bezos, Bill Gates and Mark Zuckerberg or even our own Africa’s richest, Alhaji Aliko. It just make you wonder what $1B in net-worth feels like.

Adventure Series Written by Oluseyi Akindeinde

?NB: Original names have been altered to protect privacy