Ibukun Awosika, a businesswoman and former chairperson of First Bank of Nigeria, has revealed that many well-known and rich Nigerians have high levels of debt despite their public displays of opulent lifestyles.

She disclosed the information while lecturing on the realities of wealth and the value of financial restraint.

Awosika underlined that the true financial circumstances of some well-known individuals are often hidden behind their public personas.

"You would be startled if I told you that many affluent Nigerians with well-known names are living in debt despite maintaining an opulent public lifestyle. I was chairman of a highly prominent bank. Until they die, their families often don’t even know the true state of their finances and how broke they’re,” Awosika said.

Drawing from her personal experience, Awosika revealed that for more than ten years she earned a higher income than her husband, who was steadily advancing his career in the public sector.

She noted that instead of allowing the disparity in earnings to generate tension, the couple treated it as an opportunity for collective progress and partnership.

Awosika emphasised that money should be a tool for mutual growth and cautioned married couples, especially women, against using money to cause conflict in their households.

Therefore, I really mean it when I say that money shouldn't be a problem in your home. Money is a tool. Whether it comes from a guy or a woman, use it to accomplish goals together. One plus one equals one. "It's not maths," she remarked.

Awosika is well-known for her efforts to advance financial literacy, leadership training, and entrepreneurship. Her remarks have sparked extensive conversations on the true meaning of wealth, how the general public views prosperity, and the underlying financial weaknesses of the elite in Nigeria.