Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
Since 2019, we’ve been telling important stories about how Nigerians navigate money: how they earn, spend and save the naira. 2025 was just as revealing.
This year, we spoke to people across different income levels, backgrounds and careers, offering new insights and sparking vital conversations that drove millions of Nigerians to take a closer look at their finances and potential income opportunities.
As the year comes to an end, let’s take a look back at the 10 #NairaLife stories our audience loved the most and just couldn’t get enough of.
This 22-year-old’s #NairaLife started with a desire to earn enough money to put herself in a school abroad. Seven years later, her priorities have changed. Now, she’s a uni dropout turned cybersecurity engineer making ₦5m+ monthly. Her new mantra? “I’ll never be poor.”
In less than three years, this 28-year-old’s earning power has increased from ₦125k to over ₦9m/month. However, she struggles with financial management and hasn’t built systems to protect her money. She hopes that changes soon.
In 2019, this 22-year-old student was knee-deep in financial uncertainty. Six years later, she lacks nothing, courtesy of an older lover. Now, she’s ready for another change, starting with her spending habits and taking an intentional go at financial independence.
This writer started chasing gigs in 2019. Five years later, she discovered writing platforms and turned her finances around. These days, her sights are set on three things: Making more from her books, exploring other income opportunities and providing for her family without buckling under the pressure of black tax.
The 33-year-old in this #NairaLife had a rocky start building his savings and investment muscle. But he’s finally gotten the hang of it, thanks to a crazy income jump from ₦600k to $5k. Now, he’s pursuing a $2m net worth. Tough? Yes, but he might know how to get there.
The 28-year-old in this #NairaLife has mastered multiplying her income and living below her means. Between 2021 and 2022, she increased her income by over 1000% and has built a ₦50m+ net worth. Now, she’s on a sabbatical, hoping to master another skill: cutting down her expenses even more.
This 28-year-old’s #NairaLife took a 180-degree turn after he found freelance work in 2021. In four years, he’s gone from earning ₦150k to ₦7m/month. His side gigs pay him far more than his full-time job, but he’s sticking with the 9-5 life for the long term. Why?
In 2024, the 22-year-old in this #NairaLife left a promising income potential in social media influencing to focus on other career opportunities. A year later, her bet is paying off, and she now earns ₦2m from working two jobs. Her next goal? $100k in savings and investments by 2030.
The 31-year-old in this #NairaLife has lived the perfect example of a grass-to-grace story. She’s overcome environmental limitations through sheer grit and a bit of luck. However, her improved financial standing hasn’t been as transformative as she’d like, and she wants to fix that—by spending more.
The 30-year-old in this #NairaLife struck gold with digital marketing in 2019 and began making significant money in 2022. It’s 2025, and she’s at her most liquid yet with a $7k/month income and a $30k portfolio. But she won’t rest until she can provide everything her child needs.
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Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
What’s your earliest memory of money?
I began to have a strong desire to make money when I was 11 or 12 years old. It was largely due to my family’s financial situation. I didn’t know what having money meant, but I knew what poverty looked like, and I wanted better.
Tell me more about your family’s financial situation
I was raised by a single mother who didn’t make a lot of money as a civil servant, so things were difficult. While my friends attended private school and received toys, I attended public school and managed food.
I noticed this difference in our quality of life pretty early, so I often thought about making money. The first time I was able to do so was at 15 years old.
What did you do?
I taught primary school students. I was still in secondary school at the time — either SS1 or SS2 — but I’d work as a holiday lesson teacher for makeshift schools in the area for ₦4k/ month.
I also made money running errands for people, mostly in the ₦20 or ₦50 change they told me to keep. There was also an estate beside my street where I’d go to help rich people bathe and walk their dogs for little money here and there. When the dogs had puppies, I helped the owners market and sell them on an online marketplace and earn between ₦2k – ₦4k in commissions.
I finished secondary school in 2016 and returned to teaching at schools. The first job I got paid ₦8k/month, but I worked there for only two months. I was more of an errand boy and cleaner than a teacher. I moved on to another school that was supposed to pay me ₦12k/month. I didn’t last one month there because the middle-aged proprietor began to move funny.
How so?
The man was making some “funny” sexual advances. I ignored him until he started asking me to wait behind after others had left. Ah, I resigned immediately.
Next, I worked as a cleaner at a school for ₦15k/month. I worked there for three months before I got an admission offer to the university. This was still 2016.
Did you also try to make money in uni?
I had to. I didn’t have a specific allowance from home. Sometimes I’d get ₦2k per week, other times ₦5k or even ₦1k if I collected food stuff. Money wasn’t consistent, so I needed to find ways to support myself. I did that by rearing rabbits.
Rabbits?
Yes. I love animals. I bought one rabbit, which I reared at home before I got into uni. She gave birth to six kits. Three died, and I took the remaining three with me to school when I resumed. That drew attention to me, and I became the guy who bred rabbits.
Gradually, people started to find me whenever they wanted to buy rabbits. I’d help arrange the purchase from a farm and earn commission. Over time, I expanded my operations and used any extra money that came my way to buy a few more rabbits and build a cage. That way, I could breed my own rabbits, sell them, and make a higher profit. I was selling them as pets, not for meat, but I was still making good money.
“Good” might be a stretch because I’m talking like ₦3k/week, but for someone who often trekked an hour to school because of transport fare, it was good enough for me to survive.
You mentioned you were selling the rabbits as pets, not meat. Is there a difference?
Yes. To sell rabbits for human consumption, you need to sell in large quantities to be able to meet clients’ demands. That’s big man business, which I didn’t have the capacity for. I only had like 7 or 8 rabbit kits a month. So, selling them as pets was the way to go for me.
People hardly bought rabbits as pets, but I had a strategy that allowed me to sell them at a premium price. I’d create content about how rabbits were quieter, cheaper to feed and maintain than dogs. I also spread the word that my rabbits were trained. Rabbits aren’t easy to train, but since mine were often in my room, they got used to being around humans.
I’d make videos to show how I could call them to come to me. The rabbits came because they knew I probably had food, but to people, it showed that the rabbits were trained and could listen to commands. So, while others could sell a rabbit for ₦1500 or ₦2k, I could sell mine for as much as ₦5k or ₦8k. Guys even bought them to gift their girlfriends. Business was good.
However, as I was getting money, everything went back into the business. I had to expand and feed the rabbits, and it became difficult to maintain. Then, a bag of rabbit food was ₦3k. Imagine a struggling student buying bags of food every week for rabbits.
So, even though the business grew very fast in just a year, it fell off just as fast. The final blow came when I was in 200 level.
What happened?
There was an outbreak of the RHD virus that unfortunately affected my rabbits. I had 8 breeding does at the time and I lost them one by one. I tried different remedies, even asked the person I got them from, but nothing worked.
So, whenever I noticed one got sick, I’d ask my roommate to put it down, so at least we could eat. I eventually sold off the remaining three for about ₦26k and the cage for ₦1k. I was able to make that much from the rabbit sale because one of them was an imported Angora rabbit I’d bought for ₦30k. I eventually sold it off for ₦20k. That’s how I stopped the business.
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Phew. Sorry about that. What did you do next?
I briefly worked as a hostel agent and reposted pictures and videos of available hostels from another agent.
The first day I went for a physical inspection myself, I realised there are some jobs that need you to be mentally and physically fit. I went down with malaria after one inspection waka and decided the business wasn’t for me. ₦4k in commission was the only money I made from that stint.
During this period, forex had started to gain ground in my city. Someone I knew from another hostel did a giveaway, which I participated in but didn’t win. Then I entered his DM and was like, “Omo, this giveaway you did. I’m broke o. I really needed the money.”
He asked me to come to his office to see him. I did, and he told me how I could start a forex business.
He explained that I could raise money from people, invest it on their behalf, and collect a percentage of the profit. He gave me ₦4k to start. With that ₦4k, I designed a flyer and started posting about the forex opportunity.
To be clear, were you trading forex?
No, I was just the middleman. I worked with a trader who traded the money for about two weeks before paying out the profit. The profit margin on investments was around 20% – 30% bi-weekly, and my cut was typically 5% or 10% of the total investment + profit, depending on my agreement with the investor (the person whose money I was taking).
For instance, if someone invested ₦1m and we earned ₦1.4m after two weeks, I’d only return ₦1.2m or ₦1.3m and keep the balance. Fortunately for me, people trusted me, and it was easy to convince them to give me their money.
In the first month, I rallied five people who invested between ₦400k and ₦3m. By the end of that month, I had earned ₦1m in commissions. To give you a full picture of how crazy that was, I’d never had up to ₦80k cash at once at that time in my life.
When I saw that ₦1m, I went to the bank and withdrew ₦200k. Then, I took it home, poured the money on my bed and slept on it. I had never seen that amount in cash before. The next day, I packed the money again and deposited it back into my account.
That’s wild. How did this sudden windfall impact your lifestyle?
Omo, I didn’t handle money well, and I think that was natural. I mean, I went from struggling to survive to making my first million. It was a big change.
Some people say that money can’t change them, but I believe it’s because they haven’t seen the amount that’ll change them. Money changed me, and I didn’t quickly realise that I was losing my head.
I started making money from forex, and suddenly I couldn’t cook again. Me, who used to cook palm oil rice and slice onions inside tomato paste to make stew, suddenly realised I wasn’t eating healthy. So, I started ordering food.
I went from eating chicken once in a blue moon to three times a day. Now, I can’t bring myself to eat chicken anymore because that’s all I ate when I started making money, and I’m tired of it.
My lifestyle completely changed. I bought my first iPhone, an 11 Pro Max. Also, I started going to the club, buying expensive stuff and hanging out with friends.
You were balling
I was. People kept investing in the forex business, and I continued to make money. This was around 2019. I even registered my brand as a proper business, employed a graphic designer and social media manager to create content for me. I think I paid the designer ₦15k/month.
It was a structured setup, and I made money. At some point, I had up to ₦9m and was even considering buying a car. Then, you could get a small Toyota car for like ₦1.5m. I didn’t go through with the purchase because I couldn’t drive and didn’t really need a car.
Interestingly, the period when I finally attempted to get a car was when the business came crashing down. This was in January 2021.
It turned out that the people trading the money weren’t legitimate forex traders. It was a Ponzi scheme, and they ran away with ₦6 billion of people’s money, including mine and my investors.
Damn. I imagine your investors tried to recover their money from you
Of course. I nearly died during that period. Interestingly, I had just returned from a vacation and only had ₦32k in my account when everything went to shit. Investors wanted to kill me with calls. Some turned to the police.
One time, I had just returned home from settling police officers after one arrest when a police van from a different station came to pick me up. I became a celebrity; the police were just looking for me. I couldn’t stay at my hostel either because of the guys who wanted to beat the hell out of me and burgle my apartment. I had to stay at a friend’s place.
How did you get out of that situation?
My saving grace was that I’d made my investors sign an MOU. In the document, I’d set up the contract so that they were essentially agreeing to recover only 5% of their initial investment in the event of a crash. I’d done that after a smaller crash had happened to limit my exposure and how much I had to pay back. Many people didn’t read the fine print of the MOU and simply signed it.
So, when that wahala started, I created a group with all 19 investors affected and showed them evidence of what had happened. I’d been clear from day one that I wasn’t the trader; just a middleman. Fortunately for me, most of the people who invested heavy amounts of money chose to let it go. It was the ones who invested little money that wanted to take my life. One of the guys who arrested me invested ₦10k. I eventually returned his 5% as ₦500 data.
I sha found a way to return most people’s 5%. Some of them argued that the agreement wasn’t legal because there was no lawyer present when they signed it. It was a lot of back and forth, but that’s how that era ended.
I lost everything and went right back to being completely broke.
Phew. Out of curiosity, did you invest in any safety net when you were making money?
Hmm. I invested in myself alone. I consider that period the biggest mistake I’ve made, but also not exactly a mistake. There is some money you make in life that only comes with lessons. People say, “opportunity comes but once,” but that’s only helpful when the opportunity comes to someone prepared and mature.
Imagine that kind of opportunity coming when I was barely 19 and with the limited exposure I had. I was bound to make mistakes, and I don’t regret it. I’d make the same mistakes again if the situation repeated itself with the same level of knowledge I had then.
Omo, I lived the life then. Land of ₦1k, I didn’t buy. Instead, I invested in myself aggressively. I went on multiple vacations, started looking good, and bought whatever I wanted. I even bought diamond earrings for the girl I was dating at the time. On her birthday, I used a car to deliver gifts to her. Me too, I know I made mad idan moves. Giveaway dey cry.
I’m screaming. How did you cope with the lifestyle changes that came with losing everything?
It was tough. A few weeks after the forex incident, I travelled out of my school area to stay with a family friend for about a week. I just needed a place to survive. That visit unexpectedly provided me with a lifeline.
When I had money, I’d developed an interest in drones and had bought one for ₦40k just to practice with. When I visited the family friend, I decided to do what I knew how to do: be a middleman. But this time, for drones. So, I got prices from a vendor and began posting drones for sale.
My first sale came with a ₦35k profit. When I closed that deal, I said to myself, “Okay. Maybe there’s something here.” That’s how I started selling drones. I also took on a few drone event coverage gigs and got someone to operate the drone while we shared the ₦15k – ₦30k coverage cost.
Over time, I made enough money to upgrade my drone, which cost approximately ₦500k, then later to a more expensive one. In 2022, I upgraded my business registration to include my drone sales and event coverage business. It’s still my primary source of income today.
I also earn random money from real estate commissions on the side, as I served my NYSC year with a real estate company between June 2024 and 2025. However, it’s not consistent. I don’t market it a lot because I don’t want to take attention away from my major hustle, which is selling drones.
What’s your income like these days?
My income is wildly unpredictable. I run a business, and can’t determine when people will buy. I can make ₦300k this month, ₦1m the next and absolutely nothing for the next couple of months.
In March 2023, I made ₦2m in one month. The next time I made money from drones that year was in December, and I made only ₦40k. That’s how it is. I’m not selling fish. Drones are expensive, and I tend to only make a good profit when people buy expensive ones. I might only make ₦20k on a ₦200k drone, but I can make over ₦200k from a ₦3m drone. Unfortunately, those deals only come occasionally.
Besides the drones, I take on various random jobs to earn money. I can take on a video editing gig today and help someone buy a pet tomorrow for little money here and there. Even if it’s ₦10k or ₦15k, just bring.
I get it
I’m also on the lookout for remote cybersecurity internships. I studied a professional diploma course in cybersecurity during my NYSC year after a Twitter contact told me about a scholarship opportunity. The scholarship allowed me to pay $15/month instead of $30 for the one-year program. I was interested in tech and mostly curious about the field, so I joined.
The only problem now is that landing my internship might mean rearranging my life. I’m not based in Lagos, and most of the opportunities I’ve found require moving there. It’s crazy because these internships don’t want to pay more than ₦50k/month.
Even crazier, I’m seeing jobs requiring three years of experience offering ₦250k – ₦300k. That’s not nearly enough to justify a move to Lagos. So, my goal is foreign remote jobs that pay in dollars.
How would you describe your relationship with money now?
I’ve seen money, so it doesn’t freak me out anymore. It’s safe to say I can’t make the mistake I made when I was touching forex money. However, money determines my mood. I’m happy when I have money and sad when I don’t.
That said, I think I’m in a better place. I’m not where I want to be, but I can manage my life with what I earn. I may not like chicken anymore, but I can afford it. I don’t spend carelessly, but I still make sure to buy things that make me happy.
I also try to save in a way that my savings can “save” me when I’m not making sales. I don’t have a specific figure I save each month, nor do I lock away money. What’s the point of locking it just to enter debt when I urgently need it? So, I just do what I can.
What do your savings look like now?
I don’t think it’s up to ₦1m. My dog has been ill for a few weeks, and I’ve been spending a lot of money on his health. I also recently got some perfumes and am preparing for December oblee and expenses. So, that’ll most likely eat into my savings.
Let’s break down your typical monthly expenses
This depends largely on how much money I make each month. I can spend carelessly when I have money, and be extremely prudent when I’m broke. But here’s a decent average:
What do future plans look like for you?
I hope to have a strong and steady business. I would hate to be working a nine-to-five job. If I have to, it has to be remote work. I just want a stable life with a supportive partner and to be able to afford the basic good things of life. Yearly vacations wouldn’t be bad, either.
Is there anything you want right now but can’t afford?
A power bike. I ride my friend’s own and would really love to own mine soon. I might need around ₦3.5m to ₦4m for that. I can’t even save towards it because expenses keep coming to take away whatever money I manage to keep aside.
I can relate. How about the last thing you bought that made you happy?
I bought my perfume collection a few weeks ago, and my total spend was slightly above ₦200k. I liked that I was able to afford what I wanted.
How would you rate your financial happiness on a scale of 1-10?
5. I’m grateful that I can live a good life to a certain extent. However, I don’t have a stable income, and I’m unable to make long-term plans as a result.
If you’re interested in talking about your Naira Life story, this is a good place to start.
The topic of how young Nigerians navigate romantic relationships with their earnings is a minefield of hot takes. In Love Currency, we get into what relationships across income brackets look like in different cities.
Interested in talking about how money moves in your relationship? If yes, click here.
How long have you been with your partner?
My husband, David, and I have been married for five years. We met in 2020 and married that same year.
How did that happen?
I’d just started my service year in Ekiti when the COVID lockdown happened. My parents live in Delta, which is quite a distance from Ekiti. I thought the lockdown would end quickly, so I stayed back, believing it would be a waste of money to go home.
At that point, I was already a member of David’s father’s church, and the church helped corps members who didn’t want to go home find accommodation with church members. I stayed with a lady who lived close to David’s house, and almost every day, he would visit me, bearing food.
According to David, he didn’t do that because he liked me. He’s just a giver who tries to help as many people as possible around him. However, we began to learn more about each other during these daily visits, and he felt that God had told him I would be his wife. When he told me this, we’d only known each other for two weeks.
What was your reaction?
I was surprised, but I prayed about it and got confirmation from God that he was the one. I initially didn’t even want to pray about his proposal. He was a pastor in his father’s church, and I wasn’t sure I wanted to be a pastor’s wife.
I’ve always heard about the sacrifices it takes to marry a pastor. He wouldn’t likely make a lot of money, and I had to accept that he’d divide his time between his home and the church. I’d also need to be a “role model” for women in the church, and have a big heart to mentor people and listen to their problems. It just felt like such a big role that I wasn’t prepared for.
Additionally, I always had a mental picture of myself working for about two years and earning money before settling down. Yet, I was jobless, without any financial safety net, and God was telling me to get married. It felt like He was carrying all my plans and throwing them away to make way for His own.
However, I felt peace after praying and getting confirmation. I also shared my worries with his mum, and she gave me helpful advice and encouragement for the journey ahead. She helped me understand that God’s grace was available to support the responsibility He was placing on me, and I only needed to seek His help continually.
So, I accepted David’s proposal, and we got married five months later.
What were finances like, considering you didn’t have a job and he was a pastor?
We lived on the goodwill of people for the first two years of our marriage. David’s dad used to give him a ₦30k salary, but even with the most extreme managing, the money only lasted us about three weeks.
To make things worse, I got pregnant immediately after the wedding and had high blood pressure throughout the pregnancy and for some months after delivery, so I couldn’t work. Thankfully, we never went hungry. David’s parents and other church members often gave us foodstuff.
Things started to get better in 2023. I got my current job, which pays me ₦85k, and I started pitching in with living expenses. Sadly, David’s dad passed away in 2024, so he’s now the head pastor. The promotion came with a higher salary — ₦70k/month. We have two kids now, so our combined salary is still quite low, but God keeps providing for us.
What kind of money conversations do you have with your husband?
It’s mostly about what needs to be done or bought at home. We treat our finances like a joint system; whenever the other person gets money, we bring it to do what needs to be done.
That’s especially necessary because, even though my husband has a salary, we can’t completely depend on it. I can just hear, “This sister in church hasn’t paid school fees, so I sent her money,” or “I felt led to give this person money.” Sometimes, he tells me before giving out money, but I can’t discourage him, even though it can be an inconvenience. I believe God blesses people so they can be a blessing to bless others. We’re also recipients of the generosity of others.
So, I can’t stop him from emptying his account to help people. It’s just difficult to plan because I can’t say the money we have today is what we’ll have tomorrow. The only income we can plan on is my salary, because people usually go to the pastor for their financial problems, not his wife.
Still, our finances are usually tight because ₦85k is not enough. My husband can still come and suggest that we use my salary to do something in the church. One time, we used the money we planned for electricity units to fix the church generator while we sat in darkness for two days.
Hmm
I often feel stressed because of our financial situation, but one thing I can say is that my husband tries his best to make me happy. He’s a good man.
I also try to put my hope in God instead of our bank accounts. Once, we were completely broke, and someone sent my husband ₦50k out of the blue. Miracles like that happen a lot. It’s just that, I’m someone who loves to plan. I don’t like waiting to “see what happens.” But I’m learning to let God take control.
What are your thoughts about safety nets?
I try to push for us to save for house rent and emergencies, but it hardly works out. What usually happens is that we’ll save for a while, and something almost always comes along to take the money away.
Still, I ensure that I keep some money aside whenever we receive financial gifts or any extra money. Right now, I have ₦62k in my savings.
Do you have a budget for romance and gifts in your relationship?
There’s no budget; we just get things for each other when there’s money. People often tease me, saying I must have a turban in every colour, and that’s my husband’s doing. When he has money, he buys me turbans or Ankara material so we can sew matching outfits.
On the other hand, my husband doesn’t like gifts. I can buy him a wristwatch today, and he’ll say, “Someone would have appreciated the money you used to buy this.” So, I just maintain myself and only buy him things he absolutely needs, like singlets, boxers and shirts when I have money.
What’s your ideal financial future as a couple?
One of my husband’s sons in the Lord recently gifted him a plot of land. The goal is for us to build a hostel so we can make money from it or build our own house. I believe it’ll be a good investment for our future.
Interested in talking about how money moves in your relationship? If yes, click here.
*Names have been changed for the sake of anonymity.
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The topic of how young Nigerians navigate romantic relationships with their earnings is a minefield of hot takes. In Love Currency, we get into what relationships across income brackets look like in different cities.
Interested in talking about how money moves in your relationship? If yes, click here.
How long have you been with your partner?
7 years. My wife, Uchechi, and I dated for a year and have been married for 6.
How did you meet?
We met in December 2017. We’re from the same village and had travelled home for Christmas. I was seriously considering getting married, and I knew she was potential wife material when I met her. She was friendly, homely and very beautiful.
I still needed to know more about her before making a decision, so I spent most of my time in the village asking about her and her family. When I was satisfied with my findings, I got her number through a relative and sent her a WhatsApp message: “My name is Emeka, and I want to marry you.”
Just like that? How did she respond?
She responded with a laugh emoji and said, “I don’t even know what you look like and you want to marry me?”
I called her to introduce myself, and we started talking from there. This was in January, and she’d already left the village. However, I knew we both lived in Lagos from my findings, so I asked to see her after I returned to Lagos. I remember it took weeks for us to find time to see each other. She’d just gotten a contract job at a bank and was always busy. When she was free, my own schedule didn’t work.
We eventually settled on her coming to my place one evening and then going to work the next day from there. I even cooked for her that day. We didn’t do the “Will you be my girlfriend?” thing. She knew what I wanted, and we just continued like that. Money issues were the only reason it took us a year to get married.
How so?
My landlord at the time suddenly served me a quit notice, and I had to start house hunting. Everyone knows how expensive it is to rent a new apartment in Lagos, especially with all the additional fees, the cost of moving in and setting up the place.
At the same time, I was also gathering money for the wedding. Getting married in my village is famously expensive due to the bride price list and all the things I had to buy. I was actually prepared for that. I had nearly ₦1m in my savings, specifically for my wedding, but the house issue ruined all my plans. So, I had to start saving again.
What were both of your financial situations like at that time?
This was in 2018/2019, and I earned ₦120k monthly. I also had a small importation business with my sister that occasionally brought in money, but it wasn’t regular income. My sister did most of the heavy lifting; I only helped with capital, and she sometimes gave me a share of the profit.
I’m not sure what Uchechi was earning at the time. I didn’t really concern myself with what she earned since I was handling all the wedding expenses. In my place, it’s the man who marries the woman. You can’t tell a woman to bring money to marry herself.
Interesting. Does this also apply to how you both manage finances in your home?
Not exactly. I handle the bulk of the expenses, including house rent, school fees, and food, but Uchechi supports the home from her ₦350k salary. She can buy small things for the kids and handle other household essentials, such as fuel, cooking gas, and settle utility bills.
I don’t think the man can pay for every single thing in this economy. When I’m not a millionaire. We plan our expenses together, and that’s how we manage to survive.
I should also mention that I’m thankful for the kind of wife I have. It’s easy for me to be transparent about my income and for us to plan our finances together because she’s not the type to bill unnecessarily. Of course, she asks me for money, but she’s always reasonable about it. We occasionally argue about money, but it’s not every time.
What are these money arguments about?
My wife often tries to pressure me into supporting her family (my in-laws) more by placing at least one parent on a monthly allowance. Her parents are retired, and things are financially rough for them, but I can’t commit to that.
My wife knows more than anyone how we manage to make things work. Why would I put myself under extra pressure? I send them ₦20k once in a while, but I don’t intend to make it a monthly payment to avoid undue pressure. I know she probably gives them money secretly, but it’s her money. As long as she’s not asking me and continues to support our home as necessary, I don’t have a problem.
That reminds me of another small recurrent issue we have. I want my wife to quit her job, but she has been doing everything to change my mind.
Why do you want her to quit?
She works with an advocacy-focused organisation and travels for work once or twice a month. She works late sometimes, too. It’s always difficult to manage with the kids when she’s not around.
I’ve told her to quit and find something else that allows her to have time for the home, too. Her income is important, but I don’t have a problem with us managing on my income until she finds something else. I’ve been saying this for a couple of months now, but she keeps coming up with different excuses not to quit.
At first, she said it’d be better to find a job before leaving. But she hardly has free time to do anything, let alone job-hunting. Then she said it’ll be hard to live on my salary alone. But shouldn’t I be the one complaining about that? I’ll probably give her until the end of the year. After that, no more excuses.
Hmm. But what if she doesn’t find another job quickly?
Then she’ll have to start a business, preferably one she can run from home. I’m not pushing for that yet because I don’t have money to give her as capital. If job-hunting takes too long, I’ll have to look for money to set her up.
Do you have a safety net?
Oh yes. I’m a religious saver. I save at least ₦30k monthly, and also do a ₦50k monthly ajo contribution towards house rent. I think I have about ₦500k in my savings account right now.
I’m sure my wife has some savings as well, but I don’t ask about it. I believe it’s healthy for women to have some money of their own stashed somewhere in case of emergencies. I advise my sisters to do the same.
Do you have a budget for romance and gifts in your relationship?
There’s no strict budget, but I sometimes visit eateries with my wife and kids. Other times, they say they want to eat pizza and ice cream, and I buy that too.
Gifts come during birthdays and Valentine’s Day. My wife even prefers I give her money, so she’s fine with a credit alert. I usually send between ₦30k and ₦50k.
Then there’s the usual billing once in a while. “Darling, come and buy this hair for me.” “Darling, this dress will fit me o.” If I can afford it, I pay for it. Other times, I give her part of the money.
What’s your ideal financial future as a couple?
To have enough money to leave the country whenever we want to. I may or may not relocate permanently, but it would be nice to know we have that option if this country gets worse.
Interested in talking about how money moves in your relationship? If yes, click here.
*Names have been changed for the sake of anonymity.
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What’s your earliest memory of money?
My aunt, whose place I used to wait at after school until my parents returned from work, usually gave my siblings and me ₦5 or ₦10 to buy sweets. Sometimes, we would take the money home and give it to our mum to keep. Of course, we never got the money back.
Of course. What was the financial situation at home like?
My parents were civil servants, and growing up was pretty chill. We weren’t “rich”, but I never worried about what my next meal would be. I don’t think I lacked anything, really.
Do you remember the first time you earned money?
That was in uni. I made money writing assignments for some of my guys. I started it when I first got into uni in 2017, but I was a naive young boy. They’d ask for my help, and I’d do the assignments for free; I only asked for money for printouts.
However, in 300 level, I realised they were taking me for granted and I needed to start charging for my time. So, I began demanding small payments, usually ₦2k – ₦3k.
How often did these assignment requests come?
Not frequently. In a semester, I could do about six assignments. My earnings from that supplemented my ₦10k – ₦25k/month pocket money, so I lived a relatively okay life as a student. At least, I didn’t go hungry even though I rarely cooked.
Besides the assignments, I also had a couple of volunteering stints with an NGO, where I got a ₦2k stipend whenever we went out for campaigns. It wasn’t an actual income.
Fast forward to 2022, I graduated from uni, then I taught at a secondary school for NYSC the following year. My only income was the ₦33k allawee, which I supplemented with money I made from shoemaking.
I need to give you some context for this shoemaking part.
Haha. Yes. When did you learn shoemaking?
2022. The long ASUU strike came just before my final exams, and I was idle and frustrated at home. I wanted to learn a skill that wasn’t already saturated. I’d already learnt graphic design earlier, but I wasn’t getting any gigs. I didn’t want to be a fashion designer because that’s what all my siblings learnt, and it felt like I knew too many tailors.
One day, I just thought, “What of shoemaking?” I didn’t know many people who did that, and I felt that footwear was something everyone bought, whether they had money or not. In fact, at the time, my footwear was the most expensive thing I owned. That’s how I came to a decision: I would learn shoemaking.
My parents were against it, though. They wanted me to continue in graphic design. Some of my friends didn’t like the idea either, mostly because of the “prestige”.
They said, “How can you be a graduate making shoes?”
But I didn’t care. We’re talking about money here, and you’re saying graduate. Is it better to be a poor graduate?
Plus, the person I planned to learn from was also a graduate. So, that was extra motivation. I was just like, “Fuck it. This is what I’m going to do.”
Energy. Did you have to pay to learn?
Yes. I paid ₦30k. The training was supposed to last a year, but I ended up learning for about four months because ASUU called off the strike, and I had to return to school.
However, from the first day of my training, I was already telling people I made footwear. I didn’t know how to do shit, but I was posting, “I’m a shoemaker” on my WhatsApp status.
My boss was a very nice woman. Whenever I received orders, I would tell her, and we would make the footwear together. It made me learn faster, while earning small cash on the side. I made like ₦1k profit on a ₦5k pair of palm slippers.
I moved to a different state for NYSC in 2023 and didn’t have any way to continue learning. I didn’t even have a machine to work with, so I initially planned to act as a middleman for footwear orders. I’d take orders, look for a shoemaker to make them and charge a little profit. But after making a few findings, I realised the arrangement would make the shoes unaffordable for people.
Instead, I decided to talk to the shoemakers and asked them to allow me to work from their shops. Luckily, I found someone who allowed me to do that. He didn’t charge me, but I took the initiative to occasionally buy him bread and drinks, or give his apprentice small money whenever I worked at his shop.
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What was your income flow like?
It was pretty good. I stayed in a corper’s lodge, and sometimes I took the shoes I worked on home to complete them. When people saw me, they’d ask what I was doing, and I used that to spread the word. So, I was getting clients from my WhatsApp status and through word-of-mouth referrals.
In a month, I was sure of making at least five footwear. Some people also came to me for shoe repairs. My price for new footwear depended on the design. My customers were fellow corps members, and I couldn’t charge much. Plus, the number of shoes I made was more important to me than putting huge price margins on only one pair.
My only strategy was to add a ₦1200 profit to the cost of materials and transport for whatever footwear I was making. Then, there was a popular restaurant in my area that sold a plate of food for ₦1200. My reasoning was, “If I work, I’ll sha chop.”
Real. Did you do this throughout your service year?
Yes, I did. After I finished NYSC in 2024, I returned to the state where my uni is located, with a plan to double down on shoemaking. I was convinced I could make more money by putting more energy into my craft.
My theory worked. I stayed among students and quickly started getting customers. Unfortunately, my parents pressured me to return home to Lagos after three months. I got to Lagos and everything just dried up.
Phew. You stopped getting customers?
Not totally, but there was a big difference. During NYSC and in school, I had a community of people I could talk to and plug my work. But Lagos is like a jungle; no one sends you like that.
I decided to use the opportunity to improve my shoemaking skills. I found a shoemaker and paid ₦40k to learn more designs. I even paid the ₦40k in instalments.
How long was the training for?
I only spent about three months there because I secured an internship through a government-funded graduate internship scheme, which places people in various organisations. My internship was with an insurance company, and they paid me ₦60k/month for the three-month period.
While doing that, I returned to school for my master’s program because my parents wanted me to. They weren’t even in support of my learning more shoemaking skills. They insisted on the master’s until I relented. I’m still on it. I’ve completed my coursework, though; only my project is left.
How do you support yourself in school?
It’s mostly my parents. They don’t give me an allowance, but I tell them what I need for school, and they pay for it.
When I’m not in school, I live at home with them, so I don’t have major expenses. I handle petty expenses with the income from the occasional shoemaking orders. I usually pile up the orders for when I return home during the weekends so I can work on them at my boss’s shop.
On a positive note, I now have a filing machine, but that’s just one of the many pieces of equipment I’ll need if I hope to stand on my own one day.
What’s your income like these days?
I make an average revenue of ₦100k/ month, but my profit after deducting the cost of materials and transport only amounts to between ₦20k and ₦30k. It’s not big money, but at all at all na im bad.
At least, I’ve gone from charging ₦5k to at least ₦15k, and I market my business on my various social media platforms. I know I can earn more from this if I put in more effort and acquire additional equipment. I’m also jobhunting, but nothing has come out of that yet, so I’ll have to hold on to shoemaking.
If I push harder, I might even make more than whatever a 9-to-5 job would give me. I’m open to every opportunity.
You mentioned equipment. Have you thought about what you’d need?
The last time I wrote down a list of machines, it totalled about ₦10 million. But that’s on a full industrial scale. For a start, I estimate about ₦500k for equipment. The most important things I need are shoe lasts and a sewing machine. That ₦500k doesn’t include the cost of renting a shop. I don’t know how much that would be.
How would you describe your relationship with money?
I’m stingy with money like mad because I don’t know where the next one will come from. If I don’t need something, I won’t buy it. My major expenses are data and small stocks that I buy once in a while.
Stocks? How did you start?
I started in 2020 with a fintech app that allows you to buy shares from global companies like Apple, Microsoft and Google. I didn’t know much about it; I just put money there that time. I can’t even remember how much. Then, when I was broke, I took it out.
It wasn’t until recently, when I started seeing buzz around foreign stocks, that I realised I could’ve made so much money if I hadn’t sold it. The incident drove me to research financial instruments and education. Now, I try to put small ₦1k here and there in stocks. I follow people who talk about money online and try to observe what they’re doing.
I currently have like ₦40k spread across both Nigerian and US stocks. The dividends aren’t much because it’s still small money, but I figure it’ll grow as I stay consistent with it through the years.
Do you also save, or are stocks your primary financial instrument?
I don’t typically save. I used to buy dollars to keep my money before, but I stopped because the naira started gaining against the dollar, and it no longer seemed profitable to buy dollar. I should also have some Bitcoin somewhere, but it’s been a while.
Let’s break down your typical monthly expenses
Is there an ideal amount you think you should be earning?
If I see ₦500k/month right now, whether from a 9-to-5 job or my business, I’ll be chilled.
What do future plans look like for you right now?
Honestly, I’m still figuring it out. I want to do more with shoemaking; I also want to get a good job. I’ve been searching for one within the advocacy sector, but I’m fine with anything. There’s still a lot to figure out, but I’m optimistic and hopeful. I believe my future is bright.
Rooting for you. Is there anything you want right now but can’t afford?
I’d like to change my phone to an iPhone 11 Pro Max. I don’t even know how much they sell it. Maybe ₦400k?
How would you rate your financial happiness on a scale of 1-10?
Happiness? Zero, abeg. I’m not happy at all. I have no cash. That’s not a happy situation.
Hoping things change for the better soon. What would make you happy?
Thank you. If I see 100 orders now, I’m sure that rating will change. I believe it’ll happen one day.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
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When did you first realise the importance of money?
In uni. I had a relatively easy childhood, and although we experienced financial difficulties from time to time, my parents provided me with everything I needed. At the very least, I ate three meals daily.
However, things changed when I started university in 2020. My dad said, “You’re on your own now. Don’t ask me for money.”
Omo, I suffered. Scarcity taught me the importance of money.
No allowance?
There was, but ₦10k/month was never enough. There was one day I drank garri throughout the day. After I drank garri again in the night, I just started crying and asking God why I was in that situation. It was terrible.
Phew. Was there a reason your dad wasn’t open to billing?
My parents are pastors, and the pandemic grounded a lot of things financially. We couldn’t hold regular church meetings, and even after lockdown, we found it difficult to restart service due to several factors.
My parents tried a few businesses to supplement our income, but things weren’t going great. We had to manage, and that affected what they could afford to give me for school. After the garri incident, I resolved to find alternative ways to make money.
What did you do?
The first thing I tried to do was sell clothes when I was in 200 level. I didn’t exactly have a passion for it; I didn’t even believe I was a businessperson. However, the popular stereotype about my tribe is that we should all know how to buy and sell. So, I thought it was a good idea. Also, I was desperate.
So, I borrowed ₦20k from my elder brother and bought clothes from someone who imported them from China. The business didn’t last up to a month, and I barely sold anything due to my lack of interest in the whole thing. I didn’t know how to sell, nor did I have the energy to convince people to buy. I ended up giving most of the clothes away.
Did you try another business venture after that?
I didn’t. Instead, I turned to social media. It was initially an escape for me. I was bored and getting depressed because of my financial situation, so I became active on social media to take my mind off things.
Then, I started to read about opportunities such as writing, freelancing, and social media management. As I learned more about them, I felt they were things I could actually do. I’ve always known how to write, and I could easily learn the others.
In fact, I already had some community management experience from managing Christian Facebook communities. I had created those communities to make friends, and grew membership to hundreds of thousands. Facebook was hot in that 2020/2021 period, and the communities were very active.
My work with the communities and my writing skills pushed me to explore these new opportunities. Plus, if I couldn’t make money in the traditional way of buying and selling, I could acquire skills and earn money from the comfort of my house.
How did you go about acquiring these skills?
I took free courses in Search Engine Optimisation (SEO) and digital marketing on SEMrush and HubSpot. Then, I started building in public. I actively posted on Facebook, sharing my skills and my work experience. I also joined freelance platforms like Upwork and Fiverr and sent proposals back-to-back. My social media audience grew steadily, and clients began to come in.
I landed my first gig — $15 to write an SEO blog article — in 2022, about six months after I started taking those courses. That gig made me feel complete, and the whole freelancing experiment felt real. Like, finally, I’m earning my own money, and I could earn more with even more effort.
Energy
Subsequent gigs mostly came from Facebook and my school network. I had an audience on Facebook, and since I was steadily posting write-ups, clients came with their writing needs. I earned the odd ₦5k or ₦10k here and there.
The school clients were classmates who were too busy trying to make money to take school seriously. I told them I could write, and they paid me to handle their assignments and seminar papers. I charged anything between ₦5k and ₦15k, depending on the level of work to be done. Fortunately for me, the pandemic and multiple strikes had affected our school calendar, so we were constantly rushing.
The school authorities would condense a six-month semester into two months, and we always had a lot of assignments. So, I constantly made money from that. I even started a referral program, offering a 20% to 30% discount to people who brought friends and clients from other departments.
What was your average monthly income from these gigs like?
Initially, my income was quite irregular. However, as I became more consistent around 300 level, I built a solid reputation in school, and more people came to me. Between Upwork, Facebook and school gigs, I made an average of ₦100k monthly.
My income peaked during my final year. I started writing final year projects for clients and charging up to ₦90k per project. I also got the opportunity to write for UK clients —people who had used my services in school referred me to their siblings studying in the UK.
These international students rarely had time for assignments and theses because they juggled school and work, so I did them on their behalf and charged well for it. In my final year, I comfortably made up to ₦400k monthly.
Not bad money for a student
It was more than enough to cover my needs. I’m an introvert who hardly went out, so my money usually went to books and food.
When I graduated in 2024, I basically continued where I left off. However, I decided to pay more attention to SEO and social media marketing because the international student gigs were seasonal. They could go on holiday for like three months, and I wouldn’t make any income from that source.
Currently, I primarily freelance as an SEO writer and social media marketer. I still receive academic writing gigs from international students, but it’s not my sole source of income.
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How do you get clients as a freelancer?
I recently started cold outreaches using LinkedIn. I’d find the contact details of decision-makers in companies I believe need my services and pitch them. That works half of the time. The rest of the time, my clients come from word-of-mouth referrals and freelance platforms. The academic writing gigs are solely referrals; I don’t need to pitch for those.
I average ₦500k/month when my academic writing clients aren’t in session. When they are, my income can get up to ₦800k or ₦900k. Now, that’s just from freelancing. I also have a 9-to-5 job that pays me ₦200k/month, and I receive ₦77k allawee as a corps member.
I feel like we’ve jumped a few chapters. When did the 9-5 happen?
March 2025. I moved to a different state for NYSC, and my cost of living skyrocketed. It honestly came as a culture shock. As a student, I paid only ₦150k for a decent self-contained apartment. But moving here, the same apartment costs ₦600k. Transportation and feeding are also more expensive.
To make it worse, my income wasn’t stable when I first moved here. My international students were on holiday, and money wasn’t coming in frequently. That was when I even decided to focus on my other skills to fill the gap from academic writing. I also decided to take a 9-to-5 job to keep me grounded during periods when freelancing didn’t bring in as much money.
I got a social media marketing job with a manufacturing company. They pay me ₦180k as salary and an extra ₦20k for data. The job is primarily for stability, and thankfully, it’s remote. At least I know, whether it rains or the sun shines, I’m getting ₦200k from somewhere every month.
So, it’s like your NYSC Place of Primary Assignment (PPA)?
Actually, no. My PPA is at an NGO where I work in communications, but they don’t pay me. So, I told them they shouldn’t expect me to come to work every day. Instead, I work like a consultant for them. I help them with newspaper and magazine contacts when they need to publish press releases and offer communication advice, but that’s it.
Interesting. What kind of life does your income afford you?
I live a comfortable life. I eat well, and I can afford data, good clothes, and live in a decent place. That said, I don’t think I live luxuriously. I have plans for my future, so I don’t overspend. In fact, 60% -70% of my income goes into my savings. 10% goes to tithe, and I live on whatever’s left to cover my cost of living.
Tell me more about how you break down your savings
This is how it works: I allocate 60% – 70% of my monthly income to two savings accounts. One is an emergency savings account that I can easily access if I’m stranded, and the second is under a lock feature in my savings app that doesn’t allow me to touch the money for at least a year. I put most of my savings into this feature. Sometimes, I also direct some of my savings to crypto and stocks, but that’s not regular.
Right now, I have around ₦700k in my emergency savings and ₦2m in the locked account. I started this approach in 2024.
Is there a reason why you lock your savings for a year?
Two reasons: The interest rate and financial discipline. I’m very liberal with giving, and it’s a way for me to caution myself. I intentionally make myself poor because if I earn ₦700k this month and keep the whole thing in my account, I’ll spend it when someone asks. So, I’d rather hold ₦100k so when they come, I can say, “I only have ₦100k. Take part of it.”
So, you live on about 20% of your income. Let’s break that down into monthly expenses
My feeding budget is that low because I’m a minister in my church, and we fast a lot. My church giving is exclusive of my tithe and offering, also because I’m a minister. I teach an age group in church, and I like to give them monetary gifts.
I should also mention that I recently started channelling some of my savings into a real estate investment program. The program allows people to pay a deposit for land and complete payment in instalments. The land I bought costs ₦3m, and I initially deposited ₦700k. I’m supposed to complete the payment by the end of December. I’ve already paid around 70% of the money; what’s left is ₦1m, and I know I can complete it by then.
The person who introduced me to the program is a trusted church member. He’s already given me the papers and necessary documentation for the land. So, I’m already technically the owner.
How would you describe your relationship with money?
“Interesting” is the only word I can think of. My mum says I behave like someone who hates money because I’m almost always broke, even though I earn a lot of money.
It’s a paradox: earning so much and still being broke, only that mine is induced poverty. Once I get paid, I channel my money into savings and make myself broke because I don’t want to be extravagant. I’ve also learned that money is a spirit. The more you make, the more you want to spend.
So, I’m conditioning myself not to succumb to that by having little cash to work with. I was recently stranded and had to ask my sister to loan me ₦4k because some bank issues prevented me from sending money from my savings account to my regular account. And that’s normal for me. It may not be ideal, but that’s how I condition my life.
I’m curious. Do you have a particular savings or investment goal?
My investment goal is real estate. I want to buy multiple lands in developing areas and wait for them to become prime locations. I’m also looking to japa through the student route, and I imagine I’ll need to have sufficient proof of income. I don’t know how much I’ll need yet, but I’m saving with that in mind.
Is there an ideal amount you think you should be making?
At least ₦1.5m/month. I want to get a bigger apartment closer to town, but I can’t do that on my current income. I also have a relationship and marriage in mind within the next two to three years, so I need to increase my earnings.
What do future plans look like? Do you intend to continue freelancing?
Definitely. It’s working for me, so I’ll keep at it. I also want to go into thought leadership and content creation. I recently started posting videos on my TikTok, and I’ve been getting decent views. I know I’m a skilled communicator who knows how to deliver speeches and offer advice, so I’m confident my content will resonate well. I just need to get content creation equipment because I mostly do selfie videos for now.
Besides thought leadership, I also plan to produce content focused on career tips and organise classes for people who want to transition into the digital space. I’ll probably start all these by the end of the year.
Interesting. Is there anything you want right now but can’t afford?
A car. I spend too much on transportation, and it’s a major hassle in my city. I might need about ₦20m for the car I want.
How about the last thing you bought that made you happy?
I bought a tie for ₦1500 a few weeks ago, and it’s gotten me so many compliments. In fact, I was so happy the day I bought it that I placed it on my bed, snapped it, and posted it. That tie makes me so happy.
Love it for you. How would you rate your financial happiness on a scale of 1-10?
6.5. I’m happy with where I am presently, but looking at my goals, I feel like I should be earning more. I can’t japa or start a family with my current financial status.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
Everyone’s financial journey is different; Piggyvest gives you the tools to plan, save, and invest, so you can create your own money story. Start now with as low as ₦1,000!
What’s your earliest memory of money?
My secondary school didn’t allow students to bring food from home; we had to buy our meals in school. So, my parents gave me ₦100 daily. I was 10 years old, and the naira was stronger then. I remember I’d buy food and still have change left to do whatever.
What was the financial situation at home?
We were very comfortable. As a child, I thought other people had bigger and nicer things. But looking back now, I had it pretty good. My parents gave me everything I needed, and I lacked nothing.
In uni too, I had more than enough, and that might have contributed to my problem of not knowing what to do with money to this day.
How so?
I didn’t have a monthly allowance. My parents just said, “Here’s money. Use it. When it’s about to finish, let me know.” I had so much money, I didn’t know what to do with it. It just never ran out.
Also, I usually had a lot of cash from my parents’ visits. So, I’d just keep the cash in my drawers, and I later realised friends stole from me. I never identified the thief because my room was open to everyone. I had multiple friends coming in and out, and because of my money habits, I didn’t notice someone was stealing until it became obvious.
That’s wild. When was the first time you worked for money?
This was around 2015, and I was in 300 level. I heard people were making money online, and I decided to try it out of curiosity. I just wanted to see how I could do something for myself.
I tried a tech/AI platform that needed people from several countries to get data for social media evaluation. Essentially, they wanted to know what search results would look like when people in certain localities searched for specific things. I basically helped them fine-tune their search engines. The platform was similar to Appen, but I can’t remember its name.
Anyway, I did that for a few weeks, made ₦20k and never went back to it again.
Why?
I’m not sure. I knew the system worked, but I didn’t really care for it. Maybe the work wasn’t exciting enough, or maybe it was that the money wasn’t impressive enough. I just didn’t want to dedicate my free time to it.
The next time I did anything for money was during NYSC in 2017. Even then, it was just the ₦19800 allawee. My place of primary assignment was a government house, and they must’ve only given me ₦5k for the entire year I spent there.
How were you surviving on allawee?
I served in my state, so I still lived with my parents. I also didn’t have transportation expenses because we have a driver. Allawee was small, but it was just enough for my basic needs, like data.
After NYSC, I stayed home for about two years doing random internships and certificate courses before starting a master’s program. I wasn’t really particular about doing anything, really. I didn’t get an actual job until 2021 after completing my master’s degree.
Tell me about the job
It was an internship at an oil company, and the pay was ₦125k/month. It felt nice and refreshing earning my first salary and making my own money decisions. But that feeling didn’t last long. My newfound independence came with responsibilities I hadn’t bothered with before.
Suddenly, I was in a different state for work, going to the office daily and paying for my transportation. I mean, I used to pay for my transportation before, but it was usually when I went out with friends or went to get something. Having an actual job meant I had to do that consistently, and it was a major expense.
I could have relied on my family for support, but I was also at a point where I wanted to do things for myself. So, it was a bittersweet feeling. I liked that I was independent. The expenses part? Not so much.
Real. How long were you at this job?
One year. I left because the city I worked in was starting to affect my health. For context, the job was in Lagos, and I didn’t grow up in Lagos. So, I found the city overwhelming. I endured robbery, flooding and the daily struggle to get to work.
People might say I was just spoiled, but I felt leaving was the best decision for me at that point. It was a risk. I was leaving my job to go back home and recuperate, knowing how the job market was. But it was a decision I had to make.
Glad you prioritised your wellbeing. How long did this break last?
About eight months. During that time, I focused on getting back on my feet and researching and applying for opportunities.
Working in Lagos had shown me the work culture in most Nigerian organisations, and I didn’t like what I saw. I knew I didn’t want an office-based or hybrid job, so I focused my search on remote roles outside of Nigeria.
What kind of jobs were you searching for?
I was very open. I studied law, so I was looking for roles where I could apply my transferable skills. So like, project management, operations, admin and whatnot. I should also mention that I wasn’t exactly trying to move away from law. It was just that what I wanted didn’t necessarily fit what law practice looked like.
That said, I was pretty flexible in terms of what the role would be. The only constant in my search was that it should be a remote role with an organisation that wasn’t based in Nigeria.
In March 2023, I finally landed a job that fit my requirements — legal research at a US-based organisation. It was my confirmation that my search for opportunities like that wasn’t just a pipe dream; they actually existed.
Love to see it. What was the pay like?
It was a contract role, and I was paid based on the number of hours I worked, but my monthly income ranged between $1800 and $2500. I don’t remember the exact amount in naira, but it was around the ₦2.7m mark.
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That’s a huge jump from ₦125k. How did that feel?
It was very satisfying. During my job search, several people in my life likely felt that I was unserious or just lazy for refusing to go to work and instead searching for opportunities online. So, it was a very gratifying feeling. Like, “Can you see that this works?”
At the same time, landing that job showed me a part of myself I didn’t realise. I always knew I was an ambitious go-getter, but I didn’t know how much until that first taste of money. I told myself, “There’s no going back. I just have to keep going.”
I worked there for about six months, and besides research, I did a bit of admin work here and there. That job brought the world to me in the sense that I began to see things with a clearer vision. The kinds of people I met and the types of organisations I suddenly became aware of through my job made it easy for me to secure my next job — this time in operations at an organisation in the advocacy space.
Was the pay better?
It was. $45k/year for an entry-level position, which came down to $3k/month after tax and all the deductibles. This was also in 2023, and I was at this job until two months ago, when I moved to another role in operations in the advocacy space. My new salary is $80k/year and around $6600/month. It’s over ₦9m/month in naira, and it’s the most I’ve ever made.
Mad figures. What’s it like doing your job?
It’s mixed feelings. On the one hand, it’s amazing getting to work with the people and the organisation. Sometimes I feel I’d still be good if I never surpassed this level. I mean, I want more, but I’m also super grateful for where I am.
On the other hand, it reminds me of what the average Nigerian is losing out on. It’s easy to get lost in the hustle and not realise how much the Nigerian factor is costing us. I didn’t realise how much there was to see until my income changed. And I don’t mean tourism or travelling to places, I mean the kinds of people and minds you can relate with and who can show you that what you think you have is little compared to the opportunities out there.
I used to think I wouldn’t need anything else once I earned ₦400k/month. Now I know there’s more out there, and I just need to figure my way into those places. It’s a bitter feeling when I think about how there are so many people with great potential, maybe even more than I have, who will never have the opportunity to live a more comfortable life and have a certain level of fulfilment, both financially and intellectually.
That’s a lot to think about. Someone reading this would probably ask: But HOW do we get these opportunities?
That’s a difficult question to answer, and it’s one I get all the time. Relationships with some family and friends have turned sour because they feel there’s a magic potion to get here. Sometimes it’s insulting when people think what I have is easy to obtain.
My last two jobs were global recruitments; I had to compete with people from all around the world. So, it can feel like an insult to my intellectual capacity when people think I can just give them jobs but refuse to do so. But I try to understand that it’s not always deliberate; some just don’t understand exactly what I do and how I navigated my way here.
To answer the question, it really depends on the person’s field. I always advise people looking for a field to pivot into to choose something that’s globally relevant, not just applicable to Nigeria. Big things can happen in Nigeria, but even bigger things — especially in terms of income — come from outside the country.
Also, utilise LinkedIn. Don’t just be on LinkedIn, follow the right people in the sector you want to pivot into, and you’d be surprised by the network and organisations that would pop up on your timeline and the vacancies you can apply to. That’s how I got my last two jobs.
Lastly, if you had to choose, follow the money first. Passion is great, but it’s easier to pursue it when you have a safety net. Once you’re financially comfortable, you can afford to let passion start paying you.
Interesting. How has your income growth impacted how you think about money?
The more I earn, the more isn’t enough for me. Maybe this makes me sound like an ungrateful person who isn’t easily satisfied, but that’s something I’ve learned about myself. I always want more, and I’m just trying to strike a balance.
When I earned ₦2m, I recall telling a friend that my goal was ₦5m, and they asked, “What do you want to use that kind of money for?” I said I didn’t know, I just wanted it. I now understand and accept that money is a spirit, and my needs and wants will increase as my money grows.
I just need to manage it; if not, I’ll never get to a point where I’ll want to retire, and that’s not healthy.
How about your money habits?
Now, this is one negative I’ve noticed about myself in the last two to three years — I tend to do for others more than myself. I don’t think I’ve done anything for myself in these last few years that I can be proud of, or at least show how my finances have changed. But everyone around me can testify that their quality of life has improved in one way or another. I’ve been prudent to myself — even stingy — but very careless when it comes to other people.
The other day, my mum was telling me to invest ₦500k in a quality bag so I wouldn’t have to replace bags all the time. I screamed and was like, “Why would I spend ₦500k on a bag?” Tell me why, just last year, I had bought her a bag of over ₦500k without batting an eye.
I can see an apartment with a rent price tag of ₦4m and be like, “Where am I going to? I’m in my parents’ house”, but I’ll comfortably bring out that money to help someone else. It’s a problem, and I’m working on it.
What are some of the things you’re doing to change this?
I want to be more intentional about savings. I’ve been a bit relaxed about that because I didn’t have specific responsibilities to plan for. But I’ll get married someday and have kids, so I feel I should prepare for that.
I know the societal expectation is that the man covers most of the expenses, but I don’t 100% subscribe to that. Why will I manage a tiny apartment because that’s all he can afford when I can contribute to getting something better? Of course, there are limits to it, especially if you’re dealing with someone who’ll drop his responsibilities once you start bringing money. So, I don’t judge people with different views because they know their partners better.
That said, I have to be responsible for any little human I bring into this world, so things need to change. I don’t have a specific savings schedule yet because I’m working on relocating, but I hope to have a working savings plan I can implement by the end of the year.
I want to explore investments too, but I’m a bit lost. I know people do crypto, stocks and whatnot, but I’m not sure where to start. My parents are pretty old school, so they may not be able to give me the guidance I need. They’re from the generation of “buy land and keep it for 10 years.”
I know there are newer ways to make money and earn passive income, and I want to explore them because I truly don’t have an entrepreneurial mindset. I just don’t know where to start.
Do you have a safety net right now?
Yes and no. No, because I don’t have access to the money right now. I lent about $15k to a family member, and I’m expecting it in a few weeks. Everything is going according to schedule, and it’s guaranteed, so I guess you can say I have money somewhere. Oh, wait, I also got some land last year. I spent $8k on that, so that’s an investment I have to my name.
It’s insane that I’m more or less living from paycheck to paycheck with how much I’m earning, and I know people will say it’s very careless financial management, but this is like a wake-up call to do better.
Also, to be fair, my expenses have still stayed at $3k since I got the pay increase two months ago. So, there’s that extra money in my account.
Let’s break down those expenses in a typical month
Honestly, there’s always one massive unplanned expense that depletes my money. My siblings are in uni, and they often need money for something. Sometimes I find that almost my entire salary goes back to them in one way or another.
What kind of lifestyle does your income afford you?
I live very modestly, way below what someone else who earns the same probably lives. If I didn’t have to bring out money for multiple requests, I’d probably live a very luxurious life. Unfortunately, I don’t.
Hmm. Is there an ideal amount you think you should be earning?
I think my current income is pretty good pay. But if I had to answer, I’d say $10k. It’d be nice to earn that monthly. Knowing myself, once I hit $10k, I’ll start saying, “$15k isn’t bad too.”
Is there anything you want right now but can’t afford?
I don’t think so. I can afford most of the things I want right now, in terms of lifestyle and travel, I just feel a need to go for them yet.
What was the last thing you bought that made you happy?
This is funny, but it was the shortbread I got a few days ago. It was ₦2500, so I splurged and bought two and was very happy with myself.
I’m really very simple. My family keeps asking me to act and look like what I earn, but I’m not crazy about materialistic things and appearance. I’m actually trying to take the appearance bit seriously, though. Dressing like you want to be addressed is very valid.
I’m curious. Does your family know how much you earn?
Yes. I come from a very close-knit family. I also feel comfortable sharing because I don’t come from a family that gives you responsibilities once they hear you have money.
However, I’m also trying to be cautious. Not because they’ve given me a reason to be, but because I want to be able to say I don’t have money to attend to a need without feeling like they’re silently questioning why I’m saying no.
How would you rate your financial happiness on a scale of 1-10?
In terms of my earnings, I’d rate it an 8. I’m happy I earn this much, and I know there’s room to grow. However, in terms of how secure I am in my finances, I’d rate it a 3. I don’t have systems in place to feel financially secure.
What would make you feel secure?
Knowing I’ve made good investments and that I’m using my salary to create channels for passive income that’s giving me more money that I don’t have to work a 9-5 for.
What stage would you say you are in your money journey now?
The learning stage. I’m still learning that there’s a lot of money out there. Also learning what to do with money and the various ways to make it without having to “work” for it. Legally, of course.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
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What’s your earliest memory of money?
I started helping my dad at his spare parts shop when I was in JSS 2. We had a deal: I could pocket whatever profit I made when I managed the shop on Sundays. For instance, if I sold a ₦200 bulb for ₦250, I could keep the ₦50.
That was my first experience earning money. Besides that, I think I’ve always been aware of how money worked. At least I knew we didn’t have it like that at home. One of the first stories I heard as a child was how my dad went from having money to going broke.
Oh. How did that happen?
According to my mum, he surrounded himself with people of small minds. They weren’t thinking about the future; instead, they carried girls, drank and partied. That affected how he spent his money, and he never really recovered.
All that happened when I was really young, so I don’t have firsthand recollections of how well-to-do my dad was. All I knew growing up was that we could only afford the bare necessities. My mum also supported the home with her income as a hairdresser.
Back to managing your dad’s shop, how long did this last?
I did that until I got into SS 2, then my brother took over. The next thing I did to earn money was to take advantage of the Ponzi scheme craze.
This was in 2017, and numerous sites promised to help people make money online. I think this was around the MMM and Racksterli time. A site would spring up today, people would make money quickly, and then it’d crash.
I had the idea of creating a Facebook group and charging people to help them scour the internet and find new money-making platforms. That way, they could quickly make money before others found the platforms, and they inevitably crashed.
I created the group and charged people ₦1k/month to join.
And people paid?
They did. In the first month, 60 people paid, and this number grew to 115 by the third month. Each month, I would usually give them three or four new platforms. I also included platforms that paid people for doing online tasks because I didn’t want people to say they put their money somewhere and then lost it.
I mostly saved what I earned during the three months this lasted. Then, ironically, I put ₦100k — almost all I made — inside one Ponzi scheme that promised me ₦130k in return, and they scammed me. I lost the whole thing.
Yikes. Sorry about that
Thanks. It was so painful because it was the first time I’d earned hundreds of thousands. I actually knew it was a risky move to put my money there, but money-making is always risky. If the risk had paid off, I wouldn’t complain.
After that, I went back to work with my dad again for about two months to get extra money. Then, my friend introduced me to another platform, and I decided to risk it again. This time, I only had about ₦15k. I put it there and collected ₦19,800 after a month. Then I put the whole amount back. I kept doing that for three months and grew my money to ₦30k.
This same friend also introduced me to crypto, and since he was always hyping it, I decided to give it a try. I put the ₦30k in a cryptocurrency project. I’m not even sure what they did with it. Maybe they traded the coin or something. But in two months, the value of my coin grew to almost ₦300k. This was in 2018, and I was in SS 3.
Wild. What did you do with the money?
I could have left the money in the crypto project to keep growing, but I’d learnt from the Ponzi event. So, I took my money out and spread it across different coins. I must have bought at least 20 coins.
I didn’t have any strategy; I just followed my guy. He was the one who told me which coin to buy and hold. I had a small Lenovo phone at the time, which I used to download my crypto wallet and track my investments.
Following my friend’s advice, I kept the investments intact and didn’t take out any money for about six months. At the end, my investment grew to ₦320k. I even took ₦50k out of it to buy clothes and shoes for my valedictory service in 2019. My parents couldn’t afford to get me anything, but I had to look good.
Inject it. What happened after secondary school?
I learnt graphic design at a printing press for about two years. My parents bought me a laptop and paid for the training, but there wasn’t a specific period I had to stay to “complete” the training. I guess I just stayed because I didn’t have anything else to do.
During my time there, I made a little money here and there helping customers with design tweaks. I wasn’t exactly a staff member. I was just the guy who sometimes helped with designs. This also helped me expand my network of contacts. Whenever I helped someone, I plugged in that I could assist with their graphic design from scratch.
So, when I left the printing press in 2021 to do my own thing, I already had potential customers. I just had to call and tell them to give me work.
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How much were you making?
Not much. I typically charged ₦2k – ₦3k per social media design and ₦4k – ₦5k for banners and other designs that required printing. On average, I earned at least ₦50k monthly. Sometimes up to ₦100k.
I got customers back-to-back for the first four months, but the graphic design industry is saturated. There was always someone willing to take a lower price. So, when I refused to cut my price, customers moved to the next person. My income started to reduce to ₦10k – ₦20k levels.
I managed for three more months before I stopped entirely. I wasn’t getting customers, and I was losing money paying for design software and buying data. Also, I lived in an area that didn’t have good electricity, so I paid to charge my laptop and power bank. It wasn’t worth it anymore. So, I dumped it and went to learn product design.
How did product design enter the picture?
It was still design. Plus, some of my friends were in tech, learning web design and software development. I wanted to get a tech skill too, but I didn’t have the brain to handle coding, so I opted for product design because it felt more straightforward and similar to what I already did.
Remember the money in my crypto wallet? I emptied it to pay the ₦250k fee for the six-month product design course. It was a huge investment, but it felt worth it. My tech friends kept singing about the possibility of earning a lot from foreign clients, and that was a huge motivator.
I mean, what’s a better motivator than money?
Exactly. After completing the course in 2022, I got a job at a Chinese company that sold solar panels and also had an app. They were looking for someone who could handle both product and graphic design, so I applied and got the job — ₦200k/ month. I was so excited. It was the first time I’d worked in a corporate environment, and it felt like my investment paid off.
At this time, I still lived with my parents. I handled small utility bills occasionally, but I generally had minimal expenses. I worked there for close to two years and left in 2024.
Why did you leave?
Partly because they were trying to give me more work beyond what we agreed, and partly because I had been admitted to the university. I’d been trying to get into uni since I left secondary school in 2018, and it finally clicked.
Congrats! How do you fund your education?
I pay my ₦250k/year tuition and ₦600k/year rent from my freelance product and graphic designer income. I’ve worked freelance since I got into school, and my clients come from Upwork, Fiverr, Twine, and basically anywhere I can find work. My monthly income ranges between ₦300k and ₦1.5m. So far, there hasn’t been a month when I didn’t make money at all.
Let’s break down your typical monthly expenses
Wait. Why do you spend so much on internet and black tax?
I’m sort of a social media addict, and I use the internet a lot for my work, too. So, it takes a huge chunk of my money.
Black tax is that high because my dad had a stroke last year, so I often have to send money for his medication. My siblings also tax me from time to time.
Sorry about your dad. You mentioned investments. What does your portfolio look like?
My investment portfolio is primarily cryptocurrency and stocks. My crypto is currently worth ₦2.5m spread across Bitcoin, Dogecoin and Ethereum. I also have approximately ₦700k in stocks, including Dangote Sugar, Zenith Bank, GT Bank, MTN, and Google. I’m essentially just investing to have something to fall back on; I don’t really have plans for them.
For my savings, I use an app, and I currently have ₦300k saved. I’m not really consistent with savings.
How would you describe your relationship with money?
I definitely live above my means. I tend to spend more than I earn in a month and have to dip into my savings. Ideally, I should be able to live within a ₦500k/month spending limit. In fact, that’s my goal, but it’s hard for me to do because I’ve become used to a certain lifestyle.
For instance, I spend a lot on clothes. It’s not in the breakdown above because I don’t allocate a particular amount to it. I just spend what I can see in my account at the moment. Also, my ₦100k data should last three months, but it only lasts three weeks.
Are there specific measures you’re taking to curb your expenses?
I recently opened a Piggyvest account, and I plan to split my money into two and lock half there. So, if I make ₦1m, I lock ₦500k and force myself to live on the remaining. I just started a few weeks ago. Hopefully I’ll be able to follow through.
What do future plans look like?
I might stay freelance for the near future. I don’t think I’ll be returning to the corporate world. Freelancing can be unpredictable, but I haven’t had any bad months so far. Also, I’m building a savings and investment portfolio as a backup in case something happens. At least I’ll have something to sustain me.
If I ever stop freelancing, it’ll be to start my own business.
Is there an ideal amount you think you should be earning?
₦3m/month. I’m not there yet, but I hope to reach that level soon. I plan to enrol in an advanced product design course soon. I have one in mind already, and it costs over a million naira.
Is there anything you want right now but can’t afford?
A car. I would need at least ₦10m for that.
How about the last thing you bought that made you happy?
I got a PS5 for ₦800k in July. It made me really happy.
How would you rate your financial happiness on a scale of 1-10?
6. I’m happy, but also not happy. I’m grateful for how far I’ve come, but I’m not where I want to be yet. It might be closer to a 10 when I have a car, a three-bedroom apartment and earn over ₦15m monthly.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
Put your money to work with as little as ₦5,000. Invest Naija’s SEC-registered Money Market Fund delivers quarterly income, liquidity, capital preservation, and returns that beat savings and fixed deposits. Start here.
What’s your earliest memory of money?
When I was around 8 or 10, I stole Christmas lights. Scratch that, I “took” them from my mum’s shop. This was around Christmas, and my school wanted us to bring random stuff. So, I thought, “Let me just take this thing.”
My mum’s salesgirl told her, and when my mum asked me if I’d paid, I said I did. Well, she already knew I didn’t, and the lie pissed her off. She beat me silly.
Yikes. Do you remember how much the lights cost?
They were about ₦400 or ₦500. I remember thinking that the money wasn’t big enough for that level of beating.
It wasn’t like we were struggling or anything. My dad worked with one of the foremost NGOs in the country, and my mum worked with the state government. My dad’s job took him to different states and countries, and I sometimes went on these trips with him.
One of the fondest things I remember from my childhood was breakfast time. You know how a family typically shares a can of sardines? For us, each person had a can of sardines. I didn’t taste NASCO cornflakes until I became an adult. It was always Kellogg’s. Now, I consider these things a luxury, but they felt pretty standard then.
When was the first time you worked to earn money?
2013. I was fresh out of university, interning at a broadcasting company, when I decided to try my hand at business.
My business idea was to buy earrings and fashion accessories from Jumia and resell them for a profit. My mum loaned me ₦20k to buy a few items to start, but I don’t think I made one naira profit from that business. In hindsight, it was either a stupid business idea or I was just a bad business person.
I sold some items, didn’t get paid for some, dashed some to people and wore the rest. The business was dead on arrival. My mum dragged me for her money for years because I never repaid her. Any small thing, “You’re not creditworthy.”
I’m honestly not sure why I thought to try a business; I’d been terrible with money at uni. I had at least one big money-related issue almost every year.
Now you have to do a story time
My money “scandals” were usually about me using money that wasn’t mine, giving it out, or getting scammed. One time, I used people’s money to pay some children’s JAMB fees.
The JAMB fee wahala happened when I held my department’s money. We were contributing money for something, and I used the money to help a group of kids sort out JAMB registration. The department money was about ₦70k, and I figured I’d gather my ₦10k weekly pocket money to repay them when needed.
However, I couldn’t save the money back because one expense or another kept coming up, and by the time they needed it, I didn’t have anything. I had to start running up and down to look for money. It was a whole thing.
Another time in 200 level, someone gave me some earrings to sell for her. When it became time for her to collect her money, I didn’t have her money or the goods. She later brought the police to arrest me.
You say?
See, I don’t even know how it happened. The thing was, I just kept dashing people the earrings. Someone would come and say, “I love these earrings,” and I’d go, “Oh, you can have one. I’ll pay for it.” That’s how everything finished, and I didn’t see money to pay back. When she arrested me, they called my dad, and he paid the money and bailed me out. My dad was so mad. I think he beat me sef.
Besides my money issues. I lived above my means a lot in school. ₦10k/week wasn’t measly for a student in 2008 – 2013, but after I spent money on food and gave the rest out, I’d be broke before Friday. My mum always said I had my dad’s spending habits. My dad is a terrible spender, while my mum is the house’s “manager”. When my dad has money, the whole world knows. He just spends. So, I guess I got that through genetics.
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Back to the internship. Was it paid?
It wasn’t. I got it through an uncle, and it was more like, “Go to this place, ask for this person, and they’ll put you somewhere.”
I started by running errands, and then I moved on to reading the news on the radio and TV. I worked there without a salary for about two years. Then, in 2015, I attended a three-month training with the Federal Radio Corporation of Nigeria — my parents paid the ₦120k-ish fee.
After I completed it, I returned to work and asked them to start paying me a salary or I’d leave. They agreed, but rather than a proper salary, they paid me a ₦17,500/month production fee for the programs I produced on the radio.
Around this period, I also got random voiceover gigs for a presidential candidate’s campaign. It was election season, so the gigs came a few times. Payment wasn’t a specific amount, though. Sometimes, they’d pay ₦100k. Other times ₦200k or ₦500k.
Nice. What did you do with this windfall?
For the first time in my life, I saved everything I made. It grew to ₦3.5m, and then I got scammed. Maybe I shouldn’t say scammed because it was an adult situation that I walked into. I wanted to buy a radio station license, and my uncle told me he could help. That’s how I gave him the money, and it disappeared.
Wait. Disappeared how?
Let me explain. I was living with this uncle/family friend at the time. He was one of the people who started the broadcast organisation I worked with, and he’d got me in. He knew about the industry, and I had a lifelong dream of running a radio station for girls.
I didn’t have plans for how to get a building or other things. I just had that money and thought, “Let me start with the license first.” My uncle promised to help with it, so I gave him the money. I never saw the money again, and didn’t get the license either.
I don’t think he ever intended to get me a license because I later discovered the real cost was about ₦15m. He probably needed the money and just came up with an excuse to get it.
But did you ask him for your money?
I asked about the license after some weeks when I didn’t get any update, and he just looked at me like, “License ko, license ni.” Like, “What is this one saying?” The situation was like, since I was living with him and he was providing for me, what else did I need?
I told my parents about the situation, but everyone kept quiet. No one addressed the situation, as if we all just pretended it didn’t happen. By this time, I was around 22 and already dreamed of becoming Nigeria’s youngest radio station owner.
I really felt cheated. This was money I’d made and kept for a particular reason, but I couldn’t even ask about it. He’s still a very close friend of my family to this day.
That’s wild
After this, I went for NYSC and served in the military. This was still 2015. I worked in the public relations department, and they paid ₦5k every other month in addition to the ₦19800 allawee from NYSC. I say “every other month” because there were some months the military didn’t pay us.
Service year was a struggle. I went from earning north of ₦100k from voiceovers to managing ₦24800 monthly. Thankfully, the military provided accommodation, but I had to juggle my income around transportation, food and other expenses.
After NYSC, I worked at an FMCG company for one year. My job was to go around offering discounts to people and getting them to sign up as vendors with the company. My salary was ₦40k/month, and I left in 2017 after they fired everybody.
Fired everybody?
See, it’s a long story. The place was very problematic; people came to physical blows one day. So, they fired everyone and asked people who wanted to continue working to reapply. I didn’t reapply.
At this point, I’d gone back to live with my uncle, and he put me in another TV station. There, I produced shows and presented programs for a stipend at the end of the month. Sometimes, ₦20k. Other times, ₦25k.
I didn’t really take the job seriously because of the no-salary situation. I was processing my admission for a master’s degree in a different state, so I was always travelling.
I was also job-hunting, and a few months into the TV station job, I got a job with a politician. I was on his public relations team, and he paid me ₦70k/month, then increased it to ₦80k after three months. I worked with him for six months and stopped when I had to relocate for my master’s program in 2018.
How were you funding your studies?
My parents paid the fees and my house rent, plus a ₦20k monthly allowance. I also started writing news stories for an online platform for ₦40k/month. I worked there for two years until COVID hit, and my employer said they didn’t have money to pay me anymore.
I was still doing my master’s program then — I didn’t finish that program until 2022/2023 because of the pandemic and numerous strikes, but that’s another story. Anyway, when my writing job turned out the way it did, I decided to sell perfume oils because I needed money.
Was this business better than your first attempt at selling stuff?
It was. The lockdown wasn’t too serious in my area, so I could move around and sell to people. A friend also introduced me to a China import group, so I bought the goods from there at a better price.
I can’t remember exactly how much I was making from the business. However, I also joined a ₦20k/month ajo group, and my monthly profits usually covered my contribution, and I had enough left to survive for the month. I did that business for about a year.
During this period, I did a number of random things for money. I managed a coworking space for ₦40k/month for three months, and I did some ghostwriting and editing here and there for the occasional ₦10k – ₦20k.
In 2021, I applied to an energy company and got hired as the southwest manager. Essentially, I manage the business in the southwest region of the country. My salary was ₦200k/month, and it felt like an answered prayer. I mean, I was coming from ₦40k.
A very welcome income boost
A much-needed one at that. My parents had stopped paying my rent and allowance since 2020, so I was fending for myself. ₦200k was a lot of money. For context, rent was ₦220k/year, and my living expenses weren’t so high because where I lived was relatively affordable.
I had a lot more disposable income and could afford food, clothes and anything else I wanted. I sort of returned to my 2013 self, where I was giving out and spending money just because I had it.
I still work at the same company, and my salary has grown to at least ₦550k/month. I usually get more than that from logistics allowances and random bonuses, sometimes close to ₦1m, but my basic salary is ₦550k.
How has your income growth over the years impacted how you think about money?
It hasn’t really made my financial planning or habits better. I just know there’s money in the world, and you’ll be fine if you increase your earnings. But that financial planning part? I haven’t gotten the hang of it. Every month, I try to stick to a budget, but I rarely succeed.
I don’t think I live above my means, though. Maybe I’ve overstretched my means. I don’t eat out daily anymore, and I try to be conscious of my spending. That said, my guilty pleasure is travel. I just want to be out of the country every time.
I’d describe myself as a broke babe living rich. I’m always in one country or the other, but it’s not like I have money. People see my travel posts on WhatsApp and automatically assume I’m rich. Meanwhile, I’m scraping money together to fund my trips.
How often do you travel?
I travel every month. Most of these trips are to Nigerian states, and then I can do some in neighbouring African countries. I make sure to do at least one big trip yearly, usually to London.
I budget for my London trips, but I don’t budget for the rest. I just go whenever the money I have is enough to go somewhere. Even my London budget sometimes comes together erratically. I can throw ₦150k in my savings app this month and ₦200k when next I have money.
Sometimes when I want to travel and the money isn’t enough, I can pull out whatever I’ve saved for house rent and use it to travel. That sounds horrible, but I believe in using my money to do what I want to do.
Interesting. I was going to ask about your relationship with money, but you might have answered already
Haha. My relationship with money is horrible. It’s a “I make money, I see money, I use it” situation. I’m not a savings person, but I’m trying to become better at savings and investments.
I’ve tried to save money every month this year. So, I can say I’m getting better. It was much worse before. If I wasn’t spending money, I was giving it out or lending it to people. I just believe money shouldn’t be lying around. If I or someone else needs it, I should be able to let it go.
I currently have about ₦7m in bad debt, and I don’t think I’ll get my money back. In fact, I’m servicing a ₦1.2m loan I took on behalf of someone who doesn’t have the money to pay back. So, the bank removes ₦118k from my account monthly. I’ve decided I’ll no longer lend anyone money I can’t let go of.
Let’s break down your typical monthly expenses
I use an investment platform, and the ₦20k monthly usually goes into dollars and stocks. Sometimes, if I have extra money, I also put it there. I currently have $300 in my dollar account and ₦130k in Nigerian stocks. Everyone’s talking about planning for retirement, so this is my way of gradually building something I can fall back on in the future.
I have about $500 in loose cash around my house; I like to keep it because of my frequent travels. Then I have about ₦165k in a savings app. I don’t have much of a savings portfolio because I always use it to travel. Also, my rent is now ₦800k/year, but I really don’t actively save monthly for it. I just handle rent based on vibes and Inshallah.
Black tax isn’t in my budget because there’s no specific amount. I send my parents about ₦20k or ₦30k every other month. They have money; they don’t need mine. However, I have a constant battle with my mum over her insistence that I pay them a monthly salary. We fight every month, but I don’t plan to yield.
Is there a reason why you don’t want to?
They earn way more than I do. My dad earns over ₦5m, and my mum probably makes at least ₦200k daily from her supermarket. They also have a pig farm that brings them money. They don’t need my ₦30k monthly for anything. My dad has no problem with it; it’s just my mum. She nags every month, and we don’t talk for a few days or weeks, then we move on and resume again the next month.
Skrim. Is there an ideal amount you think you should be earning right now?
My income is relatively fair for my industry, but an ideal monthly income would be ₦5m. I could easily make that if I took my voiceovers seriously. I still get gigs like once in three months, and I charge at least $300 for them. If I put in more work, I could make as much as $1k monthly from voiceovers.
How about something you want right now but can’t afford?
I’d like to change my car, but the one I want — a 2024 Toyota Camry — costs about ₦22m when I priced it last year.
What’s one thing you’d wish to be better at, concerning your finances?
I want to be better at making money. Then, I want to be better at putting away money monthly. Not like ₦10k or ₦20k, but to comfortably set aside ₦500k towards my future.
How would you rate your financial happiness on a scale of 1-10?
5. I don’t struggle to meet my basic needs, but I know I can do better.
If you’re interested in talking about your Naira Life story, this is a good place to start.
No one expects that the people they trust, love, and consider family could be the ones to stab them in the back. But the harsh reality is, sometimes the biggest betrayals come from those closest to us.
We spoke to five Nigerians who lost money to loved ones they trusted. From the mum who lost her life savings to her daughter to the woman whose boyfriend made her fund an imaginary business, their stories show what happens when trust turns toxic.
“My daughter emptied my account and gave all my money to her boyfriend” — Nike*, 64
I’m typically very cautious of my bank account and everything money-related because I always have plenty of money in my savings. My grown children send monthly allowances to me and my husband, so I hardly touch whatever I make from my tailoring business. My siblings also know how careful I am with money, so they always keep money they don’t want to touch with me.
To show the extent of how cautious I am with money, I take two buses to the only bank in my area to deposit or withdraw money as little as ₦5k. I can use a POS agent, but I don’t trust people like that. I’ve heard too many stories of fake alerts and 419 POS agents who can save your ATM card details to steal your money. I didn’t want to hear long story. The only person I trusted was my lastborn daughter.
She’s a uni student who lives in the hostel, but we’re still in the same city, so whenever I had to go to the bank, she followed me. I don’t know how to read too well, so my daughter helped me with the forms. She was like my handbag. Even my husband didn’t know my banking details or how much I had saved, but my daughter knew everything. She had my ATM card and would transfer money through a POS agent when I needed money. That was the only method I was comfortable with because I only had to meet the agent and collect money.
Around January 2024, I went to the bank to complain because I hadn’t gotten SMS alerts for about three months. This time, I went alone because my daughter wasn’t around. In fact, I’d been asking her to follow me to the bank since I noticed the issue, but she always gave one excuse or another. It turned out she did that on purpose.
When I got to the bank, I met the biggest shock of my life. All the money was gone. ₦2.2m of my siblings’ money and ₦1.1m of my own savings. ₦3m gone in three months. I thought they were joking. I even accused them of trying to scam me until they printed out my account statement and showed me transfers from my bank app to my daughter’s account number.
I started shaking immediately. I didn’t even have a bank app. I called my daughter, and when she heard I was in the bank, she ended the call and refused to pick up my calls. It took two weeks for her elder siblings to trace her in school. When they eventually found her, she confessed that she’d put the bank app with my details on my phone. It wasn’t the first time she stole from me. Wherever she was at home, she’d transfer to herself and delete the alert from my phone.
When she decided to “go big,” she totally removed SMS alerts and took all the money. When we asked her why, she claimed she was under a spell. Later, she confessed that her boyfriend needed a loan for his business and that he’d pay it back. It’s been over a year, and till today, we haven’t seen the boyfriend anywhere. It’s as if he disappeared. My daughter claims she doesn’t know where he is, but I don’t believe her. Her siblings want me to arrest her so the police can make her confess, but what if she gets harmed? She’s still my daughter.
I was heartbroken and sick for weeks after finding out — I’m still heartbroken — but I can’t throw my child away. It really pained me, and I still cry when I think about it. I can’t believe she could do that to me. My other children repaid the ₦2m debt to my siblings, but my relationship with my daughter isn’t the same anymore. I keep wondering where I went wrong in training her.
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“My friend sold me stolen iPhones” — Ayo*, 27
My friend is a phone and gadget vendor at Computer Village, Ikeja, and I’ve trusted him for all my gadget needs for over six years. Sometimes, I didn’t even visit his store physically. I’d just tell him what I needed, send the money and have him deliver the item to me.
In February, a colleague wanted to buy UK-used iPhones for himself and his wife, and I convinced him to let me buy them from my friend. I bragged so much about my friend and claimed he was the only trustworthy person in Computer Village.
The phones cost ₦1.6m, and my colleague sent part of the money through me. This happened because my colleague had transfer limit issues after paying ₦1m, and I helped him pay the ₦600k balance. He repaid me the next day. I helped deliver the phones, and everyone was happy. My friend even gave me ₦50k to appreciate me bringing him business.
Less than a month later, wahala started. Apparently, my friend sold them stolen phones, and the owners tracked them down to my colleague. The police picked him up, and when they couldn’t find the seller (my friend), they picked me up too. They decided that since I was involved in the payment transaction, I must’ve planned it with my friend to sell stolen phones.
I narrowly escaped prison by settling the police with ₦250k and agreeing to repay my colleague his ₦1.6m by paying in instalments over one year. I’ve paid almost half of the money and still have a long way to go. I’m still trying to trace my friend, but other vendors in his area said he also scammed some other people, and they suspect he did that to japa.
I never imagined he’d do something like this to me. This is someone I once sent ₦2.5m for my laptop, and he sent it, all without me stepping out of my house. We’ve done bigger deals than ₦1.6m, and I trusted him for over six years. I guess you can’t completely know someone.
“I lost ₦1m to an investment that my brother convinced me to join” — Fred*, 33
In 2017, I had a windfall after my mum sold my late father’s house and shared the money with me, my siblings, and a few family members. My share of the money was ₦1.5m, and I wanted to invest it somewhere so I wouldn’t spend it anyhow.
I confided in my immediate elder brother, and he sold me dreams of a crypto project he was working on with a friend. I didn’t really understand the technicalities, but I trusted my brother. He claimed I’d get 20% interest monthly, even more if I kept the interest in the crypto and let my money compound.
So, I gave him ₦1m to invest in his project. He shared updates for the first two months and told me my money was growing. But six months later, he said the project crashed. I almost went mad, but I had no reason to doubt my brother. He was even hospitalised during that period because he fainted after claiming he also lost almost ₦5m.
Years passed, and I pushed the incident to the back of my mind. Then, in 2023, my brother jokingly admitted to lying about the crash. The revelation came out because we were laughing over our experiences with bad investments one day, and he talked about buying acres of land from a scammer in 2017. When I pointed out that it was the same year as the “crypto crash”, he admitted that the crypto didn’t crash; he’d just taken my money to “stabilise” because he’d lost so much from the bad land purchase.
I was so angry to hear that, and the whole thing turned into a huge fight. I didn’t talk to him for almost two years until my mum threatened to kill herself if we didn’t settle our fight. We’re on limited talking terms now, but I can’t truly forgive my brother for what he did.
“My ex-bestfriend lied that her mum needed money for surgery” — Patricia*, 28
Prior to 2023, Joy* and I had been best friends since university, and we shared everything. There was nothing we didn’t know about each other — or so I thought.
In 2023, Joy came to me and begged me for ₦600k, claiming that her mum urgently needed it for eye surgery. I knew her mum had eye problems and the doctor had recommended surgery, but I didn’t know her mum had agreed to it. I was earning just a little over ₦150k/month from my social media management job at the time and had only ₦80k in savings, but I was ready to borrow money to help my friend.
Joy had come through for me multiple times when we were in uni, and we’d had reasons to lend each other money over the years. It wasn’t strange for her to come to me with a money need. So, I borrowed ₦600k from my bank and gave it to her.
After I gave her the money, I kept asking Joy when the surgery would happen, but she kept giving me excuses. At some point, she was like, “Is it because you borrowed me money that you’re following up like this? Don’t worry, I’ll find your money.” I ended up apologising, insisting I didn’t mean it that way. Around that same period, Joy got a new iPhone. She claimed it was a gift from a sugar daddy who wanted to date her. I even encouraged her to return the phone if she didn’t want anything to do with the man. I didn’t know it was my money she used to buy the phone.
I only realised the truth three months later when Joy’s mum called me because she couldn’t reach Joy. After promising to make sure Joy called her, I asked if she’d finally gotten a date for eye surgery. The woman was like, “Which surgery? I told you people I’m not doing surgery.”
When I confronted Joy, she tried to deny it until I threatened to tell her mum about it. Then she started begging me, claiming she really needed the phone for content and that she’d pay me back. I wasn’t ready for long stories. I seized the phone, and that’s how our friendship ended. Good riddance.
“I funded my boyfriend’s ghost business for months” — Princess*, 38
Kunle* and I dated for seven months in 2019, and from month one, he was carrying me along and giving me updates about his furniture import business. He even showed me documents and transactions. Foolishly, I thought, “Finally, here’s a man serious about business and sees a future with us.” That guy really put in effort to make his business look legit. I already had visions of us becoming a power couple.
So, when he told me he had issues with customs at the border four months into the relationship, I was only too ready to help. I “borrowed” him ₦550k to settle customs. That’s how the billing started; ₦200k here, ₦800k there. The funny thing is that he was paying me back, so I missed the red flags. His strategy was to pay me back the small amounts, so I’d trust him enough to give larger amounts when he asked.
When he finally ghosted me at the seven-month mark, he took my ₦2.2m along. Of course, the business turned out to be fake. I tried to find him but gave up after a few months. This will sound funny, but it wasn’t even the money that pained me; it was my pride. I always took pride in being street-smart, but one man used old tactics to scam me. I couldn’t even tell anyone.
*We’ve changed the subjects’ names for anonymity, and their responses have been slightly edited for clarity and grammar.
