Nigerian businessman and socialite Terry Waya, father of former Big Brother Naija housemate Kiddwaya, has revealed that he became a billionaire approximately 20 years ago through farming, investments and strategic networking.
Waya made the disclosure during an interview with James Dumoulin of School of Hard Knocks, where he also claimed that the highest amount he had earned in a single year was approximately $200 million.
During the interview, Waya was asked how old he was when he became a millionaire. However, he responded by making a distinction about his financial status.
“No, I’m not a millionaire. I’m a billionaire.”
Speaking about his business interests, the socialite described himself as one of Nigeria’s biggest farmers, insisting that agriculture was a major part of his business activities.
“I’m one of the biggest farmers in Nigeria. Very, very serious farmer,” he said.
When asked how he would rebuild his wealth if he lost everything, Waya expressed confidence in his ability to start again, although he declined to reveal the specific formula behind his success.
He identified investing in people and maintaining strong relationships as key strategies that had contributed to his wealth.
“My secret is investment in people. So tomorrow if I get up and I happen to need anything, it’s just a phone call away. I have enough contacts,” he stated.
Claims He Played a Major Role in Creating Banana Island
Waya also made a claim about his involvement in the development of Banana Island in Lagos, attributing his role to his connections within the military.
“I was the one that created that Banana Island using my military contacts. Today, the richest people in Nigeria live there,” he claimed.
Explaining why he believes Nigeria has produced several billionaires, he described Nigerians as intelligent and innovative, adding that their ability to improve on existing ideas contributes to their business success.
Advice to Young Entrepreneurs
On business negotiations, Waya cautioned young entrepreneurs against desperation, arguing that remaining calm and not appearing overly interested could provide an advantage when negotiating deals.
“A desperate man will always make mistakes. You can’t be desperate. No. No. No. I hate desperation. I’m calm. Go in as if you’re not interested. And then you have the leverage,” he said.
He also encouraged young people to remember their humble beginnings and maintain relationships with people who contributed to their journey to success.
“No matter how far you have gone, don’t forget the road that is taking you there, because you might need that road to go back to where you’re coming from,” he advised.
Waya further warned against allowing the pursuit of wealth to destroy family relationships, stressing that money might not be enough to restore relationships lost along the way.
“If you lose your family trying to be rich, when you get rich, you may not have them back, they are gone,” he added.
His comments have drawn attention to his account of building wealth, with particular interest in his views on farming, networking, business negotiations and the importance of family.