Nigerian business leader and former bank chairperson Ibukun Awosika warns families about the dangers of hidden debt and the illusion of wealth.

Awosika, a financial expert, observed that many seemingly wealthy individuals are actually heavily in debt.

According to her, some families only discover the true state of their finances after a breadwinner dies and creditors begin claiming assets.

Drawing on her experience as a bank chairman, she emphasized that outward displays of wealth can be misleading. She described situations in which people “live large” while having significant financial obligations that their spouses and children are unaware of.

She said in part …

“Sometimes you think your father has money. I was chairman of a bank. You’ll be shocked how many people are in debt that are living large. Until they die, their families don’t know what they really have. Very true. Please, trust me. There are many names. You know, I go to functions sometimes, sit down and watch people. I always smile. Empty posing. It’s true. You know, their children, their wives think they are acting big. The day that guy drops dead, they’re in trouble. Because they’re going to come for everything.”