S1E2: The Price Of Wealth: From Clubs To Forbes

[Present Day]

         Cameras roll in a sleek modern studio in Lagos. Soft lights reflect off a glass table as Mrs. Candace smiles at the man sitting across from her. The 27-year-old billionaire, Tega Olamide. A quiet confidence sits on his face, his custom agbada blending tradition with modern flair.

Mrs Candace started by saying, “Mr. Tega Olamide, welcome to Forbes Africa. I imagine it’s been a long journey to get to this seat. I wanna know, How are you feeling right now?”

Tega smiles, “Honestly, surreal. It feels like I’m watching my life from outside myself. I can't really say it's a dream come true because I NEVER imagined in a million years, that Forbes will be interested in interviewing me... but yh, I would say I'm truly honoured to be here”.

 Candace continues, “well take it from me, it would be A Dishonour, if we didn't have you on today! I mean , you’re officially the youngest billionaire in Nigeria at 27 years old. Most importantly, you didn't come from money—there was a boy from somewhere. Let’s take it back for a second… What was life like growing up?”

Tega chuckles and leans back in his chair. His tone softens, “yh um, I grew up in Ajegunle. First son, three siblings. You know how it is in Nigeria—first son means you're born with a lot of responsibility. But I'd say mine came much earlier than I expected.

He pauses to look at Candace who gives him a sympathetic nod for him to continue.

“My dad used to work for NNPC, but he retired when we were still kind of young. I didn't really know what was going on then, but I knew that there wasn't much money coming in, despite the fact that he worked for this big oil company which is like considered an achievement in nigeria.”

“ It then started turning into the kind of retirement you don't come back from. He got really sick and um, he died three years later. Then my mum fell sick and things just well... fell apart.”

The audience had gone quiet listening to him share this touching experience, Candace interrupts him to get a few more details. “sorry to cut you off, but how old were you and your siblings when all this was happening”

Tega responds, “i was about 16, my younger brother was 10 and my sisters were like 13 at the time” hearing this Candace looks at the audience surprised at their age and asks for him to continue.

“yh so I had to grow up Very fast. I had to be a brother, a father, a mother… sometimes all in one day. There were moments I was depressed. I couldn’t break down, I couldn’t afford to. There was no backup. But I just had to keep going and that's what I did.”

Candace breaks the silence by commending him for having the courage to share, “Wow!.... That is very disheartening to hear, thanks for having the shear courage to talk about your childhood”. The audience applaud to commend Tega and further lighten the mood.

She continues, “You’re one of the youngest Nigerians to make it onto this global platform. What does this moment mean to you?”

Tega says, “It means I didn’t suffer in silence for nothing. It means everything I’ve been through means something.”

Candace casually looks at her watch , being cautious of time. “Obviously, We are all here to learn from you today, so by all means, take the stage, so just walk us through Tega, 16yr old, parent of three to The business, the EVs, the billions and the headlines ”

Tega laughs, “Thanks. Well, being born in Ajegunle back then, trust me, you couldn’t even afford to dream this big…”

Tega flashes back to his early life

--------------

Surviving on garri and groundnuts, he learned to hustle early. His mom was a petty trader before she fell sick, and he learned from watching her stretch N500 like it was N5,000.

Because he was more open minded and never saw the four walls of a lecture hall, despite not being able to attend his dream college, UNILAG. He spent the time he could learning online. He tried different husles like coding, e-commerce, and eventually global trends. That’s where he stumbled upon Electric Vehicles (EVs) on YouTube. While most Nigerians were talking about tokunbo engines, he saw a gap. A future market.

By 22, after saving, borrowing, and begging, he brought in his first EV from China. The car sold fast. So did the second. Then more. In three years, he had 80+ clients, including celebrities and politicians.

Money started pouring in.

-----------

Tega was rich… or so he thought.

He bought a Benz the same month he made N20M, Rented a duplex in Lekki, Weekends were for popping bottles in clubs. Vacations? South Africa, Dubai, Turkey. 

It was Designer clothes or nothing, constant giveaways on X(Twitter).

 He was living every broke boy’s fantasy.

“Money go come,” became his mantra.

Until it didn’t.

As a result of this new found lifestyle, he neglected the very business that made him rich. After a series of failed shipments, a bad dollar investment, and a tax penalty he didn’t understand, Tega was back to square one... Staff unpaid. Rent due. Accounts red. And friends? Gone.

--------------------

Broke but not beaten, he had to sell his business to a foreign company in exchange for repaying his debts and moved into a smaller apartment in a quiet estate with the money he had left.

 Ironically, it was filled with the real wealthy—older, low-key men who drove luxurious cars, wore little to no jewelry, and always spoke of investments they had, businesses they were buying and deals they made. 

He noticed that he rarely saw them come home drunk, he wasn't even sure they went to clubs. He'd rarely see them home and when he asked where they vacationed they'd reply, “vacation? I wouldn't call it that. I just went to seal the deal with our business partners in Dubai. But sure... we had fun while we were there” 

He became even more curious as too how these people lived their lives. 

Is it that they don't want people to know they are rich? 

They aren't actually rich? 

Maybe they don't want their wives knowing they have money? 

Maybe the money isn't clean? 

How can they talk about deals worth hundreds of millions yet it doesn't show in their lifestyle?

One evening, while jogging, Tega saw his neighbor, Mr. Damini, talking to his gardener. They spoke. That conversation changed his life.

 “Money isn’t for spending. It’s for multiplying. If all the money I make is with me, how will it work for me. How will it multiply”

Tega said, “see, I know you have to invest and all but this is money you suffered to make, I mean you started from nothing. You deserve to live the good life now”

Damini laughed very loudly, then suddenly his faced and voice showed seriousness, “If that's how you feel then no wonder you're starting from nothing again. I am living the good life. My bills are paid. I pay people's bills, people depend on me, I can get anything I want, go anywhere I want... if I want. 

I could have a large mansion but do I really need it when I'm living by myself? I go on a vacation when I feel like I deserve one, not just because there is money in my account. If that's your reason for living the way you are then my friend, you won't stay rich for long! 

Do you even know if you can afford two vacations a month? Two trips to Dubai minus other expenses would take ₦10million every month and how were you making in a month?”

---

Tega replied with fear laced in his voice, “we... I think at that time we were making about.... ₦15-₦20million–”

He was immediately cut off. “and you were spending half your business's revenue on vacation?!.. this isn't even profit! Are you sure you don't want to go back to being broke because thats what you're doing. 

Tega, let me be honest with you. You may be rich on paper but poor in the head. You made enough to remove you and your family from abject poverty but your mindset was still stuck in the trenches.

Only poor people focus on looking rich more than being rich and that's where it ends.. you just look rich. And I wouldn't consider you a friend if you keep thinking like that... do better, you can achieve much more than this, at least I hope you do.... Goodnight”

From that day, Tega became distant. At first he felt hurt, ashamed and mocked but he gradually became obsessed with understanding money. 

He started using a simple notebook to track where his money was going then later moved to Budgeting apps.

He went back into the EV business, creating a new company. He then set what he called the 50/30/15/5 Rule where he shared his income into 50% for Investments, 30% for Needs and 15% for Savings and 5% for Wants. He built this strategy to avoid spending on things he didn't need and avoid being stranded again.

He actually Paid Himself a Salary: Even as a CEO, he earned a fixed income and didn’t touch business funds.

He started planning on how he will invest in Land in high-growth areas, dollar-denominated savings, tech startups, and agriculture.

 No more random giveaways or club flexing to prove a point.

He started reading Nigerian and international books Mr. Damini recommended, took courses, and watched videos.

And anytime he feels himself wanting something he knows he doesn't really need, he says to himself  “If you can’t afford it three times, don’t buy it.”

-------------------

[Back to Present Day]

 “The biggest lesson I’ve learned? Money isn’t about how much you earn, it’s about how much it makes you, how much of your money is working to give you more money. That’s the real game.”

Candace let's out a brief sigh in amazement and it seems like the audience also feels the same way about what they all just heared, “Wow! That was absolutely mind blowing, Mr Tega. I have to say, this is the best interview I've ever hosted—no apologies Elon!”. They all laugh at her burn to Elon Musk. She adds, “So with all of this, What’s your advice to young Nigerians, both rich and poor?”

 “It's simple. If you’re broke, stop chasing vibes and start chasing value. If you’re rich, discipline, mindset will decide if you stay that way. No one stays wealthy by mistake.”

Candace gets up to give Tega a handshake , signalling the end of the interview “Incredibly Powerful, you have truly showed us today why you're the youngest billionaire in Nigeria! Thank you, Tega, for sharing your journey.”

Tega stands up to shake her , he smiles and nods while turning to the audience to give one last word.

“Remember, you can have money and still have a poor mindset. Discipline and a rich mindset change my life. Make it change yours too... Thanks for having me”

He steps of the stage

THE END

-------------------------------------------------------------------

Hope you loved this episode! Check out more stories in our Story Archives. Don't forget to follow us for more amazing stories... See you soon!