There are a few REITs listed on the Nigerian Exchange that investors can look at, including: • UPDC REIT (UPDCREIT) • SFS REIT (SFSREIT) • Union Homes REIT (UHOMREIT) The NGX currently classifies these under Real Estate Investment Trusts. But I wouldn't say one is automatically “the best.” It dependRead more
There are a few REITs listed on the Nigerian Exchange that investors can look at, including:
• UPDC REIT (UPDCREIT)
• SFS REIT (SFSREIT)
• Union Homes REIT (UHOMREIT)
The NGX currently classifies these under Real Estate Investment Trusts.
But I wouldn’t say one is automatically “the best.” It depends on what you want from the investment: income, long-term growth, liquidity, or exposure to real estate.
For example, imagine I have ₦100,000 and I don’t have enough money to buy a physical property.
Instead of trying to raise millions to buy an apartment, I could buy units of a REIT. The REIT pools investors’ money and invests in real estate assets. I can therefore get exposure to real estate without personally buying and managing a building.
For instance, NGX showed UPDCREIT trading around ₦14.40 on September 4, 2026, while SFSREIT was around ₦418.75.
So with ₦100,000, the number of units I could buy would be very different depending on the REIT’s market price.
The important thing is not to choose based only on the cheapest unit price. I would check:
1. Dividend/distribution history
2. Value and quality of the underlying properties
3. Rental income and occupancy
4. Debt levels
5. Liquidity and trading volume
6. Management performance
7. Current price compared with the value of the underlying assets
For example, if I buy ₦100,000 worth of a REIT and it pays me ₦8,000 in distributions during the year, while the market value of my units rises to ₦110,000, my total return would be roughly ₦18,000 before applicable costs and taxes.
But if property values or the REIT’s income fall, the unit price can also fall.
So, for a beginner, I would research UPDCREIT, SFSREIT and UHOMREIT side by side rather than simply asking which one is the best.
A REIT can give you real-estate exposure without needing millions to buy a property, but it is still an investment whose price and income can go up or down.
At 42, you are definitely not too old to learn a new skill or increase your income. In fact, you already have something younger people may not have: experience, discipline and an understanding of what people need. Since you are supporting a family of 6, I wouldn't advise you to learn a skill simplyRead more
At 42, you are definitely not too old to learn a new skill or increase your income. In fact, you already have something younger people may not have: experience, discipline and an understanding of what people need.
Since you are supporting a family of 6, I wouldn’t advise you to learn a skill simply because it is trending. Choose something that has real demand, low starting cost and can generate income within a reasonable period.
Some options you can consider are:
• Catering/snacks and small chops
• Baking for birthdays, weddings and events
• Hairdressing, wig making or hairstyling
• Fashion designing or clothing alterations
• Laundry/cleaning services
• Makeup and gele styling
• Phone/computer digital skills such as social media management, Canva design, bookkeeping or virtual assistance
• Selling food items or household essentials
• Tutoring if you have a strong educational background
For example, suppose you choose snack production. Instead of immediately renting a shop, you could learn how to make doughnuts, chin-chin and small chops, start from home with ₦50,000–₦100,000, and supply offices, schools, shops and events.
If you make a profit of just ₦2,000 per order and get 5 orders a week, that’s about ₦10,000 weekly, or roughly ₦40,000 a month. As your customer base grows, the income can grow too.
Another example is digital skills. You could learn Canva and social media management and start helping small businesses create flyers and manage their WhatsApp/Instagram pages. If you eventually have 5 clients paying ₦20,000 monthly, that’s ₦100,000 additional income per month.
Don’t try to learn five skills at once.
Pick ONE skill → learn it → practise → start small → get your first customer → reinvest the profit → improve your service.
And because you have a family of 6, I would also recommend that you don’t put all your current income into starting the new business. Start small while maintaining your existing source of income until the new skill begins to generate consistently.
At 42, the goal isn’t to start life again. It’s to use what you already know, add a valuable skill, and create another source of income.
Not making withdrawals or transfers doesn't necessarily mean your account will have zero deductions. Banks can charge for certain account maintenance, card, SMS/alert, VAT, stamp duty, or other applicable services, depending on the type of account and the transactions or services attached to it. DigRead more
Not making withdrawals or transfers doesn’t necessarily mean your account will have zero deductions.
Banks can charge for certain account maintenance, card, SMS/alert, VAT, stamp duty, or other applicable services, depending on the type of account and the transactions or services attached to it. Digital banks may also have their own fees.
For example, imagine you have ₦50,000 in your account and you don’t make any transfer or withdrawal for a month. You might still notice a deduction because a fee was applied to your debit card, account service, or another subscribed service.
The important thing is that every deduction should have a clear description.
If I notice ₦500, ₦1,000 or ₦2,000 disappearing from my account, I wouldn’t just assume the bank is stealing my money. I would check the transaction history and ask the bank:
“What exactly is this charge for, and what is the applicable fee or tariff?”
If the charge is incorrect or I don’t recognise it, I would formally dispute it and request a reversal where appropriate.
Also, don’t leave an account open indefinitely if you no longer use it, especially if it has services or cards attached to it. Close or deactivate accounts you don’t need after settling any outstanding obligations.
So the lesson is: No withdrawals or transfers doesn’t always mean no bank charges. Know the fee structure attached to your account and regularly check your statement.
Yes, you can still potentially claim it. The fact that your loved one died in 2006 does not automatically mean the money is lost. For example, imagine your aunt died in 2006 and had ₦500,000 in a bank account. Nobody operated the account for many years, so the account eventually became dormant and tRead more
Yes, you can still potentially claim it. The fact that your loved one died in 2006 does not automatically mean the money is lost.
For example, imagine your aunt died in 2006 and had ₦500,000 in a bank account. Nobody operated the account for many years, so the account eventually became dormant and the money could have been transferred to the CBN’s Unclaimed Balances Trust Fund.
As her beneficiary, you can still start the process of establishing your entitlement.
The first thing I would do is contact the bank where she had the account and explain that the account holder died in 2006. Take whatever documents you have, such as:
• Her full name and old account details, if available
• Death certificate
• Your valid means of identification
• Documents showing your relationship to her
• Probate/Letters of Administration or other legal evidence showing who is entitled to administer or inherit her estate
If the money has already been transferred to the CBN’s Unclaimed Balances Trust Fund, the bank can help you begin the reclaim process. The CBN also provides a way to search for unclaimed balances.
One important point: being the next-of-kin does not necessarily mean you can simply walk into the bank and withdraw the money. You may need the appropriate legal documents proving your right to act for the deceased’s estate.
For example, if three siblings are the beneficiaries, the bank will not normally just give one sibling the entire ₦500,000 because that person says, “I am the eldest.” The bank will require proper evidence of who is legally entitled to the funds.
So after 20 years, don’t assume the money is gone. Start by tracing the account and establishing your legal entitlement. The CBN’s current guidelines state that beneficiaries can reclaim eligible unclaimed balances and that the right to reclaim is indefinite.
It depends on how the joint account was opened and the mandate given to the bank. For example, if two people, A and B, open a joint account with a “either to sign” mandate, either person may be able to withdraw money or give instructions without the other person's approval. If they use an “both to sRead more
It depends on how the joint account was opened and the mandate given to the bank.
For example, if two people, A and B, open a joint account with a “either to sign” mandate, either person may be able to withdraw money or give instructions without the other person’s approval.
If they use an “both to sign” mandate, then both people must authorize the withdrawal.
For example, imagine A and B have ₦1 million in a joint account.
If the account is “either to sign,” A may be able to withdraw the ₦1 million without B being physically present.
But if the account is “both to sign,” A cannot normally withdraw the money alone because B’s authorization is required.
So having access to the account does not automatically mean one person can withdraw alone. Check the account mandate and the bank’s terms.
If you’re dealing with a specific Nigerian bank, I would advise contacting the bank and asking them exactly what signing mandate applies to the joint account before making any withdrawal.
A joint account can be a very good financial tool in Nigeria, especially for couples, business partners or people saving toward a common goal. But it is not automatically better than having separate accounts. For example, imagine a husband and wife who both earn money. The husband earns ₦250,000 andRead more
A joint account can be a very good financial tool in Nigeria, especially for couples, business partners or people saving toward a common goal. But it is not automatically better than having separate accounts.
For example, imagine a husband and wife who both earn money.
The husband earns ₦250,000 and the wife earns ₦200,000 monthly. Instead of putting all their money into one account, they could maintain their individual accounts and create a joint account specifically for household expenses.
They could each contribute ₦100,000 every month, giving them ₦200,000 to cover rent, food, electricity, children’s expenses and other agreed responsibilities.
Advantages
1. Transparency
Both people can see what is happening with the money.
2. Easier to achieve common goals
For example, if a couple wants to save ₦1 million for rent, they can contribute together.
3. Shared responsibility
One person doesn’t have to carry every household expense alone.
4. Useful for emergencies
A properly structured joint account can make it easier for both parties to access money for agreed purposes.
Disadvantages
1. Trust issues can become financial issues.
If one person withdraws money without communicating with the other, it can create serious problems.
2. Different spending habits.
Imagine one person wants to save ₦100,000 every month while the other keeps withdrawing money for personal expenses. The account can quickly become a source of conflict.
3. Relationship problems can affect the money.
If a couple separates or business partners fall out, accessing or controlling the account can become complicated depending on the account mandate and the bank’s procedures.
4. You can lose financial independence.
I don’t think couples should necessarily put every naira they earn into one account. Having some personal money can also be healthy.
My preferred approach
For a married couple, for example:
Personal account: Each person keeps some money for personal expenses.
Joint account: Both contribute a fixed percentage toward household expenses, emergency savings and common goals.
For example, if they earn a combined ₦450,000 monthly, they might agree to contribute ₦200,000 into the joint account and manage the remaining ₦250,000 individually according to their personal responsibilities.
The most important thing is not the joint account itself.
It is the agreement behind the account.
Before opening one, agree on who can withdraw, how much each person contributes, what the money can be used for, and what happens if the relationship or partnership changes.
A joint account should create financial cooperation, not financial dependence.
If the baby is expected around March or April, I wouldn't put the entire ₦1 million into a risky investment just to chase profit. The first question should be: When will I need this money? If I may need the money within 6–8 months, capital preservation and easy access should come before high returnsRead more
If the baby is expected around March or April, I wouldn’t put the entire ₦1 million into a risky investment just to chase profit.
The first question should be: When will I need this money?
If I may need the money within 6–8 months, capital preservation and easy access should come before high returns.
For example, I could structure the ₦1 million like this:
₦600,000 → Money market/fixed-income investment
For relatively low-risk income while keeping the money accessible, depending on the product’s terms.
₦250,000 → Emergency/baby reserve
Keep this readily available for unexpected hospital bills, medications, transportation or other urgent expenses.
₦150,000 → Short-term Treasury Bills or another suitable short-term fixed-income option
Only if the maturity date fits comfortably before I need the money.
Imagine the investments generate an average 10% annual return just for illustration. The actual return will depend on the product and prevailing rates.
₦600,000 at 10% for roughly 8 months would be around ₦40,000 before applicable fees/taxes and assuming the rate remained constant.
The bigger win, however, is that you still have most of your capital available when the baby arrives.
I wouldn’t put this particular ₦1 million into individual stocks, crypto or any investment that could fall significantly shortly before the baby arrives. You don’t want to be forced to sell a ₦1 million investment for ₦800,000 because an emergency happened at the wrong time.
Also, don’t forget that inflation can reduce the purchasing power of cash, so keeping everything in a normal account may not be ideal either.
My priority would be:
Protect the capital → keep emergency access → earn some return → prepare for the baby’s expenses.
After the baby arrives and the emergency fund is properly established, then I can start putting a separate amount into longer-term investments for the child’s future.
Congratulations on your first salary. With ₦75,000, I wouldn't try to invest a large portion immediately. Your first goal should be to build financial stability and avoid borrowing before the next salary. If you want to give 10% as tithe, that's ₦7,500. That leaves ₦67,500. A realistic starting budgRead more
Congratulations on your first salary.
With ₦75,000, I wouldn’t try to invest a large portion immediately. Your first goal should be to build financial stability and avoid borrowing before the next salary.
If you want to give 10% as tithe, that’s ₦7,500.
That leaves ₦67,500.
A realistic starting budget could look like this:
Tithe: 10% = ₦7,500
Feeding: 25% = ₦18,750
Transport: 20% = ₦15,000
Emergency savings: 15% = ₦11,250
Data/phone: 5% = ₦3,750
Family support: 5% = ₦3,750
Clothing/personal needs: 5% = ₦3,750
Investment: 5% = ₦3,750
Medical/miscellaneous: 10% = ₦7,500
Total = ₦75,000
Here’s the important part: these percentages are not a rigid rule. If your transport to work is higher, reduce clothing or miscellaneous spending rather than borrowing money.
For example, if you normally spend ₦15,000 on transport and ₦18,000 on feeding, that’s already ₦33,000. Don’t force yourself to invest ₦15,000 just because someone online says you should invest 20%.
Start with the ₦11,250 emergency savings every month. After 6 months, that’s ₦67,500 before any interest. As your salary increases, increase your investment percentage.
Also, don’t feel pressured to financially support everyone just because you have received your first salary. You cannot build a strong financial future if every salary disappears before the next one arrives.
Your first salary should teach you one major habit:
Give → Budget → Save → Invest → Spend.
And remember, your biggest investment at this stage may actually be your career and skills. If you can increase your income from ₦75,000 to ₦150,000 or ₦200,000, budgeting becomes much easier.
The goal is not to look rich with your first salary. The goal is to build a financial life where you don’t have to borrow before payday.
NASDAQ is a stock exchange in the United States, where investors buy and sell shares of publicly listed companies. Think of it like the Nigerian Exchange (NGX) in Nigeria. For example, on the NGX, you can buy shares of Nigerian companies such as banks and other listed businesses. On NASDAQ, you canRead more
NASDAQ is a stock exchange in the United States, where investors buy and sell shares of publicly listed companies.
Think of it like the Nigerian Exchange (NGX) in Nigeria.
For example, on the NGX, you can buy shares of Nigerian companies such as banks and other listed businesses. On NASDAQ, you can find many major technology and growth companies such as Apple, Microsoft, Amazon, NVIDIA and Alphabet.
Here’s a simple example:
If you have $1,000 and you buy shares of a company listed on NASDAQ, you become a shareholder in that company. If the share price increases, the value of your investment can increase. If the price falls, your investment can also lose value.
So, NASDAQ is not a company or a particular stock. It is a stock exchange where many companies are listed and their shares are traded.
In simple terms:
NGX = major stock exchange in Nigeria
NASDAQ = major stock exchange in the United States
As a Nigerian investor, you can potentially invest in foreign stocks through platforms that provide access to international markets, but you should consider exchange-rate risk, fees, taxes and whether the platform is properly regulated.
I think the naira can become more stable over the next 3 years, but I wouldn't say it is guaranteed that the naira will become significantly stronger against the dollar. For me, these are some of the signs I would watch: 1. Inflation continues to fall. If inflation moves from very high levels towardRead more
I think the naira can become more stable over the next 3 years, but I wouldn’t say it is guaranteed that the naira will become significantly stronger against the dollar.
For me, these are some of the signs I would watch:
1. Inflation continues to fall.
If inflation moves from very high levels toward 10% or lower and stays there, that would be a strong sign that the naira is gaining purchasing-power stability.
2. Nigeria keeps building its foreign reserves.
Higher reserves give the country a stronger buffer against external shocks and can support confidence in the FX market.
3. The FX market becomes more stable.
If the gap between different exchange-rate markets remains small and the naira stops experiencing large sudden movements, that would be positive.
4. Oil production and non-oil exports improve.
Nigeria needs more consistent dollar inflows. More oil revenue, exports, remittances and foreign investment can increase the supply of foreign currency.
5. Government borrowing and money creation are better controlled.
If government finances improve and the CBN can focus more effectively on controlling inflation, pressure on the naira could reduce.
6. Investors regain confidence.
More long-term foreign investment means dollars entering the economy for businesses and production rather than mainly short-term speculative money.
Here’s a simple example.
Imagine the naira is ₦1,500/$ today. If over the next three years inflation falls significantly, reserves keep rising, oil production improves and dollar inflows become stronger, the naira might become more stable and could potentially move to something like ₦1,300/$ or ₦1,200/$.
But the opposite can also happen. If inflation remains high, oil production falls, government finances deteriorate and demand for dollars remains much higher than supply, the naira could weaken further.
So I wouldn’t build an investment plan based on “the naira will definitely appreciate.”
I would rather prepare for both scenarios.
The real victory is not necessarily getting back to an old exchange rate. It is getting to a point where the naira loses value slowly and predictably, inflation is falling, and people and businesses can plan their finances with confidence.
What Are the Best Real Estate Investment Trusts (REITs) Listed on the NGX?
There are a few REITs listed on the Nigerian Exchange that investors can look at, including: • UPDC REIT (UPDCREIT) • SFS REIT (SFSREIT) • Union Homes REIT (UHOMREIT) The NGX currently classifies these under Real Estate Investment Trusts. But I wouldn't say one is automatically “the best.” It dependRead more
There are a few REITs listed on the Nigerian Exchange that investors can look at, including:
• UPDC REIT (UPDCREIT)
• SFS REIT (SFSREIT)
• Union Homes REIT (UHOMREIT)
The NGX currently classifies these under Real Estate Investment Trusts.
But I wouldn’t say one is automatically “the best.” It depends on what you want from the investment: income, long-term growth, liquidity, or exposure to real estate.
For example, imagine I have ₦100,000 and I don’t have enough money to buy a physical property.
Instead of trying to raise millions to buy an apartment, I could buy units of a REIT. The REIT pools investors’ money and invests in real estate assets. I can therefore get exposure to real estate without personally buying and managing a building.
For instance, NGX showed UPDCREIT trading around ₦14.40 on September 4, 2026, while SFSREIT was around ₦418.75.
So with ₦100,000, the number of units I could buy would be very different depending on the REIT’s market price.
The important thing is not to choose based only on the cheapest unit price. I would check:
1. Dividend/distribution history
2. Value and quality of the underlying properties
3. Rental income and occupancy
4. Debt levels
5. Liquidity and trading volume
6. Management performance
7. Current price compared with the value of the underlying assets
For example, if I buy ₦100,000 worth of a REIT and it pays me ₦8,000 in distributions during the year, while the market value of my units rises to ₦110,000, my total return would be roughly ₦18,000 before applicable costs and taxes.
But if property values or the REIT’s income fall, the unit price can also fall.
So, for a beginner, I would research UPDCREIT, SFSREIT and UHOMREIT side by side rather than simply asking which one is the best.
A REIT can give you real-estate exposure without needing millions to buy a property, but it is still an investment whose price and income can go up or down.
See lessWhat High-Income Skills Can I Learn at 42 to Improve My Financial Situation?
At 42, you are definitely not too old to learn a new skill or increase your income. In fact, you already have something younger people may not have: experience, discipline and an understanding of what people need. Since you are supporting a family of 6, I wouldn't advise you to learn a skill simplyRead more
At 42, you are definitely not too old to learn a new skill or increase your income. In fact, you already have something younger people may not have: experience, discipline and an understanding of what people need.
Since you are supporting a family of 6, I wouldn’t advise you to learn a skill simply because it is trending. Choose something that has real demand, low starting cost and can generate income within a reasonable period.
Some options you can consider are:
• Catering/snacks and small chops
• Baking for birthdays, weddings and events
• Hairdressing, wig making or hairstyling
• Fashion designing or clothing alterations
• Laundry/cleaning services
• Makeup and gele styling
• Phone/computer digital skills such as social media management, Canva design, bookkeeping or virtual assistance
• Selling food items or household essentials
• Tutoring if you have a strong educational background
For example, suppose you choose snack production. Instead of immediately renting a shop, you could learn how to make doughnuts, chin-chin and small chops, start from home with ₦50,000–₦100,000, and supply offices, schools, shops and events.
If you make a profit of just ₦2,000 per order and get 5 orders a week, that’s about ₦10,000 weekly, or roughly ₦40,000 a month. As your customer base grows, the income can grow too.
Another example is digital skills. You could learn Canva and social media management and start helping small businesses create flyers and manage their WhatsApp/Instagram pages. If you eventually have 5 clients paying ₦20,000 monthly, that’s ₦100,000 additional income per month.
Don’t try to learn five skills at once.
Pick ONE skill → learn it → practise → start small → get your first customer → reinvest the profit → improve your service.
And because you have a family of 6, I would also recommend that you don’t put all your current income into starting the new business. Start small while maintaining your existing source of income until the new skill begins to generate consistently.
At 42, the goal isn’t to start life again. It’s to use what you already know, add a valuable skill, and create another source of income.
See lessWhat Bank Charges Can Cause Unexpected Deductions From an Account in Nigeria?
Not making withdrawals or transfers doesn't necessarily mean your account will have zero deductions. Banks can charge for certain account maintenance, card, SMS/alert, VAT, stamp duty, or other applicable services, depending on the type of account and the transactions or services attached to it. DigRead more
Not making withdrawals or transfers doesn’t necessarily mean your account will have zero deductions.
Banks can charge for certain account maintenance, card, SMS/alert, VAT, stamp duty, or other applicable services, depending on the type of account and the transactions or services attached to it. Digital banks may also have their own fees.
For example, imagine you have ₦50,000 in your account and you don’t make any transfer or withdrawal for a month. You might still notice a deduction because a fee was applied to your debit card, account service, or another subscribed service.
The important thing is that every deduction should have a clear description.
If I notice ₦500, ₦1,000 or ₦2,000 disappearing from my account, I wouldn’t just assume the bank is stealing my money. I would check the transaction history and ask the bank:
“What exactly is this charge for, and what is the applicable fee or tariff?”
If the charge is incorrect or I don’t recognise it, I would formally dispute it and request a reversal where appropriate.
Also, don’t leave an account open indefinitely if you no longer use it, especially if it has services or cards attached to it. Close or deactivate accounts you don’t need after settling any outstanding obligations.
So the lesson is: No withdrawals or transfers doesn’t always mean no bank charges. Know the fee structure attached to your account and regularly check your statement.
See lessCan I Still Claim a Deceased Relative’s Bank Account in Nigeria After 20 Years?
Yes, you can still potentially claim it. The fact that your loved one died in 2006 does not automatically mean the money is lost. For example, imagine your aunt died in 2006 and had ₦500,000 in a bank account. Nobody operated the account for many years, so the account eventually became dormant and tRead more
Yes, you can still potentially claim it. The fact that your loved one died in 2006 does not automatically mean the money is lost.
For example, imagine your aunt died in 2006 and had ₦500,000 in a bank account. Nobody operated the account for many years, so the account eventually became dormant and the money could have been transferred to the CBN’s Unclaimed Balances Trust Fund.
As her beneficiary, you can still start the process of establishing your entitlement.
The first thing I would do is contact the bank where she had the account and explain that the account holder died in 2006. Take whatever documents you have, such as:
• Her full name and old account details, if available
• Death certificate
• Your valid means of identification
• Documents showing your relationship to her
• Probate/Letters of Administration or other legal evidence showing who is entitled to administer or inherit her estate
If the money has already been transferred to the CBN’s Unclaimed Balances Trust Fund, the bank can help you begin the reclaim process. The CBN also provides a way to search for unclaimed balances.
One important point: being the next-of-kin does not necessarily mean you can simply walk into the bank and withdraw the money. You may need the appropriate legal documents proving your right to act for the deceased’s estate.
For example, if three siblings are the beneficiaries, the bank will not normally just give one sibling the entire ₦500,000 because that person says, “I am the eldest.” The bank will require proper evidence of who is legally entitled to the funds.
So after 20 years, don’t assume the money is gone. Start by tracing the account and establishing your legal entitlement. The CBN’s current guidelines state that beneficiaries can reclaim eligible unclaimed balances and that the right to reclaim is indefinite.
See lessCan One Person Withdraw Money From a Joint Account in Nigeria?
It depends on how the joint account was opened and the mandate given to the bank. For example, if two people, A and B, open a joint account with a “either to sign” mandate, either person may be able to withdraw money or give instructions without the other person's approval. If they use an “both to sRead more
It depends on how the joint account was opened and the mandate given to the bank.
For example, if two people, A and B, open a joint account with a “either to sign” mandate, either person may be able to withdraw money or give instructions without the other person’s approval.
If they use an “both to sign” mandate, then both people must authorize the withdrawal.
For example, imagine A and B have ₦1 million in a joint account.
If the account is “either to sign,” A may be able to withdraw the ₦1 million without B being physically present.
But if the account is “both to sign,” A cannot normally withdraw the money alone because B’s authorization is required.
So having access to the account does not automatically mean one person can withdraw alone. Check the account mandate and the bank’s terms.
If you’re dealing with a specific Nigerian bank, I would advise contacting the bank and asking them exactly what signing mandate applies to the joint account before making any withdrawal.
See lessHow Good Is a Joint Bank Account in Nigeria Today?
A joint account can be a very good financial tool in Nigeria, especially for couples, business partners or people saving toward a common goal. But it is not automatically better than having separate accounts. For example, imagine a husband and wife who both earn money. The husband earns ₦250,000 andRead more
A joint account can be a very good financial tool in Nigeria, especially for couples, business partners or people saving toward a common goal. But it is not automatically better than having separate accounts.
For example, imagine a husband and wife who both earn money.
The husband earns ₦250,000 and the wife earns ₦200,000 monthly. Instead of putting all their money into one account, they could maintain their individual accounts and create a joint account specifically for household expenses.
They could each contribute ₦100,000 every month, giving them ₦200,000 to cover rent, food, electricity, children’s expenses and other agreed responsibilities.
Advantages
1. Transparency
Both people can see what is happening with the money.
2. Easier to achieve common goals
For example, if a couple wants to save ₦1 million for rent, they can contribute together.
3. Shared responsibility
One person doesn’t have to carry every household expense alone.
4. Useful for emergencies
A properly structured joint account can make it easier for both parties to access money for agreed purposes.
Disadvantages
1. Trust issues can become financial issues.
If one person withdraws money without communicating with the other, it can create serious problems.
2. Different spending habits.
Imagine one person wants to save ₦100,000 every month while the other keeps withdrawing money for personal expenses. The account can quickly become a source of conflict.
3. Relationship problems can affect the money.
If a couple separates or business partners fall out, accessing or controlling the account can become complicated depending on the account mandate and the bank’s procedures.
4. You can lose financial independence.
I don’t think couples should necessarily put every naira they earn into one account. Having some personal money can also be healthy.
My preferred approach
For a married couple, for example:
Personal account: Each person keeps some money for personal expenses.
Joint account: Both contribute a fixed percentage toward household expenses, emergency savings and common goals.
For example, if they earn a combined ₦450,000 monthly, they might agree to contribute ₦200,000 into the joint account and manage the remaining ₦250,000 individually according to their personal responsibilities.
The most important thing is not the joint account itself.
It is the agreement behind the account.
Before opening one, agree on who can withdraw, how much each person contributes, what the money can be used for, and what happens if the relationship or partnership changes.
A joint account should create financial cooperation, not financial dependence.
See lessWhat Is the Safest Way to Invest ₦1 Million Before a Baby Arrives in Nigeria?
If the baby is expected around March or April, I wouldn't put the entire ₦1 million into a risky investment just to chase profit. The first question should be: When will I need this money? If I may need the money within 6–8 months, capital preservation and easy access should come before high returnsRead more
If the baby is expected around March or April, I wouldn’t put the entire ₦1 million into a risky investment just to chase profit.
The first question should be: When will I need this money?
If I may need the money within 6–8 months, capital preservation and easy access should come before high returns.
For example, I could structure the ₦1 million like this:
₦600,000 → Money market/fixed-income investment
For relatively low-risk income while keeping the money accessible, depending on the product’s terms.
₦250,000 → Emergency/baby reserve
Keep this readily available for unexpected hospital bills, medications, transportation or other urgent expenses.
₦150,000 → Short-term Treasury Bills or another suitable short-term fixed-income option
Only if the maturity date fits comfortably before I need the money.
Imagine the investments generate an average 10% annual return just for illustration. The actual return will depend on the product and prevailing rates.
₦600,000 at 10% for roughly 8 months would be around ₦40,000 before applicable fees/taxes and assuming the rate remained constant.
The bigger win, however, is that you still have most of your capital available when the baby arrives.
I wouldn’t put this particular ₦1 million into individual stocks, crypto or any investment that could fall significantly shortly before the baby arrives. You don’t want to be forced to sell a ₦1 million investment for ₦800,000 because an emergency happened at the wrong time.
Also, don’t forget that inflation can reduce the purchasing power of cash, so keeping everything in a normal account may not be ideal either.
My priority would be:
Protect the capital → keep emergency access → earn some return → prepare for the baby’s expenses.
After the baby arrives and the emergency fund is properly established, then I can start putting a separate amount into longer-term investments for the child’s future.
See lessHow Should I Budget My First ₦75,000 Salary in Nigeria?
Congratulations on your first salary. With ₦75,000, I wouldn't try to invest a large portion immediately. Your first goal should be to build financial stability and avoid borrowing before the next salary. If you want to give 10% as tithe, that's ₦7,500. That leaves ₦67,500. A realistic starting budgRead more
Congratulations on your first salary.
With ₦75,000, I wouldn’t try to invest a large portion immediately. Your first goal should be to build financial stability and avoid borrowing before the next salary.
If you want to give 10% as tithe, that’s ₦7,500.
That leaves ₦67,500.
A realistic starting budget could look like this:
Tithe: 10% = ₦7,500
Feeding: 25% = ₦18,750
Transport: 20% = ₦15,000
Emergency savings: 15% = ₦11,250
Data/phone: 5% = ₦3,750
Family support: 5% = ₦3,750
Clothing/personal needs: 5% = ₦3,750
Investment: 5% = ₦3,750
Medical/miscellaneous: 10% = ₦7,500
Total = ₦75,000
Here’s the important part: these percentages are not a rigid rule. If your transport to work is higher, reduce clothing or miscellaneous spending rather than borrowing money.
For example, if you normally spend ₦15,000 on transport and ₦18,000 on feeding, that’s already ₦33,000. Don’t force yourself to invest ₦15,000 just because someone online says you should invest 20%.
Start with the ₦11,250 emergency savings every month. After 6 months, that’s ₦67,500 before any interest. As your salary increases, increase your investment percentage.
Also, don’t feel pressured to financially support everyone just because you have received your first salary. You cannot build a strong financial future if every salary disappears before the next one arrives.
Your first salary should teach you one major habit:
Give → Budget → Save → Invest → Spend.
And remember, your biggest investment at this stage may actually be your career and skills. If you can increase your income from ₦75,000 to ₦150,000 or ₦200,000, budgeting becomes much easier.
The goal is not to look rich with your first salary. The goal is to build a financial life where you don’t have to borrow before payday.
See lessPlease What is NASDAQ?
NASDAQ is a stock exchange in the United States, where investors buy and sell shares of publicly listed companies. Think of it like the Nigerian Exchange (NGX) in Nigeria. For example, on the NGX, you can buy shares of Nigerian companies such as banks and other listed businesses. On NASDAQ, you canRead more
NASDAQ is a stock exchange in the United States, where investors buy and sell shares of publicly listed companies.
Think of it like the Nigerian Exchange (NGX) in Nigeria.
For example, on the NGX, you can buy shares of Nigerian companies such as banks and other listed businesses. On NASDAQ, you can find many major technology and growth companies such as Apple, Microsoft, Amazon, NVIDIA and Alphabet.
Here’s a simple example:
If you have $1,000 and you buy shares of a company listed on NASDAQ, you become a shareholder in that company. If the share price increases, the value of your investment can increase. If the price falls, your investment can also lose value.
So, NASDAQ is not a company or a particular stock. It is a stock exchange where many companies are listed and their shares are traded.
In simple terms:
NGX = major stock exchange in Nigeria
NASDAQ = major stock exchange in the United States
As a Nigerian investor, you can potentially invest in foreign stocks through platforms that provide access to international markets, but you should consider exchange-rate risk, fees, taxes and whether the platform is properly regulated.
See lessHow Can I Tell If the Naira Is Becoming More Stable in Nigeria?
I think the naira can become more stable over the next 3 years, but I wouldn't say it is guaranteed that the naira will become significantly stronger against the dollar. For me, these are some of the signs I would watch: 1. Inflation continues to fall. If inflation moves from very high levels towardRead more
I think the naira can become more stable over the next 3 years, but I wouldn’t say it is guaranteed that the naira will become significantly stronger against the dollar.
For me, these are some of the signs I would watch:
1. Inflation continues to fall.
If inflation moves from very high levels toward 10% or lower and stays there, that would be a strong sign that the naira is gaining purchasing-power stability.
2. Nigeria keeps building its foreign reserves.
Higher reserves give the country a stronger buffer against external shocks and can support confidence in the FX market.
3. The FX market becomes more stable.
If the gap between different exchange-rate markets remains small and the naira stops experiencing large sudden movements, that would be positive.
4. Oil production and non-oil exports improve.
Nigeria needs more consistent dollar inflows. More oil revenue, exports, remittances and foreign investment can increase the supply of foreign currency.
5. Government borrowing and money creation are better controlled.
If government finances improve and the CBN can focus more effectively on controlling inflation, pressure on the naira could reduce.
6. Investors regain confidence.
More long-term foreign investment means dollars entering the economy for businesses and production rather than mainly short-term speculative money.
Here’s a simple example.
Imagine the naira is ₦1,500/$ today. If over the next three years inflation falls significantly, reserves keep rising, oil production improves and dollar inflows become stronger, the naira might become more stable and could potentially move to something like ₦1,300/$ or ₦1,200/$.
But the opposite can also happen. If inflation remains high, oil production falls, government finances deteriorate and demand for dollars remains much higher than supply, the naira could weaken further.
So I wouldn’t build an investment plan based on “the naira will definitely appreciate.”
I would rather prepare for both scenarios.
The real victory is not necessarily getting back to an old exchange rate. It is getting to a point where the naira loses value slowly and predictably, inflation is falling, and people and businesses can plan their finances with confidence.
That’s what I would watch over the next 3 years.
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