On Tuesday, 16th September 2014, popular Nigerian blogger Linda Ikeji posted on her blog her latest luxury toy; a brand new 2014 Range Rover Sport Supercharged. According to her, this cost a whopping sum of N24m [$153,000]!
This is not her first car by the way, this is her 3rd car following a 2011 Infiniti FX 35 [N8m] and a 2008 Toyota Camry. Conservatively, her 3 cars cost N36m [$228,000], not bad for a blogger right?
The Value of Money
Anyone is free to spend their money however they want.
But stop to think about this, would Linda Ikeji be able to buy these cars if Larry Page and Sergey Brin hadn’t invented Google the company that created the free blogging platform she uses?
Would Linda Ikeji be able to buy these cars if Andy Bechtolsheim the first venture capitalist who funded Google’s startup with $100,000 had gone ahead to buy a Range Rover Sport for $153,000?
Would Linda Ikeji be able to buy these cars if Larry Page and Sergey Brin had used the money they created blogspot with to buy a Range Rover Sport?
As a matter of fact, Larry Page whose net worth is $32.1 Billion doesn’t own a luxury car as much as Linda Ikeji. His 3 automobiles valued at $137,000 are all environmentally friendly products;
- Toyota Prius, a hybrid electric mid-size hatchback. It is among the most clean cars of the world based on smog formation and vehicular emissions. This was the world’s first mass produced gasoline-electric hybrid car. $20,000
- Tesla Roadster, a Battery Electric Vehicle sports car. It has the distinction of being the first all-electric vehicle in serial production. Larry Page is also a key investor in the firm and thus was one of the buyer of this car. $109, 000
- Zero X motorbike, an Electric Vehicle from Zero Motorcycles, which you can get for just under US $ 8,000.
On the other hand, Sergey Brin, who has a net worth of $ 30.7 Billion, like his partner, also doesn’t own a luxury car as much as Linda Ikeji. His 2 automobiles valued at $129,000, are all environmentally friendly products; a Toyota Prius [$20,000] and a Tesla Roadster [$109,000].
The African Mentality of Wealth
As Africans, we have a very funny way of utilizing wealth. Unlike our western counterparts, who see wealth as a tool for the creation of more wealth and more good in the world, we see wealth as a tool for luxury.
We make money to ‘show off’, to make a statement that we have arrived. Our appetite for extravagancy increases as our wealth increases. We suddenly forget how we once survived without all these luxurious toys and completely lose all senses of moderation.
One luxury car doesn’t seem to be enough; we keep reaching out for more as more money comes in. we decorate our garage with expensive toys that are tying down valuable resources that ought to be utilized for the creation of more wealth and more good in the world.
This is the same mentality common amongst our politicians as well as religious leaders. The open display of wealth and excessive accumulation of luxury toys are all evident around us. And yet we keep on complaining that our economies are not growing. We keep on wondering when Africa will measure up with the rest of the world.
How can we ever measure up when all we do with wealth is to spend it wastefully on consumables rather than re-invest it on wealth creating opportunities. Rather than use of wealth to create Venture Capital firms that will empower startups with seed funds, we spend them on luxury toys that does no one good but our selfish selves!
To Whom Much Is GIVEN, Much Is Expected
That Linda Ikeji rose to such level of affluence while using a free blogging platform that some other entrepreneurs created with their wealth, is enough reason for her to tread wisely.
There is absolutely nothing wrong with her first 2 cars, they were high profile cars already. Going as much as spending $153,000 for a 3rd car, was purely wasteful for someone with her humble beginnings. You would think she should be more considerate with money.
Less than the amount she spent on her 2014 Range Rover Sport, $100,000 was the seed capital that built Google into a global $395 Billion brand that employs over 50,000 people worldwide. If they didn’t use this money wisely, Linda Ikeji won’t be making that much from blogging for free.
Recently, on the 12th of September, the same Google offers $100,000 cloud credit for startups in order to create more success stories to add to its portfolio.
The point of this essay is simple, that you have so much is not a justification to waste so much. With the same amount you waste on luxury items, is what others have changed the world with.
It is true that wealth reveals our true nature. The wise become wiser as their wealth grows. The generous gives more as their wealth grows. The greedy acquires more as their wealth grows. In the end, to whom much is given, much is expected!
Conclusion: Linda Ikeji Needs To Stop Showing Off!
As entrepreneurs, we are not like the folks in the entertainment industry who flaunt their toys every now and then. We have a higher responsibility to make better use of the resources at our disposal. Business is an institution of society and the society depends on us entrepreneurs for the consistent creation of products/services that push humanity forward.
Entrepreneurship is not showbiz. Entrepreneurship is not about being a celebrity. Entrepreneurship is about leaving a legacy. Real entrepreneurs change the world by doing stuffs that MATTER. They are too busy making a difference. No time for paparazzi!
via@TechScrolls
Neat piece…
thks 4 d piece. sometimes i wonder how pple of humble beginning behave. You will never see children of the super rich flaunt riches.
The car is actually a depreciating asset. She was better off investing the money in a Nigerian startup. I don’t know why Aafrican’s by so much cars. It has no value…AT ALL!
Sure, but how many nigerian startups are profitable?, please list them….
It’s obvious she was born extremely deprived and into some terrible poverty. She most likely grew up in a slum like Ajegulne.
Her spoken English is wack but she manages to write well in her blog posts. It’s not very likely you’d see her in the company of what we call ‘tush’ Nigerian people. I was so irate when I I saw this and other similar shows of cash (not wealth)by her and her equally deprived siblings. but I quickly reminded myself that it’s only natural for people in such circumstances to behave that way.
Would you see Kate Middleton, or even more contextually, the likes of Ladi Balogun, or Funke Fowler or even kids like Osas Ighodaro, Dolapo ONI, etc flaunt the fact that they acquired a new car which after about 3 months they’d get tired of anyway? the answer would be ‘No’.
One of the earliest lessons that rich kids are taught is to descale or avoid publicising any form of financial advantage that they may have. I remember in the early eighties when it wasn’t that common for Nigerians to go on holidays to the UK, or the USA, my parents would tell me and my siblings not to go around referring to any holiday UNECESSARILy . Linda ikeji actually told the world the day she got a usa visa – her first visa at all in her entire life,at the age of 32!
I’m thinking to myself, what are her age mates who were born with USA passports meant to do? people like her dont have much shame. Someone whose parents couldn’t feed her well whilst she was studying is only likely to act the way she acts when they come into some little money. you can’t buy class not even with a billion dollars. but then again you see that she is just a bit of cash with no class. her looks, especially her skinny bones (lol) before she ‘made it’ is testament to a terribly hungry dog she and her siblings were before any money came through. her sister would pass for any hooker who just moved to Lagos from some remote and insignificant village
AS far as I’m concerned the blog shouldn’t have been returned to her but given to someone who truly deserved it. I still don’t understand how blog hosts are able to maintain a viable venture without charging blog users a dime. in her words she gives back to the society with a flash in the pan 200 k once in 4 months. 20k to each winner. now what sort of charity is that? Similarly she gave a lousy 500k to the genevieve pink ball charity and as usual ensured her unrefined sister announced it to the world. Now that’s lame for someone who makes over 15 million naira monthly. it was her same sister who published the fact that linda Ikeji spent over 100 million naira in Dubai on lousy shoes and bags. she posted the receipts as well so we’d all believe.
I also find it difficult to understand why tax authorities like FIRS and LIRS are unable to impose taxes on people like linda ikeji at all. but it’s ok to hound little business owners who barely make 100k a month. Linda has announced to the world that she makes well over 15 million naira monthly, so LIRS, OYA over to you.