“Chop Your Money”: Nigerian Man Disappointed to See N50k Invested in Shares in 2005 Turn to N5k

• A Nigerian man who used his N50,000 scholarship money to get Union Bank shares has regretted his decision years after
• In the year 2022, the smart Nigerian man found out that the invested sum had terribly reduced to N5,000
• Many people shared their experiences with investment and how they have also dealt with losses over the years

A Nigerian man, @Don_Kane, on Monday, November 14, went on Twitter to talk about how his N50,000 investment in 2005 turned very bad.

The man said he used his undergraduate scholarship fund to buy Union Bank shares.

In 2022 when he was given a Mandatory Takeover Form to fill as Titan Trust owned the bank, he surprisingly found out that the sum has reduced to N5,000.

Read also

We no dey give shishi: 'Peter Obi likes good things,' Wike counters ex-governor's slogan

Investment in Union Bank shares goes bad

In his tweet, he stated that the lesson he learnt from it all is that people should enjoy their money. In his words:

"Chop your money. YOLO!"

The man added that he could have given himself a good treat back in 2005 with the invested sum. He again stressed that people spend their wealth. He said:

"Chop your money! If capitalism no chop am, next of kin go chop am. Chop am use floss."

I didn't have much investment knowledge

In conversation with Legit.ng, he said he did not know much about getting stocks then, he only jumped in because it was trendy at that time.

"Interesting question. To be honest I was naive about investing in the Nigerian stock market. It just seemed like the rave thing at the time... You know, how crypto is (or was, depending on who you ask) right now."

Read also

"I wan try my luck": Nigerian man invests his money into snail farming, shares video

Other lost investments

On if the Union Bank shares experience has affected his disposition towards investment, the smart Nigerian man said he never stopped making investments even though they do not all go well.

Right now, the investor is more towards silent investment plans that do not require much research. He, however, advised against making such attitude towards investment.

See his post below:

Legit.ng compiled some of the reactions below:

@Chidiadiele1 said:

"I'm guessing you didn't have enough knowledge of these before starting out. It's not every stock you hodl for long. Know this and know the game. Some you take profit, sale and diversify."

@moyo54 said:

"…lesson should be invest in a stable currency and blue chip companies which are growing."

@ajulunzewi said:

"With 50k at 2005 prices you will be alternating between Jives & that Nkwobi joint at Odenigbo. Total shutdown."

@kendragon101 said:

Read also

FTX founder, Sam Bankman-Fried, who lost his fortune says he will speak about what happened

"I sold those same shares at 41 naira. Made over a million in profit. Then I got over confident aspa investment guru. Carried my full share of my inheritance and invested in Zenith, DAAR, Spring etc... I still haven't recovered from the loss."

@EmzzyInteriors said:

"I bought 10k Intercontinental bank shares 15years back.i don't even know how to look for it now cos the value fit make person sad."

Man advises people on investment plan

Meanwhile, Legit.ng earlier reported that a young man known as Emmanuel on TikTok spoke about investment and how to build a steady stream of income.

In a short video, he stated that buying property in Nigeria is not a good investment. He said that the only time one can do that is if one does not need the money.

He said:

"If you have a business that has the potential of giving you money, invest your money into your business, forget building house, pay your rents. Manage the rent, stay there, build the business..."

Source: Legit.ng