It is probably no longer news that our very own Linda Ikeji has purchased a six hundred (600) million naira mansion in Banana Island, Ikoyi, Lagos. If that is news to you, where have you been?
Ever since she made the announcement, tongues have been wagging, people have been commenting and basically everyone has an opinion about it. And of course, so do I.
Now here’s what I think:
First of all let me commend Linda. This is such a huge milestone and achievement and I am really proud of her. As a woman especially in the kind of society we live in to be successful is a big deal. And knowing her story and where she’s coming from, she definitely has accomplished a lot.
All I have just said above comes from the depth of my heart BUT….
Really Linda? 600 million naira for one big unfurnished house? Really?
Not only do I think it was an absolutely wrong choice of investment, I think that the fact that Linda got turned down and suffered so much growing up has eventually clouded her judgment as she feels the need to prove to people that she has not only arrived but is living the big life.
The only reason why I personally would spend 600 million naira on a house is if in fact I have over five billion naira left over in my bank account after buying the house. Even at that, it is a very risky investment and I’ll tell you why.
First of all, it is no surprise that Linda made the big bucks from Jonathan’s administration especially during the elections. It was stated in an article in informationng.com that this year’s election campaign was the most expensive Nigeria has ever seen costing over THREE (3) BILLION NAIRA. Read the article here.
We all know that a fair share of that money went to Linda Ikeji as she put up NUMEROUS campaign ads for these politicians. So she definitely cashed in during the election.
Now if I were Linda, even if I had 600 million naira to invest in a property, rather than buy ONE BIG HOUSE for six hundred million, I would rather buy SEVERAL houses at a hundred million naira each and put them all out on rent.
A hundred million naira is a lot of money and can get you a luxurious house as well and putting that on rent will fetch you about eight (8) million naira yearly or more multiplied by 5 or 6 comes up to about 48 million naira income on rent alone annually.
I think Linda forgot a very important point before purchasing this house which is that the fact that the Jonathan administration favored her doesn’t necessarily mean that the Buhari administration would.
As a matter of fact, this present administration most likely WOULD NOT favor her at all because we all know Buhari is against misappropriation of funds and no “government inclined person” would want to get on his bad side by sponsoring over priced adverts or spending lavishly.
The truth of the matter is that other than her blog, there is absolutely no other source of income for our dear Linda. And I am positive there isn’t. If there was, we all know Linda would have told us about it. She shares her success story on her blog page. She’s not private about it.
Sorry for being a party pooper but what happens when her blog fails to bring in revenue? How will she put food on the table?
If she spent 600 million naira on ONE house solely from ONE source of income, what happens when that river runs dry?
Do we realize that furnishing that house alone would probably cost another hundred million if not more and then annual maintenance would also run into millions?
Once again, what happens when her blog stops flourishing? And I’m not being evil or anything but everything that goes up will surely come down. Look at Dele Momodu today. Don’t we all remember when Ovation was the in thing? Or even Bella Naija and #bellanaijaweddings. Hasn’t their popularity diminished gravely over the years?
It isn’t ill will but a mere fact that one day, Linda Ikeji’s blog would become irrelevant just like 98% of businesses that have had their share in the limelight.
Now the key to being amongst the 2% that never go down is EXPANSION.
See Perez Hilton for instance, he has expanded his blog beyond him personally. It is now run in such a way that he doesn’t even need to be a part of it for it to keep functioning. That way, he is able to focus on other things but is definitely still cashing in from the blog.
That to me is smart living!
How can you buy only one property for over $3 million dollars when you could have bought condos and apartments all over the world for the same amount and be feeding off their rent even if your blog ceases to exist tomorrow?
Linda, I love you and I am so proud of you but the truth is that this thing called money is sometimes a spirit. One day you have it, the other day you don’t. You said it yourself that five years ago, you were so broke that you were arrested over eighty thousand naira debt but here you are today purchasing a house of over HALF A BILLION NAIRA.
Congratulations to you Linda BUT you must think of sustainability. The term “big man big wahala” is VERY true. And with great money comes great responsibility.
Focus on expanding your empire. Apple started with computers but now they have diversified into phones, tablets and what have you. You need to expand your brand or better still, leverage on your popularity at the moment and start up a thriving business that would also be able to fetch you another 600 million naira worth of investment in the near future.
I really do give heartfelt congratulations to Linda and more grease to her elbow!
Do you think it was wise for Linda to spend all that money on one property?
Feel free to comment and share your opinion and suggestions.
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