One financial experience can reshape an entire life. A scam, months of struggling, or one humiliating moment can permanently alter how someone thinks about spending, saving or taking risks. We spoke to Nigerians whose worst money experiences still affect the way they move money today, and the stories are equal parts heartbreaking and painfully relatable.
“I traded forex with my school fees and lost it all” — James*, 29, M
My dad sent me ₦280k for my final-year school fees after complaining for weeks about how hard it was to get money. But at the time, Forex boys on Twitter were posting insane daily profits, and one part of me genuinely believed I could double my money before sorting out school fees.
I lost everything in two days.
I still remember staring at red candles on the charts at 3 a.m. and trying not to die. Telling my dad was worse than the loss itself. He was so disappointed and didn’t talk to me for months. He only paid the fees (while still beefing me) because my mum begged him to. I honestly believed I’d have an extra year or he’d disown me. To this day, I can’t hear “USD/JPY trading” without remembering the worst week of my life.
“I borrowed money for Detty December. Then I lost my job” — Queen*, 27, F
I got my first big girl job in 2024, and that December, I was determined to “be outside”. Almost every day, I turned up at a party or an event. I even started borrowing money because I was confident my January salary would cover everything. By January 8th, my account balance was down to ₦8k, and I owed a loan company ₦75k. Unfortunately, I got laid off that same week.
The shege I experienced that month is one for the books. It inevitably got to the point where the loan app called and sent threats several times. They went as far as sending obituary texts to my contacts and my mum, who fainted out of shock. It was a terrible time. To date, my phone is always on silent mode because of the trauma of those loan calls.
“₦700k once vanished from my account. Now, I screenshot every alert” — Tolani*, 35, F
In 2019, I woke up to find that over ₦700k had disappeared from my account due to random transactions I didn’t make. I dragged this matter with my bank and court for months, while I borrowed money to survive. Eventually, I only got part of the money back.
Since then, I have constantly monitored my account like a security guard. I screenshot every transfer and debit alert I get. I can be doing a random thing on my phone and subconsciously open my bank app to make sure my money is still there.
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“I hoard money by default” — Josiah*, 31, M
My first employer once delayed salaries for four months. Every week, they sent motivational emails, promising that it was a temporary situation and they were working on a fix. It was an especially dark period for me as I didn’t have financial support or a second job. I sold my phone to afford food and made it a daily habit to trek for two hours to and from work.
The crazy thing is that even though I earn well now, that period permanently damaged my relationship with money. I panic whenever my account balance drops below a certain amount, even though I know I’m fine. I hoard money by default; I don’t know how to spend it.
“I miscalculated date expenses and embarrassed myself” — Dele*, 26, M
I went on a first date with this fine babe to a restaurant I couldn’t afford, but I wanted to impress her. I had mentally calculated that the bill would be ₦67k, which was just around what I had in my account. Unfortunately, I didn’t prepare for the service charge and VAT. When it was time to pay, my card kept declining.
I genuinely wanted the ground to open. The waiter stood there like a debt collector, while my date suddenly became very interested in her phone. In the end, she quietly paid the bill and told me to repay her later. Omo, she blocked me everywhere the moment we left there. I still get flashbacks whenever I eat out, and I compulsively check my account balance to avoid history repeating itself.
“I overwork because I don’t want to be broke again” — Nkechi*, 32, F
During COVID, I lost my job and spent eight brutal months unemployed. I exhausted my savings and borrowed from friends to survive. This is embarrassing, but I once slept with my elderly landlord so I wouldn’t pay rent.
Two weeks later, the stupid man still came to disturb me for rent and implied I should sleep with him again. I had to move back to my parents’ house, something I had been avoiding because of my dad’s wahala.
Today, I have three jobs and barely sleep because I’m terrified of ever returning to that place financially. My employers praise me for being hardworking, but honestly, a lot of it is fear. Rest feels dangerous, and I can’t even imagine turning down work.
“I buy things in bulk because of an embarrassing supermarket experience” — Ogechi*, 28, F
I was dead broke a few years ago when an uncle sent me ₦50k. I rushed to the supermarket nearby to buy some provisions, forgetting that I’d borrowed money from the same account. I only realised that my account had been debited when I tried to pay. I had to leave the cart and walk away. I doubt people noticed, but I was so embarrassed.
Now, whenever I have money, I overbuy essentials because running out of things makes me anxious. My house always has excessive noodles, toothpaste, and foodstuff because scarcity mentally scarred me. I’ve had situations where the food item expired unused.
*Names have been changed for the sake of anonymity.
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