A Nigerian man who used his N50,000 scholarship money to get Union Bank shares has regretted his decision years after
In 2022, the 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, Donald, 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.
Investment in Union Bank shares goes bad
“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 Donald 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.”
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.
“I still invest, though I’m still getting my hands burnt. I have a relatively large sum of money (over ₦10m) that now seems lost with AgroPartnerships, I lost about ₦1.5m in forex trading last year, and over $1000 in Risevest…”
Right now, Donald 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: