Yahoo boys share their struggle with becoming broke after spending way too much on frivolities
In a series of viral posts on social media, several former “Yahoo Boys” – a term used in Nigeria to describe individuals involved in online fraud – have come forward to share cautionary tales of their experiences with sudden wealth from
cryptocurrency gains and other ventures, followed by financial ruin due to reckless spending and lack of proper financial planning.
The revelations, shared on social media by Sir David Onyemaizu, aim to offer lessons on the importance of money management and financial responsibility.
In one post, a man recounts earning $100,000 from Bitcoin trading between 2020 and 2021, only to face financial struggles shortly afterward.
Despite once having up to eight Bitcoins, the individual admits that he now has nothing to show for it. He reflects on the notion that “money not worked for” often leads to wasteful spending, emphasizing the importance of valuing
legitimately earned income. “Calculate the price of BTC from 2020 to 2023 October, then you will get the price. 8 BTC ooo,” he writes, reflecting regret over lost opportunities and poor choices.
Another post features a former “Yahoo Boy” who recalls spending lavishly after his sudden rise to wealth, even renting a luxury home in the upscale Lekki area of Lagos. However, by early 2023,reality set in, and with no stable income source,
he returned to his hometown. He warns others about the pitfalls of irresponsible spending, noting, “Even the money you invest when reality sets in, you go pull out that investment to settle problems and bills.”
The final message comes from an individual who lost his car, home, and relationships due to his financial downturn. After spending most of his newfound wealth in 2021 on hotel stays and luxuries, he now struggles to make ends meet.
Facing eviction, he reflects, “If I see 5k naira in my account like this, I will be so happy to tell the rate at which I’ve suffered.”