Nigerian pop star David Adeleke aka Davido wants to know how so called multi-millionaire Paul Okoye, the producer of OneAfricaMusic Festival can own several luxury cars but live in an old apartment building. Luxury cars tend to be one of the riskiest investments and depreciate in value over a short span of time. Even if they didn’t, Nigerian roads can and will depreciate any luxury car in a heartbeat. In contrast, we all know that the value of a home generally increases over time. So, why spend so much on luxury cars and less on a home?
“How do you live here and drive all these, Sir Paul?,” Davido can be heard mocking Okoye in a video posted on Instagram. “The house don’t match the cars,” said another voice while laughing.
” it is well@davidoofficial because I have light and Water 24Hours. 😂😂😂and is central in Victoria Island 😜😜😜and I’m a landlord Paid in full 😂😂😂😂😂 1004 Estate una go pay me for this advert 😳. In few weeks I will surprise U. #VI landlord,” was Okoye’s response.
Davido’s sentiments is a common issue that plagues many entertainers in the industry. Many spend on items that depreciate in value to keep up with the Joneses, and often they ultimately cave under the pressure of living such a fake life.
In Okoye’s situation, I doubt this is applicable. He owns several businesses, helps sign artists to many top endorsement deals of which he takes a handsome cut, and Victoria Island might not be the plush neighborhoods of Lekki or Banana Island, but it is a reasonable and affluent community to live. Plus, does Davido know whether Okoye has his investments in stocks, bonds? Other real estate homes within and outside Nigeria? But, I have no issue with Davido because Paul Okoye actually shared and uploaded the clip on his Instagram page. So, go figure.
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