Nigerian businessman and socialite Terry Waya, father of former Big Brother Naija housemate Kiddwaya, has revealed that he became a billionaire about 20 years ago through farming, investments and strategic networking.
Waya made the disclosure during an interview with James Dumoulin of School of Hard Knocks, where he also claimed that he once made approximately $200 million in a single year.
When asked how old he was when he became a millionaire, the businessman confidently responded, “No, I’m not a millionaire. I’m a billionaire.”
Speaking about his business interests, Waya described himself as one of Nigeria’s biggest farmers, stressing that he takes agriculture seriously.
“I’m one of the biggest farmers in Nigeria. Very, very serious farmer,” he said.
Asked whether he could rebuild his fortune if he lost everything, Waya expressed confidence in his ability to start again, although he declined to disclose his business formula.
“Of course. What would you do? I have the formula, I won’t give you,” he stated.
The businessman subsequently identified investing in people and building relationships as one of his major secrets to success, explaining that his extensive network of contacts gives him access to opportunities and assistance whenever he needs them.
“My secret is investment in people. So tomorrow if I get up and I happen to need anything, it’s just a phone call away. I have enough contacts,” he explained.
Waya also claimed to have played a significant role in the development of Banana Island in Lagos, revealing that he leveraged his military connections to facilitate its creation.
“I was the one that created that Banana Island using my military contacts. Today, the richest people in Nigeria live there,” he claimed.
Explaining why Nigeria has produced several wealthy individuals, the socialite attributed it to the intelligence and entrepreneurial instincts of Nigerians, particularly their ability to improve on existing ideas.
“Because Nigerians are very, very smart. Nigerians like to copy and any copy is always better than the original,” he said.
Offering advice on business negotiations, Waya warned against desperation, arguing that appearing too eager during negotiations could weaken one’s bargaining position.
According to him, remaining calm and showing little desperation can give a person an advantage when negotiating business deals.
“A desperate man will always make mistakes. You can’t be desperate. No. No. No. I hate desperation. I’m calm. Go in as if you’re not interested. And then you have the leverage,” he advised.
Waya also shared some words of wisdom for young people pursuing financial success, urging them not to forget their humble beginnings and the people and opportunities that helped them along the way.
“No matter how far you have gone, don’t forget the road that is taking you there, because you might need that road to go back to where you’re coming from,” he said.
He further cautioned against sacrificing family relationships in the pursuit of wealth, noting that money cannot always restore relationships lost along the way.
“If you lose your family trying to be rich, when you get rich, you may not have them back, they are gone, you just pray that you don’t lose too much in trying to be successful,” he added.
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