Diversify your investments, say Oil Money records boss

Our Reporter

In the wake of the biting effects of the COVID-19 pandemic on Nigerians, Alafaa Kariboye Igbo, a UK based serial entrepreneur and the CEO of Oil Money Records has urged entrepreneurs to diversify their investments in order to remain financially robust.

“Diversification can be neatly summed up as, ‘Don’t put all your eggs in one basket’. The idea is that if one investment loses money, the other investments will make up for those losses. Diversification can’t guarantee that your investments won’t suffer if the market drops. But it can improve the chances that you won’t lose money, or that if you do, it won’t be as much as if you weren’t diversified. This is what I do with my investments and business interests. I would encourage more Nigerians to tread that path”.

On why he started Oil Money Records, the Rivers State indigene said:” The name Oil Money was divinely inspired. It’s not man-made. Because oil doesn’t stop rushing, we decided to adopt the name believing that with God on our side, our wealth will be sustained. Oil Money Records was established to help nurture the music talents of young Nigerians who are exceptional and excellent in their chosen craft. We provide them a platform and they grow from there”.

Speaking further, the philanthropist also urged young Nigerians to always stay focused and not to give up on their dreams.
“There are a lot of things in Nigeria that would make anyone want to give up.But I would advise every young Nigerian out there to keep striving hard and believe their dreams are valid. Don’t allow your physical circumstances determines how far you rise”.

Sharing his thoughts on the Twitter ban in Nigeria, Oil Money Records Founder said:” It’s not a good idea at all. Most online campaigns are being done via Twitter and it has also affected young Nigerians and showbiz practitioners who ply their trade on that platform. Three days after the twitter ban in Nigeria, the A4AI (Alliance for Affordable Internet) put Nigeria’s economic loss at $1.2b. A watchdog organisation, NetBlocks, also remarked that each hour of the Nigerian government’s decision cost $250,000 (N102.5 million), bringing the daily loss to N2.5 billion”.