“₦100m doesn’t make you a millionaire anymore” – Segun Johnson

Nigerian singer Segun Johnson has weighed in on how inflation and changing economic realities have transformed the way wealth is perceived in Nigeria.

The entertainer made the observation during a recent conversation, where he compared the financial value attached to millions of naira in the past with what the same amounts represent today.

According to him, there was a period when having about ₦30 million was enough to place someone firmly among the wealthy. He argued that the situation has changed considerably, particularly when personal wealth is viewed in relation to the US dollar.

Segun suggested that having ₦100 million in today’s economy may not necessarily mean someone is financially wealthy by international standards.

He explained that the gap between naira wealth and dollar-denominated wealth has changed perceptions of what it means to be a millionaire.

The singer said, “Back then in those days, if you have 30 million, you are actually a millionaire. In this present age, if you don’t have $1 million, you are broke, you are not a millionaire. That’s the truth.”

He further maintained that possessing ₦100 million should not automatically be interpreted as being a millionaire in the strict sense of the term.

However, Segun added a humorous twist to his argument, noting that the perception could vary depending on the community or social circle a person belongs to.

He joked that someone with ₦1 million could still be regarded as a millionaire in places such as Ojota or Oworonshoki, where people’s financial circumstances may differ.