I created Banana Island through my military connections, made my money from farming – Terry Waya

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 revelation during an interview with James Dumoulin of School of Hard Knocks, where he also claimed that the highest amount he earned in a single year was approximately $200 million.

When asked how old he was when he became a millionaire, the businessman 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, emphasising that he was actively involved in agriculture.

“I’m one of the biggest farmers in Nigeria. Very, very serious farmer,” he said.

Asked how he would rebuild his wealth if he lost everything, Waya expressed confidence in his ability to start over, saying he already had the formula but would not disclose it.

He, however, identified investing in people and building strong relationships as his major wealth-building strategy.

“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 stated.

Waya also claimed to have played a major role in the creation of Banana Island in Lagos through his military connections.

“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 billionaires, he described Nigerians as highly intelligent and innovative, adding that their tendency to improve on existing ideas contributed to their business success.

On negotiation and business dealings, Waya advised young entrepreneurs against desperation, arguing that remaining calm and appearing uninterested could provide an advantage during negotiations.

“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 said.

Offering further advice to young people, the businessman stressed the importance of remembering one’s humble beginnings and maintaining relationships while pursuing success.

“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 advised.

He also warned against sacrificing family relationships in the pursuit of wealth, noting that financial success might not 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,” Waya added.

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