New Money Vs Old Money:

Old Money or New Money the situation which is prevalent everywhere these days is that the New Money are taking over from the Old Money. Though the people of Old Money have continued to maintain their wealth and social standing but it is the New Money that are running things.

Take banking for an instance, the names you would hear running the show are not the Tejuoshos, the Fajemirokuns, the Folawiyos, or the Dantatas the name you hear are the Elumelus, the Jim Ovias, the Fola Adeolas, the new breed, but that it not to say a handful of the Old Money do not have their own share.

According to an undisclosed millionaire, the New Money people have only risen because the Old Money provided them the platform. His view is that The Old Money get complacent with time and only thrive by their dependence on the drive of the New Money to make money for them.

Even the list of the richest men in the world has the New Money people shuffling the Old Money people down to the very bottom of the list.

Look at the oil industry, apart from Sayyu from the old stock who has eaten into the pile of Chevron and Texaco, the names you hear are the new wolfhound billionaires like Ifeanyi Uba, Femi Otedola, Jimoh Ibrahim and the likes.

In aviation, communications, real estate, insurance, export and import, the New Money are calling the shots while the Old Money people are just tagging along. No doubt some of their heirs are having a respectable showing in some sectors there is hardly any one of them up there rubbing shoulders with the very richest in the country.

The Old money people might have bought almost the whole of Ikoyi the new breed are building their heaven on earth in Banana Island, even beating the oceans into retreat.