Dr. Arinze Onwumelu: Sometimes, I Wonder, We The Igbos Think We Are Very Smart In Terms Of Economy

Vanguard claims that Dr. Arinze Onwumelu, a Nigerian physician who practices in Canada and is also known as Dr. Zo, has offered his opinions on the economic viability of building enormous homes in rural areas.CONTINUE FULL READING>>>>>

Addressing the subject, Dr. Zo challenged the traditional practice, which he described as economically impractical in today’s world.

“As an Igbo man from the eastern part of Nigeria,” he began, highlighting a cultural tradition among the Igbos, “there is this belief in the East that to be recognized as an Odogwu (a wealthy and influential man), you must build a grand mansion in the village. I did it myself. This past Christmas, I saw many people return home to unveil their massive mansions in the East. I don’t think this concept is as prevalent in other parts of the country.”

Dr. Zo raised concerns about the lack of financial benefits associated with such investments.

“Sometimes, I wonder, we the Igbos think we are very smart in terms of economy, but sometimes I wonder the economic value. If I had built that house in Lagos, Abuja, Port Harcourt, or even Enugu, it would have generated over ₦100 million in value over the past five years.”

Dr. Zo, while not completely opposing the idea of owning property in one’s village, emphasized the importance of moderation.

“I’m not saying you shouldn’t build a house in the village,” he said. “What I tell my younger ones is this: build a modest house, maybe a four-bedroom with a big compound. It’s good to have something in the village, but it doesn’t need to be a massive mansion taking up all the space. That’s unnecessary.”

Drawing from his own experience, Dr. Zo highlighted the challenges of maintaining such properties.

“I’ve done it, my father did it, and so did his friends. Today, their children are struggling to maintain those houses. I’ve spent a significant amount of money maintaining a house I haven’t visited in over four years, partly due to issues like insecurity in the East. What’s the economic value of such a property? It’s just not worth it.”

He urged others to learn from past mistakes and reconsider such investments.

“What I’m saying now, you’ll come to understand in 25 years. There’s absolutely no need for those mansions. Instead, invest that money in better locations that will generate income. This advice comes from my own mistakes. A village mansion is ultimately a waste of time and resources.”CONTINUE FULL READING>>>>>