Former Kogi West senator Dino Melaye has explained how he built his wealth, saying his financial journey began with a goat he bought when he was 12 years old.
Mr Melaye, a member of the African Democratic Congress (ADC), said he built his wealth through investments and business activities and denied claims that his finances were derived from public office.
He spoke during an interview on the *KaaTruths* podcast published on YouTube on Thursday.
The former senator said he would not describe himself as extremely wealthy but as “comfortable”, adding that he had been investing for several decades.
He also denied stealing government funds or making money through government contracts.
“If my wealth were ill-gotten, if I had stolen government money, I would not be criticising the government, because they would have long come after me,” he said.
Mr Melaye said he had never been invited by the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), or other anti-corruption agencies over allegations relating to public funds.
“I’ve never been invited by the EFCC, the ICPC, or any of the anti-corruption agencies in this country, because I’ve never handled government contracts, whether at the federal or state level,” he said.
Explaining how he started building his financial base, Mr Melaye said he bought a goat at the age of 12 and sold its offspring to fund his education.
“When I was 12, I bought a goat, and this goat would give birth, and I would sell its offspring to pay my school fees in secondary school,” he said.
According to him, proceeds from the goat business helped him pay for his West African Examinations Council (WAEC) examination, Joint Admissions and Matriculation Board (JAMB) examination and his first and second years at Ahmadu Bello University.
He said the experience taught him the value of investing and reinvesting money rather than spending all his earnings.
Mr Melaye said he began investing internationally at the age of 18, although his investments were initially small.
He said he later invested proceeds from his early activities in Eurobonds about 27 years ago, when one euro was worth about N60.
“So you can calculate what that investment would be worth today, because I never touched it. Even with all the dividends, I rolled it over year after year, and it’s still there,” he said.
The former lawmaker also disclosed that he invested in shares of major technology and other companies, including Apple, Microsoft, Uber and Zoom.
He recalled that some of his friends questioned his decision to invest in Uber and Zoom at the time.
“When I bought my Apple shares, how much were they worth? Today, what is it worth? I also bought Microsoft shares. In fact, when I bought my shares in Uber, my friends laughed at me,” he said.
He said the value of his Zoom investment increased significantly during the COVID-19 pandemic.
“Then Covid came, and Zoom’s value multiplied 400 times over,” he said.
Mr Melaye urged Nigerians to start investing with whatever money they have instead of waiting until they become wealthy before investing.
“You don’t need to have all the money on earth to start investing,” he said.
He also said his investments had expanded beyond financial markets into franchise businesses and real estate.
According to him, he began investing in franchise businesses in the United States more than 20 years ago and gradually expanded his holdings.
“One gave birth to two, two gave birth to three, three gave birth to four,” he said while describing the growth of his franchise investments.
Mr Melaye said his business and investment interests now span several countries, including Qatar, Oman, the United Arab Emirates, the United States and Sweden.
He said his property investment in Dubai started with studio apartments that he rented out through Airbnb.
“From the studio, I bought a one-bedroom. From a one-bedroom, I moved to a two-bedroom. From a two-bedroom, I bought my own house in downtown Dubai on one of the city’s most expensive streets,” he said.
He added that he later expanded his property holdings and eventually moved into property development.
“Today, I don’t just have a portfolio of apartments in Dubai; I am a developer. I am building,” he said.
Mr Melaye also pointed to his exit from public office as evidence that his income is not dependent on political positions.
“I’ve been out of public office since 2019, seven years ago. My standards have not dropped,” he said.
He said people who were unaware of his business activities could assume that his wealth came from politics, but maintained that his investments and businesses had continued to generate income.
The former senator described himself as hardworking and tenacious and said he believed in making calculated decisions and investing consistently.
He also attributed his financial progress to his faith in God and urged Nigerians to plan for their future.
Mr Melaye said people should not wait until they have substantial funds before starting to invest, stressing that consistent investment could grow from small beginnings into larger assets over time.
