Backstory

In 1992, at just 28 years old, I became the Managing Director of First Aid Finance Limited — a company that soared faster than any of us could have imagined. Within a year of its launch, we attracted more than ₦100 million in customer deposits, eventually peaking at ₦180 million by 1993.

To put that in context, in 1993 Nigeria, very few finance companies could boast such numbers. We were young, bold, and unstoppable. Or so we thought.

The Rise

Our success story began with an aggressive national marketing campaign called “First Aid Prevents”, brilliantly executed by my friend and marketing genius Toye Arulogun of Tall and Wide Agency. Toye’s creativity and dedication helped position First Aid Finance as a household name in record time.

We were a team of about 40 energetic professionals, all in our twenties, except our non-executive chairman, Mr. Yemisi Shyllon, who at just over 40, seemed ancient to us back then! Our headquarters in Dolphin Estate, Ikoyi, gave us a touch of prestige that amplified our image in the fast-growing finance industry.

Names like Lola Adekoya, Amina Young-Sidi, Steve Akoni, Phillip Young, and many others were instrumental in driving our vision. Together, we worked long hours, dreamed big, and believed nothing could stop us.

And for a while, nothing did.

The Turning Point

But success, when it comes too fast, can breed carelessness.

Everything changed when news broke that Forum Finance, a so-called “super finance company,” had collapsed. Forum was the financial darling of the industry — promising double or even triple the interest rates other finance firms could offer.

Many companies, including ours, couldn’t resist the lure of “easy money.” We began placing a large portion of our customer deposits with Forum Finance. The math seemed simple: pay our depositors 3% monthly, invest with Forum at 10–12%, and pocket the difference as profit.

It looked brilliant on paper — and disastrous in reality.

When Forum collapsed, the ripple effect was devastating. Overnight, our expected ₦50 million profit turned into over ₦80 million in negative depositor funds. The crash was swift and brutal.

The Fallout

The aftermath was chaos. We faced legal battles, harassment from creditors, and even intimidation from law enforcement. Our lives turned upside down — we lost homes, cars, peace of mind, and in many cases, our health.

It was more than a financial crisis; it was an identity crisis. We were young entrepreneurs who had tasted glory — and then watched it vanish almost overnight.

The Lesson

Looking back, the downfall of First Aid Finance taught me more than any MBA program ever could.

We failed not because we lacked intelligence, but because we lacked discipline and foresight. We were seduced by fast money and failed to understand that when something looks too good to be true — it usually is.

We delegated too much responsibility, trusted too easily, and became too comfortable too soon.

In hindsight, I should have banned the very mention of “Forum” in our office. But like many young entrepreneurs, I didn’t push hard enough against the tide of optimism.

The Resurrection Mindset

While that chapter was painful, it laid the foundation for every business lesson I live by today. I now know that success without structure is temporary, and trust without verification is a trap.

Failure taught me to slow down, think deeply, and never let excitement replace due diligence.

In the end, First Aid Finance Limited became more than a failed company — it became my greatest classroom.

Key Takeaways

• Don’t chase easy profits. If it sounds too good to be true, it probably is.
• Be vigilant with trust. Verify every report, every number, every partner.
• Stay grounded in your process. Momentum can be deceptive.
• Learn from every loss. Your worst failure can become your greatest teacher.

Final Reflection

The collapse of First Aid Finance was painful, but it wasn’t the end — it was a rebirth. It taught me resilience, discipline, and the importance of rebuilding with wisdom, not just ambition.

If you’re facing a business setback, take heart. Failure doesn’t bury true entrepreneurs — it refines them.

✅ My Business Resurrection Lesson:
“Failure is not the opposite of success; it’s the furnace that forges it.”