The Directorate of State Services, DSS, has warned upwardly mobile individuals, especially the youth, to desist from the growing fad of reckless display of material wealth on social media.
In a statement released, the security agency said this reckless display of wealth would only attract the attention of violent criminals, especially kidnappers and armed robbers.
It says it is common to see young people displaying their fleet of flashy cars, newly completed and luxuriously furnished mansions, and raw cash to show they have “blown” (made it).
The agency says some get themselves conspicuously videoed spraying bundles of cash at ceremonies and post it to social media for maximum publicity.
Others ask members of the public to drop their account numbers to receive financial windfalls.
The agency opined that coming at a time that criminality is getting more sophisticated and violent, this fad simply ”makes no sense.”
According to the security agency, these criminals are always on the watch out for an opportunity to strike.
”Even if the wealth flaunter adequately secures himself or herself, what about their loved ones who are put at risk?
The unfortunate thing is that what these individuals see as “wealth” is not much in real terms, particularly if they have no sure means of sustaining the income.
“Many celebrities have flaunted wealth only to turn beggars a few years down the road.
“We advise anyone who feels he or she has arrived materially to apply common sense. They should save for the rainy day which is sure to come.
“They should acquire financial education and invest wisely to secure their future.
“They should borrow a leaf from accomplished, genuinely wealthy industrialists like Aliko Dangote, Cosmas Maduka, Folorunsho Alakija and others who live humble lifestyles despite their enormous wealth.
“It is unfortunate that our law enforcement agencies, especially the Economic and Financial Crimes Commission, EFCC; the federal and state tax agencies and others, are not doing enough to clamp down on people who display wealth, verify their sources and tax them appropriately.”
