Against the backdrop of rising cost of living and difficulty in attaining financial security by many Nigerians, the question of how to build wealth dominated discussions recently at the 7th edition of the Wealth Summit in Lagos.

The event brought together entrepreneurs, professionals, young people and aspiring wealth creators, to rethink their approach to wealth creation, with business leaders and wealth experts explaining that financial prosperity requires more than earning and saving money.

The summit, themed “The Real Money of Lagos,” was held on Saturday, August 8, 2026, at the G3 Event Centre, Mende, Maryland, Lagos. It was organised by Pertinence Group, an enterprise development and empowerment company co-founded by Sunday Olorunsheyi and Wisdom Ezekiel.

Mindset Shift

For the speakers, the journey to financial prosperity begins with a shift in mindset, knowledge and the ability to recognise and maximise opportunities.

“Poor people look for cash while rich people look for knowledge,” Dr Ugochukwu Omeogu said. He maintained that the pursuit of wealth requires people to focus on acquiring the knowledge and skills that can create lasting value rather than simply looking for immediate financial gains.

According to Ezekiel, the first step is to deliberately develop a mindset that is opposed to poverty. He explained that the difference between the rich and the poor is often reflected in how they perceive value and possibility.

“The poor think it’s expensive, while the rich consider the value,” he said. “The poor says, ‘I cannot afford it,’ while the rich say, ‘How can I afford it?’”

He also pointed to the different ways people value time. While someone trying to save money may choose a cheaper but slower means of transportation, a wealthy person may spend more money to save valuable time.

“This does not mean spending recklessly. Rather, it means learning to think beyond present circumstances and considering value, possibilities and solutions, he said.

Knowledge is Crucial

But changing one’s mindset is only the beginning. The speakers also underscored the role of knowledge in determining how far a person can go financially. “Knowledge comes in three levels – revelational, theoretical and experiential knowledge,” according to Dr Omeogu.

He explained that revelational knowledge comes from a person’s relationship with God and the study of the Word of God, which provides wisdom, vision and direction, while theoretical knowledge, helps an individual develop strategies for achieving results efficiently.

“Strategy is understanding the most effective and efficient way to get results in the shortest possible time with least resources,” he said. The third is experiential knowledge, which according to him, comes through practice, execution and repetition until what has been learnt becomes part of one’s life.

The importance of knowledge was also emphasised by renowned entrepreneur, Dr Cosmas Maduka, CEO of Coscharis Group, who described it as an essential investment in the wealth creation journey.

“Knowledge is power, knowledge is wealth,” Maduka said, urging people to invest in themselves before seeking financial opportunities.

“The number one step of investment is to invest in yourself,” he added, noting that opportunities often favour people who have prepared themselves before those opportunities arrive.

Goliath as Opportunity

He identified preparation, awareness, bold action and resilience as key qualities needed to maximise opportunities. “But opportunities” Maduka explained, “are not always presented as obvious advantages.

“Most opportunities are hidden in problems,” he said. “Your problems are your opportunity. Don’t throw them away.” He challenged the participants to stop focusing primarily on making money and instead look for problems they could solve.

“Stop pursuing money and instead look for a problem to solve,” he said. “When you solve problems, money will follow you.”

Referring to the biblical story of David and Goliath, he noted that David became known because he confronted Goliath. “You will never know how great you are until you see a problem to solve,” he said.

Courage for Action

While opportunity requires preparation, the speakers also stressed that building wealth requires the courage to act.

For Maduka, success requires vision, faith and boldness. “Vision, to see the end before you start the journey,” he explained, “while faith involves believing in the vision and in oneself strongly enough for others to believe in it too.”

Money-making and Wealth Building

Making money is not the same as building wealth. Dr Omeogu explained this distinction using what he described as the law of duality, arguing that two things must happen simultaneously for a third outcome to occur. “You make money through business, you grow wealth through investments,” he said.

According to him, having a business that generates income is not enough if the money generated is simply spent. “You must have both a business and investment to create wealth,” he said, bringing the idea of multiple income streams into perspective.

Speaking on “The Wealth Code,” Sunday Olorunsheyi, warned against simply chasing several sources of income without considering whether those sources are creating wealth. Instead, he urged people to create assets capable of generating wealth across multiple platforms.

The goal, therefore, should be to gradually move from being paid solely for personal effort to owning assets, investments and systems that can continue to create value.

Delay Gratification

Building wealth also requires a willingness to delay gratification. Dr Olumide Emmanuel, while speaking on “Bridging the Gap Between the Rich and Poor,” identified the mindset gap as one of the factors separating people who build wealth from those who remain financially stagnant.

He warned against instant-gratification mindset, saying “Patience and longevity is a wealthy mindset.”

According to him, “Investments need time. Businesses need time to grow. Skills need time to develop. A long-term plan, therefore, can be more valuable than constantly chasing quick financial wins.”

The summit also emphasized the importance of mentorship, networking and strategic relationships, as the people around us influence our ideas, ambitions, habits and even our understanding of what is possible.

The takeaway from the summit is that wealth is not simply about earning more money. It is about developing the mindset to recognise value, acquiring knowledge, solving problems, creating income, investing that income, building assets, forming strategic relationships and preparing for opportunities.