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Dr Sid: I Built My N110Million House in Lekki on Mortgage

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Dr Sid's House - BN Music - May 2014 - BellaNaija.com]

Dr Sid made headlines in May 2013, when he debuted his multi-million Naira home in Lekki, Lagos – read it here.

In a recent interview with Punch he reveals the house worth N110million was financed with a mortgage.
“I put a mortgage payment plan in place, based on the savings I had made four years before I started a career in music. I am still paying for the house. And by the grace of God, I will get a second one soon. I pay close to N1m a month and sometimes, more. I am going to do this for the next 25 years and I am not ashamed to say it.” he says.

On his relationship with Simi Osomo: “She understands what she is getting into. My female fans, respect me and I also feel my relationship inspires them in different ways. So I guess that from lust and attraction it has moved to admiration.”

On his decision to stick with Mavin Records: “I am happy and honoured to be signed onto Mavin Records. I have a lot of respect for Wande Coal. He made a brave move and I wish him all the best. But I will not support anyone bad mouthing the label. With regards to Mavin Records deal, Don Jazzy has given me the opportunity to leave whenever I want to, but I won’t leave and start saying something else.”

On his debut movie role: “I have always told my dad (Late actor Justus Esiri) I wanted to act, but he would tell me not to worry that once he found the right script, I would come on board. But when he heard I was starring in a Nollywood movie he felt proud of me. The movie was shot in 2012 before he died.”

To read the full interview, click here

It is really commendable that Dr Sid is being open about the means by which he bought his house. Fans often complain that celebrities set unrealistic examples with their lavish lifestyles so it is great to understand the details behind it.

Photo Credit: Twitter

28 Comments

  1. Nneka

    May 9, 2014 at 10:23 am

    Nawaoo 1 million Naira a month or so for 25 yrs. Wowwww
    That’s about £4,000 or more a month hmmmmm

    • Mz Socially Awkward...

      May 9, 2014 at 10:50 am

      I was doing the same calculation in my head for a 25yr mortgage. That’s quite a hefty payment plan. Not sure if putting out the actual details of the mortgage itself is a good idea, because it’s personal financial information but I like his openness about letting fans know he got a mortgage.

  2. Bella

    May 9, 2014 at 10:24 am

    Well done on your purchase but please note, not all things are meant for public consumption. this is a private matter

  3. Funmi

    May 9, 2014 at 10:29 am

    Good idea Dr Sid…..God will bless your work and help you pay it off and you will live to enjoy

  4. tosin ogunlade

    May 9, 2014 at 10:37 am

    why would you say you will do this for the next 25 years if the house costs 110m and you pay a minimum of 1M each month as your re-payment plan? it shouldnt take you more than ten years to pay back regardless of inflation or deflation. well as much as i appreciate your honesty in the purchase of this asset, i dont quite support that you break it down fully here. remember yourself as Sydney sometimes and not as the artist known as Dr. Sid all the time. i am almost certain Simi would not like this neither would your family members. when you build the next one like you have claimed, come here and say MORTGAGE again…..olodo!

    • Ready

      May 9, 2014 at 11:21 am

      I don’t even like Dr. Sid, but take a chill pill, Tosin. Firstly, unless you know him personally, you don’t know how Simi or her family members would feel about it. Secondly, he did say he would build another home–perhaps his 25 years is in reference to the totality of his proposed investments.
      Lastly, name calling is absolutely unnecessary. Let’s make our points like civilized people, and write things we can say in these people’s presence, shall we?
      I get that the specifics could be personal info, but I don’t see the big deal. If you’re gonna be open, why not go all the way? Financial literacy is something that is lacking for many Nigerians. I see this as potentially the beginning of more young Nigerians having conversations around saving, investment, and smarter use of financial instruments available to us.

    • mally

      May 9, 2014 at 2:57 pm

      nice one there!!

    • Realz

      May 9, 2014 at 11:53 am

      @tosin, when you get a mortgage, you are charged interest on the principal amt borrowed . So the total amount paid back is a lot more than the initial amount borrowed. Also, 25 to 35 yrs is a typical mortgage term internationally. Very rare to get 10 year terms or shorter. Of course, he may decide to pay it off sooner but usually that comes with some sort of financial penalty and is dependent on the type of mortgage he got ie fixed term, variable, etc.

      As per releasing personal info, i think it is a good thing that he mentions the use of a mortgage to finance property so that people realise that the flash lifestyles they see require hard work and are not always about having the cash in hand as many assume. However, It is probably a step too far to talk in such detail about his monthly repayments. Not necessary at all.

    • osan

      May 9, 2014 at 11:55 am

      Mortgages cost the banks and so, you do not pay back the bank the same as you borrowed. So He is correct in his maths. I know this, because I have to take a mortgage, that’s almost the only way (except you have up to £400k or N100m plus in cash) to buy a property here in the UK.
      Plus, the fact that he pays over the required amount means, he could eventually pay it off before the 25 years. However, the term of the loan is 25 years.

      The fact that he put his business out, well, that’s entirely up to him. As a Nigerian, I know we have this culture of keeping things private, but i think it stems more from our ‘juju’ and harming people culture than from wanting to maintain any privacy.

      But, people have to say things sometimes, to take down social perceptions in an ever changing world.

      All the best

    • slice

      May 9, 2014 at 12:30 pm

      interest

  5. really

    May 9, 2014 at 11:06 am

    I really don’t understand this need to put one’s public life out in the open…….we know everything abt you dr sid, ur finances, fiance, the color of ur boxers…..sheesh!!!

  6. baboushka

    May 9, 2014 at 11:31 am

    Thank you Dr Sid for keeping it real that is how one babe was trying to argue with me when comparing home buying single Naija and American girls that Naija “big girls” are really big because when they purchase houses it is cash hands down what she forgot to mention is that at least 70% of them had those houses purchased for them by other people’s husbands or runs money. At least 95% of single American girls will save for a down payment and get a mortgage and buy a house that she pays for out of her own money from hard credible legitimate work. That is the difference dear friend I know you are reading this because I just sent it to you:)

  7. pynk

    May 9, 2014 at 11:39 am

    No mortgage in Nigeria is 25 years long. Banks won’t even have the necessary know how to finance infrastructure and other programs for so long. Maybe he said 25 installments and the reporter wrote 25yrs. Mortgages tend to be between two and five years. 1004 was set up mostly on mortgages sold by the likes of union homes. Lekki gardens, heaven homes etc run payment plans.
    Happy for him on the purchase, nothing better than securing the roof over his head. As for Simi Osomo wasnt she the chic that came on this same bella naija and told us she spends £10k per week stopping in london?

  8. Dynamite

    May 9, 2014 at 11:48 am

    Damned if you do. Damned if you don’t.

    • Idak

      May 9, 2014 at 1:37 pm

      He sure cannot and will not be damned if he simply tells us that he has a mortgage without spelling out the details of the said mortgage. There must be a line between private and public consumption and believe me,it is not that thin a line.
      Even the supposedly smart ones keep acting silly.

  9. SuSHi

    May 9, 2014 at 11:57 am

    #Congrats and Welldone# Advertising your 100 Zillion naira house on social media!!! 1 million naira per month for 25 years..#laughable#smh#

  10. Omini

    May 9, 2014 at 1:01 pm

    So basically you’re going to pay the bank 500 million Naira for your 100 million Naira house….

  11. Deedar

    May 9, 2014 at 1:09 pm

    This is private info o, Dr Sid, should have been kept personal. You can say you have a mortgage which you used to acquire your house, without divulging all the details. Besides, doesn’t seem like such a fab deal… if the terms are what you say they are and you’ll be doing this for the next 25 years, then you’ll basically end up pay the bank 300m for a house that cost you 110m.

  12. luchi

    May 9, 2014 at 1:50 pm

    Kai Nigerians!we are insatiable. To do or not to do? To say or not to say. We are still gonna fire shots. Personallyi think he’s trying to say the life most artist live is fake and most of them are in huge debts just to put up face. He’s really brave coming out plane so we can like to stop the judgemental attitude and learn a tin or two from. He could have easily paid rent amounting to millions just to rent a duplex in lekki but to chose tobuy a house instead. Easy abeg

  13. SA_chic

    May 9, 2014 at 1:50 pm

    I agree with Dynamite! Will this information harm you in any way? HE chose to disclose it.

  14. Fashionista

    May 9, 2014 at 2:51 pm

    That is one hell of a payment plan!!! I sincerely hope things continue to remain equal for him financially. I kind of like how he opened up about the fact that he got a mortgage rather than leave people to believe/assume he bought outright. I don’t know about discussing actual figures though, but its cool he’s being upfront. As for inscribing “Dr Sid” on the floor of the compound, no comment!

  15. deedee

    May 9, 2014 at 3:24 pm

    “And by the grace of God, I will get a second one soon. I pay close to N1m a month and sometimes, more. I am going to do this for the next 25 years and I am not ashamed to say it.” ……………I believe no 1 read n interpreted ds mssg well. his going 2b doin ds 4 25yrs cos his planning on getting a couple more, if his paying close to 1million a mnth n has bn doing it for 4yrs 4 a house of 110million plsss do the maths nao habaaaaaa

  16. Sisi

    May 9, 2014 at 3:29 pm

    Sigh!! Human beings will always talk? I am here thinking how does him saying his monthly repayment affect anyone! If they don’t talk you pple will nfer now thwy spill you pple still complain!

    I always say it Nigeria;s problem is in the myopic mentality of EVERY Nigerian! No one ever has an Open mind!

    • Mz Socially Awkward...

      May 9, 2014 at 5:00 pm

      So, in other words:
      [1] you’re also a myopic Nigerian who is incapable of having an open mind (you did say EVERY Nigerian… and if you’re not Nigerian, there’s a whole raft of questions about how you can conclusively label an entire nation of hundreds of millions without interacting with each and every single one of them);
      [2] you’ve judged EVERY Nigerian from your own limited perception of how a few people on an online page decided to have individual opinions about information that was voluntarily made public; and
      [3] you would prefer even the few people with an opinion to not have any individual opinion at all which is contrary to the one you have on the subject (i.e. “I am here thinking how does him saying his monthly repayment affect anyone!”). Thus entrenching you firmly in the same myopic mental camp as all the other Nigerians you’ve labelled.

      That’s all I was able to construe.

  17. Mavins Fakelife

    May 9, 2014 at 5:04 pm

    Liar Liar Pants on fire. Dr Sid and Don Jazzy, i am sorry for you guys. Nuff Said

  18. i no send

    May 9, 2014 at 5:41 pm

    abeg i can’t shout…110m is almost 1m dollars in yankee…and trust me the kind of house u will get for that amount ehn???Real estate in Nigeria is annoyingly expensive for the kind of small houses u get

  19. nene

    May 9, 2014 at 7:09 pm

    houes in nigeria are stupidly expensive. most houses on the island, especially ikoyi and v.i are empty because not many nigerians will pay 80,000 dollars for a 4 bedroom semi-detached house with bad roads, poor drainage, etc. dr sid, good luck to you because you will need it, but maybe your wife might help you with the mortgage, since she’s loaded because i don’t think you’ll be able to complete the mortgage in 25 years, how long does a music career last? for me, i’d rather spend that sort of money on a house in a better country with good amenities, instead of in nigeria because it’s not worth the price. ridiculous house prices in nigeria, and i blame multinational companies.

  20. jil

    March 16, 2015 at 12:34 am

    Houses in lagos are overpriced.i tried buying and dosent make sense.i’ll rather build on the outrskirts/mark my words these landlords will drop their prices because no one will rent their overpriced ish.landlords sef, fear God

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