If you are Nigerian, then you probably have an idea or have heard the term “blood money”. For the naïve or innocent, I will do a brief introduction.
Blood money is money assumed to have been obtained through diabolical means. When you see people get quick wealth without any traceable enterprise or venture, you begin to ask questions. What I do not know is how it works. If you are interested in tales, maybe you can read tales written on it.
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I have heard people in joking admiration or even slight envy describe an extremely wealthy person as having blood money. I can say that Nigeria’s number one blogger has blood money for instance. She has built her business to a certain height, and she is reaping the financial rewards of her hard work.
Money referred to in this article would have to be in near astronomical sums to merit the blood money title. It has to seem big enough that there is no way you can hide that you are wealthy. Nigerians, in reference to this sort of wealth, might say its owner has blood money.
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So, for the purpose of this discourse, blood money refers to money so much as to present difficulties in counting it. I want to have blood money, and I am in the process of making one.
I do not understand the pattern of the dibia or baba, but I do know that there are patterns and industries capable of producing wealth. Therefore, what I am going to do with this article is to show us the pattern and point us in the right direction. We are not just going to point you in the direction, we are also going to show you how you can get a sustainable business model.
Key Takeaways
- “Blood money” in this context refers to legally earned, extraordinary wealth gained from tapping into decade-defining opportunities, not diabolical sources.
- Historical industries like agriculture, banking, and oil & gas created wealth for past generations; today, internet-based businesses are the new wealth creators.
- You can make “blood money” by building platforms, taking offline services online, or offering support services to digital entrepreneurs.
- The success of a web-based business depends heavily on choosing a viable revenue model like freemium, marketplace, or store platforms that are sustainable and scalable.
Every generation gets its own opportunities, and each decade comes with at least two mainstream opportunities which, if properly exploited, will create revenue streams that’ll build wealth over time.
The cocoa farmers of western Nigeria in the 60’s and 70’s were wealthy men by all standards. They had blood money and were among the first set of investors in commercial real estate.
In the late 80’s, the then Head of State, General Ibrahim Babaginda, further deregulated the banking sector and issued banking licenses that saw the rise of a new generation of commercial and merchant banks. Many banks failed, but the owners of the ones that survived today have blood money (so much money you can’t count).
Another deregulation happened in the telecoms industry, though it wasn’t as encompassing as in the banking industry, but the beneficiaries of that deregulation have blood money today.
There was also a near blood money status in the downstream oil and gas sector. Money was made by the players/product importers/marketers but not without several controversies and heavy losses.
Now take a leap to the less formal-structured businesses, the transport guys – the guys who are responsible for moving people from Lagos and Abuja to eastern and south-southern parts of Nigeria. These guys also have blood money, even though they may not be known outside their industries, but they sit on large pots of money.
What is the big deal for this decade? What is the money minting machine for this generation? Internet-based businesses! That’s the next blood money industry. In fact, people already have blood money from it. The handwriting is on the wall making newspaper headlines daily: DEALDEY GETS ACQUIRED FOR AN UNDISCLOSED AMOUNT! HOTELS.NG RAISES $1.2 MILLION FOR BUSINESS EXPANSION! And so on.
How To Make Blood Money Today
1) As A Platform Aggregator
Entrepreneurs.ng and other platforms aggregate a specific product or service on their platform and make it available for clearly-defined target markets.
What product or service needed by Nigerians can you create a platform to sell?
2) Taking Offline Online
Products and services traditionally sold offline can be taken online. Printivo allows you to design business cards, flyers, mugs, and other print products online, and they will print and deliver them to you. This is a basic printing service taken online, and with the way they are expanding, they are generating some revenue.
The market gaps are still immense, and you don’t necessarily have to do something new; it could be you taking your current service or product offering online.
3) Support Services
Business support services are a necessity for web-based businesses. There is a large and growing service industry supporting web-based businesses. These include logistics, web development and management, digital marketing, content creation, accounting, product photography, copywriting, data analysis, public relations, warehousing, consulting, etc.
This means that you mustn’t own the platform. You can find a service that these web-based entrepreneurs need and tap into it, just like what happened in the US during the gold rush.
Opportunities Are Dressed In Overalls
During the gold rush of the 1800s in the US, many left their homes in search of gold around the gold deposit areas. Some found gold, many didn’t.
There was a guy who was in the same space but wasn’t digging for gold. He noticed the miners worked under intense conditions, and they needed durable workwear suitable to their working environment. That was the birth of the brand LEVI’S. That brand still exists to date.
Most times, we do not notice opportunities because they are dressed in overalls.
Moral Of The Story
Learn how to compete. When you see people rush towards an opportunity, gold (in the example above) in this case, be the smart one selling them what they need for their business – shovels, wheelbarrows, clothing, food, accommodation, insurance, torch lights, etc. This is exactly what Entrepreneurs.ng does, selling support services and solutions to entrepreneurs.
They all spend money on these things regardless of the outcomes of their gold search. The support services usually have fewer competitors, are less capital intensive and have high-profit margins, especially when you have the first-mover advantage.
Revenue Model Is Important
The idea of starting any of these blood money-making businesses seems really brilliant and achievable. However, the challenge lies in ensuring that they survive over the years.
A lot of people have started web-based businesses and have packed up. One of the reasons for the failure, as we have observed, is that they did not think through their revenue-generating model. So we will not conclude without letting you know the various revenue-generating models for online businesses.
Revenue Models For Online Businesses
1) Freemium platforms
These platforms provide free services. Put in another way, you don’t pay any money to use them. Examples include entrepreneurs.ng, google.com, wikipedia.com, linkedln.com, etc. The question then is, if you don’t pay to use them, how then do these platforms pay their bills? There are three ways you can make money from a freemium model:
a) Traffic Monetisation
Visitors of your platform are assets. The more people the platform can attract, the more valuable the platform becomes. As the number increases, you can then attract advertisers who your audience is their target audience.
Also, you can earn through Google AdSense (Google the term) and through selling ad space directly to advertisers. The more niche your platform is, the easier it would be to run the latter. Otherwise, just let Google do the work for you. Learn the different ways you can advertise on Entrepreneurs.ng here.
b) Paid Upgrade For Other Services
This method is used mostly by apps and websites that offer free services with limited features, and for a small subscription amount, you either unlock new levels or run the apps in advert ad-free environment. With this model, your basic service offerings are free, and you upsell users for a small fee.
c) Donations
It is fast becoming a monetisation option where you thrive on people’s tendency to support noble causes. When people see that you are delivering value and that it is a social cause, they will donate to support the initiative. Wikipedia grew its business via this approach and ran Microsoft’s Encarta out of business.
2) Marketplace Platforms
These platforms act as connectors between buyers and sellers of a particular product or service. This has been used by disruptive businesses like Uber and DealDey; therefore, it can be described as one of the most successful models for web-based businesses. The two major monetization approaches will be:
a) Traffic Monetisation
Just like the freemium model, the platform hopes to become valuable enough to their clients so they can charge them for their use of the platform or hopes to monetise through adverts.
This means that as the platform becomes valuable, it can charge sellers a listing fee for listing their products on the platform, or it can charge viewers a membership fee or run targeted adverts.
b) Commissions, Listing Fees Or Both
For this monetisation approach, you make money by charging a commission, listing fee or both. In running this model, you must have the structure to manage and conclude transactions on your platform. Other platforms charge a listing fee only, and no commission.
3) Store Platforms
The traditional stores are now migrating online. You have a lot of online stores selling a range of products and services. Store platforms have three offer variants:
a) Solely owned products/services
Under this approach, the platform produces and owns or pretends to own all that is sold on it. It gives you the most control over inventory, logistics, and delivery.
b) Combined Products/Services
You will be running this model if we assume you make shoes and sell them online, but also sell other brands of shoes in addition to them.
c) Third-party products
In this scenario, you simply sell a product or service that you don’t own or manufacture. This puts a few things out of your control, although you still have more control than if you were running the marketplace model we described.
These are revenue models for you to start running a thriving web business. I don’t guarantee it will be easy, but I guarantee the success and fulfilment that building these businesses will bring you would be worth the try.
The New Blood Money Magnet
There are many web-based businesses, and more are springing up in Nigeria and just like the banks in the 90’s many of these web-based businesses will fizzle out. Few will survive, of course, and among these few, some will be listed on the Nigeria Stock Exchange and across the world in 5-10 years. Others will be acquired by international tech companies looking for a foothold in Africa.
The owners of the surviving online businesses will be the new blood money magnets.
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FAQ On How To Make Blood Money The Right Way (Legally and Ethically)
What is the real meaning of blood money in Nigeria?
Traditionally, “blood money” in Nigeria refers to wealth obtained through occult or diabolical means. However, in this article, it’s redefined as extraordinary, traceable wealth earned through innovative, legal business opportunities—especially in emerging or digital industries.
How can I make blood money without using rituals?
You can make “blood money” without rituals by building a scalable, tech-driven business, tapping into digital services, or offering high-demand support services to fast-growing industries. The idea is to leverage smart strategies and business models that allow exponential growth.
What business can I start with little capital to make big money in Nigeria?
Start with digital service businesses like social media management, content creation, online consulting, dropshipping, or affiliate marketing. These require low startup capital but have high growth potential when structured properly with a solid marketing and monetisation plan.
Which online business makes the most money in Nigeria today?
Online businesses with high earning potential in Nigeria include:
- E-commerce platforms
- Logistics and delivery apps
- Online education platforms
- Digital marketing agencies
- Tech-enabled services like Printivo or Paystack
These businesses scale fast when they solve real problems for Nigerian consumers or SMEs.
Can I make legal blood money from freelancing?
Yes, freelancing is a legitimate path to wealth. Platforms like Upwork, Fiverr, and even local platforms such as TERAWORK allow you to earn in foreign currency. Specialising in high-demand skills like SEO, UI/UX, writing, or coding increases your earning potential.
What are the signs of a future blood money business?
Look for:
- High demand and underserved markets
- Recurring revenue potential
- Ability to scale digitally
- Low competition or first-mover advantage
- Integration with daily consumer needs
These signs often show up in fintech, edtech, agritech, and e-commerce industries.
What is the best revenue model for a tech startup in Nigeria?
The best revenue models for tech startups include:
- Freemium with paid upgrades
- Subscription-based models
- Transaction commissions
- Advertising revenue
- Affiliate marketing
Your choice should align with your audience’s behaviour and your platform’s capabilities.
How can I make blood money through content creation?
By building a niche audience and monetising through:
- Google AdSense
- Affiliate marketing
- Sponsored content
- Selling digital products (eBooks, courses)
- Offering premium memberships
Consistency, SEO, and audience engagement are key to growing this model.
Is tech the only way to make big money in Nigeria today?
No, but it’s currently one of the fastest paths. Other industries like transportation, real estate, agriculture, and logistics are also profitable, especially when paired with tech (e.g., agritech, proptech, healthtech).
How do I pick a sustainable online business idea?
- Identify a real and urgent problem
- Validate that people are willing to pay for the solution
- Choose a niche with growth potential
- Start with an MVP (minimum viable product)
- Build around a revenue-generating model from day one
What is the Entrepreneurs.ng platform all about?
Entrepreneurs.ng is a business development platform that supports aspiring and existing entrepreneurs with:
- Business registration
- Strategy sessions
- Advertising services
- Legal and business templates
- Online training like the Entrepreneurs Success Blueprint
It helps you turn your ideas into structured, scalable businesses.
How do I monetise my website or platform in Nigeria?
You can monetise through:
- Selling digital or physical products
- Displaying adverts (AdSense or direct deals)
- Offering subscriptions or memberships
- Charging for premium content
- Running a marketplace and taking commissions
Traffic, trust, and targeted audience are crucial to monetising successfully.
What is the modern equivalent of the gold rush in Nigeria?
Today’s “gold rush” in Nigeria includes:
- Fintech innovation
- Digital health platforms
- Logistics and delivery startups
- Remote tech work
- Content creation and monetisation
- Smart agriculture
Like the US gold rush, those who sell the tools (support services) and build platforms often make more money than the gold diggers themselves.
Can I make blood money as a service provider without owning a startup?
Yes! You can become rich by providing services to online businesses, like branding, web development, digital marketing, consulting, or logistics. You don’t have to own a platform; just solve real problems for those who do.
Is it true that support services are more profitable than tech platforms?
In many cases, yes. Support services are lower-risk, easier to start, and often more profitable because they solve core problems for businesses. Think of the Levi’s jeans story—he made money selling jeans, not digging gold.
Is it possible to make blood money as a first-time entrepreneur?
Absolutely. Many successful Nigerian entrepreneurs were first-timers. What matters is having clarity of purpose, a solid execution plan, and the right support system, which Entrepreneurs.ng provides through resources, templates, and mentorship.
2 responses
Nice one
Thank you.