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Discover how five African footballers went from wealthy careers to financial ruin due to poor investments and mismanagement.
Football can rack up huge amounts of money for its stars often granting them financial freedom and the ability to live out their dreams.
African footballers are no exception with many earning millions during their careers. However, as with many sports, the path from fame to financial ruin can be a short one, often resulting from poor investments, bad decisions, or personal misfortunes.
Pulse Sports takes a closer look at five African footballers who, after accumulating great wealth, found themselves broke.
Common mistakes that lead footballers to financial ruin
1.Emmanuel Eboue (Côte d'Ivoire)
Emmanuel Eboue was once a prominent figure in European football as he played as a defender for Arsenal, one of the top clubs in the English Premier League and also had a stint in Turkey with Galatasaray.
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In addition to his club success, he was part of the Ivorian national team, contributing to several major tournaments. By all accounts, Eboue seemed to be set for life financially.
Unfortunately, his story took a turn for the worse due to a series of unfortunate personal and financial events. After a bitter divorce battle, Eboue lost a significant portion of his assets to his ex-wife. In addition, he had made several poor investments during his career which did not yield the returns he had hoped for.
The combination of these misfortunes led to a financial downward spiral. Eboue admitted that at one point, he was sleeping on the floor at a friend's house, unable to afford basic necessities. He reportedly had to rely on public transport and hand-wash his clothes because he could no longer afford a washing machine.
2.Eric Djemba-Djemba (Cameroon)
Eric Djemba-Djemba is another African footballer whose wealth crumbled after a once-promising career.
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The Cameroonian midfielder rose to prominence playing for clubs such as Nantes in France and Manchester United in England. His time at Manchester United earned him significant fame and he was thought to be on the path to a long and prosperous career.
However, his financial downfall came about as a result of a series of poor decisions. After moving to Qatar in 2008, Djemba-Djemba made a disastrous real estate investment that wiped out a large portion of his wealth.
Around the same time, a dispute with his agent became public, leading to the revelation that he was in serious financial trouble.
Djemba-Djemba was reportedly bankrupt, with tax debts amounting to €600,000 in the UK. By the time his football career ended, he had squandered almost all of the money he had earned.
His financial mismanagement became a well-known story, and he became an example of how bad investments can lead to devastating consequences for even the wealthiest athletes.
3.Ifeanyi Udeze (Nigeria)
Nigerian defender Ifeanyi Udeze was another footballer who saw his fortunes take a nosedive.
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Udeze made his name playing for clubs like West Bromwich Albion in England and PAOK in Greece, as well as representing Nigeria in multiple international competitions.
However, despite his on-field success, Udeze's financial situation took a significant hit after his retirement.
Reports began circulating in the media that Udeze was facing financial difficulties after being without a club since 2008. His financial struggles became so severe that he was reportedly unable to pay his rent and was even evicted from his home.
Udeze's story highlights the financial challenges that many footballers face after they retire. Without a solid financial plan or alternative sources of income, even those who once earned millions can quickly find themselves in dire straits.
4.Philemon Masinga (South Africa)
Philemon Masinga was a South African footballer who made history for his country by scoring the goal that secured South Africa's qualification for the 1998 FIFA World Cup.
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Masinga enjoyed a successful club career in both England and Italy, as well as a thriving business career off the pitch.
Unfortunately, Masinga's fortunes took a drastic turn after his retirement from football. Despite his success on the field, he struggled to transition into life after football. His business ventures failed, and he eventually found himself in financial ruin.
Masinga's decline highlights the challenges that footballers can face in their post-playing careers. Even those who achieve great success in football may struggle to find similar success in other ventures, and without proper financial management, they can quickly lose everything they worked for.
5.Wilson Oruma (Nigeria)
Wilson Oruma is yet another example of an African footballer who went from riches to ruin.
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The Nigerian midfielder enjoyed a successful career, playing for clubs such as RC Lens, Olympique de Marseille, and Sochaux in France. He was also part of Nigeria’s U-17 World Cup-winning team in 1993 and had several caps for the senior national team.
However, Oruma's financial downfall was particularly tragic. In 2012, he was reportedly defrauded by a group of con artists, including a pastor, in a scam involving a fake oil business.
The fraudsters took advantage of Oruma’s trust and eventually swindled him out of an estimated N1.2 billion (approximately $3 million USD at the time).
The impact of this event on Oruma's life was devastating. He not only lost a huge amount of money but also reportedly suffered from mental health issues as a result of the betrayal and financial loss.
His former teammates, including Nigerian football legends Augustine Eguavoen, Samson Siasia, and Nwankwo Kanu, organized a charity match to raise funds for him in an attempt to alleviate some of his financial struggles.
Unfortunately, Oruma’s life after football was marked by both financial ruin and emotional turmoil, a stark contrast to his days of success on the field.
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