Early 2011 most friends of mine are into cryptosystem and I barely know what it is about, I only hear the name bitcoin and one day a friend of mine said, I should provide N100k to buy bitcoin and I was like what if my money lost and he gave me assurance; no lost as long your wallet is intact and after much pressure I gave him the money, open a wallet for me and hand over everything but I was care free not minding that's a great investment then, one day I lost my device and that's how I lost the seed phase and the wallet. Am imagining if I could have recover my wallet today, I will be a big boy with fat wallet. Do you think another person have access to it?
True or just making up stories is your right, but for that case you can no longer hope that the assets you invest will return as long as you don't store the private key.
A lost device basically won't be a problem to regain access to the assets on that device if your private key, seed phrase is securely stored in a place where no one else can access it.
If at this time someone finds your lost device, they may not be able to unlock it if you create double security such as a strong password.