So I also run a website, and I just did an online How much is this site worth comparison with mine...he is right about the 10k visits per day, but that's total visits not unique visitors
Comparing his earnings to mine, I'm pretty sure that 5 figure claim is anything between N10,000 and N99,999. I also found out the site has been running for about 6 months, and to be fair, this is quite impressive for a niche market. He is also pretty committed with over 100 pages worth of content.
I honestly think this has some potential! What I like about it is that he has traction...it may not be some funky tech app people propose on the site daily, but it much more of a business than most ideas that are put forward because he actually has traction.
But to be fair, you need to up that offer. No credible person is going to work for 5% and stay dedicated. 30% should be the absolute minimum especially since your revenues are not in the millions yet.