Posted on: 04:29 Fri, 19 Feb 2016



Trending African pop artist has revealed that the policies of the Buhari administrarion on corruption is causing huge losses in revenue to Nigerian pop stars from private concert billings.

Davido who was the cover feature of the global edition of Fader magazine told the publication that he is currently losing at least N107 million (based on current parallel market exchange rate) as a result of the Buharinomics.

An excerpt of the Fader report:

In May 2015, Nigeria elected a new
president, Muhammadu Buhari, who has
promised to clean up the country’s
unchecked corruption. Buhari has
threatened government officials and bank
executives with criminal charges and
already levied fines on large corporations.

MTN was fined $5.2 billion in November
2015 for selling unregistered mobile SIM
cards, an illegal practice government
officials believe may have benefited
terrorist groups like Boko Haram.

Davido says people with money are now
afraid that flashy gestures will make them
targets of government watchdogs, and that,
as a result, the private concert market has
begun to shrink. In 2014, he says, he might
have booked as many as six gigs on a
given Saturday—each paying in the
neighborhood of $70,000. Today, it’s closer to two or three.

“The show money is cool,
but I need the kind of money that comes in
the mail,” he says. “Now, if I say no shows,
where’s the money going to come from? I
should be able to take my daughter
somewhere and say, ‘I’m not doing no
shows for two months.’”