The trending African pop star, who slayed 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 new government’s policies.
Here’s 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.’”