Reality TV star, Leo DaSilva, has opened up about the financial struggles and setbacks faced by a company he once helped raise funds for, attributing its current state of “generational debt” to the economic challenges that arose following President Tinubu’s assumption of office.
Leo DaSilva explained that the company, which initially secured international funding before the change in administration, faced severe financial downturns due to the naira’s depreciation and high-interest rates under the new government. According to him, the drastic economic shifts negatively impacted businesses, making it nearly impossible for them to survive without accumulating significant debt.
Taking to his X (formerly Twitter) page, Leo DaSilva shared his personal experience, comparing how the company fared during President Buhari’s tenure versus the financial losses it suffered under President Tinubu’s leadership. He highlighted how the business landscape became increasingly difficult for entrepreneurs seeking funding, warning that many businesses could collapse if Nigeria fails to increase its export capacity.
He tweeted:
“From experience, let me give you one instance, stay with me. Not supporting anyone but just providing small context to the possibility. My company started trying to raise funding for some companies in 2019, let’s say company A.”
“International funding was $10m, interest was 5%. It’s almost like suicide. This incident, after we did an audit, was what made me remove my hand from raising money for Nigerian businesses. I might not understand all the Economics, but I know business. If we do not export more things, Naira will be killing many businesses in turn.”
“It will take magic for people in our generation with big ideas that need funding to actually get good loans.”
“I don’t even want to speak about what we have gone through with the former CBN admin, but that’s gist for another day. So, it’s possible to actually crack with that money.”
Leo DaSilva’s revelations sparked reactions on social media, with many users engaging in discussions about the impact of economic policies on businesses and the difficulties faced by Nigerian entrepreneurs in accessing loans and funding under the current administration.
See screenshots of his tweets below:
