Reality TV star and entrepreneur Leo DaSilva has opened up about the severe financial challenges a company he helped raise funds for faced following the inauguration of President Bola Tinubu.
According to DaSilva, the company has plunged into “generational debt” due to the sharp depreciation of the naira and the rising interest rates under Tinubu’s administration.
In a candid post on his X page, the former Big Brother Naija housemate compared the company’s financial situation during former President Muhammadu Buhari’s tenure to its losses under the current administration.
“From experience, let me give you one instance, stay with me. Not supporting anyone but just providing small context to the possibility,” DaSilva began.
He recounted how his company sought international funding for a business venture in 2019, securing $10 million at an interest rate of 5%. However, the economic turmoil and currency devaluation under Tinubu’s government exacerbated the company’s financial woes.
“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,” DaSilva explained.
Expressing concern over the state of the economy, he emphasized the difficulties faced by Nigerian entrepreneurs in securing favorable loans.
“It will take magic for people in our generation with big ideas that need funding to actually get good loans,” he lamented.
DaSilva further hinted at additional challenges caused by the previous Central Bank of Nigeria (CBN) administration but refrained from delving into the details.
