BBNaija star, Leo DaSilva has spoken out about the challenges faced by a company he helped raise funds for, citing significant financial struggles since President Tinubu took office
According to DaSilva, the company has accumulated substantial debt due to the naira’s depreciation and rising interest rates under the current administration.
On his X page, DaSilva shared a personal anecdote about a company he raised $10 million in international funding for in 2019.
He highlighted the exorbitant 5% interest rate, which he described as “almost s3icidal.”
DaSilva expressed concerns about the impact of the current economic climate on Nigerian businesses, emphasizing the need for increased exports to stabilize the naira.
He warned that without access to affordable loans, many businesses with innovative ideas may struggle to survive.
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%, its almost like suicide. This incident after we did 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 and 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.”
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