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Leo DaSilva narrates how a company went into “generational debt” because of President Tinubu
Leo DaSilva has disclosed the struggles and challenges a company he raised money for faced after President Tinubu came into power.
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Reality TV star, Leo DaSilva has disclosed the struggles and challenges a company he raised money for faced after President Tinubu came into power.
According to him, the company has gone into ‘generational debt’ after President Tinubu resumed office and naira depreciation during his administration.
In a post shared on his X page, Leo DaSilva compared the interest rate of the company during the administration of President Buhari to the loss of the company in President Tinubu’s administration.
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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