Davido: 5 Times OBO Has Been Involved in Financial Scandals, Fans Lost Money on 2 Occasions

David Adeleke Davido, in addition to making music, is known for promoting brands in and outside Nigeria. Recently, he bagged a new deal with global clothing brand Puma, joining the likes of singer Rihanna and football star Neymar Jr.

With Davido's influence in Nigeria, brands have been able to build a market base in the country.

While Davido's collaborations with top brands have had positive aspects, there have also been negative ones, with several Nigerians losing their hard-earned money because they relied on the DMW's label boss' influence.

Amid the drama that trailed his new Puma deal, some netizens made bold allegations that Davido would accept any brand, regardless of whether it was a scam.

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Legit.ng in the article lists the times Davido has been involved in financial scandals, with his fans losing their hard-earned money on two occasions.

1. Davido launches meme coin

In June 2024, the Unavailable boss ventured into cryptocurrency by launching his meme coin, $Davido, with the promise to uplift his fans and the community.

However, it turned out to be an alleged scam in the crypto world, known as a pump-and-dump scheme, as several fans took to social media to lament losing their money.

Legit.ng recalls reporting that the Security Exchange Commission (SEC) had warned the general public against investing in meme coins, including $Davido, tagging them as highly risky.

2. Davido allegedly takes N7m without performing

In 2016, the DMW label owner made headlines after being accused of collecting N7 million to perform at the Festival of India-Lagos.

He was said to have cancelled the show at the last minute without a refund. Reports revealed lawsuits followed after his action.

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3. Davido promotes Racksterli

After the COVID-19 era that kept millions indoors, Davido, alongside some Nigerian celebrities, returned with "Racksterli," which has been tagged a Ponzi scheme in 2021,

Through his influence, several Nigerians and his fans lost their investments, and many are still calling for justice, which has yet to be attended to date.

4. Businessman Abu Salami calls out Davido

The year 2023 was another era of drama between businessman Abu Salami and the DMW label owner.

Abu Salami called out Davido for a N218 million debt which was related to an alleged failed sports project.

The businessman accused Davido of taking the funds and ghosting him.

While the issue appeared to have been resolved off social media, Abu Salami is now the chairman of music star Burna Boy's football club.

5. Davido and Amaju Pinnick case

Also, in 2023, Davido and former President of the Nigerian Football Federation Amaju Pinnick trended online.

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OBO was sued for a whopping N2.3 billion for breaching a performance agreement at "Warri Again," a yearly event in Delta state.

Pinnick claimed Davido collected N70 million and still didn't show up for the event. The issue was resolved off social media.

As part of the agreement reached, Davido, who would pay N30 million in damages, is said to have agreed to perform free at the "2024 Warri Again concert."

Amid the various financial scandals and allegations against Davido, controversial critic Martins Otse, also known as Verydarkman, popular for speaking out against celebrities involved in dirty schemes, has never made a comment about Davido.

Recall that VDM's new drama with Bobrisky, which caught prominent lawyer Femi Falana and his son rapper Falz in the mix, started as a result of the crossdresser's refusal to pay up N4 million he loaned from a friend, who reported him to the critic.

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Davido shares songs about his blessings

Meanwhile, Legit.ng reported that Davido might have clapped back at Wizkid during their new feud, which has caused uproar online.

Davido, while celebrating an associate's birthday, appeared to have replied to Wizkid as he included a snippet from his song "Godfather."

The song was about his blessings and a message to his haters.

Source: Legit.ng