– MI Abaga has revealed where most music labels get part of their funding from
– He revealed that parts of the industry get support from Yahoo Boys
– The top rapper later revealed that if Nigerian music industry is left to the corporate world, it would not survivesurvive
Rapper MI Abaga has been in the news in recent times because of an interview he granted where he spoke about how music labels in Nigeria get funding to run their business.
He revealed that the industry is mostly funded by internet fraudsters aka Yahoo Boys. He later added that banks do not really support music labels.
“There’s no bank in the history of Nigeria that has given one Naira to any label. There’s no corporate entity that has given any label. It’s young guys. In fact, you’re more likely to get money from a Yahoo Boy. Shout-out to Yahoo Boys. May God prosper your business. There’s no bank in the history of Nigeria that has given one Naira to any label,” he told Pulse.
Knowing that his comments may attract the wrong type of attention, he clarified his statement. “Let me explain why I’m saying that. If Nigerian music is left up to the corporate world, we’re dead. We’re finished. Shout-out to all the money that comes from funny places. Shout-out to all the funny politicians.”