Rapper MI Abaga has revealed that the industry is mostly funded by internet fraudsters a.k.a Yahoo Boys.
The rapper 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, the rapper 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.”