Flaunt Weeekly
Nigerian superstar David Adeleke popularly called Davido has long been a beloved figure in the music industry, known for his catchy songs and vibrant performances. However, his reputation has been tarnished by several allegations of scamming his fans.
One of the most notable instances occurred in June 2024, when he launched his cryptocurrency, $DAVIDO. Marketed as a way to uplift his fans and the community, it quickly turned into what many have called a “pump-and-dump” scheme, leaving numerous fans feeling betrayed and financially devastated. Here are some important allegations that have marred Davido’s reputation over the years.
The $DAVIDO Cryptocurrency Scheme
Join the community $DAVIDO ! More spaces coming soon and you’ll be REALLY excited by who we got coming up next! @davidotoken_sol
— Davido (@davido)”https://twitter.com/davido/status/1796247886562476146?ref_src=twsrc%5Etfw”>May 30, 2024
In June 2024, Davido excitedly introduced his cryptocurrency$DAVIDO, promising that it would benefit his fans and the wider community. He heavily promoted the project, attracting numerous investors eager to be part of this new venture.
Unfortunately, many fans invested their hard-earned money, often ignoring the warnings about potential scams. Soon after the launch, the value of the currency plummeted, leading to massive financial losses for many investors. This incident sparked outrage among fans, who felt deceived by Davido’s enthusiastic promotion.
The ₦218 Million Debt to Abu Salami
In 2023, businessman Abu Salami took to social media to accuse Davido of defaulting on a ₦218 million debt related to a failed sports project. Salami claimed that Davido took the funds but disappeared, leaving him in the lurch. While the situation seemed to be resolved privately, the public nature of the accusations painted Davido in a negative light once again, raising concerns about his financial dealings.
The ₦2.3 Billion Lawsuit from Amaju Pinnick
Later in 2023, another storm hit as Amaju Pinnick filed a staggering ₦2.3 billion lawsuit against Davido. Pinnick alleged that Davido breached a performance agreement for the “Warri Again” event. He claimed that Davido received ₦70 million but still failed to show up. This lawsuit not only raised eyebrows but also further tarnished Davido’s image as a reliable artist, especially among event organizers and fans who expected his commitment.
The Racksterli Ponzi Scheme
In 2021, Davido found himself in hot water again when he promoted a controversial investment platform called Racksterli. Alongside other Nigerian celebrities, he encouraged fans to invest in the schemewhich was later identified as a Ponzi operation. Many individuals lost their money as the scheme collapsed, and numerous calls for accountability went unanswered. Fans felt betrayed not just by Davido but also by the other celebrities who endorsed the platform.
The Festival of India-Lagos Cancellation
This isn’t the first time Davido has faced accusations regarding his business dealings. Back in 2016, he was booked to perform at the Festival of India in Lagos for a hefty fee of ₦7 million. However, he abruptly canceled his performance at the last minute and failed to provide a refund. Fans and organizers were left disappointed and angry, leading to lawsuits against him. The incident raised questions about his commitment to his promises and responsibilities to fans and event organizers.
