Sharon Ademefun, elder sister to Afrobeats star, David Adeleke, popularly known as Davido, has revealed how she manages her brother’s finances and tries to curb his spending on luxury items.
Ademefun, who serves as the Chief Financial Officer of Davido Music Worldwide, said she conducts structured financial reviews with the artist to enforce fiscal discipline.
She spoke during an appearance on The Morayo Show hosted by television host, Morayo Afolabi-Brown and posted on YouTube on Tuesday.
“Me and Davido sit and have a finance meeting every week because I think it is important for him to know how his money is being spent. I will now say, ‘David, please, no more cars,’” Ademefun said.
She said despite her warnings, Davido sometimes continues to acquire luxury cars.
“No more jewelry. 24 hours later, you know how they normally say it, ‘2 to 3 business days’, I’ll just see on the blogs. This latest car.”
Ademefun also disclosed that she had been involved in Davido’s career from its early days, saying their current professional relationship was a natural progression from her previous role in his management team.
According to her, their relationship sometimes involved disagreements because she was willing to challenge her brother when necessary.
“The problem is that me and David were always fighting. If other people can’t tell him, me I’ll tell him. And so, I think the truth of the matter is it was a natural progression.
“I think that we both needed to go off and do our own things. And now I can take what I’ve learned in business and then help him put structure into his business. So, it’s just more official.”
Ademefun also said she had signed a non-disclosure agreement when Afolabi-Brown asked whether she was the person who knew the details of Davido’s wealth.
“I’ve signed a non-disclosure agreement! I can’t confirm or deny!” she said.
She further disclosed that Davido has a functional management team that handles his day-to-day logistics and she sometimes intervenes when she believes cost-cutting decisions could affect Davido’s comfort while travelling.
“You know, if you book him on an airline that doesn’t have a good first class, he can get to the airport and say, ‘Yeah, if you want me to go to an event, buy first class’… I’ve bought a ticket at the airport many times.
“Because maybe they tried to cut corners or cut costs somewhere. So, there’s lots of funny things.”
Ademefun also spoke about her business interests, including Body Politics, a clothing line she said she started out of frustration with the limited clothing options available to women with different body types.
She said the business offers clothing in sizes ranging from XXS to 5XL.
Ademefun said she was cautious about expanding the business too quickly, adding that her focus was on improving what she was already doing.
“I think the next big thing is to do what I’m doing better. I don’t want to make the mistake of over-expanding too quickly, but I think you’re going to see more of me, more pop-ups, and more availability,” she said.
(Punch)
