Veteran rapper, MI Abaga, has claimed that proceeds from internet fraud, popularly known as “Yahoo Yahoo,” fund a significant number of Nigerian artistes.
Speaking in a recent interview, MI said the link between the music industry and illicit funds is “an indictment” on the country. “There’s a lot of controversy when people talk about Yahoo Yahoo because a lot of artistes, that is the funding that they have,” he explained.
According to the rapper, the heavy reliance on foreign investment and money from questionable local sources reflects a lack of sustainable, legitimate financing structures for Nigeria’s creative sector.
“What I’m trying to say is that it’s an indictment on our country that we have such talented musicians and that the major funding for the industry comes from the West and this other industry.”
He painted a hypothetical scenario: “It’s an indictment. It shows that something is wrong. Hopefully, we can do better. Think about it: let’s even say I’m a Yahoo boy, I’m not, but let’s say I was and I just made ₦100 million. Okay, I’m now a criminal who made ₦100 million but still don’t have to give it to an artiste, I can blow it however I want, or I can put it in real estate.”
