How I manage Davido’s wealth, limit his luxury spending – Sister

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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.

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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.

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She spoke during an appearance on The Morayo Show hosted by television host Morayo Afolabi-Brown and posted on YouTube on Tuesday.

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“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.

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She said despite her warnings, Davido sometimes continues to acquire luxury cars.

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“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.”

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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.

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According to her, their relationship sometimes involved disagreements because she was willing to challenge her brother when necessary.

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“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.

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“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.”

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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.

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“I’ve signed a non-disclosure agreement! I can’t confirm or deny!” she said.

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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.

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“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.

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“Because maybe they tried to cut corners or cut costs somewhere. So, there’s lots of funny things.”

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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.

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She said the business offers clothing in sizes ranging from XXS to 5XL.

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Ademefun said she was cautious about expanding the business too quickly, adding that her focus was on improving what she was already doing.

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“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.

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