Sharon Ademefun, the elder sister of Afrobeats superstar Davido and Chief Financial Officer of Davido Music Worldwide, has disclosed how she oversees her brother’s finances and often tries to discourage him from splurging on luxury cars and jewellery.
Speaking on The Morayo Show, hosted by Morayo Afolabi-Brown, Ademefun said she holds weekly financial meetings with the singer to keep track of his spending and ensure he remains aware of his expenses.
“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,’” she said.
Despite her warnings, Davido often continues to acquire luxury items.
“No more jewellery. 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,” she added.
Ademefun said she has been involved in Davido’s career since its early days and that their current professional relationship evolved naturally from her previous role in his management team.
She noted that their relationship sometimes involves disagreements because she is willing to challenge him when others will not.
“The problem is that David and I 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.”
When asked if she knew the details of Davido’s wealth, Ademefun said she had signed a non-disclosure agreement.
“I’ve signed a non-disclosure agreement! I can’t confirm or deny!” she said.
She also revealed that Davido has a functional management team that handles his day-to-day logistics, but she sometimes intervenes when cost-cutting decisions affect his comfort, particularly 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 clothing line, Body Politics, which she started out of frustration with limited options for women of different body types. The brand offers sizes from XXS to 5XL.
She said she is cautious about expanding too quickly and is focused on improving her current operations.
“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.
