This is good news for the entertainment industry as Nigerian Afrobeats star, Oliwatosin Ajibade, popularly knows as Mr Eazi , has raised $20 million for his Africa Music Fund (AMF) to invest in the careers of African music talents.
Making the disclosure was Mr Eazi himself in a statement issued to CNN. According to the artist, the fund Waswas spearheaded by 88mph, a firm that invests in African Businesses.
Eazi explained the idea behind it, saying his intention was to create a new platform to fund the music entertainment ecosystem in Africa adding that the entertainment ecosystem is not understood by intuitional investors in Africa and leads to limits in funding the industry.
There has been no investment of this type or magnitude in the Nigerian music space before.
“Artists cannot go to banks to get money for their music because financial institutions don’t understand how to secure intellectual property. They get it for physical properties but not for music. So, because not a lot of people understand the music business, there is no finance product for musicians,” he told CNN.