According to a source, 3MG Boss Ubi Franklin is one Step away from sinking into poverty as he sold his car to pay off some debts.
We are yet to hear the last of former Made Men Music label boss, Ubi Franklin, as a close anonymous source revealed to Happenings that he is in a bad financial place.
While it is common knowledge that it is not profitable to go into business with Ubi Franklin, not many know how bad his money problems are.
The source who prefers to stay anonymous revealed to us that in his bid to impress his ex-wife, Lillian Esoro, Ubi Franklin may have made some bad investment decisions which have come back to bite him.
For example, not many people know that he sold almost all, if not all of his cars for his Instant Pickup business.
Furthermore he is yet to finish renovations of a hotel he had taken a 3-year lease on, as his funds have dried up.
As a result of the bad publicity surrounding him, Ubi Franklin is unable to get new investors to give him money for his latest whimsical business ideas.
The source also revealed that he is desperate for money, thus he is not averse to engaging in any get rich quick scheme or taking money from unsuspecting people who do not know about his money problems.
In a bid to quieten the noise of his creditors and save himself from the embarrassment of being tagged fraudulent, Ubi Franklin has taken to selling off his personal possessions to offset some of these debts,
He sold off his Mercedes Benz saloon car at a giveaway price and is ‘carless’ at the moment. There are also reports that he is unable to pay his rent, contrary to the belief that he owns the building he lives in.
This begs the question on everybody’s lips, did Lillian Esoro leave him when she realized that the image of wealth he worked so hard to portray was all a farce?
Then again, Ubi Franklin’s situation is nothing new with Nigerian celebrities as they live their lives as walking, breathing Ponzi schemes - robbing Peter in a bid to finance their illusory lifestyle.
Most Nigerian celebrities are on this table, as they are consumed with the illusion of looking successful, when in the real sense they are struggling.