Ubi Franklin, CEO of Made Men Music Group (MMMG), says he sold “part” of his record label to Paul Okoye, CEO of Upfront and Personal, a management and consultancy outfit.
Franklin’s disclosure came after his artiste, Tekno Miles, had revealed on Instagram that Okoye, popularly called Paul O, “owns 50% of MMMG”.
Subsequently, TheCable Lifestyle published a report examining the circumstances surrounding the transfer of shares and the part played by Iyanya Mbuk, former co-owner of MMG.
According to Franklin, he bought Iyanya’s shares when the ‘Your Waist’ singer left the record label in August 2016.
The husband of Nollywood actress Lilian Esoro told TheCable Lifestyle that he later sold the shares to Paul O.
He said: “When Iyanya was leaving, I bought over his shares so I owned 100% of the company so I sold those shares to Paul Okoye of Upfront and Personal.”
“Paul Okoye now owns part of MMMG,” Franklin added.
Although they co-founded MMMG, Iyanya chose to leave so as to develop his music by working closely with Don Jazzy, CEO of Mavin Records.
Iyanya had told TheCable Lifestyle that he needed to work with someone “who understands the music industry and can help me fulfil that dream. Making sure that I get my music right is the most important thing”.
“We needed somebody who can help bring the real Iyanya to life, the singing Iyanya but at the same time commercialise the music,” he had said.
Franklin, a popular artiste manager, also noted that a press conference would soon be held to explain the recent developments in the company.