At the time he signed the deal, insiders told NET that the deal was worth over N200 million while the record label’s manager, Howie T told TheNETng it’s the biggest deal ever in the Nigerian music industry.
‘I cannot give you any specific figure because we don’t want other artistes to start running to us. However what I can tell you is that the deal is worth hundreds of millions. It includes his new car, new house and total lifestyle package. We are changing his whole lifestyle. We don’t want to create any form of distraction by revealing any figures, but trust me it’s a huge deal, it’s about the biggest deal in the industry at the moment’, he told us at the time.
Fresh facts have now emerged about details of the contract.
The petition written by Baseline Music against Skales and his manager Osagie Osarenkhoe revealed that the singer signed a 5-year deal.
‘Under the terms of the Contract, Skales assigned to the company all copyright and other rights or interests throughout the world in all sound recordings made by Skales prior to or during the term of the Contract. The Contract further provided that the Company shall be entitled to 70% (seventy percent) of the gross receipts received by Skales from performance and tours and brand endorsements during the term of the Contract’.
There’s another shocking clause in the contract that has got fans talking on twitter: ‘The artiste may terminate this agreement prior to the expiration of the contract period by paying the company the sum of ten million pounds sterling’.
That is the exit clause he may never be able to use because, using today’s exchange rate, that figure is around N5 billion.
Here’s what those following the conversation are saying on social media:
And it’s much worse than we know… These guys own Skales. He’s a slave.
— T. Rankïn’ (@AfroVII) June 1, 2016
I’m so angry at Skales’ foolishness. I’m angry that they’ll cheat him like this!
— T. Rankïn’ (@AfroVII) June 1, 2016
Music is business. There are no Santas. If they force a life of affluence and ease on you from an early stage, run.
— EDWARD Israel-Ayide (@wildeyeq) June 1, 2016
Like in every business, you grow gradually. From rented flat in Gbagada till you can afford to buy a house in Lekki. There are no shortcuts
— EDWARD Israel-Ayide (@wildeyeq) June 1, 2016
Some of these investors are no different from those who send young ladies to Italy for prostitution.
— EDWARD Israel-Ayide (@wildeyeq) June 1, 2016
Get someone who can tell you to go fuck yourself if you’re going to put the team in jeopardy because of greed.
— EDWARD Israel-Ayide (@wildeyeq) June 1, 2016
I don’t have pity for Nigerian acts. Lawyer una no go hire. Publicists you won’t have. A&R you won’t employ. Una suffering just dey start.
— The Eagle (@AOT2) June 1, 2016
People saying 70/30 is a desperate contract. Lol like the investors have tens of millions to throw around
— Cinderella Man (@Osi_Suave) June 1, 2016
Beats me how you don’t booking and accounting for ur label. How ur artiste gets booked and you don’t know.
— Cinderella Man (@Osi_Suave) June 1, 2016
I can’t run a label in Nigeria because the system is flawed. I’d rather invest and give u a timeline to pay me back simple.
— Cinderella Man (@Osi_Suave) June 1, 2016
Truth be told o.
If u sign an artiste say like Mayorkun you will spend at least 60m before u start getting profit.
— Cinderella Man (@Osi_Suave) June 1, 2016
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