regarding the real story behind
Wizkid and Banky's fallout. The
reason is not unconnected with
the rising sensational singer
being made a cash cow for the
EME label.
An Insider opened up that Wizzy (his
nickname) is at war with Banky W
and EME because he wants a contract
review which Banky W has refused to
grant him.
The source pointed out that since
Ayodeji Balogun known as Wizkid
signed with EME, he has been getting
just 25% from whatever he gets paid
to perform at an event with Banky
W's Empire Mate Entertainment.
EME is owned by Banky W and Segun
Demuren who get 50%; and Osagie,
Wizzy's ex-manager who introduced
him to Banky after big record labels
like Mo-Hits and Storm records
rejected him, also got 25% from his
hard earned money.
"It is true they are having problems
and this might just be the end of EME
and Wizkid. When Wizzy signed his
first (and last)contract with EME late
in 2009, he saw Banky as his messiah
because he was nobody in the music
industry. It was a 75-25 sharing
formula.
Then Wizkid didn't mind because he
was bent on building his musical
career. In his contract, Banky W
promised to take care of his
accommodation, feeding and also his
school and based on this fact, Wizkid
accepted all the terms of agreement.
Later, Wizzy sacked his manager,
Osagie replacing her with Godwin
because he felt she was getting too
much.
Wizkid was getting just 25% from
every show because EME would take
50% while Osagie was taking 25%."
Says an inside source.
Wizzy sacked Osagie because she
was not ready to receive 10%, but it
doesn't end there. He was also
having problems with Osagie who
refused to come to terms with the
fact that he was no longer the boy
she picked up 4 years ago and
couldn't be bossed around.
The two had a bad falling out during
which things deteriorated to the
point where they began calling each
other names. After the fight, he
sacked Osagie.
This development did not go down
well with Banky W but because
Wizzy was close to the end of his
contract with EME, he gave in. Osagie
was replaced by Godwin, who works
for EME, and still continued too get
25%. So till the expiration of the
old contract, 75% was still going to
EME, while Wizkid made do with 25%.
When Wizkid's contract expired late
last year, he wanted a contract
review requesting the 75-25 sharing
formula be reviewed to 50-50 but
Banky would not accept his proposal.
Banky wanted EME to provide a
manager who would keep taking
25%, but Wiz insisted he wanted 50%
, and that he would pay his manager
out of his own pocket.
This issue had been dragging since
September 2012 and that could have
explained why Wizkid moved out of
Banky's Ogudu GRA residence and
got a new apartment in Lekki.
What got Wizzy miffed was that he
was making all the money for EME
and was getting less. Also, the
money being made was being used
to finance the project of other EME
stars namely, Niyola, Skales and
Shaydee.
Apparently Wizkid's international
fame gave him more confidence to
stand out on his own. Riding on this
platform, he signed a management
deal with Disturbing London, an
international management
company. Right now, his second
Album is ready and features stars like
Wale, Chris Brown, Tinie Tempar and
others.
Another inside source also adds: "the
last time Wizkid charged 1million for
a show was about 3 years ago. Before
his fracas with EME, he was charging
nothing less than three million per
show, and the fee for corporate
shows was way higher.
In a week, Wiz was doing at least
three shows, and raking in nothing
less than 6million naira for EME on
the average, totaling up to about 24
million naira per month. During
festive periods, particularly
Christmas, the amount he raked in
was about triple that amount or
more, and he charges even more for
international shows.
Then there were endorsements, the
biggest of which was the PEPSI deal
for which he was paid
a staggering sum of $365,000. Of all
these, Wizkid was only getting 25%. "
The final straw was Banky's album
launch recently. Wizkid was not
invited for the show but he went all
the same to show solidarity for his
former label boss. Also, before the
show, the contract
review argument was still on ground
and Wizkid was hoping the label
would reconsider and take his offer.
What he really wanted was 50%, out
of which he would pay his manager,
bodyguard, and mopol entourage,
which he thought was reasonable.
However, during the show, Wiz was
snubbed. The label refused to
acknowledge his presence, and with
this, the relationship with EME was
severed. Wizkid is now operating
under his own label STARBOY
RECORDS.
So serious is the EME-Wizkid fallout
that the label is now making people
take sides. Sources say EME members
no longer want to have anything to
do with Wizkid and anyone that has
any dealings with him.
Banky W may not have given his side
of the story but insiders note that
Banky has spent a lot to make Wizkid
who he is now.
He feels Wizkid is not grateful and
has forgotten where he was coming
from. Sources say that Segun
Demuren, Co-owner of EME has
vowed to deal with Wiz-kid and
make him regret ever leaving label.
With all said and done, here is
wishing both parties all the best in
their future endeavors.
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