regarding the real story behind Wizkid and
Banky's fallout, it has been gathered that 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
Wizkid and make him regret ever leaving label.
With all said and done, here is wishing both parties
all the best in their future endeavors.
Sent from my BlackBerry wireless device from MTN
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