In an unexpected move, rap superstar MI Abaga has announced the merger of his Loopy Music record label and Audu Maikori’s Chocolate City. The rapper made the announcement the 2015 Nigerian Entertainment Conference on April 22, 2015 at the Eko Hotel & Suites, Victoria Island, Lagos.
Revealing the rationale behind the move, MI said that the trend of top music record labels globally is toward consolidation. In a move reminiscent of Jay-Z and Damon Dash where they sold Rocafella Records to Island Def Jam, MI revealed that the merger is a union to improve their business efficiency and respond more effectively to change in the music business sector.
Audu Maikori will step down as the CEO of Chocolate City Music effective June 2015 while a CEO for the new label will be announced. The move brings together MI, Jesse Jagz, Ruby Gyang, Loose Kaynon, Ice Prince, Nosa, DJ Caise, Dice Ailes, Victoria Kimani and DJ Lambo under one business umbrella.
MI also took the opportunity at the Nigerian Entertainment Conference to announce a compilation album featuring all the artistes under the newly merged label which will be exclusively available on the STAR Music app <http://www.music.star-nigeria.com/> soon.
Follow us @sabinewsnaija