George just got the best news of his life. This was what he’s lived for, dreamt of, prayed for, and it was finally coming to life. George, an upcoming musician was spotted on Twitter and subsequently was signed by a record label.
His life’s dream and an opportunity to prove to people, especially his father about his musical prowess had finally come. He is lost in the moment and doesn’t take out time to read and understand the contract, the implications of signing, and the commitment involved.
He is seemingly elated at the fact that his dream was close to fruition after what seemed like a long time. The money proposed was another mouthwatering incentive that puts the nail on the proverbial coffin.
The first year went a bit smoother, promises were fulfilled, singles were released and airplay guaranteed. The first monetary release was effected and he had some show appearances. Life and career suddenly looked bright.
Enter the second year of the contract and attention begins to fizzle, plans get stalled, suddenly, there are no more studio sessions, no monetary commitment, nothing whatsoever. He finds out about the non-existent artiste structure, A&R, or a management team.
He gets into fights and incessant quarrels but after further investigation, he discovers that the record label execs were internet fraudsters a.k.a, ‘Yahoo boys’ and that the label only serves as a front for money laundering.
He tries to get out of the mess he’s found himself in, but due to threats by the management and a pointer at the contract, he finds himself reading through and thoroughly as well, for the first time, that which he appended his signature to.
In 2017, veteran rapper and former President of Chocolate Music Group, M.I Abaga, in an interview, shouted out to yahoo boys and claimed that they had done more for the music industry than the government had in recent times.
He is stunned at the deceit, the mistake he’s made, the bondage he has ignorantly gotten into which has him stuck for five years.
This scenario is fast becoming the norm amongst upcoming musicians whose desire of becoming superstars and putting their work out is making them jump on offers without proper consultation. Many young musicians have fallen and are prey to fraudsters using record labels as a laundering front.
That statement is clear evidence that fraudsters are using the Nigerian music industry as a means to launder funds. They either support a growing artiste or they go into making the music themselves.
Some of these individuals do not understand the music industry business, they might possess some love for the music, but they possess zero knowledge of the workings of the industry.
They have the money to spend on getting sophisticated and needed equipment, the ability to pay for airplay, and playlist their artiste on all platforms, but the structure required is nonexistent.
These execs possess zero knowledge of the management system, A&R, even the branding process of the artiste is carried out haphazardly. This has lead to the dearth of many careers and depression on the part of the artistes.
When explaining the reason why he left the game unceremoniously, Ajegunle’s own Baba Fryo explained that:
“The system has changed. At present, we don’t have raw talents in the music industry, people doing music now are the Yahoo and drug boys. They took over the industry. A Yahoo boy can just enter the studio because music is easy now unlike before when you would have to pass through many processes to release a song.”
According to D’banj: “Most of the new generation record labels are founded by Yahoo boys. You must understand first, why you are coming into music. Nigerian artistes need a lot of capacity building. It is only in Nigeria that the owner of a record label doesn’t know anything about music.”
D’banj who was one of the panelists who discussed the topic, ‘Changing The Game: Artistes As Leaders’ at the 2018 Social Media Week in Lagos, said that most label owners are operating blindly as they know nothing about music.
Nigeria’s Economic and Financial Crimes Commission, EFCC sometime ago, arraigned the Chief Executive Officer of Canbit Music, Olusegun Ake, before an Ikeja High Court, Lagos, for allegedly defrauding an American company, Renovate America Incorporated.
In May 2018, music producer and the owner of 606 Record Label known popularly as @606autos was arrested by the EFCC for alleged fraud activities.
In a Twitter rant in 2018, Fashion enthusiast and blogger, Noble Igwe advised the Economic and Financial Crimes Commission (EFCC) to look into nightclubs along certain streets in Lagos because he believed that they served as fronts for money laundering. He also mentioned record labels, car and property selling businesses as 419 ventures.
”Record label Estate/ Property Business Car Selling business The Above are major 419 /fraud fronts in Nigeria”.
Fraud is implicitly celebrated or glamourised in art and media. Olamide, one of Nigeria’s biggest Hip Hop artists, owns a record label called Yahoo Boys No Laptop (YBNL), and two of the biggest Nigerian records of the 2000s are “Yahooze” by Olu Maintain and “I go chop your dollar” by Nkem Owoh. In the latter, Mr Owoh chimes, “Oyinbo man I go chop your dollar. I go take your money disappear. 419 is just a game; you are the loser, I am the winner.”
Largely, receipts from the illicit trade, fund a significant part of the Nigerian music industry, with these fraudsters becoming label owners, sponsors, show promoters, and even artistes, in a bid to either double their money or use music as a decoy for their activities.
A record label, or record company, is a brand or trademark associated with the marketing of music recordings and music videos.
For such an important task, and the recent upwards growth and recognition of our music in the international community, credible people with outstanding knowledge of the music industry should be in charge and at the forefront of the music business, and the earlier this happens, the better for the Nigerian music industry and the entertainment scene as a whole.
