Emmanuel OchayiIn a recent revelation on her X page formerly Twitter, renowned Nigerian investigative journalist and former Canadian Grammy Judge, Kemi Olunloyo, has stirred the music industry with shocking claims about the financial status of rising Nigerian music sensation, Mohbad, and his strained relationship with fellow artist, Naira Marley.
After conducting an in-depth analysis involving streams and the Immunization Corporate Affairs Commission (CAC) search, Kemi Olunloyo disclosed that Mohbad’s net worth currently stands at an astonishing N700 million, which is roughly equivalent to $690,000 in international currency.
Join our WhatsApp ChannelThis revelation comes as a significant surprise, considering Mohbad’s relatively short time in the music industry.
However, the bombshell did not end there. Olunloyo went on to assert that Naira Marley owes Mohbad a staggering sum of approximately ₦300 million in song royalties. According to her tweet, this debt stems from Mohbad’s prolific songwriting contributions, accounting for nearly 97% of all the songs under the Marlian Music label.
READ ALSO: Mohbad’s Death: Bella Shmurda Calls For Justice, Ignites Public Outcry
In her Twitter statement, Kemi Olunloyo emphasized the importance of songwriters receiving their rightful royalties, citing the @SOCANFoundation and @TheJUNOAwards as examples during her tenure as a Canadian Grammy Judge.
She detailed that Mohbad had expressed dissatisfaction with Naira Marley, accusing him of withholding his royalties, streaming revenues, and download earnings, which contributed to their deteriorating business relationship.
Olunloyo also lamented the lack of artist development in Nigeria and suggested that the removal of issues like drug abuse and cultism could propel the industry to a global stage.
She alluded to the fact that artists who spoke out against certain issues within the industry were met with silence from label bosses affiliated with the same cults, particularly in the case of Naira Marley.
As Mohbad’s estate is projected to reach a billion Naira in the near future, Kemi Olunloyo recommended the appointment of a court-appointed probate lawyer to manage his music assets, provided Naira Marley releases the owed funds.
She anticipated a fierce legal battle and regretted that Mohbad had not taken this step earlier, influenced by what she referred to as “devil-sent frenemies” like Zlatan and Bella Shmurda.
Furthermore, Olunloyo stressed the importance of understanding the terms of record deals and urged artists to be cautious about their contracts. She recalled a similar scenario involving Davido in 2010 when his father, Deji Adeleke, had to buy out his contract due to contract disputes.
In her concluding remarks, Kemi Olunloyo urged the public to scrutinize the circumstances surrounding Mohbad’s death, rather than focusing solely on who may have caused it.
She recommended a DNA test to establish paternity for Mohbad’s son and advocated for all of his music assets to be placed in a trust fund until he reached the age of 18.
Olunloyo expressed skepticism towards Mohbad’s immediate family members and proposed that his Imolenization team, who had access to the revenues from his final project “BLESSED,” should oversee the funds. She emphasized the necessity of having a clear understanding of record deals and contract terms, a lesson Mohbad unfortunately learned too late.
On a somber note, Kemi Olunloyo mentioned that Mohbad did not leave a will behind and extended her condolences, saying, “May he rest in peace.” The music industry is left grappling with these shocking revelations, and fans await further developments in this ongoing saga.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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