Record label says Skales must pay N5bn to terminate his 5-year contract
According to the new details revealed in the N13m fraud petition filed by Baseline Music against the singer and his manager, Osagie Osarenkhoe, the terms and conditions of Skales’ recording contract are pretty stringent with binding clauses that make it a very long walk to freedom for the “Je ko mo” crooner.
One of such clauses states that “The artiste may terminate this agreement prior to the expiration of the contract period by paying the company the sum of ten million pounds sterling.”
The present day Naira value of 10 million pounds sterling equals N5bn.
The company is also entitled to 70% of all earnings received by Skales from tours, albums, endorsements, during the period of the contract and also owns all rights including copyrights to every recording made by Skales prior to and during the validity of the contract. You can read the petition here
According to NET, sources confirmed Skales’ contract to be worth a whooping N200m and though the record label’s former manager, Howie T did not give details then, he confirmed it to be about the biggest deal to be inked by a recording artiste in Nigeria.
“I cannot give you any specific figure because we don’t want other artistes to start running to us”, Howie T said at the time, “However what I can tell you is that the deal is worth hundreds of millions. It includes his new car, new house and total lifestyle package. We are changing his whole lifestyle. We don’t want to create any form of distraction by revealing any figures, but trust me it’s a huge deal, it’s about the biggest deal in the industry at the moment”.
N5bn? Where on earth will he get it?