Following a merger between Loopy Music and Chocolate City Music, lawyer and chief executive of Chocolate City, Audu Maikori, will step down as the record label’s head in June to give room for the appointment of a new CEO.
The merger was announced by Chocolate City Vice President, rapper M.I on Wednesday at the 2015 Nigerian Entertainment Conference at the Eko Hotel & Suites, Victoria Island, Lagos.
The merger will see Loopy Music, owned by M.I, and its artistes , Ruby Gyang, Loose Kaynon, and DJ Lambo move over to Chocolate City to join Jesse Jagz, Ice Prince, Nosa, DJ Caise, Dice Ailes and Victoria Kimani.
Revealing the rationale behind the move, the rapper said 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.
According to the label’s publicist, Black House Media, Mr. Maikori steps down as CEO of Chocolate City Music effective June 2015 followed by the announcement of a new CEO.
PREMIUM TIMES could not reach Mr. Maikori to speak further on the merger as calls placed to his telephone line were left unanswered. He is yet to respond to text message also.
MI also revealed that a compilation album featuring all the artistes under the newly merged label which will be released on music app, Star Music, soon.