Nigerian singer, Skales may have bitten more than he can chew with the record contract he signed withBaseline Music in 2014.
At the time he signed the deal, insiders told NET that the deal was worth over N200 million while the record label’s manager, Howie T told TheNETng it’s the biggest deal ever in the Nigerian music industry.
‘I cannot give you any specific figure because we don’t want other artistes to start running to us. 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’, he told us at the time.
Fresh facts have now emerged about details of the contract.
The petition written by Baseline Music against Skales and his manager Osagie Osarenkhoe revealed that the singer signed a 5-year deal.
‘Under the terms of the Contract, Skales assigned to the company all copyright and other rights or interests throughout the world in all sound recordings made by Skales prior to or during the term of the Contract. The Contract further provided that the Company shall be entitled to 70% (seventy percent) of the gross receipts received by Skales from performance and tours and brand endorsements during the term of the Contract’.
There’s another shocking clause in the contract that has got fans talking on twitter: ‘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’.
That is the exit clause he may never be able to use because, using today’s exchange rate, that figure is around N5 billion.
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