In response to the recent controversy surrounding the legendary musician Mike Ejeagha and his royalty payments, Premier Records Limited has issued a statement to clarify the situation and address the allegations made by Mr. Charles Ogbu.>>>CONTINUE FULL READING HERE....CONTINUE READING THE ARTICLE FROM THE SOURCE
According to the statement, Premier Records Limited instituted a court case against Mike Ejeagha in 2006 for infringement purposes. The case was eventually settled out of court in 2013 with the intervention of the Enugu state government. As part of the agreement, both parties agreed that royalties due within the trial years would be forfeited to compensate for the legal costs incurred by the company.
Since 2013, Premier Records Limited claims to have consistently paid out royalties to Mike Ejeagha through his first son, Mr. Emmanuel Ejeagha. The company states that they are committed to transparency and are willing to share the royalty reports with permission from the Ejeagha family. The only outstanding royalties are for the last quarter of 2023 and the first quarter of 2024. The most recent royalty payment was made on December 22, 2023, amounting to N155,229.00 for the first to third quarters of 2023.>>>CONTINUE FULL READING HERE
Addressing the allegation of an 8% royalty rate, Premier Records Limited maintains that this is untrue. The company states that they have reviewed all royalty rates for Masters and Publishing, aligning them with industry practices and the current realities in the country. They now pay 20% for Masters and 50% for Publishing as part of their three-year review process.
Premier Records Limited also refutes the claim of a fixed N30,000 quarterly payment, stating that no record label pays a fixed amount unless under specific terms. Royalty payments vary each quarter based on streaming performance and are paid in foreign currencies at current market rates with the artist’s approval.
The company acknowledges the recent viral trend of Mike Ejeagha’s song on platforms like TikTok, which they claim is part of their efforts to boost revenue for both the artist and the label. However, they explain that digital service providers (DSPs) account for streams quarterly and pay out a month after accounting, meaning the impact of the trending song will only be reflected in figures at the end of the next quarter.
Premier Records Limited emphasizes their commitment to maintaining strong relationships with their artists and treating them as family. They mention that their General Manager, Mr. Michael Odiong, visited Mike Ejeagha two months ago to reassure the artist and his family of their commitment to royalty payments and exploring new revenue streams.
The company has called for an end to the attacks on Mr. Michael Odiong’s character, urging the public to seek clarification from the company and its legal team. They have also copied Mr. Emmanuel Ejeagha on the statement to confirm their position and the royalty reports sent to the family.>>>CONTINUE FULL READING HERE
