EXCLUSIVE- Wizkid vs. Banky W: The sharing formula

Facts have begun to emerge regarding the real story behind Wizkid and
Banky is fallout.The reason is not unconnected with the rising
sensational singer being made a cash cow for the EME label.


An Insider opened up to Entertainment Rendezvous that Wizzy (his
nickname) is at war with Banky W and EME because he wants a contract
review which Banky W has refused to grant him.

The source pointed out that since Ayodeji Balogun known as Wizkid
signed with EME, he has been getting just 25% from whateverhe gets
paid to perform at an event with Banky W. Empire Mate Entertainment
EME is owned by Banky W and Segun Demuren,and Osagie Wizzy's
ex-manager who introduced him to Banky after big record labels like
Mo-Hits and Storm records rejected him, alsogets 25% each from his
hard earned money.


"It is true they are having problems and this might just be the end of
EME and Wizkid. When Wizzy signed a 2-year contract with EME late in
2009, he saw Banky as his messiah because he was nobody in the music
industry.


It was a 50-50 sharing formula.
Then Wizkid didn't mind because he was bent on building his musical
career. In his contract, Banky W promised to take care of his
accommodation, feeding and also his school and based on this fact,
Wizkid accepted all the terms of agreement. Later, Wizzy sacked his
manager, Osagie replacing her with Godwin because he felt she was
getting too much. Wizkid was getting just 25% from every show because
Banky W would take 50% while Osagie was taking 25%.


Wizzy sacked Osagie because she was not ready to receive 10% which
other management companies were taking from artistes. This development
obviously did not go down well with Banky W but because Wizzy was
close to the end of his contract with EME, Banky gave in.


When Wizkid's contract expired late last year, he wanted a contract
review requesting the 50-50 sharing formula to be reviewed to 70-30
butBanky would not accept his proposal.


This issue had been dragging since September 2012 and that could have
explained why Wizkid moved out of Banky's Ogudu GRA residence and got
a new apartment in Lekki. What got Wizzy miffed was that he was making
all the money for EME and was getting less. Also, the money being made
was being used to finance the project of other EME stars namely,
Niyola, Skales and Shaydee."


Apparently Wizkid's international fame gave him more confidence to
stand out on his own. Riding on this platform, he signed a management
deal with Disturbing London, an international management company.
Right now, his second Album is ready and it is with Banky W. Wizzy is
bent on leaving if they don't agree with his terms and float his own
label STARBOI Records.


Banky W may not have given their side of thestory but insiders noted
that Banky has spent a lot to make Wizkid who he is now. He feels
Wizkid is not grateful and has forgotten where he was coming from.