This new announcement sparked some reactions among fans and industry enthusiasts as Iyanya is also is a co-owner of MMMG, an outfit he runs with his manager and friend, Ubi Franklin.
The duo set up the record label in 2011, where they have Tekno, Selebobo, Mr Chibbz, and Tonye Garrick are all signed.
Singer Emma Nyra was once part of the record label, until she acrimoniously departed in 2014 due to personal reasons. Baci was also affiliated with the label for six years, but he was never offered a contract.
According to Joey Akan this announcement is the culmination of a long period of incessant in-fighting and clash of decisions. Ubi and Iyanya, have been at loggerheads over finances and a lot of other key decisions on the running of the label.
Last year, the label had to let go two artistes, Emma Nyra and Baci, which according to sources, did not go down well with Iyanya. Baci, most especially had a special bond with Iyanya, a friendship that had been honed over several years.
Financial mismanagement issues are also a huge part of the disagreement. Iyanya and Ubi have long not seen eye to eye over the remittance of booking and appearance fees.
According to Pulseng, there have been concerns over Ubi’s handling of the business finances.
However, things got worse during and after Ubi’s celebrity wedding to Nollywood actress, Lilian Esoro, in November 2015. It is believed that Iyanya is not in favour of the union, and the effect it has on the business.
“Iyanya does not like the wife, and does not support the union”, Pulse source revealed.
Active management of the record label has been shifted to Paul, a staff of the record label, who now handles day-to-day management of the record label, and also is directly involved with booking fees and performances.
Tekno and management (Ubi), were last week, called out by a certain Canadian show promoter, Bless Ehannire, for not showing up for an agreed show as at when expected.
This year, Iyanya is currently returning to his R&B roots. He is planning a collaborative R&B album with EME singer, Banky W. So far, he has released two singles, ‘Type of woman’ and ‘Heart beat’ from the project.
He is trying to relaunch himself into the industry, and has come to the decision that he needs to split from Ubi Franklin, and run his business personally.