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Mavin Records explores sale worth $200m as UMG makes bid

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Mavin Records, the Nigerian music label owned by Don Jazzy, is reportedly exploring a sale or investment, with bids from major players like Universal Music Group (UMG) and HYBE.

Sources told Billboard on Friday that the deal’s valuation is estimated between $125 million and $200 million, and that Shot Tower Capital, an independent investment bank, is facilitating the negotiation process.

The news outlet said the move is a way for Mavin Records to raise funds for growth amid expectations that the African music industry will gain global prominence in the coming years.

It added that regardless of how the deal turns out, Don Jazzy is expected to retain control over the company’s future direction.

“Mavin Records, the hot Nigerian label that’s home to Rema and Ayra Starr, is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources,” the report reads.

“Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million, according to those sources. Sources further say that Shot Tower Capital is shopping the deal.

“The move is expected to raise funding to help position the label for more growth. The African continent is anticipated to be the next geographical repertoire to have a commanding presence on the global stage, similar to how Latin and K-pop have had an impact on the international marketplace in recent years.

“Even if the investment comes from a strategic investor like UMG or HYBE — or results in another label or music company taking a stake in Mavin or even buying the African music company outright — the Mavin management team, led by legendary Nigerian music business executive Don Jazzy, is expected to remain in place and retain some form of control over its destiny.”

The news outlet added that the companies mentioned in the report either declined to comment or did not respond to requests for comment by press time.

Don Jazzy is also yet to comment — as of this time of the report.

Entertainment

We’re investigating actresses in rumoured affairs with Akpabio, says AGN

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The Actors Guild of Nigeria (AGN) says it is investigating allegations that some actresses had romantic relationships with Senate President Godswill Akpabio.

In July, a blog claimed that Dakore Egbuson-Akande, Nancy Isime, and Ini Edo were involved in affairs with Akpabio, but the senate president denied the allegations.

Akpabio stated that his wife was enough for him, while Egbuson-Akande threatened to sue the blog for defamation.

In a memo released on Friday, the AGN confirmed that the actresses are on its “watchlist” and are being “investigated” by its secret panel.

“On behalf of the Actors Guild of Nigeria, I commend the professional and incisive work done by members of the secret investigative panel,” the statement reads in part.

“However, some female members on the watch-list are being investigated by the secret panel, especially in the recent release of names purported to have had dealings with the Senate President.”

The AGN also announced the suspension of Halima Abubakar for “spreading false information about fellow members, associates, and patrons, including allegations of extramarital affairs with highly placed individuals”.

The AGN said a two-year-long investigation uncovered Halima’s “involvement in slandering the film industry”.

It added that the actress will face the national disciplinary committee to determine her full punishment.

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I have a tumour in my jaw – TikTok AI content creator Jarvis reveals

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Jarvis, a Nigerian content creator known for her impressive artificial intelligence (AI) and non-playable character (NPC) impressions, has revealed why she stopped creating content.

After weeks of questioning from her fans and followers and accusations that she stopped her content because of her relationship with fellow creator Peller, Jarvis took to her TikTok livestream to speak on her reasons.

Addressing her followers, she said, “Let me tell you guys what happened. I was told that I had a tumour in my jaw. I thought It was teeth problems but it wasn’t; the doctor said I had a tumour in my jawline.”

She showed the viewers the bump in her jawline, which made one side of her face visibly bigger than the other.

While awaiting results from the biopsy, Jarvis conveyed her hope that the news would not be dire, stating, “The last time I went, they opened me up and took something from the tumour to test it before we go for the main surgery. I’ve not done the main surgery but I’ve heard the results are out and I’m praying it’s not bad because it’s spoiling my face.”

Jarvis also addressed comments from fans urging her to return to AI content, noting the challenges she faces with her current health

She said, “And to those telling me to go back to AI, shey you people don’t see that in my past AI videos, by face was fresh. This new AI would have puff puff o so I don’t know how you people want me to do it. So for all of you who are shouting, why are you shouting? Calm down.”

Her fans and followers shared their goodwill in the comment section, praying for her and wishing her a speedy recovery.

“I pray it’s benign,” a fan wrote.

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Police clear Lizzy Anjorin of gold theft allegation

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Lizzy Anjorin, the Nollywood actress, has finally been cleared of theft allegations by the Lagos state police command.

In February, some traders in the Idumota market in Lagos Island accused the film star of stealing gold and making a fake transaction after buying goods worth N91,000 from a store.

Anjorin denied the allegations and argued that the video evidence was a “setup” against her.

Speaking with TheCable Lifestyle on Friday, Benjamin Hundeyin, the Lagos state police spokesperson, said Anjorin has been cleared of all the allegations.

The police PRO revealed that their investigation found a mix-up at the payment point in the store.

In February, TheCable Lifestyle reported how six traders were arraigned before the chief magistrate court in Lagos Island for allegedly assaulting and blackmailing Anjorin.

Sola Samuel, the prosecuting counsel, said the defendants conspired to forcefully push and drag Anjorin, causing her grievous bodily harm.

Samuel told the court that the defendants’ actions caused a breach of public peace.

The defendants, however, pleaded not guilty to the charges.

Ade Oshodi, the representative of the defendants, prayed the court to grant them bail in the most liberal terms, stating they were traders.

In his ruling, A.A. Paul, the presiding magistrate, granted each defendant bail in the sum of N200,000 with one surety each.

He ordered that the defendants be remanded in the Nigerian Correctional Services until they meet their bail terms.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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