Franklin’s disclosure came after his artiste, Tekno Miles, revealed on Instagram that Okoye, popularly called Paul O, “owns 50% of MMMG”. Tekno had said:
“Thank you Upfront & Personal…thank you Pauloo for becoming a part of my label..you know…buying into the company…and owning 50% of shares in the company.. this is really good..I’m really excited b’cos…it’s facilitated alot of things…”.
Ubi Franklin told TheCableng he bought Iyanya’s shares when Iyanya left the record label in August 2016. However, he later sold the shares to Paul Okoye.
“When Iyanya was leaving, I bought over his shares so I owned 100% of the company so
I sold those shares to Paul Okoye of Upfront and Personal.”
“Paul Okoye now owns part of MMMG,” Franklin added.
Although they co-founded MMMG, Iyanya chose to leave so as to develop his music by working closely with Don Jazzy, CEO of Mavin Records.
Iyanya had told TheCable Lifestyle that he needed to work with someone:
“who understands the music industry and can help me fulfil that dream. Making sure that I get my music right is the most important thing”.
“We needed somebody who can help bring the real Iyanya to life, the singing Iyanya but at the same time commercialise the music,” he had said.
Franklin, a popular artiste manager, also noted that a press conference would soon be held to explain the recent developments in the company.