Universal Music Group (UMG), a prominent entity in the global music industry, has secured a majority stake in Mavin Record, a leading Nigerian record label, as announced on Monday, February 26, 2024. The agreement is currently pending regulatory approval.
In its statement, UMG highlighted the significance of the partnership with Mavin, recognizing it as one of the most dynamic and exciting independent record labels globally. The deal, subject to regulatory clearance, is anticipated to conclude by the end of Q3 2024.
Mavin has earned acclaim for nurturing talents such as Ayra Starr and Rema, both prominent figures in the Afrobeats genre, achieving international recognition.
DonJazzy, also known as Michael Collins Ajereh, the owner of Mavin, expressed pride in the label’s achievements and emphasized a commitment to continued growth and influence. He underscored the historic partnership with UMG as a pivotal opportunity to expand Mavin’s impact across Africa and beyond.
UMG outlined plans to leverage Mavin’s comprehensive services in Nigeria by integrating it with UMG’s global network of labels and enterprises while preserving Mavin’s autonomy in strategic decisions and talent development.
As part of the arrangement, Don Jazzy and Tega Oghenejobo, Founder/CEO and Chief Operating Officer (COO) of Mavin Global respectively, will retain leadership roles within the company. This structure allows UMG to collaborate with established local executives and experienced A&R professionals.
While specific financial details were not disclosed, the statement confirmed TPG Records’ complete divestment from the business, with Kupanda Capital remaining a minority investor and strategic advisor.
