14th January, 2024
By Taiwo Okanlawon
Multiple award-winning Nigerian record producer Michael Collins Ajereh, also known as Don Jazzy, has addressed rumours surrounding the potential sale of Mavin Records.
In October 2023, Billboard reported that Don Jazzy is exploring a sale or investment, saying that there were bids from major players like Universal Music Group (UMG) and HYBE.
They said the deal’s valuation is estimated between $125 million and $200 million.
The report said Shot Tower Capital, an independent investment bank, facilitates the negotiation process.
In a recent chat with Zero Conditions Podcast, CEO of Mavin Records clarified that the label has had investors for five years, and they are leaving.
He jokingly likened the attraction his label gets from investors to that of a pretty lady.
He attested that investors are bidding because they possess valuable assets.
“We have investors, and they have been here for five years, so they have to go,” he said.
“If you get gold or you get diamonds, people go dey, people wey wan.
“Or if you be fine girl, people go dey approach you nau.
“Dem wan toast and as we dey like this, if you get breast, you get yansh.”
Jazzy co-founded the now-defunct record label Mo’ Hits Records in 2004 with his former business partner, Oladapo Oyebanj, a.k.a D’banj.
Following its closure, he sets up Mavin Records on 8 May, 2012.
Mavin had produced artists such as Tiwa Savage, Reekado Banks, Korede Bello, Dr SID, D’Prince, DNA Twins, and many others.
Artists under the label include Ayra Starr, Johnny Drille, Crayon, Boy Spice, Bayanni, Rema, and Ladipoe.
In 2019, Don Jazzy unveiled a newly built multimillion naira mansion tagged “Mavin Creative Studios” as Mavin Corporate Headquarters to celebrate his 37th birthday.
The label has received numerous accolades, including the MTV Africa Music Award for Best Record Label in 2013 and 2014.
Mavin Records’ artistes have also collaborated with global singers such as Beyoncé, Selena Gomez, Kelly Rowland, and Chris Brown.