The federal high court in Ikoyi, Lagos, has ordered the temporary forfeiture of X3M Music, owned by music executive Steve Babaeko.
X3M Music is a subsidiary of the Lagos-based digital
advertising agency X3M Ideas.
The legal dispute began in June last year, when Praise Ugede
Adejo, the singer popularly known as Praiz, filed an interlocutory application
over an alleged unpaid debt from his time with the record label.
Praiz, who rose to fame after participating in MTN Project
Fame, signed with X3M Music in 2010 and remained with the label until his
departure in 2020.
The singer is reportedly seeking payment for earnings
allegedly owed from the period of his contract.
On June 17, 2026, Praiz, through Benita Ololo, his lawyer,
filed a petition requesting the court to appoint a provisional liquidator to
take custody of all X3M Music’s assets — both tangible and intangible — pending
the final determination of the case.
The petition also sought to restrain the label’s management
from operating its accounts or accessing any of its assets during the legal
proceedings.
Delivering a ruling on February 9, 2026, Ambrose
Lewis-Allogoa, the judge, granted an interlocutory order appointing an expert
as provisional liquidator.
The court directed the liquidator to take charge of all
traceable assets belonging to X3M Music.
The ruling barred the company’s management, employees,
agents, directors, and shareholders from operating its funds in any Nigerian
financial institution under any guise.
The court also issued an interlocutory injunction preventing
the label from tampering with its assets, properties, machinery, or tools of
trade.
A copy of the judgment was served to Nsikak Okon, the
litigation manager. The court further ordered that the respondent must not
interfere with the provisional liquidator in carrying out their statutory
duties.
The case has been adjourned to March 10, 2026, for the
hearing and final determination of the winding-up petition.
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