Only yesterday, Jason Njoku announced himself returning CEO of iROKING, the music distribution arm of iROKO Partners. After a very controversial exit of former CEO, Michael Ugwu who claims and shared proof that iROKING was about to shut down, Jason seem to have finally countered that the end of iROKING is not even close. In fact the company (and not startup) is responsible for 15% of IROKO’s overall revenue.
So, Michael Ugwu (with some other members of staff) was fired for ‘breach of contract’ as he was allegedly building a competing business while at iROKING, and Jason is back in charge. No profit anywhere in sight so we’d just have to wait only and see what comes out of this turn of events.
Who gets to crack the code of digital music distribution in a profitably manner? MyMusic.com.ng recently joined in the race with other players like Spinlet, Orin.io, and Gbedu.FM.