X3M Music takeover ordered by Lagos court after Praiz petitions to wind up label over alleged unpaid debts

A Federal High Court sitting in Lagos has ordered an X3M Music takeover, appointing a provisional liquidator to assume control of the record label owned by public relations executive Steve Babaeko.

Also read: BREAKING NEWS: Lagos high court stops oba installation, affirms Iga Igbaji as sole ruling house for Iworo throne

The court directed that a court-sanctioned manager temporarily take custody of all assets and bank accounts belonging to X3M Music Limited, pending further proceedings.

The decision followed a petition filed by R&B singer Praiz, whose real name is Praise Ugbede Adejo, seeking to wind up the company over alleged unpaid debts dating back to the start of his contractual relationship with the label.

Praiz was formally signed to X3M Music and rose to prominence after emerging second runner-up in the maiden edition of Project Fame West Africa.

The singer is widely recognised for hit singles including “Rich and Famous”, “Sisi” and “I Love You”.

X3M Music, founded by Steve Babaeko, previously managed the career of singer Simi and played a significant role in developing her early artistry.

Details of the alleged debt were not disclosed in court documents available at the time of filing.

However, the appointment of a provisional liquidator marks a serious legal development that could affect the label’s operations and contractual relationships.