Popular Nigerian music executive, Mr Eazi, has sold his portfolio company to Gamma, a music technology company owned by former Apple Music Executive, Larry Jackson.
In the deal dubbed the biggest to ever happen in the long and rich history of Afrobeats, Mr Eazi earned a sum total of one billion dollars ($1b).
The new deal was achieved under the singer’s venture capital, Zagadat Capital. The company established in 2021 has invested in the lending company, Paisa, Eden Life, African Fintech, Pawapay, and the South African basketball team known as Cape Town Tigers.
Zagadat Capital was also used to invest in emPawa, Mr Eazi’s record label to which Joeboy is signed, as well as Vydia, a distribution service used by emPawa before Mr Eazi invested in it (Vydia).
Vydia, the portfolio of Zagadat Capital, a digital audio and video distribution company used to work with the likes of Akon, Kanye West, Mr Eazi and others in the past.
Mr Eazi’s recent achievement through the sale of Vydia has got some Nigerians drawing comparisons between him and his father-in-law, Otedola. Some netizens find it amusing to mention that the music businessman is richer than his in-law currently.
