Universal Music Group Becomes The Largest Shareholder In Don Jazzy’s Mavin Records

Don Jazzy’s Mavin Records is now primarily owned by Universal Music Group, arguably the greatest music franchise, according to sources.

Universal Music Group (UMG) has announced that it has signed an agreement to purchase a controlling stake in the Nigerian record company Mavin Global. This is UMG’s first entry into the African music business, according to an article provided by Music Business Worldwide on Monday, February 26, 2024.

Established Nigerian musician and producer Don Jazzy launched Mavin Global in 2012, which is home to a number of well-known Nigerian singers including Rema, Ayra Starr, Korede Bello, and Di’Ja. Kupanda Capital will continue to be a minority investor and strategic advisor in Mavin Global, but TPG Growth, a worldwide investment firm that made an investment in the company in 2019, has now completely left the company.

The reports also said that Don Jazzy, the company’s founder and CEO, and Tega Oghenejobo, the COO, will continue to head Mavin Global, which, according to UMG, will “maintain autonomy” over its strategy and future talent development. The agreement will enable UMG to take advantage of Mavin Global’s current roster and strategic advancement to increase its presence in Africa and generate additional opportunities to break more talent internationally.

The acquisition is contingent upon regulatory approval and is anticipated to completion by the end of Q3 2024. According to UMG, Mavin Global’s operations in Nigeria will benefit from investment through its extensive worldwide network of labels and businesses.

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