iROKING Fires CEO, Michael Ugwu [Ventures Africa]
(Ventures Africa Via Acquire Media NewsEdge) VENTURES AFRICA – Nigerian music streaming giant, iROKING, has dismissed its CEO, Michael Ugwu, following confirmation that he launched his own digital music platform that competes directly with iROKING, breaking confidentiality and non-compete clauses in the process.
Efforts to reach the estranged CEO were unsuccessful.
A number of the iROKING staff have also been dismissed on the grounds of gross misconduct, iROKING said.
This action, alongside the dismissal of Michael Ugwu, was taken by the iROKO Management team in order to protect the intellectual property and reputation of the online music platform, as well as its catalogue of artists' work.
“As part of an organisation-wide restructure, we have decided to streamline the iROKING team based in Lagos, and have now redistributed a number of the core tasks across our global teams in London and New York,” the company said in an official statement.
These changes have been made in order to make the strategic and day-to-day running of iROKING more effective and productive.
According to the iROKO Partners subsidiary, those who left the company have been given a generous six weeks' severance pay, which is 50 percent more than stated in their employee contracts.
iROKING, as one of Nigeria's leading digital music platforms, continues to showcase some of the country's most prolific and exciting artists. Since launch, we have recorded over 350 Million YouTube hits for our artists and we have over 1.1 Million users downloading tracks from our online and mobi platforms every month. We remain committed to our artists and our users and continue on our mission to support and develop digital distribution for Nigerian artists.
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