The Federal High Court sitting in Ikoyi, Lagos, has ordered the temporary forfeiture of X3M Music Limited, owned by music executive and PR guru Steve Babaeko, over claims of unpaid debts to singer Praise Ugede Adejo, popularly known as Praiz.
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X3M Music is a subsidiary of the Lagos-based digital advertising agency X3M Ideas, which was listed among Africa’s fastest-growing companies in 2025.
The legal dispute began in June last year, when Praiz filed an interlocutory application over an alleged unpaid debt from his time with the record label.
Praiz, who rose to fame after finishing second runner-up at the maiden season of MTN Project Fame West Africa, signed with X3M Music in 2010 and remained with the label until his departure in 2020.
The R&B musician is best known for releasing hit singles such as “Rich and Famous,” “Sisi,” and “I Love You.”
The singer is reportedly seeking payment for earnings allegedly owed from the period of his contract.
On June 17, 2024, Praiz, through Benita Ololo, his lawyer, filed a petition requesting the court to appoint a provisional liquidator to take custody of all X3M Music’s assets — both tangible and intangible — pending the final determination of the case.
The petition also sought to restrain the label’s management from operating its accounts or accessing any of its assets during the legal proceedings.
Delivering a ruling on February 9, 2026, Justice Ambrose Lewis-Allogoa granted an interlocutory order appointing an expert as provisional liquidator.
The court directed the liquidator to take charge of all traceable assets belonging to X3M Music.
The ruling barred the company’s management, employees, agents, directors, and shareholders from operating its funds in any Nigerian financial institution under any guise.
The court also issued an interlocutory injunction preventing the label from tampering with its assets, properties, machinery, or tools of trade.
A copy of the judgment was served to Nsikak Okon, the litigation manager. The court further ordered that the respondent must not interfere with the provisional liquidator in carrying out their statutory duties.
The judge also directed that notice of the proceedings be published in national newspapers.
The case has been adjourned to March 10, 2026, for the hearing and final determination of the winding-up petition.
X3M Music Limited, founded by advertising executive Steve Babaeko, is a prominent Nigerian record label that also formerly signed singer Simi and helped develop her artistic talent.
As of now, neither X3M Music nor Babaeko has issued a formal response to the court order.
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