Eezee Conceptz Global responds to Judikay’s viral financial report

Abdullateef Fowewe

A renowned music record label, Eezee Conceptz Global, has addressed the financial report of gospel singer, Judith Kanayo-Opara, popularly known as Judikay released on social media.

The label raised concerns over a breach of a non-disclosure agreement following the public release of an unverified financial report.

It claims that the audit, which was conducted to clarify Judikay’s financial standing and determine outstanding debts under her contract, was intended for internal review and not for public dissemination.

Instead of receiving the report through official channels for clarification, the label says it was made public, violating the confidentiality terms of the agreement.

According to Eezee Conceptz, the premature disclosure of the financial audit has caused significant reputational damage to the company.

The label further stressed that Judikay’s team should have addressed any discrepancies by directly contacting the relevant digital platforms or engaging with the label for a proper resolution, rather than making the report public without prior consultation.

This was made known via a statement the record label released via its Instagram handle.

The statement said, “Eezee Conceptz Global finds it deeply concerning that Judikay’s financial report was shared publicly on social media without prior official communication with us.

“As a company committed to transparency, we willingly provided all necessary bank statements and documents to facilitate the audit process. We had any intention of resisting the audit, access to these records would not have been granted in the first place. We fully complied with the audit process, including providing statements from digital service providers (DSPs).

“However, we were neither informed of any discrepancies nor given the opportunity to address them. Instead, we learned of the accusations through informal channels and eventually saw the report circulating online. Despite requesting the report, it was withheld from us until its public release.

“Key Issues in the Financial Report Shared Online by JUDIKAY

“YouTube Discrepancies: Artists are paid based on the actual revenue deposited into our bank accounts. It is important to recognize that certain deductions, such as the 30% tax on streams from the USA, can create variances between the amounts reported on YouTube and the actual funds received. To clarify such variances, it is essential to first ascertain streaming data from the USA to determine the tax deductions applied.

“This makes it very important that the audit report should have being shared with us officially, allowing for a collaborative review to verify deductions and clarify the discrepancies.

“Misclassification of Funds as Artist Income Granting access to our bank statements does not imply that all incoming funds are Judikay’s revenue. Proper clarification is vital in such cases.

“Since JudiKay’s team had concerns, they should have clarified directly by contacting the digital platforms. Because we cannot give multiple artists money to only you.

“We ceased remittances as we were awaiting a financial report from Judikay and needed to conduct an audit of her account too for earning from content and remaining obligations due to the label to base on the contract to determine the financial standing and clarify who owes whom.

“Breach of Non-Disclosure Agreement This audit was binded by a non-disclosure agreement (NDA). However, the report was never communicated to us officially for a response or clarification.

“Instead, it was made public, violating the confidentiality terms and bypassing standard practices of sharing findings with concerned parties for rebuttal.”