Foremost record company, Storm 360 has
finally closed down its operation.
Ekotainment sourced that the existing feud
between long time partners, Olisa Adibua
and Obi Asika has finally put a halt to the
activities of Storm 360.
We scooped that the label’s chief
executive, Obi Asika decided to shutdown
the company over the feud between him
and Olisa Adibua, a former director in the
company until 2012.
Olisa has since then dragged Obi Asika to
court over his sack which he described as
“unabashed campaign of calumny.”
War broke out between the former friends
and business partners after Olisa
discovered that there was a huge and
unauthorised withdrawals running on the
company’s naira and dollar accounts. He
brought the police into the matter and
claimed that the company’s executives
frustrated the investigation.
While all that was going on, the company
called for an emergency meeting without
inviting Olisa and removed him as a
director.
However, according to information, Obi
Asika has floated another company while
his partner Tola Odunsi has also set up a
new business called Boulders Inc.
It would be recalled that rapper Naeto C
ended his business relationship with
Storm Records a few months back to set
up his own imprint WKG (White Kaftan
Gang)/Cerious Music. The video of his
‘Tony Montana’ hit, which features Dbanj,
was launched under WKG.
Before closing shop, Storm Records had
been home to Jazzman Olofin, Darey, GT
the Guitarman, 2shotz, General Pype,
Naeto C, Sasha, Yung6ix, Ms Jaie, Urban-
Pop group, L.O.S and gospel singer, Tosin
Martins.
As at the time of filing this report, the
parties involved were yet to respond to
inquiries.
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