A Federal High Court sitting in Lagos has ordered a temporary takeover of the famous music label, X3M Music Limited, owned by public relations guru, Mr Steve Babaeko, over unpaid debt to singer Mr Praise Adejo, popularly known as Praiz.
The court has appointed a provisional liquidator (a court-sanctioned manager) to seize control of all the label’s properties and bank accounts.
This followed a petition by Praiz, who is seeking to wind up the company over the claims of unpaid debt since the inception of his relationship with the label.
Praiz, a R&B musician, was formally signed to the label, and his music career hit the limelight after he finished second runner-up at the maiden season of Project Fame West Africa.
He is best known for releasing hit singles such as Rich and Famous, Sisi, and 69 with Burna Boy and Ikechukwu Killz. Under the record label, he released his debut album titled Rich & Famous in 2014, which received a nomination for the Album of the Year at the 2015 Nigeria Entertainment Awards as well as a nod for Best R&B/Pop Album and Album of the Year at the Headies 2015.
X3M Music Limited, founded by advertising executive Steve Babaeko, is a prominent Nigerian record label and the parent company of X3M Ideas, which was listed among Africa’s fastest-growing companies in 2025. X3M Music also formerly signed Simi and helped develop her artistic talent.
As of now, neither X3M Music nor Mr Babaeko has issued a formal response to the court order.
