A leading Nigerian music company, Chocolate City, may lose as much as 60 per cent of its equity to an international partner, WEA International, a subsidiary of New York-based Warner Music Group (WMG). This is a fallout of a judgement of the Commercial Division of a High Court in London on a loan dispute between the parties. The judgement bars Chocolate City from prepaying a $1.
7 million loan it took from the American record label ahead of the loan’s due date in 2024, while also affirming the lender’s right to choose to be paid back with 60 per cent of the borrower’s shares. The judgement, delivered on 16 November, affirmed that WEA/WMG has the right to either choose to accept the payment with full interest at the due date or convert the loan to 60 per cent of Chocolate City’s shares. The High Court’s decision put an end to the move by Chocolate City to exit the loan obligations early, to preempt the lender from taking the option of demanding 60 per cent of its shares as a means of offsetting the loa
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