Mo’hit Records co-founder Don Jazzy attempted to sell the label for 1 million naira in its early days. In a 2018 interview on Bounce Radio, Don Jazzy recalled this attempt to sell Mo’hit Records, which he co-founded with Afrobeats legend D’banj. When asked if he tried to sell Mo’hit Records to renowned Nigerian music executive Obi Asika for 1 million naira, Don Jazzy confirmed he did, but the sale was unsuccessful.
The decision to sell came after D’banj’s single “Tongolo” gained mainstream attention but didn’t generate the expected revenue. Needing funds at the time, Don Jazzy and D’banj considered selling Mo’hit to Obi Asika, then the founder and label boss of Storm Records, one of Nigeria’s biggest labels.
Although Don Jazzy didn’t specify why the deal fell through, this turned out to be a blessing in disguise. Mo’hit Records went on to achieve great success, boasting a roster of stars including D’banj, Wande Coal, Dr. Sid, D’Prince, and K Switch. Don Jazzy also became a celebrated music producer and successful label boss.
Mo’hit Records eventually disbanded in 2012 after nearly a decade of dominating the Nigerian music scene. Despite the initial failed sale, Don Jazzy later sold a majority stake in his second record label, Mavin Records, to global music powerhouse Universal Music in 2024, in a deal rumored to be worth around $150 million.