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Banky W adds voice to calls for independent audit of COSON account



2019: Banky W goes cap in hand, seeks funding for political campaign

Empire Mates Entertainment honcho Banky W has added his voice to the growing calls for an independent audit of the account of the Copyright Society of Nigeria (COSON) led by Tony Okoroji.

According to the R&B singer, COSON accounts should be audited as allegations abound that the society went from spending N1m on security in 2017, to N31m in 2018, as well as rumours of Directors paying themselves as consultants and contractors for the Society’s events.

In a post on his Instagram page Banky W wrote saying; “if steps are not taken to hold men in power accountable, the we are inadvertently laying down the red carpet for them to abuse it.”

Banky W wrote thus on his official Instagram page; “COSON is the Copyright Society of Nigeria (our collecting society), and it has recently been embroiled in all kinds of public & legal battles. 2 weeks ago @official2baba called for an Independent audit of COSON’s bank accounts.

“Allegations abound that the society went from spending 1m on security in 2017, to 31m in 2018, as well as rumours of Directors paying themselves as consultants and contractors for the Society’s events…so much so that the NCC has now suspended COSON’s operating license.

“We’ve seen so many of our icons ascend to the highest heights, only to end up in illness and abject poverty, because their Intellectual Property was never properly paid for. In Nigeria, most musicians are only as wealthy as their last performance. There’s a reason why the catalogues of Michael Jackson and the Beatles are worth billions of dollars, while many of our greatest creators are left to rot, after their moment in the Sun.

“A COSON that works would mean a producer like ID Cabasa would be PROPERLY compensated for co-creating Gongo Aso. It would mean that OJB Jezreel (RIP), producer of “African Queen”, wouldn’t have needed crowd-or-celebrity-funding to pay his medical bills.

Read also: PMAN secures court order to freeze all COSON’s account

“2Baba is completely justified as a pioneer, living legend and major stakeholder in our Industry, to request that our society’s accounts be audited. I found the response to his request to be belittling and insulting… with the Chairman claiming that 2Baba was just trying to be on @efeomorogbe’s side, because Efe is his manager and many members have voted for Efe to replace him.

“Chief Tony Okoroji has been Chairman of COSON since 2009, and has spearheaded many important strides taken. However, a leadership position in society must not be allowed to become a potential retirement home.

“The truest test of a man’s character is not when he is faced with adversity, but when he is given power. I’d like him to agree to the audit, and also put in limits on how long anyone can be in power. I hope he remembers Goodluck Jonathan: sometimes, your legacy in power is determined by how you hand it over”.

The call by Banky W comes days after the Musical Copyright Society Nigeria (MCSN) signaled its readiness to counter the many alleged lies peddled by COSON and its erstwhile Chairman Tony Okoroji in the public space in relation to COSON’s legal status following the expiration of its approval by the Nigerian Copyright Commission (NCC).

In a statement signed by the Chairman of MCSN, Orits Williki, the collecting society stated that the management of COSON is being clever by half in its attempt to hide under the Supreme Court judgments to operate illegally and muddle up the copyright business environment.

The statement recalls that for decades Okoroji branded MCSN as a criminal organisation because MCSN rightly defined its legal status as an owner, assignee and exclusive licensee of copyright.

In conclusion the statement added, that MCSN and its staffers who suffered from Okoroji’s instigated persecution for more than ten years will go after Tony Okoroji and COSON to demand compensation for damages and trauma caused them and their businesses in the last ten years as they shall be hearing from its lawyers soon.

Banky W adds voice to calls for independent audit of COSON account

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