Ubi Franklin, a prominent Nigerian music executive and entrepreneur, has been candid about his financial challenges, including significant debts. In a 2021 Instagram Live session, he revealed that prior to the COVID-19 pandemic, he was already grappling with substantial financial obligations due to unsuccessful business ventures. He stated, “Before the pandemic and as a result of some businesses that I did that didn’t do well, I was in debt. I was in so much debt and I will say it here.”
In 2023, Franklin faced public scrutiny when a web designer accused him of failing to pay for services rendered. The designer claimed that Franklin had engaged her to work on a website, but after completing a significant portion of the project, he became unresponsive and did not fulfill the agreed-upon payment. Franklin acknowledged the agreement but contended that the amount in question was ₦350,000, not ₦500,000 as alleged. He expressed his intention to address the matter legally, stating, “I will legally address this in the coming weeks and this will set a precedent.”
In late 2024, social media activist Martins Vincent Otse, known as VeryDarkMan (VDM), publicly accused Franklin of owing a substantial sum. Following the accusation, Franklin reportedly made a partial payment of ₦3 million, leaving an outstanding balance of ₦6 million. Franklin explained that his delay in settling the full amount was due to being a victim of fraud, which had significantly impacted his financial situation. He assured that he was working diligently to recover the stolen funds with the assistance of the Economic and Financial Crimes Commission (EFCC) and intended to clear the remaining debt as soon as possible.
In early 2025, Franklin was involved in a public dispute with singer Spyro, who accused him of withholding a $5,000 performance fee. Franklin responded by alleging that Spyro owed him ₦10.5 million from a car purchase deal. He explained that he had facilitated the car purchase for Spyro, with the agreement that he would receive a 10% commission, which Spyro had allegedly failed to pay. Franklin admitted to delaying the payment of the $5,000 fee, anticipating that Spyro would settle the outstanding commission. He stated, “I delayed it for a bit, waiting for him to activate. He took the car, but it was not on full payment.”
These incidents highlight the complex financial challenges and disputes that Franklin has navigated in recent years. His openness about his financial struggles underscores the difficulties that can arise in the entertainment industry, where fluctuating incomes and high-stakes investments are common. Franklin’s experiences serve as a reminder of the importance of financial management and the potential consequences of business ventures that do not go as planned.
It’s important to note that while Franklin has acknowledged being in debt, the specific figure of ₦30 million has not been directly confirmed in public statements. Financial situations can be fluid, and the exact amounts owed may vary over time due to repayments, additional debts, or accruing interest. As with any public figure, Franklin’s financial affairs are subject to public scrutiny, and ongoing developments may further illuminate the specifics of his financial status.
In conclusion, Ubi Franklin’s financial journey reflects the volatile nature of the entertainment and business sectors. His transparency about his debts and the public disputes arising from them provide insight into the challenges faced by industry professionals. These experiences highlight the necessity for effective financial planning, clear contractual agreements, and open communication to navigate the complexities of the business world successfully.