A source close to the owner of respected music label in Nigeria, Storm Records, Obi Asika has told Nollywoodgists.com that the label hasn't folded up as reported is some sections of the online media on Monday.

The source confided in us that the rumour is false and claimed that Storm Records is still operational.

We were also informed that only Obi Asika can fold up the company despite the violent storm the label is presently going through.

Some months ago, one of the company's directors, Olisa Adibua was sacked by Obi Asika. The matter was later taken to the court and as we heard, it has not yet been settled.

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