Music icon, Banji Oladapo, also known as Dbanj has made a controversial declaration.

Dbanj, who own his own record label, DB Records have declared that most of the record labels in the country are owned by fraudsters also known as 'Yahoo Boys'.

The music star said this in Lagos at the 2018 Social Media Week, where he spoke as one of the panelists on the topic: ‘Changing The Game: Artistes As Leaders.

“"Nigerian artistes need a lot of capacity building. It is only in Nigeria that the owner of a record label doesn’t know anything about music," he said.

He also identified the lack of capacity among Nigerian artistes as one of the problems plaguing the industry.

“Just like any product, you must always evolve. The fear of being poor made me think outside the box. This is one of the factors that drove me into music,” he added.

Dbanj was a big hit between 2004 and 2012, during his years with Don Jazzy and Mo Hits.

He has struggled to get back musical prominence since the split.