Men In Business (MIB), the management company representing singer Stevo Simple Boy, has announced the termination of their contract with the artist following recent reports of financial struggles.

In an official statement released by MIB, a letter titled 'Contract Termination' was addressed to Stephen Otieno Adera, professionally known as Stevo Simple Boy.

The management company did not provide a specific reason for the termination in their letter but expressed their intent to lawfully terminate the contract in accordance with protocols.

"We would like to notify you that we no longer wish to proceed with our musical contract with you. This letter serves as a notice of our intent to terminate the contract lawfully and in accordance with the protocols," read a section of the letter.

MIB also requested Stevo Simple Boy's cooperation during the transitional period to ensure a smooth termination process.

"The termination of the contract will be effective as of 31st July, allowing for a 35-day period to table both parties' interests and facilitate a seamless transition. Throughout this process, all parties involved will be given due consideration, and a lawful course of events will be followed," the statement continued.

The letter concluded by expressing gratitude to Stevo Simple Boy for his cooperation during the duration of the contract and encouraged him to remain in contact.

Last week, Stevo Simple Boy's wife, Grace, spoke to an online blogger about their dire financial situation, shedding light on their struggles and inability to afford basic necessities.

"A lot of people assume that Stevo is the one managing his TikTok and Instagram pages, but he is not. Many people express a desire to help him, but he is unreachable. It pains me to talk about this. He has nothing. People assume he is living a good life, but he is struggling. He is truly struggling, and if anyone can contact him or provide any financial assistance, he would deeply appreciate it," Grace emotionally explained.

The revelation of Stevo Simple Boy's financial hardships has raised concern among fans and well-wishers, sparking discussions about supporting the artist during this challenging time.