It was widely reported that the 'Ayoo' hitmaker was enticed with $1.5million, a house and a luxurious car.
However, the Head of Communications for Zylofon Media, Samuel Atuobi Baah, has denied the figures involved in the agreement.
He told Peace FM's Entertainment Review show on Thursday: “We have not informed any media house the cash involved in the deal."
"They are just assuming the cost involved looking at the the pedigree of Shatta Wale and the record label,” he added.
The Shatta Movement boss will be joining Stonebwoy, Becca, Kumi Guitar, Joyce Blessing, Obibini who were all signed onto the record label last year.