D’Banj sued over unpaid 100M Naira debt

D’Banj has been hit with a lawsuit from technology company, MindHub over debt of 100 Million Naira.

In a document exclusively released yesterday, it appears that the Kokomaster signed a memorandum of understanding with the technology company on October 19, 2012, for the promotion of a concert organised by his media house, D’Kings Men Media LTD.

MindHub invested the sum of $500,000 and N20 Million for the organisation of concerts.

Apparently, the contract states that the 35-year-old would be personally liable for the payment of the sums of money in the event of D’Kings Media failure to pay.

When D’Kings Men media failed to pay back, Mindhub Technologies called on D’Banj for the repayments as stated in the contract.

Of the repayments to be made, D’Banj paid only $260,000 and N8,600,000 leaving an outstanding sum of $240,000 and N6,400,000.

The technology company has now decided to take the issue up legally claiming that all efforts made by them for him to pay proved abortive.

In his bid to pay the aforementioned outstanding sums to the Mindhub, Dbanj issued a Skye Bank cheque No. 10000039 on December 29, 2013, in the sum of $240,000 in the name of Henry Ojogho, Mindhub’s Vice Chairman. The cheque was returned unpaid on presentation by the said Henry Ojogho, who sought to know from Skye Bank the reason for returning the cheque. Skye Bank notified Chief Henry Ojogho that it was due to lack of funds in the Dbanj’s account.

The cheques was also endorsed “DAR” by the Bank. D’banj issued another GT Bank cheque No.00000046 dated January 20, 2014, in the sum of N15, 000,000 in favour of Mindhub.

Consequently, MindHub filed a suit in 2015 against Dbanj to recover the sums of money.

The case is currently before Justice Oyebanjo of the High Court of Lagos State, Ikeja Division and would be due for hearing on December 9, 2016.

Source: Pulse