Friday, 19 December 2014

D'banj to begin 2015 in court over debt

Forget his Koko Garri, forget his so-called Beat by Dre endorsement, forget his $25,000 suit, forget his connection with Goodluck Jonathan(it's not even certain if that one will be reelected again), many media have reported that D'banj is broke and groping, and this seems to prove it!

On January 25th 2015, the one-time wildly celebrated musician will be standing trial at the Multi-door Courthouse, in Obalende, Lagos, over a huge debt of over $30 Million he owes!

He was dragged to court by oil merchant Henry Ojogho, Vice Chairman of Broron Group. Ojogho is also the Vice Chairman of MindHub Technologies an integrated Rice farming and milling production company. 

According to Henry Ojogho D'banj through his company DKM Media Limited obtained a loan of over N60m from him in January 2013 and has refused to pay back despite the signing of an undertaking that the money will be payed back in due time. Henry Ojogho served D'banj a warning letter which dated September 13, 2013,the letter states:

'The above subject matter, our several mails, telephone conversations and meetings between you and our Vice Chairman refer. Recall that you agreed to act as a guarantor for the payments owed to Mindhub by D Kings Men Media Limited (the company) on account of investment made by Mindhub to the company as contained in the Memorandum of Understanding dated 19th of October, 2012. This letter constitutes a FINAL NOTICE OF DEMAND to pay the outstanding sum of USD 300,000 (Three hundred thousand Dollars) and N15m (Fifteen million Naira) immediately as outlined in your personal guarantee. Should you fail to perform according to the executed personal guarantee within seven (7) days of receipt of this letter we shall not hesitate to exercise the legal rights and remedies available to Mindhub without further notice to you, to compel performance of the Guarantee in accordance with its terms. Further note that should we decide to exercise any of the company's rights and remedies under the guarantee, all costs and expenses shall be fully borne by you.' Goodluck to D'banj...

No comments: