Bad Business: Dbanj Sued Over N100m Unpaid Debt

Pop singer, Dbanj might not be as good a businessman as he is a singer after getting sued for more that N100 million unpaid debt.

The singer is being sued by technology company, MindHub, for having an outstanding debt of over N100 million naira. According to a document released to a popular online media today, November 16, 2016, it appears that Dbanj signed an MoU 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 reportedly invested the sum of the sum of $500,000 and N20 Million for the organisation of the concerts. The signed contract states that Dbanj would be personally liable for the payment of the sums of money in the event of D’Kings Media failure to pay. The company failed to pay, leaving Mindhub Technologies to call for the repayment from the artiste.

D’banj allegedly paid only $260,000 and N8,600,000 from the loan leaving the outstanding sum of $240,000 and N6,400,000. The technology company has now dragged him to court after they claim that all efforts made by them for him to pay proved abortive.

Evasive Games

The technology company also made available to the press, some evidence that the Kokomaster used some evasive tactics along the line as they made attempts to get their money from him.

Dbanj allegedly 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. Henry Ojogho could not cash the cheque and when he asked the 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.

He issued another GT Bank cheque No.00000046 dated January 20, 2014, in the sum of N15, 000,000 in favour of Mindhub and that also returned unpaid on presentation.

The case, which is currently before Justice Oyebanjo of the High Court of Lagos State, Ikeja Division would be due for hearing on December 9, 2016.
Efforts by CP to speak with the singer or his representatives have been unsuccessful. Celeb Police is investigating further.

See the MoU Dbanj allegedly signed with Minghub below…