Singer D’banj, is reportedly involved in a N100 million debt lawsuit.
According to reports which recently surfaced, D’banj ‘Kokomaster’ is said to be owing a Tech Company called MindHub, the huge amount and his failure to pay has resulted in a lawsuit.
The debt, which has been traced back to 2012, shows D’banj signing a memorandum of Understating with the tech company on October 19,2012, for the promotion of a concert which was put together by his media house, D’Kings Men Media LTD.
According to Pulse.ng, who reported the news, said MindHub decided on investing the sum of $500,000 and N20 Million for concerts organization.
The agreement also showed that D’banj was to be blamed if D’Kings Media failed to pay the said amount of money. Up until now he has only paid $260,000 out of $500,000 and N8,600,000 from the N20,000,000.
On December 29,2013, Dbanj issued a Skye Bank cheque No. 10000039 in the sum of $240,000 to be paid to Henry Ojogho, Mindhub’s Vice Chairman, but the cheque was returned due to insufficient funds in D’banj’s account.
D’banj again issued a GT Bank cheque No.00000046 which was dated January 20, 2014, in the sum of N15, 000,000 to be paid to Mindhub, was again bounced due to insufficient funds in his account.
Having had just about enough drama, MindHub, sued D’banj. The case is now in the High court of Lagos State, Ikeja Division before Justice Oyebanjo and would be due for hearing on December 9, 2016.