Musician Dapo Oyebanjo has been dragged to court.
And this action is premised on refusal of the once upon wave maker to honour his debt.
He is alleged to be indebted to an outfit, Mindhub Technologies Ltd.
The former hit maker had signed documents that made him personally liable for a N100m investment funds given to D Kings Media Limited.
The musician is believed to be part promoter of the beneficiary company.
Here are details of the development based on letter written to the musician by solicitors of the creditor- and one of the released court paper as sourced from cityrovers
‘We act as Solicitors to MINDHUB TECHNOLOGIES LTD (hereinafter called “OUR CLIENT”), and on whose instruction we write you this letter in the manner stated hereunder.
It is our brief that sometime in January 2013 in Lagos, you signed a Personal Guarantee/Memorandum of Undertaking with our client wherein you agreed/undertook to pay our client the investment fund of N100,000,000.00k (One Hundred Million Naira Only) given to D KINGS MEDIA LIMITED by our client, should the latter default in payment of the debt. The said debt is made up of Nigerian and United States of America’s currencies,” the letter stated.
The attorney accused D’banj of issuing two dud cheques: “Following the default by D KINGS MEDIA LIMITED to pay the debt to our client, and pursuant to the aforementioned personal Guarantee/Memorandum of Undertaking, you issued two post-dated cheques; one for the sum of $240,000,000 (Two Hundred and Forty Thousand United States Dollars Only) dated 20/12/2013, and the other for the sum of N15,000,000,00k (Fifteen Million Naira Only) dated 20/1/2014. Both cheques were returned unpaid on presentation by our client.
“We are further informed that although you thereafter paid the sum of N8, 600,00.00K ( Eight Million, Six Hundred Thousand Naira Only) out of the N15,000,000,00k (Fifteen Million Naira Only) Cheque, leaving a balance sum of N6,400.000.00k (Six Million, Four Hundred Thousand Naira Only), you have failed, neglected or refused to redeem the entire or any part of the $240,000.00 (Two Hundred and Forty Thousand United State Dollars) cheque,” the letter signed by a Mrs. C.1 Ugwuanyi said.
The letter reminded the singer of the implications of issuing dud cheques. “You are no doubt aware that it is a serious criminal offence to issue a dud cheque. The offence attracts grave legal consequences under the DISHONOURED CHEQUES ACT, and our client has the option to ensure your prosecution.
“In the circumstance, we have our client’s instruction to demand payment of the aforementioned outstanding sums/debts of $240,000.00 (Two Hundred and Forty Thousand United States Dollars) and N6, 400.000.00k (Six Million, Four Hundred Thousand Naira Only) respectively to our client through this Law office within seven days from the date of receipt of this letter.” The ultimatum has elapsed and D’banj according to reports, instead of paying the money, decided to flee to South Africa. Mindhub Technologies have since sued him to a Lagos High Court.
IN THE HIGH COURT OF JUSTICE
LAGOS STATE OF NIGERIA
IN THE LAGOS JUDICIAL DIVISION
HOLDEN AT LAGOS
MINDHUB TECHNOLOGIES LTD…………………………………………… CLAIMANT
OLADAPO OYEBANJO(A.K.A. D’BANJ)……………………………. DEFENDANT
STATEMENT OF CLAIM
1. The claimant is a corporate body registered in Nigeria and carries on business in Lagos and Nigeria.
2. The Defendant is an artiste and sole beneficiary of an investment fund that was made available on request for the promotion of a concert organised by D’KINGS MEDIA LTD.
3. Sometime in 2012, in Lagos, the claimant entered into an investment arrangement with D’KINGS MEDIA LTD wherein the claimant invested same funds for the promotion of concerts to be organised by D’KINGS MEDIA LTD namely:
a) USD 200,000 (Two Hundred Thousand United States Dollars Only)
b) USD300,000 (Three Hundred Thousand United States Dollars Only)
c) N5,000,000 (Five Million Naira Only)
d) N15,000,000 (Fifteen Million Naira)
Total=USD500,000 (Five Hundred Thousand United States Dollars) and = ₦20,000,000.00 (Twenty Million Naira Only).
4. Pursuant to the aforementioned investment arrangement, the defendant who is the sole beneficiary of the aforementioned concert investment entered into a Personal Guarantee/Memorandum of Undertaking with the claimant to pay the sums of money mentioned in paragraph 3 above in the event of D’KINGS MEDIA LTD’S failure to repay the money to claimant.
5. Following D’KINGS MEDIA LTD failure to pay the investment fund back to the claimant, the defendant on the basis of the aforementioned Personal Guarantee/Memorandum of Undertaking paid the sums of UDS260,000 (Two Hundred and Sixty Thousand United States Dollars) and ₦ 6,400,000.00k (Six Million, Four Hundred Thousand Naira) respectively.
6. Pursuant to the payment of the outstanding sums of money to the claimant, the defendant issued a cheque for the sum of USD240,000 (Two Hundred and Forty Thousand United States Dollars) in the name of HENRY OJOGHO who is claimant’s Vice Chairman. The cheque was returned unpaid on presentation.
7. The defendant also issued a cheque for the sum of ₦15,000,000.00k (Fifteen Million Naira Only) in favour of claimant. The cheque was returned unpaid on presentation. The defendant thereafter paid the sum of ₦8,600,000 (Eight Million, Six Hundred Thousand Naira) to claimant, leaving the present balance sum of ₦6,400,000.00 (Six Million, Four Hundred Thousand Naira Only) which is now due and payable to claimant.
8. Despite numerous promises from defendant and repeated demands from claimant (oral and written), the defendant has failed, refused and neglected to pay the outstanding debts to claimant
9. WHEREOF, the claimant claims against the defendant the following outstanding/balance sums:
a) USD240,000 (Two Hundred and Forty Thousand United States Dollars
b) ₦6,400,000.00k (Six Million Four Hundred Thousand Naira Only).
DATED THIS ………………….DAY OF ………………………………………………….2014
C.I UGWUANYI (MRS)
For :D.U. ODIGIE & CO
FOR SERVICE ON
OladapoOyebanjo(A.K.A. D’BANJ,A.K.A THE KOKOMASTER)