Kokomaster D’banj is neck deep in a N100 Million debt court case.DKM boss D’banj is reportedly in the news for not paying up debt which runs into a hundred million Naira.
News has it that D’banj is indebted to a Tech company MindHub, a lawsuit has since been slammed on the singer for his failure to pay up debt. The debt can be traced back to 2012. 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.
Based on the report by Pulse.ng, MindHub invested the sum of $500,000 and N20 Million for the organisation of concerts.
As part of the agreement D’banj was to be held culpable 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.
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.
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.