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D’banj Admits to N100 Million Debt Case

Amid several denials of N100milllion suit filed against prominent singer Dbanj, he has finally unveiled the truth behind his debt with tech company, Mindhub
After blasting several media outlets that reported him in a debt mess, music star D’banj has finally admitted there’s indeed a N100million debt case in court.
Speaking in an interview with a radio station today, November 22, concerning the debt,

Kokomaster said:
”It is not a loan, it was an investment…there’s very little I can say now, cause matter is in court.
”I don blow before social media, no be now way social media dey blow artiste,”
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 at the High court of Lagos State, Ikeja Division before Justice Oyebanjo and would be due for hearing on December 9, 2016.

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