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Nigerian Music Star D’banj Slammed With N53.4m Debt Scandal

D'banj Sensational singer, entertainer and entrepreneur, D’banj has been hit with a N53.4 million debt scandal by a technology company, MindHub Technologies, headed by top oil and gas industry player, Henry Ojogho who has accused D’banj of owing his company the sum of $240,000 and another N15,000,000, which forms a total of N53.4 million.

MindHub Technologies alleged that D’banj, through his company, DKM Media Limited, obtained a loan of over N60m from MindHub Technologies in January 2013 but has allegedly not paid back the said sum despite signing an undertaking to do so.

The company also accused D’banj of issuing dud cheques twice; one on December 20, 2013 and another on January 20, 2014; both of which the company claimed it returned unpaid after presenting it at the bank.

Documents obtained by a news website, a firm of attorneys, D.U.ODIGIE & CO acting on behalf of Henry Ojogho, in a letter addressed to D’Banj, wrote:

‘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) (in) 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.’

Further investigations also revealed that apart from Ojogho, D’banj is allegedly indebted to several others.

A source said: “Using the sympathy and naivety of unsuspecting investors coming into the game to dupe them is criminal and absolutely destroying the image of the industry at large, because in the long run, it affects and corrupts the judgment of genuine investors who would pull out for fear of being duped.’
Others D’banj allegedly owes are:

Walter Wagbatsoma – £200,000 – Mr. Walter, a billionaire with investments in oil and gas, real estate, banking, equities and insurance is the founder and Executive Vice Chairman of Ontario Oil. Sources reveal that he allegedly gave D’banj the sum of £200,000.

Prince D. Okonkwo – $200,000 – Prince Okonkwo is the Chairman, Board of Directors of Tetrazini Group of Companies and he is said to have allegedly handed over the sum of $200,000 to D’banj in the name of investing in entertainment business. Sources revealed that just as things were on the verge of going ugly, D’banj allegedly reached out to Dapo Abiodun of Heyden Oil and Gas who drew out a repayment plan and allegedly took care of the $200,000 debt.

Reacting to the barrage of allegations leveled against him, D’banj responded with a Tweet that read:
“Silence… Hear (SIC) is my response to the false rumours.”

So far, D’banj has not been served court papers but a lawyer from the chamber of the claimant noted that the matter has been filed in court.

As expected, this throws up several unanswered questions but one of the most crucial being: ‘If D’banj truly owes this much, will he settle his debt or will he let the aggrieved parties proceed to drag him into a legal matter?

(Culled from

November 28, 2014

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