If you are a business owner, at some point, you will either sue or get sued by other business owner. It just is what it is. If you do business in America, this is almost a guaranteed fact, especially in the entertainment industry.
For any start-up business — It either you borrow money from bank , others investors , friends and family or you have the money in pocket to kick-start your business.
If you can recall that international pop star D’banj, part ways with his longtime friend and business partner Don Jazzy, to formed their own record label respectively.
Ever since then pop star D’banj, have strive hard to meet up with the success level of his hit song ” Oliver Twist” in recent times, but his image and brand speak for him to have bagged multi-millions naira endorsement with telecommunication giant Globacom, Bank of Industry, One agricultural campaigns for poverty alleviation, economy growth in african and his recently endorsement with international technology giant Apple/BeatByDre.
According to report, Pop star D’banj, has been dragged to court by accusers who deem him fraudulent for issuing them dud cheques for payments been owed by the singer.
Sadly, D’banj, is reportedly not just indebted to one company, but several other people “who he sweet talked into getting money from with the promise that he was going to pay back after his shows,” news reports state.
According to report, the issuance of dud cheques and non-payment of accrued debts top the list of infractions against the DB Records boss who now calls himself Bangalee.
As things stand, D’banj may be dragged to court by a top oil and gas industry player, Henry Ojogho, Vice Chairman of Broron Group. Ojogho, who is also the Vice Chairman of MindHub Tehnologies, an integrated Rice farming and milling production company, alleges that D’banj, through his company, DKM Media Limited, obtained a loan of over N60m from him in January 2013 and has not paid back the said sum despite signing an undertaking to do so.
In addition, the man is claiming that the entertainer has issued two cheques already; one on December 20, 2013 and another on January 20, 2014, both of which had to be returned unpaid after presentation because the pop star’ accounts were not funded enough.
Mindhub Technologies have since dragged him to a Lagos High Court. Here is the document.
D’banj is allegedly indebted to so many wealthy people who he took soft loans from to fund his shows and expensive life style according to a close source.
The implication of D’banj’s actions on the entertainment industry is that, people willing to invest would be scared because the ones that have tried it with him have had their fingers burnt. That is just the sad reality of the situation.
It is alleged that D’banj approached a number of very wealthy people with business proposals, urging them to invest in the industry and set up entertainment companies. With the promise of developing artistes and huge returns on investments, the businessmen became interested only for him to collect their money and move on to the next target with the same ‘format’. Below is a list of a number of names he allegedly owes according to sources.
WALTER WAGBATSOMA (200,000 Pounds)
Mr Walter is a billionaire with investments in major areas, ranging from oil and gas to real estate, banking, equities and even insurance. He is the founder and executive Vice Chairman of Ontario Oil and he’s one of the first men who were said to have handed money to D’banj, with a whopping sum of 200,000 Pounds said to be involved.
PRINCE D. OKONKWO ($200,000)
He’s the chairman, Board of Directors of Tetrazini Group of Companies and he is said to have given about $200,000 to D’banj in the name of investing in entertainment. When the issue with Prince Okonkwo got out of hand, D’banj was said to have sought help from Dapo Abiodun, boss of Heyden Oil and Gas who helped him take care of the debt through a repayment plan.
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