It was confirmed that D’banj signed a memorandum of understanding with the technology company for the promotion of a concert organised by his media house, D’Kings Men Media LTD.
The contract stated that D’banj would be personally liable for the payment of the sums of money in the event of D’Kings Media failure to pay. MindHub had invested the sum of $500,000 and N20 Million for the organisation of concerts.
Out of the loan, D’banj reportedly paid only $260,000 and N8,600,000 leaving the outstanding sum of $240,000 and N6,400,000. D’banj 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.
But the cheque was not cleared because there was insignificant fund in Dbanj’s account. D’banj also issued another GT Bank cheque No.00000046 dated January 20, 2014, in the sum of N15, 000,000 in favour of Mindhub.
This forced MindHub to file a suit against Dbanj in 2015 at the High Court of Lagos. The next hearing is slated for December 9th, 2016. Dbanj has not said anything about this.