A Federal High court in Lagos has ordered Chief Raymond Dokpesi and his Daar Communication Plc, to pay the sum of N7.5bn debt to Fidelity Bank Plc.

Justice Mohammed Idris, in his judgment on Monday, ordered that the company should pay the debt with all its accrued interest as claimed by the bank in its writ of summons.

According to the writ of summons, the plaintiff asked the court to order the defendant, Daar Communications, to pay the debt with the accumulated 21 per cent interest per annum on the indebtedness from May 31, 2011 until judgment and another 21 per cent interest per annum from the day of judgment until final liquidation.

The bank, through its counsel, Joseph Nwobike, filed the suit seeking the recovery of an outstanding debt of N7.5bn of a loan, it said it granted the company to enable it to broadcast the FIFA Under-17 World Cup hosted by Nigeria in 2009.

Daar Communications Plc is the parent company of the Independent African Television and Ray Power radio.

The facilities were said to have been secured by Dokpesi’s personal guaranty and by all assets debenture on the fixed and floating assets of Daar Communications valued at N21.3bn.

Also said to have been put forward as security for the loan is a legal mortgage over a property located at 34, Creek Road, Apapa, Lagos belonging to Baldok Shipping Limited.

The judge said, “I am of the view that the plaintiff thereby is entitled to judgment against the defendants.”

Dokpesi had said he only owed Fidelity Bank about N3bn and not N7.5bn.

But the judge said, “The claim of the plaintiff relates to principally simple uncontested liquidated monetary claim for interest is within the formal agreement of the parties.

“The matter appears uncontentious and suitable for judgment in favour of the plaintiff.

“In conclusion judgment is hereby entered in favour of the plaintiff against the defendant in terms contained in the writ of summons filed herein.”


http://www.punchng.com/news/dokpesi-to-pay-n7-5bn-debt-to-fidelity-bank/

Let him pay up joor.Big man wey dey owe gbese.

let him payup or appeal, if he feels cheated.

stepo707: Let him pay up joor.Big man wey dey owe gbese.

papa oni gbese

Why is Dokpesi trying to postpone the evil day?

Why is dis man always owing one finance institution or the other since lyk the late 90's? Na wa oo!

They borrow this kind of money and yet appear in forbes magazine as rich nigerians every year. I think i am richer than this man at zero debt, except the MTN recharge card some one sent me yesterday. 200 naira.

Dork man! pay your debt. Inially daar comm. plc was N5/ per share now is no where to be found on d list. All daar comm plc promises when they were raising billions of naira from NSE where are they?

This man no they pay his workers well and he took huge amount of money as loan,after spending millions of naira on his birthday and his daughter wedding...sell AIT

You people are just shouting dokpesi this and that up and down. This is how the government kills business by not paying up in time for contracts awarded. THE FG still owes daar communications money from the fifa u21 dat was hosted by nigeria

i was tourched by the last comment. since daar coy gather shareholders money which i in person is not exempted nothing good at all has come from their end, so anoinying to see daar on nse list. may the guy pay d debt or the coy should be sold!

Dokpesi is not to be blamed but the yeye bank,common man will need loan they will not give him.Out of the amount they mentioned there,i believe 25% will be bribe

youngmonie: You people are just shouting dokpesi this and that up and down. This is how the government kills business by not paying up in time for contracts awarded. THE FG still owes daar communications money from the fifa u21 dat was hosted by nigeria

pls shed more light o. is FG supposed to pay Daar Comms to broadcast it or Daar Comms is supposed to pay for exclusive rights and recoup from subsell and adverts

miteolu: Dork man! pay your debt. Inially daar comm. plc was N5/ per share now is no where to be found on d list. All daar comm plc promises when they were raising billions of naira from NSE where are they?

Hmmm...! My brother, i had wanted to invest in that Man's Company when he was advertising, but God helped me i did not. Only God knows what would have happened...

Some of these so called Nigerian wealthy businessmen can be so heartless...obtain a loan and marry more wives...live large...you can imagine the number of people that will lose their jobs in the process of recovering this loan!

Many of Nigeria's wealthy men are debtors parading as rich.
They owe banks and do not want to pay believing that bank credit is free fund.
Many of them are behind the collapse of some of the banks in the past.
Many of them are wicked and heartless,selfish people.
When a man parades himself as a rich man but is owing the banks in millions and billions that he can not repay without a court order,is he really rich? What essence is it to be addressed as a rich man when you are having sleepless nights due to debts?
Poor people!

the company can compete wit any media house all over the world if well managed. [img]http://www.filii.info/g.gif[/img]

Daar communication shld be the largest media house in africa with healthy pocket but poor management and weak leadership is puLling d'company down.[img]http://www.filii.info/g.gif[/img]

Make me self go borrow some huge billion so I go fit show face for forbes as a rich man o

This is what happens when you dont seperate your business from politics. Daar communication is messep up already

ZUBY77: They borrow this kind of money and yet appear in forbes magazine as rich nigerians every year. I think i am richer than this man at zero debt, except the MTN recharge card some one sent me yesterday. 200 naira.

. You funny die!

youngmonie: You people are just shouting dokpesi this and that up and down. This is how the government kills business by not paying up in time for contracts awarded. THE FG still owes daar communications money from the fifa u21 dat was hosted by nigeria

Its FIFA U17 not U21

21% interest rate. Was the fg not joined in this suit as the principal debtor. I will not doubt fidelity bank did not bribe the judge. But as a lesson for daar dont do business with fg if nta and minister of info is against it. My advise pay the debt and negotiate interest. I guess the agreement was mostly oral with fg and exchange of letters. There are many in govt that wish daar is own by them.

Daar communication main problem is financial intelligent.how can u agree to 21%/annum interest on loan whose principle is above a billion.how much profit were they hoping 2 make.They should deal with their mess and learn from it.2ndly dokpesi should stop mixing business with politics.

Dopkpesi Saying it is #3bn bank saying #7.5bn. Abeg who dae LIE.

With proper plan they will get over it. Yet to see enterprenieur without a challenge.

stepo707: Let him pay up joor.Big man wey dey owe gbese.

Hmmmm!!!

The last one was with Union Bank, now with Fidelity, then which one is next? To me Dokpesi is weak which is not good for a business and i pray d biz does not go under. It is one of those challenges a thriving business faces. As for the judge dat gave dat kind of judgement, something must have pass under.