Dokpesi to pay N7.5bn debt to Fidelity Bank

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.”