Tuesday, 27 March 2012

A.I.T Boss, Chief Raymond Dokpesi to pay 7.5bn debt to Fidelity Bank

Chief Raymond Dokpesi, is the owner of Daar communications which is the parent company of AIT and Ray power. A Federal High court in Lagos on Monday ordered him and his company, Daar Communication Plc to repay a debt of N7.5bn debt owed Fidelity Bank Plc.
In a judgment on a suit by Fidelity Bank, Justice Mohammed Idris also ordered Dokpesi and his company to pay the bank 21 per cent per annum on the amount owed from May 31, 2011 until judgment and 21 per cent interest per annum from the day of judgment until final liquidation Continue to get full story.

Fidelity bank, had through its lawyer, Joseph Nwobike, sued Dokpesi and his company seeking the recovery of an outstanding debt of N7,524,772.25 of a loan said to have granted the company to enable it broadcast the FIFA Under-17 World Cup hosted by Nigeria in 2009.

In its writ of summons, the bank described Daar Communications Plc as the parent company of the Independent African Television and Ray Power, a radio station.
The loan was 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.

The added that the defendants also secured the loan with a legal mortgage over a property located at 34, Creek Road, Apapa, Lagos belonging to Baldok Shipping Limited.
The judge held that having reviewed evidence adduced by parties and submissions of their lawyers, he believed the bank was entitled to be paid the said indentedness.

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

As against claim by Dokpesi that he only owed Fidelity Bank about N3bn and not N7.5b, the judge held the claim of the plaintiff relates to principally, simple uncontested liquidated monetary claim for interest which is within the formal agreement of the parties.
He held that the case appeared noncontentious 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.”
The plaintiff’s writ of summon claims against the defendants is as follows:
“The sum of N7,524,772.25 being the outstanding indebtedness from the credit facilities granted by the plaintiff to the defendant.

“Interest on the sum of N7,524,772.25 at 21 per cent per annum from May 31, 2011 until judgment and thereafter at 21 per cent per annum until final liquidation.”

The bank also has two more cases pending against the defendants before the court. One is a bankruptcy case and the other seeks the closure of Daar Communications.

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