N7.5b Debt: Fidelity Bank Gets Court Order Against Daar

Chief Raymond Dokpesi

Justice Charles Archibong of the Federal High Court, Lagos yesterday ordered the Central Bank of Nigeria and 17 other banks to henceforth remit all monies accruable to Daar Communications Plc to Fidelity Bank.
Archibong said the court decided to grant the prayers of Fidelity Bank to enable it recover the loan of N4.4 billion disbursed to Daar Communications, including the 21 per cent interest, totalling N7.5 billion.
The bank had in 2009 approved the loan to enable the company broadcast the 2009 U-17 World Cup which was co-hosted by Nigeria.
On March 27, Justice Mohammed Idris, also of the court, had entered a N7.5 billion judgment against Chief Raymond Dokpesi; the owner of Daar Communications Plc, over a N7.5 billion debt owed the bank.
In an ex-parte motion filed by its Counsel, Dr Joseph Nwobike (SAN), the bank asked the court to order that all monies due to Daar Communications in the 17 banks and the CBN be paid to it.
According to Fidelity Bank, the monies will satisfy part of the judgment debt.
The bank also wanted the court to order the 17 banks to prepare and file statements of accounts showing Daar Communication’s financial status.The 17 banks include First Bank, Eco Bank, Access Bank, Zenith Bank and Diamond Bank.

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About KAYCEE WEEZY!

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