Fidelity Bank Faces Uphill Task In Bankruptcy Suit Against Dokpesi

Raymond Dokpesi
By SaharaReporters.com

In 2009, SaharaReporters exclusively reported that a group of firms owned and managed by Raymond Dokpesi, the owner of African International Television (AIT), were under severe financial stress. Our investigative report revealed how Mr. Dokpesi’s financial recklessness threatened to bring down several companies started by the man who likes to flaunt himself as “high chief.” 

In the 2009 publication, SaharaReporters also detailed how Mr. Dokpesi used unethical practices to control, disburse and fritter away billions of naira he raised from Nigerian investors and banks. His fast-and-lose financial deals created a ruinous corporate environment in all his companies, including AIT, and led to prolonged periods of non-payment of staff salaries. 

Recently, Fidelity Bank, whose unscrupulous officials aided Mr. Dokpesi in his financial scams, finally dragged him to court demanding that he be declared bankrupt. The bank also wants a judgment empowering it to take possession of Mr. Dokpesi’s corporate and personal assets. 

Press reports indicate that Fidelity Bank filed two separate lawsuits against Mr. Dokpesi last week. The first suit seeks to declare Mr. Dokpesi bankrupt following his alleged failure to fulfill a pledge to personally repay a credit facility of N3.270 billion granted his company in the event that the company failed to liquidate the debt. 

A second lawsuit sought an order that Mr. Dokpesi’s holding company, Daar Communications, be wound up under the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004.

With his corporate holdings crumbling, Mr. Dokpesi has been trying desperate ways of staying afloat personally whilst maintaining the ruse that he is a viable entrepreneur. He recently served as campaign manager for the failed presidential bid of former military dictator Ibrahim Babangida. His work on Mr. Babangida’s campaign backfired when the former general abandoned the presidential race in the face of fierce opposition. Mr. Dokpesi was arrested by the SSS for alleged complicity in a series of bombs that rocked Abuja in October 2010. He was never charged to court.

However, a source close to Mr. Dokpesi told us that his political romance with Mr. Babangida seriously hurt Mr. Dokpesi’s plans to raise funds from corrupt politicians in order to keep his TV channel and other businesses afloat. The source also disclosed that Fidelity Bank decided to go after Mr. Dokpesi when the bank realized that the man has no prospects for servicing his massive loan. 

Other sources told SaharaReporters that Mr. Dokpesi is counting on the help of the former governor of Rivers State, Peter Odili, to frustrate Fidelity Bank’s lawsuit. 

During his tenure as Rivers governor, Mr. Odili funneled hundreds of millions of naira of state funds into Mr. Dokpesi’s pocket to ensure that AIT and Dokpesi’s other businesses did not collapse. 

In return, Mr. Dokpesi used AIT to promote then Governor Odili and played a big role in Mr. Odili’s foiled bid in 2007 to win the presidential ticket of the PDP. A few weeks ago, when Odili’s wife, Justice Mary Odili, was elevated to the Supreme Court, Mr. Dokpesi ordered AIT to do a live telecast of a mass at the Roman Catholic cathedral in Abuja to commemorate the event. 

A source close to Mr. Dokpesi said the embattled AIT proprietor has confided in a few associates that Justice Odili has agreed to help him to frustrate Fidelity Bank’s lawsuit. Justice Odili has a reputation for arranging corrupt deals. She arranged for Justice Ibrahim Buba to grant her husband a controversial perpetual injunction barring any law enforcement agency from investigating Mr. Odili’s money laundering activities during his tenure as governor in Rivers State. Mr. Dokpesi’s AIT gave the judgment prominent coverage. 

Another source also revealed that Mr. Odili plans to rescue Mr. Dokpesi once again from bankruptcy, but that the ex-governor has no plans to pay off the billions owed to Fidelity Bank by Mr. Dokpesi. 

Fidelity Bank claims that in May 2008 and June 2009, Daar Communications applied for and was granted several credit facilities meant to partly finance its daily corporate operations and to enable it to broadcast the FIFA under-17 World Cup hosted by Nigeria. The bank added that the facilities were secured by a legal mortgage over a property located at 34, Creek Road, Apapa belonging to Baldok Shipping Limited, other fixed and floating assets of Daar Communications valued at N21.3 billion and Dokpesi’s personal guarantee.

Several sources told us that, even if the federal high court grants Fidelity Bank’s prayers, the bank faces an uphill task getting the judgment upheld at the Court of Appeal where Mr. Odili’s wife recently held sway or at the Supreme Court where she is one of the newest members.

 

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Dokpesi is inhuman to his staff

I write having read recent post about Raymond Dokpesi. One would expect a compnay that makes millions of naira daily to at least pay salaries regularly. As at today 13/03/2012, the last salary paid to Daar communication staff is October 2011 for some why for others it is July 2011.

This same Dokpesi is bold enough to buy cars as gift for female presenters and involve in foreign trips at the expense of his staff.

Please help save Nigerians in Daar Communications Plc.

Would this suit take place in

Would this suit take place in a regional/state court, or would it require international arbitration? A better way to pose this question is, considering Dokpesi's influence within the business and even political community, can a fair determination be reached regarding this suit? If it simply ends up with Dokpesi or Fidelity Banks as the big winner, that doesn't remedy the fact that salaries weren't paid to people working for Dokpesi or shares weren't paid out to those investing in this Fidelity/Dokpesi created businesses. Hopefully, the people who were put at risk are given an opportunity to recoup their funds and/or lost wages.

Even the Bible says there is

Even the Bible says there is not a man on earth that does good all the time,i hail sahara reporters but LEAVE Dokpesi alone,he is a business man he can borrow and die without paying his debt it does not concern us,what he eats doesn't make you shit,it is normal in business to borrow money so why this junk news,he may be a crook but the man has added value to Nigerian society if only via raypower and ait he is a pioneer whether you like it or not.Wasn'tJP Morgan and his rubber baron friends were also considered as crooks?

SAHARA GOT IT WRONG ON RAYMOND DOKPESI

SR this is terrible reporting.

FACTS

1. Dr. Raymond Dokpesi is a Ph.D. He earned it in Europe. All his kids are WELL-EDUCATED.

2. Ray Dokpesi is a High Chief from Agenebode. He was honored with that title years ago.

3. He has contributed ia lot in the development of Nigeria through his television shows. He has created a lot of jobs for Nigerians by establishing industries in Nigeria.

4. Fidelity the CROOCKS BANK must shutup. WThe took bribes to lend the money. LOTS of bribe that is why they did not ask for good colleteral. Let them deal with their greed.

Dokpesi a persistence waster

@Newplans, what are you trying to say who does not know the History of Dokpesi's financial recklessness.From the days of Abiola/Yaradua shipping saga, when Dokpesi claims through radio stations that Abiola wants to kill him, later got to know that he was the one that duped Abiola shortly Dokpesi start apologizing through the same radio stations he used to blackmailed.This one from fidelity is not a news to somebody like me,Sahara reporters well done,continue to expose them(Jimoh Ibrahim and others).

no baba sege is an owu man,

no baba sege is an owu man, an ethnic group known for their huge EGO's.

FIDELITY BANK AND DOKPESI ARE

FIDELITY BANK AND DOKPESI ARE OUT TO FOOL THEMSELVES AGAIN.wHEN THEY WERE GRANTING THIS LOANS, YOU MEAN THE RISK/CREDIT MANAGER WAS ASLEEP THAT COULD'NT IDENTIFY THE RISK THAT WE ARE TALKING ABOUT NOW? SANUSI, LET THESE PEOPLE NOT FOOL YOU AND YOUR PROFESSION, WASH YOUR EYES.THINK OF IT, HOW BEST WILL YOU DEFINE A 419 BETWEEN THESE ELEMENTS.lOOK FOR THE RISK MANAGER THAT SIGNED THIS HORRIBLE LOAN AS THEY WANT TO CALL IT.tHIS IS NOT THE TYPE OF PRIVATE INITIATIVE WE WANT TO EMULATE TO DRIVE THE ECONOMY.I CAN NOW UNDERSTAND WHY FIDELITY BANK IS NOT DOING WELL IN NSE.SANUSI,SANUSI, SANUSI NO SACRED COW HERE.

From what i have understood

From what i have understood from the story above, it relates to a debt secured by (DAAR COMMUNICATIONS PLC)! A public liability company. He secured the loan of N3.270 billion with assets of the company that's worth N21.3 billion and personal guarantees worth??? (you put a figure on it) STOP... lets digest this, the company is worth over N21.3 billion. That's almost 7 times the loan amount and yet you call him/the company bankrupt,how do you figure that?? If you alleged, they refuse to repay(for whatever reason),then obviously,you have the right to take the company to court..go through the legal process.Unfortunately this is tedious In Nigeria,i accept that! If Sahara Reporters can equally get the other side to comment, this piece of information (NOT worthy to be called NEWS) would have been more interesting i suppose,as it stands, its 1 sided and doesn't add up. we can agree to disagree, however, that still remains my personal opinion.

Baba Sege is an ibo man

It is known that Baba sege was fathered by an igboman but her mother is from abeokuta

This AIT man is nothing but a

This AIT man is nothing but a glorified 419. He can only do business in Nigeria, He is a big time CROOK. He is never straight in business. The need to act fast or else they will loose out.

He toed the line of

He toed the line of Transcorp. the corporate 419's

ONLY THE EGBAS HAVE DONE ANYTHING FOR NIGERIA.

Class is permanent and mediocrity perpetual. As a Nigerian( i am not yoruba) i have always wondered why Olikoye Ransome Kuti and his family have been the only shining light that Nigeria has had in the last 20 years till i watched soyinkas interview and everything came together and i find that not only is soyinka a relation to the kutis but also the Egbas have always been proud, non feudal,intellectual,political activists  and most importantly,Egbas,unlike most of us,will not sell their soul for money- a reason soyinka was imprisoned for supporting biafra. In soyinkas interview the reason for Nigeria being paraplegic is highlighted and unless we get rid of the recycled scoundrels in power i see no future.On a lighter note i can stake my life that Baba sege is not an Egba man as non of his antics is characteristic. Please can a true Egba person help me with baba seges origin?

The only small mind here is

The only small mind here is you Joseph Tsuwah. If this man is not owing, why has the bank gone to court?. Instead of thanking organisations like Sahara Reporters for tirelessly exposing criminals who are parading as leader and business people in our country, you have chosen to attack them. This sort of behaviour has kept thieves in power throughout the length and breath of Africa. Well done Sahara Reporters

what type of reporting is this?

On a normal day, I have no reason to question SR's reporting, but this is downright one sided. I think the first thing you should have done is to clarify the reason why he took the loan-was it really to cover the world cup, and then the next question is this -has he been paid? if he has been paid by the govt and he has spent the money, then this report will be on target. but if not, why portray him in this manner? I'm just asking for fair reporting in this case and others, the foundation of journalism

dopkesi is a high thief

Dopkesi is a high thief. He wanted to steal from Bagangida to remain afloat financially. That was the only reason a south-south man like him refused to back Jonathan. Jail is waiting for people like Dopkesi!!

YEARS BACK SAME MAN DECLARED

YEARS BACK SAME MAN DECLARED HIMSELF BANKRUPT AND PMAN AND OTHER ARTISTS ASKED NIGERIANS TO CONTRIBUTE MONEY TO SAVE HIM. NOT LONG AGO HE WENT TO THE STOCK MARKET. WITH WHICH FININANCIAL POSITION WAS HE ALLOWED TO DO SO? NOW ALL THE DAAR SHARE CERTIFICATES ARE USELESS PIECE OF DOCUMENTS. YET THIS MAN KEEP LIVING BIG WITH DEFRAUDED NIGERIANS GROANING. THE LAW MUST TAKE IT'S FULL COURSE THIS TIME

Dokpesi's DAAR TOURED CITIES, WE BOUGHT SHARES. ALL SCAM?

When Dokpesi's DAAR comunications toured cities of Nigeria a few years ago asking for shares to boost the company's strength, many people including me from Europe doled out huge sums of money to buy shares. Share certificates were issued. So can someone tell us what happens next?
Or did Dokpesi and DAAR communication pull off another 419 on people?
If so, what shall be the effect of the scam on Nigerian companies solliciting in future for purchase of shares from the public?

HOW LONG WILL DOKPESI WILL

HOW LONG WILL DOKPESI WILL CONTINUE TO DUPE DESPITE THE FACT THAT HE ALWAYS A FAILURE.HIS CAMPAIGN FOR ODILI & IBB FAILED,ALMOST ALL HIS RADIO/TV OFFICES HAS BEEN GUTTED WITH FIRE,HIS BUSINESS FAILED SOMETIMES AGO UNTILL HIS FELLOW CORRUPT CRIMINALS LIKE MIKE AKHIGBE ,IBB & AIKHOMU BAILED HIM OUT. DOKPESI YOU CAN NOT SOW EVIL & HARVEST GOOD.IT CANT HAPPEN AND REMEMBER THAT MRS ODILI WILL NOT REMAIN THERE FOR EVER.
CRIMINAL LIKE YOU ALWAYS LOOKING FOR WAYS TO DUPE PEOPLE. YOU HAVEN'T SEEN ANYTHING YET,YOU WILL DEFINATELY PAY FOR YOUR ATTROCITIES SINCE THE TIME OF AOL & NPA.

The Day of the owner is at hand.

Mr Dokpesi of Abiola and Musa Yaradua Marine business. Wait the truth of all back yard businesses will blow open one day. The owner is in our door post coming to take stock of Nigerians and their businesses.

Nigeria, a banana republic.

Nigeria, a banana republic.

Small minds only think of how

Small minds only think of how to pull others down. This reporter is another small mind that should be disregarded by every great and forward thinking mind. Besides, is this actually a report or judgment?

Crucify him, Crucify him.....

He needs to either pay up or be declared bankrupt while the remnant of the borrowed money in terms of liquidity obtained from the sale of his failed businesses are used to pay up the said loan.

Fraudsters

Most Of the so called rich men and women are thiefs, its either they have stolen from the government, or borrowed money through one illegal means. Hardly can you find any truely rich Nigerian through hardwork, Very few. Above all our judiciary is in shamble. Sahara reporters good work.