A Federal High Court in Lagos yesterday ordered DAAR Communications, owner of the first private radio and television station Raypower FM and African Independent Television(AIT)to pay back Fidelity Bank Plc N7.5 billion loan.
Fidelity bank had through its counsel, Mr Joseph Nwobike (SAN) filed a bankruptcy suit against Daar Communications for its inability to repay a N7.524 billion loan granted in 2009.
The loan which was procured by Daar Communications to finance its daily operations, as well as to enable it broadcast the FIFA Under-17 World Cup hosted in Nigeria. Recall Daar Communications was given the sole right to broadcast the matches of the competition across the globe.
In his judgment, the Presiding Judge, Mohammed Idris held that the claims of the plaintiff related principally to a “simple, uncontested’’ monetary claim and a claim for interest based on an agreement by the parties.