Company Drags Two To Court For Defaulting On N8.6m Loan

A financial house, Co Link, on Monday dragged two of its customers before an Ogba Magistrates Court, for failing to pay back loans.
The customers are Tanlkems Investment Limited and Auto Pathfinders Investment Limited.
Tope Salami, counsel to Co Link, told the court the company gave N6.2 million and N2.4 million loan facilities to the defendants respectively in 2016, but have “betrayed terms of repayment”.
Salami said the first defendant failed to pay accruing interests on the credit, while the second defendant had only paid back N200, 000 from the loan.
 He added that all peaceful means adopted by the company to get the money back have proved abortive.
However, the first defendant, Tope Olayemi, informed the court that he is defaulting because of the economic downturn in the country.
“My Lord, I import car engines.I am only owing the company interest on the loan because business went bad and we all know what the economy is saying in Nigeria. I have paid back N400, 000 in interest out of N2.4million. I buy goods in dollars but sell in Naira. When they gave me the loan, Naira was N220 to a dollar, but I bought the goods at almost N450 to a dollar. My warehouse got burnt mysteriously and the company is also aware”.
“All I want from them is to give me a waiver so I can pay in installments in 24 months. I don’t want them to take my house,” he pleaded.
Also, the second defendant, Olufemi Adesegun, a contractor, said most of his clients have not paid him for the projects he had borrowed the money to execute.
“My Lord, I will also plead for a waiver. My debt is N2.3 million naira. Most of my clients have not paid me and when I explained to the company, they said they also borrowed the money from a bank and that the bank won’t listen to stories.
“As soon as I sell one of my properties, I will pay them one hundred thousand naira monthly for the next 23 months,” Adesegun said.
The claimant’s counsel said he would need to convey the pleas of the defendants to his client.
E. Ekogbuluyo, the presiding Magistrate, asked the counsel to invite the defendants and their counsels to a meeting with the company, to draft fresh terms of agreement if their pleas for waiver is agreed to.
She adjourned until August 9, 2018, for trial if their requests are turned down, and for further hearing if vice versa.

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