Post by Barr. Omontese Okoduwa (@Sr_Okoduwa)
Can a borrower legally refuse to repay a loan in Nigeria? Yes — but only in certain situations
Check it out at the commencement section 👇👇👇
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Barr. Omontese Okoduwa: Under Nigerian law, if someone makes a business out of lending money without a valid money-lender’s licence, their loans could be illegal and courts may refuse to help recover your money
Gospel Ernest: Barrister dont make me laugh 😀😂😂😂😂😂. You borrow money, you come sey you no fit pay legally
Winston Amain: Am waiting at the comment section o
Barr. Omontese Okoduwa: Ordinary individuals or companies who is not a Licensed lenders which includes banks, (microfinance banks, cooperatives, and pawnbrokers) that lend repeatedly must be licensed, or they’re breaking the law.
Barr. Omontese Okoduwa: And here is the shocker. courts may refuse to enforce that loan, meaning you may not recover your money legally
Ibrahim Nafiu: Smile 😊😊😊😊
Barr. Omontese Okoduwa: So what is the safe approach?
✓Treat it as a private loan, not a lending business.
✓Put the agreement in writing.
✓State the amount and repayment date clearly.
✓Avoid structuring it like a commercial loan with rolling interest.
✓Do not make a habit of lending to multiple people as a side business.
✓Treat it as a private loan, not a lending business.
✓Put the agreement in writing.
✓State the amount and repayment date clearly.
✓Avoid structuring it like a commercial loan with rolling interest.
✓Do not make a habit of lending to multiple people as a side business.
Lawrence Igonor: If he refused to pay legally, he will definitely pay illegally!
Okorie Uchechukwu Godson: follow me as well let's build organic followers
Angylekee: What if husband borrows wife's money or vice versa and refuses to pay, what to do to recover it legally😂😂