Loan default: Daughter of Egba High Chief gets ultimatum - SALIENT TIMES ONLINE

Loan default: Daughter of Egba High Chief gets ultimatum

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By Our Correspondent



Mrs Oluwole Olujoke Olaitan, a businesswoman and daughter of an Egba High Chief, has been given a seven days ultimatum to liquidate her indebtedness to another businesswoman or risk legal consequences.

Olaitan allegedly borrowed the sum of N5million from one Mrs Oluwatoyin Banjo in July 2019 to sustain her oil and gas business which was said to be dying because of lack of funds.

However, since she got the loan which was supposed to be repaid within a period of six months after disbursement, she has allegedly failed to pay till date. 

But Banjo, in a petition which was made available to reporters in Abeokuta, narrated how the businesswoman obtained the loan of N5million allegedly "under false pretence."

The petition, signed by Banjo's solicitors, Taofik Lawal Esq, was copied to the Alake and Paramount Ruler of Egbaland, Oba Adedotun Gbadebo, the Ogboye of Egbaland, Chief S. O. Akinremi, and the Ogun State Commissioner of Police. 

The petitioner disclosed that following the breach of agreement by Olaitan, she complained to the police which consequently instituted a criminal charge against her at the Magistrate Court 5, Ake, Abeokuta.

She, however, said when the court case came to the notice of Alake, the monarch immediately intervened and called for a meeting to resolve the issue amicably out of court.

The petition partly read, "That sometimes in July, 2019, you approached our client for a loan of N5,000,000.00 to sustain your oil and gas business which was dying because of lack of sufficient funds.
    
"That our client, being a member of the same church you attend and having been introduced to our client by the Shepherd-in-Charge of the church, Pastor Adebayo Alaba Timothy, consented to your request on terms.

"That part of the agreed terms was that the loan be repaid within a period of six months, after disbursement, with a magnanimous interest rate of 7% of the principal sum.

"Our client had since disbursed the said loan which you failed, refused and/or neglected to pay back with the agreed interest as earlier agreed even after the tenure of the loan had lapsed.

"That when it dawned on our client that you obtained the said loan from her with false pretense and had no intention of paying back, our client lodged a complaint with the Police. After a thorough investigation by the Police, the Police was convinced that you had obtained the said sum from our client under false pretense. Consequently, the Police instituted a criminal charge against you via Charge No: MA/166C/2020 at the Magistrate Court 5, holden at Ake, Abeokuta.

"That the court case came to the notice of Kabiyesi Alake of Egbaland who immediately intervened and called for a meeting to resolve the issue amicably out of court. Kabiyesi did this to give you a soft landing being a daughter of one of his revered and respected High Chiefs, Chief Solomon Akinremi.
 
"The said meeting, which was presided over by Oba Adedotun Aremu Gbadebo, the Alake and Paramount Ruler of Egbaland himself in his Ake Palace, had in attendance, our client, your father, Chief Solomon Akinremi, yourself and your manager.

"After deliberations, the Kabiyesi pleaded with our client for leniency and reduction of the loan from the original N5,000,000.00 to N3,600,000.00. Our client agreed to this reduction for the great respect she has for the Royal personality of Kabiyesi Alake and on the condition that your father will issue two separate cheques to settle the loan in two installments that would be redeemed on or before 30th November, 2020.

"Our client is however shocked and disappointed that your father, a very comfortable and highly respected Egba High Chief failed to honour the gentlemanly agreement he voluntarily entered into in the presence of Kabiyesi Alake. It is noteworthy, that your father up till we write this letter to you, has failed, refused and or neglected to issue the said cheques in favour of our client to liquidate your indebtedness to our client.

"Consequent upon your breach of the agreement (with impunity), voluntarily entered into at the Alake Palace, Our client has further instructed us to notify you and you are hereby notified that the conditional concession of N1,400,000.00 earlier granted you is hereby revoked.
    
"Consequent upon the foregoing, our client has instructed us to demand and we hereby demand the immediate payment of the sum of N4,500,000.00, having deducted the N500,000.00 you transferred into our client’s account on Monday 30th, November, 2020.

"Take notice that if you fail, refuse and or neglect to yield positively to the demand of our client as above within 7 (seven) clear days of the receipt of this letter by you, we shall have no other alternative than to use all lawful and legal means to recover the said sum from you with interest and substantial cost of recovery. In that event, we shall not have any further recourse to you."