Cyriacus Izuekwe

It was a sad experience for Segun Adeyemi after he discovered that his belongings were carted away by a micro finance bank over a N4,000 debt owed by his wife in Lagos State, western Nigeria.

The incident happened at their residence at 3, Adeyeye street, Megida area of Ayobo Ipaja on the outskirts of Lagos.

P.M.NEWS learnt that among the items the bank carted away include their matrimonial bed, plasma television, refrigerator, generator, cooking utensils, cash and other valuables kept in the house.

According to Segun, his wife Remilekun Adeyemi, who is a petty trader, went to the management of Bisi Cash Micro Finance Bank whose office is located at Onifade Road Junction in Ayetoro, Ogun State and borrowed N40,000 to start a business.

He said before she was given the loan, the management first deducted their own interest from the loan and gave her the balance.

P.M.NEWS also gathered that Remilekun also entered into an agreement to be remitting some amount of the money every week untill she finished paying back the entire loan.

P.M.NEWS also learnt that once a loan beneficiary defaults, all such person’s property will be consficated, which is the fate Remilekun has suffered along with her husband.

According to her, she had been dutifully paying the money until it remained N4,300 balance last week.

She said she was unable to pay last week after their son fell sick and was rushed to a hospital.
While she was on her way to the hospital, the management of the bank invaded their home and carted away all their household items.

When Segun went to the management to know why they did so, they told him that his wife breached the agreement.

They told him that he was also liable because he knew about the loan and stood as surety for his wife.
When he offered to pay the money in order to take back his belongings, they refused and claimed that the property now belonged to them.

When our reporter went to their office on Thursday, the staff confirmed the incident and said it was part of the agreement the woman entered with them.

Efforts to contact the manager identified as Shade failed as she refused to speak on what transpired.
She said they seized the property because of the debt she owed the bank.

P..M NEWS investigation revealed that it was not only Segun and his wife that have found themselves in such predicament. Many other women whose belongings were seized were seen in the bank premises bemoaning their plight.

http://www.pmnewsnigeria.com/man-loses-belongings-over-wifes-n4k-bank-debt/


Pic 1: Segun and his wife at the premises of the bank with other victims waiting helplessly

Pic 2: Office of the micro finance bank which seized Segun’s belongings over N4,000 debt

Times like this I remember the proverb "the borrower is a slave to the lender"

Which sort of wickedness is this?

All cos of mere 4,300 ngn?

this will always happen if the borrower won't take its time to read the terms and conditions of securing such loans






nothing stops the microfinance institutions from taking what they feel is worth that amount and not just lock up the house

So I should start flyin...

End time loan

illegality!!!! the claim of the bank is limited to the amount owed. any property they seize must have a sale value commensurate with the value of the amount owed. if the value is higher then the property should be auctioned off and the money used to settle the loan and the balance must be returned to the person that took the loan. seizure and sale of the property should be done pursuant to a court order. the bank is strictly to be held accountable for the property seized.

possibly the loan agreement says that if she defaults the entire loan amount becomes payable. but this does not change the opinion earlier expressed

What a tale!

If I weren't reading this from PM news I would have waved it off.

Like seriously? The bank "broke" into their house and carted away their belongings even if it's because of N1m?

Chai! I wish someone can sue the bank, it's owner, the workers, their neigbours and relatives sef

Sue the living, the dead and the upcoming generation

What kind of inhumanity is this? Some of us can't beat Buhari up because he is far, but I think transferring the anger on this bank is justifiable! What rubbish!

Mr. Man, why did your wife not contact the bank about her inability to pay last week cos of your son's sickness.

If the said belongings were taken by the bank cos they were part of the agreement, then the couple can't do anytin.

But if it wasn't, Mr. Man get a lawyer and close down that roadside bank.

Gad damit, see what a microfinance bank looks like.

Well thats what you get when you go to a bank like this to borrow money.

So, Mr. and Mrs Adeyemi, receive sense!

This people are thieves, What they took is worth more than the amount the lady owes them....
See the building sef, This na correct agbero micro finance bank.

hmmm. ma wa

Please @Islie if you have there contact i will like to pay the money.

END TIME DEBT

Lagos state government should look into this useless micro finance operations. This's a very useless policy. This's just like trying to make money at all cost from people. What if they borrow someone money and they themselves made arrangement to rob the person either on the road when the person has just collected the money, that means, they'll just seize the person's property.

This's nothing but ''helping people and doing them at the same time''

somebody should pls call on ambode to look into that micro finance useless policy..

Make they come try this for my area, they would go crazy with the kind of beating they would receive. What nonsense. I hate those people cos I've seen the methods they use in collecting their money, them no dey play at all.
But not as far as taking someones property, they know they won't be able to treat them selves with 4,300 with the kyn finishing they are liable to.

Lord Jesus when the time comes for me to settle down, don't Give me a badluck as a partner (amen)

Eyaa

WTF!!

Its notjustifiable not even to think its a human begin we are taking about here just for 4k..

Rumour has it that some lenders use juju on the money they give out as loan; they wish and pray for the loan beneficially to fail in business so as to confiscate the properties.

It's glaring now

God please do not let me marry a debtor as wife.......They can kill their husband especially when they've got no job

kingkendrick:
Lord Jesus when the time comes for me to settle down, don't Give me a badluck as a partner (amen)

see wetin this one dey talk

Endtime Dept

I dey come bck

Which way naija? It is well

i think i can solve this particular problem, where is the woman, where is the Bank

end time debt

4K? SERIOUSLY? THIS WHAT I CALL POVERTYTY..EVEN A MODERN DAY BEGGAR WONT BE CAUGHT UP IN THIS DISGRACEFUL DEBT.

Eh ya..Bank looking for who to MAGA

kingkendrick:
Lord Jesus when the time comes for me to settle down, don't Give me a badluck as a partner (amen)

Receive sense IJN.