PoliteActivist:


My Ignorant friend we are talking 2023.
Go to Forbes, search Alakija, nothing comes up. Same for Otedola. But search Adenuga or Dangote and you get results.
Here's the link again
https://www.forbes.com/lists/africa-billionaires/?sh=4981205824d5
See where it says "search by name", type in Alakija there

PoliteActivist:


My Ignorant friend we are talking 2023.
Go to Forbes, search Alakija, nothing comes up. Same for Otedola. But search Adenuga or Dangote and you get results

My ignorant friend. Forbes knows Alakija and she is in their official site. Here is the link again.
https://www.forbes.com/profile/folorunsho-alakija/

But l have searched and searched for your broke mother on Forbes and cannot see any single mention of her, NOT before, NOT now , NOT ever and there will never be any mention of her., So U expect me to bring up your broke mother in the conversation, and you had to jump in unsolicited. Now get the fvck off my mentions & get lost.

BarrElChapo:


You think all contracts must be formal to be binding abi 😀, dey play 😏😏

It was classified as informal loan for the very fact that that the loan was doled out without security/collateral, based on friendship trust that ur friend will pay back 30k loaned out. Other features of bros abeg loan classified as informal, in contrast to formal loan or even those classified as semiformal, involves absence/lack of any official agreement Documents signed by both parties and no guarantor forms signed. No contract signed. No guarantor/indemnity or collateral. The very classification of such a loan as informal loan makes it non legally binding. Dey play😏😏 The law does not jail such a debtor, rather sets a repayment schedule at a rate the debtor can afford.

Kobojunkie:
1. If a person wants to maybe go into the business of giving out semi-formal loans, you are saying that person is bound to lose a lot then?

The aim of Business is to make profit The " Business of Loaning involves Security /Collateral." Wise Businessman, would not give out semi-formal loans.

Kobojunkie:
1. I still consider it better than the pain of not getting anything at all.

2. Is there a way to shore against all that you mentioned? I just feel rather than not lending at all to others as some have resorted to doing, people should instead learn to learn more wisely by using the law to ensure that no matter what the borrower is held accountable. We all need each other and it shouldn't really be as terrible as it continues to seem out there. I no fit try that nonsense for here in the U.S.

◾At N1 highlighted above, agreed.✔️
@ (2), the general watchword is to loan only what one can afford to lose or forget about, if engaging in "Informal loaning"/ non security//no collateral loans, of cash to friends, to avoid stories that touch. A friend can beg to loan 80k for eg, u can loan him 20k instead, if that is all u have/can afford to lose,

Kobojunkie:
1. Scattered payment is better than no payment at all.

2. What about a case where a promissory note is signed stipulation how and when of payment — without collateral— can the court order the one owing to pay up then, with the jail option if he refuses?

Dem.never use scattered payment do u b4. U go swear for the person. Ordinary 1million naira wahala, that was informally "bros abeg loaned out", by sb l know to a so called friend, who later chose to be paying back 35k monthly when e later cast, he nearly run mad Couldnt use 35k for projects planmed .scattered payment nor good at all but better pass at all at all.

(2) Case of promissory note attached , without Collateral has legally upgraded 💪 to a semi formal loan . Its still not okay compared to Formal loan but far far better than rubbish informal.loan. its left to seek legal counsel for the legal experts to decide on such a semi-formal loan.

[ What if promissory note attached & borrower business got involved in fire accident or some other provable/( or cooked) unforseen occurances/illhealth/ natural disaster affecting earning power of borrower to fulfill "P.R.O.M.I.S.E" in promissory note occured . Lols
Such a case is still better than nonsense informal loans sha.

Kobojunkie:
1. I no follow at all. Are you saying that if a court orders a person to pay, the person can still get away with no paying the debt?

My bad. Canot reply with voice note.
Omo informal loan without Agreement Documents signed by both parties without TANGIBLE COLLATERAL/assets for loaner to Reposses/seize in case of defaulment, are non-legally binding.
If court order a person to pay after like 5/6 adjournements of course, its left for borrower with good lawyer to legally say l NOR GET. Na only 50kobo/10naira l fit afford to repay monthly., thereby scatering repayment of 10k into 60years .
And as far as its informally borrowed, without any documents signed, without collateral , no law court has legal jurisdiction to imprison him as long as he keeps up with 10naira monthly repayment defaulter told court he is able to afford .
Court also has legal jurisdiction to jail him if he talk say him nor wsnt pay bsck at all.

Samantha124:
I don't give a damn.

I've once done it before... Everyone around me knows how much I don't like people who can't stand by their word.

Already my family has got a legal aid, so getting a good lawyer is not a big deal for me.

And I'd advice every family to have a legal aid too, in case of situations like this one.

Legal action for bros lend me 30k first is not legally binding, cos there was no official Documents signed by both parties

◾ 2ndly, For the fact that its not official loan, [b] N.O named C.O.L.L.A.T.E.R.A.L /seizable assets was tendered or signed out for Repossesorship, in case of repayment defaultment. Certificates, land deed, house documents, Car papers, business assets, etc
On the strength of N2, its a dead end case and waste of time . Cos las las after lawyers don drag adjourn the case as much as possible,
Its left for borrower to say l nor get. Na 100 naira l fit dey pay back monthly. Thereby scattering legal repayment into several years.

Aftrall, no official business was transacted between you two, neither was any documents signed for loan given out.
Unless huge sums are involved, Sound legal advise would advise one to forget a 30k informal loan case, without official agreement documents signed by both parties.

Long overdue

Samantha124:
No, I haven't.

Knowing myself, I'd have probably involved the law to take its cause if the person didn't pay.

I don't have time for games and I don't care if you're my family or friend... Once the time is overdue, you'll be served with summons to appear in court.

Person dey owe u 50k.only lawyer appearance fee na like 80k. Adjourn case like 5/6 times. Body go tell.
Nor be every small change dey carry person go court. Cos u end up spending more for lawyers in cases little sums involved.

Zonefree:
Omo, if you ask me to borrow you 10k, I'll send you 5k and I'll never ask you for the money. That way, I know you'll never demand for another loan cos you're still with my 5k. Life na wisdom.

Boss biko help a brother with 6k. Make l send account details?🙏

Foodqueen:
I indirectly dash whatever you want to lend.

I won't ask and you will never ask me to lend you again.

Bosslady help me with 6k bayi🙏make l send account details?