₦airaland Forum

I doubt that date of 2005 is correct and people reporting news need to carry out proper research before bringing news forward. I've tried carrying out little independent research into this matter and have found out that the loan was acquired from Gtb by Firstbank in the year 2013. The school commenced operations by 2014. The school needed more money from Gtbank to complete the project and in came FirstBank from nowhere. Loan of 450m was paid and an additional loan of 200m was granted of which over 180m was deducted by the bank to "perfect" the loan. The school began repaying the loan by depositing all payments into its Firstbank account which amounted to over half of the total loan taken until the bank blocked withdrawals and staff salaries were not paid for a while which led to the school stopping payments to that account. The loan is supposed to be paid off by 2019 but based on what I am seeing, the bank seems more interested in the property else they would come together to see how the money can be paid back. Allegations of forgery have been made by the school and nothing has been said by the bank. I smell something fishy with this deal. Regardless, Nigeria keeps showing herself unable to encourage businesses and to properly investigate some crucial matters. Nobody is supposedly above the law but the truth must be revealed on this.