I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.
At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.
Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:
1. Is this case truly a criminal case as they constantly remind me or is it a civil case?
2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.
3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.
Thank you all.
This is a civil case not criminal. It is a breach of Contract. The police can invite you first. It is only if you refuse to show up they can use that against you in Court.
Get a lawyer to hold your brief. As small as N50k can do that for you. The lawyer can sue for a restraining order to stop the police or any law enforcement agency from harassing, detaining or questioning you concerning the debt until the court orders otherwise.
When that is done, use the time and energy to raise a small part of the debt and pay while enjoying the restraining order.
Let your lawyer propose a term of settlement that will enable you to pay easily.
Don't fall for this harassment and police settlement. They will sink you. When they forcibly come to take your properties or arrest and detain you for no just cause or reason, you can equally ask your lawyer to sue for trespass and breach of fundamental human rights.
Worst case scenario, you can ask your lawyer to sue for bankruptcy and bankruptcy protection.
I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.
At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.
Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:
1. Is this case truly a criminal case as they constantly remind me or is it a civil case?
2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.
3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.
Thank you all.
Get a lawyer to hold your brief. As small as N50k can do that for you. The lawyer can sue for a restraining order to stop the police or any law enforcement agency from harassing, detaining or questioning you concerning the debt until the court orders otherwise.
When that is done, use the time and energy to raise a small part of the debt and pay while enjoying the restraining order.
Let your lawyer propose a term of settlement that will enable you to pay easily.
Don't fall for this harassment and police settlement. They will sink you. When they forcibly come to take your properties or arrest and detain you for no just cause or reason, you can equally ask your lawyer to sue for trespass and breach of fundamental human rights.
Worst case scenario, you can ask your lawyer to sue for bankruptcy and bankruptcy protection.
sosowater: There's nobody that I know (in Germany) that's is not doing well. I know 3 people and they're doing perfectly fine.
You don't expect someone that went there through an illegal route to be doing well because he won't have the papers to hustle.
You don't expect someone that could not tell the in demand skills or knowledge and go for it, to be doing well.
You don't expect someone that is doing menial jobs, paying bills and other things to be sending money to you in Nigeria because they don't pick money overseas. He has a family to take care of too so stop being a burden to him.
You don't exprct someone that went there and got carried away with the enjoyment - good system, freedom and quality of life to make money, save more and invest.
There are people making millions and yet they can't account for it but there are people making thousands and they have investments, no debts, and are living comfortably.
Every mallam with him own kettle.
If you want to go over there, just ensure that you're going through the right route and then go for skills/education that are in demand. Abtoad isn't Nigeria. Most technical skills, health related professions and handworks pay more because their citizens don't stress themselves with such. They (majority) prefer easy jobs like customer service, office admin, supply chain management, bank teller, restaurant manager, HR, executive assistant, business administration, etc. So, don't expect to get such jobs when there are many locals to do them. Racism aside, employers will prefer locals to do that over you.
Again, try to call your friend in Germany from Nigeria and see how much you'll be charged just for a minute call.
My brother, in abroad, a cent is valued. No money is small over there. If you're not financially disciplined, you won't have anything to show for your many years of working and living there.
Most of those people abroad live average life, which is quality too. They earn well, eat well, have good healthcare and enjoy a working system. The key thing is to make enough money in hard currency and do great things in Nigeria, which makes you a rich man in Nigeria.
Also, if you're planning to go and stay with your friend over there, be ready to have your own cash cos he won't be paying house rent, water bills, internet and electricity bills for you. You guys will be sharing it.
There's gold in Germany and some good countries too but know what you're going there for. Don't go there with the mindset of just doing small jobs that will pay you €8 or 12 euros per hour because it seems a big money when converted to naira. Have a skill or go for an indemand skill or course that will set you up for life.
These barbarians again? What is the role of that person heading the Office of The Public Defender? Do we always wait for the human rights lawyers to do this pro bono?
Bola146: We done shine our eyes, let us wait till then because only God knows who will still be alive.
This one pass my power. Reminds me of Col. A. D. Umar who asked the five political parties if Abacha will be alive in 1997. Abacha died six months later.
My younger sister just completed her NYSC. She was able to save up to N200,000.00 during her service year. She has the intension to go into business, but not certain of the kind of business to go into. She consulted me as her elder bother and told me about her intension. She had only N200,000 which will not be enough. I was impressed by her conduct and idea. I decided to help her with N1,000,000.00 (1m) in addition to the N200,000.00 making it total of 1.2m naira currently in her possession.
However, she does not know the exact business to start with the N1.2m. Hence, I decide to seek business ideas and suggestions here on Nairaland to help my sister startup a lucrative business with that little capital.
What kind of business can she start with the N1.2m?
Thanks!
I appreciate you for being a real man and a big brother. N1m? In this dangerous economy? More blessings to your source of income.
Let her go into food and restaurant business. I am a baker and can tell you how lucrative food businessman.
However she needs to be properly mentored in whichever business she wants to venture in.
That's the magic of staying afloat in business and life.
mysticgal: Good morning or Good day, The long and short of the story is, I want to take the CFA professional exams and I want to know if it is still relevant in the industry, Nigeria particularly and this is me considering the exchange rate currently, how profitable it would be for me in a long run professionally and if i were to leave Nigeria, is it recognized in the USA, Canada and all.
My fears and questions are: 1) I don’t want to spend money on a certificate that would not earn me more money. 2) I also don’t want a certificate that is not transferable 3) Would it be better to do an MBA than take this CFA course?
I would really appreciate if I could get answers
And please , could I get past questions and study papers and if possible link up with someone who has done the CFA exams so I ask some more questions.
Thank you.
I will rather recommend the American Institute of Certified Public Accountants certificate (CPA) which is the equivalent of our ICAN (ACA).
jesusjnr2020: Which Is More Potent? Fasting Or Midnight Prayers?
In my spiritual life, fasting has proven itself to be by far more potent and powerful, even though i still observe both.
A times I may be doing midnight prayers for months, but certain things I pray for wouldn't materialize.
But once I just fast for a little while, immediately the solution would just come out of nowhere as though it's been waiting for me to fast.
This has happened on several occasions that it's made me to take serious notice, and to begin to rate it more than midnight prayers, even though I also receive a lot of answers from prayers, because fasting seems to have a significant edge over it.
I first noticed how effective it was when during my fasting at a point when I was still struggling with sexual lusts, how the inclination just seemed to disappear during the period I was fasting, it felt really strange because this was something that I found very difficult to contain regardless of how much I prayed and when I prayed.
Even when it comes to dealing with those of the powers of darkness, fasting has shown itself to be more much powerful than midnight prayers.
For instance, despite that i had been told I had been given authority over the demons, there were yet some NL witches that were proving very stubborn even after and when I did midnight prayers. But once I just fast, the way they suddenly go into hiding is mind blowing. I mean they literally disappear for a long time and only come out after a while.
This is perhaps the reason Jesus said that there are some kind of demons that cannot come out without fasting. Mark 9:29 (KJV)
I don't know about you, but fasting has proven itself to be a very effective and useful weapon in my spiritual life, that even things I thought were impossible and beyond my reach, it helped me to achieve. It seems to speed up the process of my getting solutions and answers.
I recommend fasting to you, even if you do midnight prayers. It may provide the much needed boost your spiritual life has been crying out for.
God bless.
My own is midnight prayer. The solutions are revealed to me by the Almighty through dreams.
kingthreat: God bless Gen Buba Marwa. There is a drug epidemic in the country. He seems to be the only one concerned about keeping our youths sane in this country. For all you drug dealers, may your loved ones be addicted to what you sell.
He also needs to go and get rid of the Codeine barons in Kano and Kaduna.
Seeeker: I don't know what to call this... I tendered a resignation letter with 3 weeks notice despite that no notice clause is contained in my appointment letter.
They just collected the letter and said nothing. When the resignation became effective, I left the company and they still didn't tell me anything about handing over to someone else as is the practice there in case of sack.
It's been a month I left and they still didn't contact me about handing over. My concern is that they didn't remit a Kobo into my pension account. Why I'm expecting them to ask me to hand over is that I have in my custody about 5k belonging to the company. I didn't borrow the money. It was kind of something left in my care.
So, if they later ask me to come and do proper handing over, should I ask them about my pension? Some people sacked in the past said their pension was not remitted too.
ntrukpum: Hello friends, my daughter is very far ahead of her peers (class mates and outsiders) academically and otherwise. She started school when she was 2yrs. 3wks in school she had already knw how to write 1 to 10, A to F (I mean write not just to read).
Now she is 3yrs and she does things extraordinary. She can write 1 to 200, Aa to Zz without anybody assistance. She does her H/W alone, can read and spell two letter words. She sings a lot. I wanted her to play at least one musical instrument b4 she turns 5.
Two yrs ago, I had this vision of grooming "exceptionally intelligent" kids btw 9-12yrs to study outside their normal school curriculum. I mean a 9yr old kid in JS1 answering physics and advance maths question. Am still working on it. But my child is just 3yrs old and i am begining to be afraid. Married with two kids, an average of 30k monthly income as a private school teacher, I think, I lack the financial resources to push my daughter to where she deserves.
I need proper advice on how to guide her now.
My friend, please go to your pastors and imams to help you cover that boys destiny before dangerous demons discover and destroy his destiny.
I speak from experience.
Please if you need to restrict him from going out please do. Just do everything to protect him as we now live in an evil world that hates progress.
He will be a shining example and a role model to your family by God's grace.
BizzBizz: Is This Why Kaduna State Chief Of Staff Was Replaced??
The Former Chief of Staff Muhammad Sani Abdullahi Dattijo address Muhammadu Sanusi II as the former Emir of Kano while delivering a speech at the just concluded KADINVEST6 .0.
Muhammadu Sanusi equally addresses Muhammadu Sani Dattijo as former Chief of Staff and assures him he will understand Why later. Weeks later, Dattijo was deployed to Budget and Planning ministry.
Areola14: Shell do not operate that way. When they want to employ, they employ from either from us or Canada... I know lots of people that work in shell, 97% of them were employed in western word country's. Not here in Nigeria... And they will never ask you for money. Don't fall a victim even as you still looking for work here in Nigeria.
Let's just be frank with ourselves. Getting rid of these bandits, herdsmen and terrorists in that axis ( Sokoto, Zamfara and Kebbi) is an uphill task.
A large part of the ruling class and government administrators, especially the legal system there are occupied by Fulanis whose kin form the bulk of these miscreants.
Most will not convict or sentence them for that reason.
ChineduChinedu: Please help, I need advice, I am very confused man, I don't know what to do in this situation
There is this girl I met in Lagos she help me find a house in Lagos from there we started dating.
I Asked her to marry me and get pregnant for me. Later she got pregnant for me. She started disturbing me about marriage rights.
On the wedding day I discovered that she has 3 children for one man. I have asked her several times even before she got pregnant she keep saying no
A day before the wedding, one of my uncle called me and tell me that one babalawo said that the woman I want to marry has 3 kids already.
All that day I wasn't myself I woke her up at midnight and forced the truth out of her She admitted and start begging me to forgive her, she said she has been looking for the best time to tell me. All this are happening on our wedding day, she beg me not to tell anyone that it can be secrets between me and her àlone, I insisted that I must tell my people from my state enugu to Lagos
My people discouraged me and said I should thank God for revealing this early. That's how I cancelled the church wedding.
Court marriage 30th September Church wedding 2nd October But Before that wedding day, we did court marriage, I told her that I don't want to do court marriage because if she cheat on me I will divorce her and loose my half of my money she got angry, the first day we didn't talk, 2nd day same, Then 3rd day she start packing her loads, I beg her to stay that we have few days to church wedding she insisted that If I don't do the court that I should cancel the church wedding that she can't trust me without court marriage
We did the court marriage, without my parents consent cuz it didn't come from my heart, her junior brother is the one that sighn for me in the court
I don't know what to do in this situation oo
Her first son is 13 years 2nd son 8 years 3rd girl 6 years And now she is pregnant for me aa
Am 30 years while I don't know her real age
We have lived together for 8 months before I could discover this And during this period we have been together She controls me alots and that make me sad She shout at me too If ask me to do something for her and I refuse it becomes problem
Please what do I do ?
Even the court wedding will not be legally binding as some of these things need to be revealed to each other before such union.
Please I need sincere and candid opinions. I resumed duty as an operation executive recently with an Edu-training company. Be then, I had interviewed for a Store manager job in an hotel on the Island 3 months back. I was supposed to start the store manager job but they didn't get back to me anymore. I reached out to the HR and she said her boss is not saying anything. I had to move on. Now that I just resumed this operations job, they reached out to me and even increased the initial offer. Their reason for delaying was because they were renovating.
My Dilemma: After struggling so much with myself I stupidly approached the HR of my Operations Job this morning to let her know about the development. She asked that if they increased my salary whether I will stay. She offered 90k and I asked them to push to 100k that I would. She relayed every details of our conversation with the owners of the business and they were like I used them as a backup and today should be my last day. However, the husband came back to say I should spend my 2 weeks notice while they get a replacement.
Meanwhile, before the operation's job, I got a Customer Support Specialist role for the same 70k ( and now they are still reaching out to me on a new offer of 100k), I chose the Operation job over it for so many reasons but primarily because I was bonding with my new team very well and liked it there. 3 months later, the hotel is reaching out to me with a basic of 120k, free lunch, transport allowance, data allowance and HMO.
I feel terrible right now. My Mind is with the Edu-training but my body is with the hotel. Please advise.
Quick-one, I asked the HR If they will reconsider their decision If i decide to stay and her response was that they will think about it.
Make money at the hotel first and talk about education biz later on.
At the last count, there are over twenty five external and foreign examinations that are written in Nigeria and online to qualify for universities around the world.
So WAEC is not the only examination to university and entrance to heaven.
So many gifted kids will be affected by this retrogressive rules and policy summersaults.
Business › Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by rhames(m): 7:08pm On Oct 27, 2021
