Shocking: Microfinance Bank Seizes Couple’s Property Over 4000 Naira Debt

microfinance bank seized property 4000 debt

Nov 27, 2015 – Shocking: Microfinance Bank Seizes Couple’s Property Over N4000 Naira Debt

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.

We 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.

We 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.

We 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.

Our 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.

5 thoughts on “Shocking: Microfinance Bank Seizes Couple’s Property Over 4000 Naira Debt

  1. This is not good Aggrement,4.300 Naira, go with everything in their house,Govt, should close down this kind of Bank,if am the 1, i will set that Bank on fire plus the house or car of the manager

  2. 1st class fools! ur wife told u shez going 2 borrow money and all ur asset wl be seizd if u dnt refund, y follow her 2 sign such an agreement instead of stopping her and d moni wz not meant to save a life.
    u said part of d tins taken wz cash!y did u not pay dem wt it. wia did u see d cash u want 2 giv 2 dem now. A big lesson> nevr borow moni 2 invest,dey wl giv u occultic moni so u wont b able 2 pay dem 4 dia eyes a on ur properties. Start wt wot u hv,ask God 2 multiply ,den plough bak profit.

  3. This is robbery. This so called bank should be closed and the proprietors prosecuted. Why seize all their belongings because of mere N4,000?. Even if the agreement they signed stipulated such, the right thing to do is to give them back their property when the husband opted to pay the balance of the loan. Again the couple did not intentionally delay payment. The child’s sickness and hospitalization must have taken all their resources. This is mere wickedness.

  4. dis is not fair,
    there is what we called customer protection law, it sometimes painful wenever i see ppls dat dont knw thier right. am working with micro finance bank also and such a thing will never happen in my org, i trust my top management dey will dismiss such manager and any staff involved immediately

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