Guarantor drags woman to court over N3.6 million loan breach

A 32-year-old woman, Ndefreke Udeme, on Monday, appeared before the Kado Grade 1 Area Court in Abuja for breaching trust and cheating two financial institutions of N3.6 million.
Ms Udeme, who resides at Royal Estate, Lugbe, Abuja, is being prosecuted by the police for allegedly defaulting to repay a balance of N3.6 million borrowed from two microfinance banks in Abuja.
The prosecutor, Ferdinand Orji, said a criminal complaint was made by David Olutope of the Federal Ministry of Environment, Mabushi, Abuja, to the police on July 7.
According to Mr Orji, the complainant informed the police that he stood as a guarantor for the defendant to access loans from two unnamed microfinance banks on December 9, 2021, but the defendant had defaulted in repayment.
Mr Orji said the complainant reported that the defendant was to repay N4.1 million, the principal sum and interest on the loan.
He said the defendant, however, only paid N544,974 and had refused to pay the balance of N3.6 million since then, thus leading to the banks demanding the money from the complainant.
The prosecutor said the offences allegedly committed contravened sections 312 and 322 of the Penal Code.
The defendant, however, pleaded not guilty.
The judge, Mohammed Wakili, admitted the defendant to N2 million bail and a reliable surety.
Mr Wakili thereafter adjourned the matter until October 4 for a hearing
(NAN)
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