A 62-year-old High Chief, Chief Adebisi Adeolegan Ige was on Monday arraigned before an Ogun State High Court sitting in Abeokuta, over failure to repay a loan of N10 million naira he obtained for farming.
Counsel to the plaintiff, Adeoye Opaleye, told the court that Chief Ige also a farmer obtained the loan in 2019 with partial payment of the loan.
Chief Ige who is a Chief in Odeda, Odeda local government area of Ogun State was said to have obtained a loan of N10 million for farming from a financial institution based in Abeokuta sometimes in February, 2019.
In the suit, he was alleged to have obtained the loan for the purpose of farming from Finance and Commercial Services Ltd, Southwest Resource Center, Oke-mosan, Abeokuta, Ogun State, but failed to pay back the loan in full, leaving him with a balance of N5.2million, after series of pleas for him to do so by the financial firm.
In his defence, Chief Adebisi Adeolegan Ige speaking through his counsel, Feyisola Babatunde admitted owing the debt and promised to pay the plaintiff.
He implored the court to plead with plaintiff to give his client more time within which to pay back the loan.
He said his client had a balance of N5.2 million to pay back, the amount which include the interest, also said various challenges faced by Farmer-herder clashes caused the delay in full payment.
“I prayed the court to give my client time for him to fulfill the obligation.”
The Presiding Judge of the court adjourned the hearing of the matter to 7th July, 2021.
He pleaded with both parties to embrace peace and refrain from anything that could lead to breakdown of law and order.