This document is a business loan agreement between Alh. Garba Shani (the lender) and IMB Universal Concepts Ltd. (the borrower). The lender agrees to lend the borrower ₦2,000,000 to fund a supply contract with IOM. In return, the borrower agrees to repay the principal plus ₦250,000 in profit by October 31st, 2023. Both parties sign the agreement, which outlines the loan terms and replaces all previous discussions between the lender and borrower.
This document is a business loan agreement between Alh. Garba Shani (the lender) and IMB Universal Concepts Ltd. (the borrower). The lender agrees to lend the borrower ₦2,000,000 to fund a supply contract with IOM. In return, the borrower agrees to repay the principal plus ₦250,000 in profit by October 31st, 2023. Both parties sign the agreement, which outlines the loan terms and replaces all previous discussions between the lender and borrower.
This document is a business loan agreement between Alh. Garba Shani (the lender) and IMB Universal Concepts Ltd. (the borrower). The lender agrees to lend the borrower ₦2,000,000 to fund a supply contract with IOM. In return, the borrower agrees to repay the principal plus ₦250,000 in profit by October 31st, 2023. Both parties sign the agreement, which outlines the loan terms and replaces all previous discussions between the lender and borrower.
This document is a business loan agreement between Alh. Garba Shani (the lender) and IMB Universal Concepts Ltd. (the borrower). The lender agrees to lend the borrower ₦2,000,000 to fund a supply contract with IOM. In return, the borrower agrees to repay the principal plus ₦250,000 in profit by October 31st, 2023. Both parties sign the agreement, which outlines the loan terms and replaces all previous discussions between the lender and borrower.
Prepared by: I. A. AHMAD (ESQ). AL-MUHAAMY CHAMBERS, NO. 18 LAGOS STREET, NEAR ZAID MOTORS, MAIDUGURI, BORNO STATE
Business Loan Agreement between Alh. Garba Shani & IMB Universal Concept Ltd. Page 1 of 3 BUSINESS LOAN AGREEMENT This Business Loan Agreement (hereinafter called “Agreement”) is made this 19th day of September, 2023 Between ALH. GARBA SHANI of No. 46 Cemetery Road, Commissioner’s Quarters, Old GRA., Maiduguri, Borno State (hereinafter called “The Lender”) which expression shall where the context so admits include their heirs, assigns, successors in title, agents, servants, estate Executors and Administrators on one part AND IMB Universal Concepts Ltd. of J17 KSM Plaza, Opposite UNIMAID, Off Bama Road, Maiduguri, Borno State, represented by SULEIMAN RABIU ZAGINA of same address (hereinafter called “The Borrower”) which expression shall where the context so admits include his heirs, assigns, successors in title, agents, servants, estate Executors and Administrators on the other part.
WHEREAS the International Organization for Migration “IOM” an
INGO has by a Service Agreement between it and the Borrower for the supply of Goods to IOM Beneficiaries in Voucher Implementation as contained in the said Service Agreement for the duration which from 18th September, 2023 to 31st October, 2023.
WHEREAS the Borrower is in need of funds in order to meet up with
the above supply as per the Service Agreement.
WHEREAS the Borrower has approached the Lender to borrow some
amount and the Lender agrees to lend the Borrower under the following terms:
a. The Principal amount of money being borrowed from the Lender
to the Borrower is N2,000,000 (“Borrowed Money”) and the Lender has paid same into the account provided by the Borrower with below details: Account Name: Suleiman Rabiu Zangina Account Number: 2099118790 Bank Name: United Bank for Africa Plc (UBA).
Business Loan Agreement between Alh. Garba Shani & IMB Universal Concept Ltd. Page 2 of 3 b. The Profit payable to the Lender out of the said supply of goods to IOM Beneficiaries by the Borrower is N250,000 c. The total amount of the Borrowed Money, including principal and profit, shall be due and payable on or before 40 days from today i.e. latest of 31st October, 2023 (“Due Date”). d. The Borrower agrees to repay the Lender, in full, on the Due Date. e. This Agreement contains all the terms agreed to by the parties relating to its subject matter f. This Agreement replaces all previous discussions, understandings, and oral agreements. g. The Borrower and Lender agree to the terms and conditions and shall be bound until the Borrowed Amount is repaid in full.
IN WITNESS WHEREOF, Borrower and Lender have executed this
Agreement as of the day and year first above written.
