Tag Archives: Collateral

Man prosecuted for using another man’s car as loan collateral

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An Ilorin Magistrates’ Court on Monday remanded a man, who allegedly used a car given to him to sell as collateral for loan.

Magistrate Ibrahim Mohammed ordered that Feyisara Pelemo should be kept in the Okekura Prisons custody in Ilorin pending proper application for his bail.

Mr. Pelemo is standing trial on a three-count charge of conspiracy, forgery and issuance of dud cheque.

According to the prosecutor, Nasiru Yusuf, the accused used the car belonging to Julius Adeyinka to borrow N300,000 from a company.

Mr. Yusuf said the accused collected the vehicle’s documents from Mr. Adeyinka on the pretext of helping him to sell the car.

The prosecutor submitted that the incident occurred in May 2016.

He added that the accused conspired with one Taiye Suleiman, still at large, to commit the offences.

Mr. Yusuf added that when the accused was arrested, he presented a Confidence Microfinance Bank dud cheque to Mr. Adeyinka.

The News Agency of Nigeria (NAN) reports that the case has been adjourned till March 14 for mention.

(NAN)

Woman Uses 2 Week Old Baby As Collateral For N20,000 Loan

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Cross River State Police Command has arrested one Madam Maria Ekanem, 27, for allegedly selling her two weeks old baby for twenty thousand naira.

Others also arrested in connection with the alleged sale of the baby include Mrs Eno Enang, Reuben Eno and Dr Okokon Offiong.
Briefing newsmen on its activities, the Cross River State Police Public Relations Officer (PPRO), ASP John Eluu, said the police succeeded in tracking down the culprits following a tip-off.

Eluu said on getting wind of the matter, a team of detectives from the Federal Housing Police Station in Calabar, swung into action and finally nabbed the suspects.

He said: “We got a tip-off on the crime a week ago and immediately swung into action which led to the arrest of the five suspects. Four members of the syndicate had negotiated the sale of the baby for N20,000 with Ms. Maria Ekanem, mother of the child.”

The PPRO said investigation was still in progress and when completed the suspects would be charged to court for prosecution.

In her reaction, the mother of the child denied selling her baby for N20,000, insisting that she only used her two weeks old baby as collateral to get money for food

Narrating her story, Maria said: “When I was pregnant I almost aborted the child but I summoned courage and delivered the baby but after giving birth there was no money and I approached one Dr. Okokon for financial help to buy food and feed the family.

“Later Dr Okokon directed me to hand over the baby to Matron Eno, who runs a private clinic and it was while doing the exchange that the Police came and arrested us, I am innocent,” she said.

Credit: SunOnline