Trumpeta can reveal that one of the legislators who has the mandate of his constituents to speak their voice in the state Assembly is alleged to have defaulted a loan agreement he has with a commercial bank (names withheld).
It was learnt that the House of Assembly member with controversial profile, judging from his shoddy antecedents reportedly had agreement with a bank for N50m loan. This agreement was entered into during the early stage of the state legislature by the lawmaker who is a first timer from one of the minority zones in the state. As part of the deal to obtain the N50m from
the bank, the lawmaker agreed that his monthly allowances be collected to pay back the loan.
While the deal progressed and worked smoothly without any of the parties breaching terms of agreement, the lawmaker was alleged to have recently reconsidered the earlier conditions by re-routing his monthly allowance to another bank different from the one that gave him the N50m loan.
The lawmaker’s volte-face stunned the affected bank as the action was not only in contrast to the earlier agreement entered into by both parties but was viewed as dishonourable act by the banks who has resorted to other measures to regain their money already advanced to the politician.
Trumpeta further gathered that it is a common practice between elected members of the House and Commercial Banks to engage in such loan facility agreement. The packages had worked out perfectly in the past until recently when the members mistrust opened another vista in the deal. Subsequent lawmakers who made efforts to benefit from the loan facility from the said bank met a brick wall and were denied such deal.
Apart from making a reach out to the lawmaker to persuade him honour the agreement, the bank is said to be seeking more stiffer solutions not to play losers game in the deal with other lawmakers seeking such partnership.