KUMAI BAYANG AKAAHS, J.C.A. (Delivering the Leading Judgment): Mr. James Oriba Okplewu is the Managing Director of Jadopera Nigeria Limited, a registered money lender. On 31st January, 2006, 27th June 2008 and 28th July, 2008, the Defendant, Dr. Ignatius Ogabor Okplewu applied for and was granted the following sums of money respectively:
a. N387,000.00 (Three Hundred and Eighty-Seven Thousand Naira)
b. N46,000.00 (Fifty-Six Thousand Naira) and
c. N23,000.00 (Twenty-Three Thousand Naira)
The loans taken on 27th June, 2008 and 24th July, 2008 attracted an interest of 15% while the one given on 31st January, 2006 attracted 10% interest rate. When the loans were due for repayment and the Defendant did not discharge his obligation as agreed the matter was reported to the Divisional Police Station, Ogoja where the Defendant gave an undertaking to liquidate the loans by instalment and paid up to N201,655.00 (Two Hundred and One Thousand, Six Hundred and Fifty-five naira) only leaving a bala…