Lessons from Covid-19
Hello Dear Readers,
We’re still on the ‘Lessons from Covid-19 Series.
Here is another one.
Mr. Johnson owns and runs a Restaurant in Ikeja, Lagos State. 6 (Six) months ago, some friends who are major stakeholders in the Entertainment Industry approached him to host a weekly event tagged “Dinner with my Celeb” at his Restaurant. They assured him that the event will bring more customers to his Restaurant and more customers means more money. As a SHARP Lagos man, he accepted, his customer base increased and in line with the projections, his profit also increased. He decided to expand, thus, he approached a Commercial Bank for Loan Facility for the purpose of expanding his Restaurant Business and carrying out innovations.
He was availed a Loan Facility vide an Offer Letter, he signed the Offer Letter without showing it to his Lawyer. I almost forgot, he used his Property in Surulere as collateral/security for the facility. With the outbreak of Covid-19, he had to shut his Restaurant and naturally was unable to service the loan obliged him. He has approached the Branch Operation Manager to stop the accrual of interest and default fee.
Do you think the services of a lawyer is required before signing an Offer Letter?
Do you even think, legal advice is essential prior to obtaining a Loan or Overdraft?
What are your thoughts please? See you in the comment section!
We’re still on the ‘Lessons from Covid-19 Series.
Here is another one.
Mr. Johnson owns and runs a Restaurant in Ikeja, Lagos State. 6 (Six) months ago, some friends who are major stakeholders in the Entertainment Industry approached him to host a weekly event tagged “Dinner with my Celeb” at his Restaurant. They assured him that the event will bring more customers to his Restaurant and more customers means more money. As a SHARP Lagos man, he accepted, his customer base increased and in line with the projections, his profit also increased. He decided to expand, thus, he approached a Commercial Bank for Loan Facility for the purpose of expanding his Restaurant Business and carrying out innovations.
He was availed a Loan Facility vide an Offer Letter, he signed the Offer Letter without showing it to his Lawyer. I almost forgot, he used his Property in Surulere as collateral/security for the facility. With the outbreak of Covid-19, he had to shut his Restaurant and naturally was unable to service the loan obliged him. He has approached the Branch Operation Manager to stop the accrual of interest and default fee.
Do you think the services of a lawyer is required before signing an Offer Letter?
Do you even think, legal advice is essential prior to obtaining a Loan or Overdraft?
What are your thoughts please? See you in the comment section!
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