DEBT RECOVERY AGREEMENT
BETWEEN
AUGUSTINE ONYEKACHI AGUWORUMBA
Of #400 Agbani Road, Garki, Enugu South Local Government Area
of Enugu State
AND
EDIKAN UDOIBUOT
#2 Lawal Street, Yaba, Lagos State
Prepared by:
………………………………...
Chukwunonyelum E. Nwatu Esq.
Nwabueze, Aniude & Associates
(Suprema Lex Chambers)
18 Edinburgh Rd., Enugu
08066041888
THIS DEBT RECOVERY AGREEMENT
is made this
................... day of July, 2022.
BETWEEN
AUGUSTINE ONYEKACHI AGUWORUMBA of #400 Agbani Road, Garki,
in Enugu South Local Government Area of Enugu State (hereinafter referred to
as “The Creditor”) of THE FIRST PART,
AND
EDIKAN UDOIBUOT of #2 Lawal Street, Yaba, Lagos State (hereinafter
referred to as “The Debtor”) of THE SECOND PART,
WHEREAS:
1. The Creditor on the 1st day of August, 2018 gave the Debtor the sum of
Three Million, Six Hundred and Fifty Thousand Naira (N3,650,000.00)
only to invest in the Debtor’s Forex Trade Investment, on the agreement
that the Creditor will be getting 20% Return on Investment monthly from
the Debtor.
2. The Debtor defaulted on the above agreement as the risks were not
efficiently managed and the funds were lost and as a result, the business
folded.
3. The Creditor on the 30th day of June, 2019 also gave the Debtor the sum
of Three Million, Six Hundred and Fifty Thousand Naira (N3,650,000.00)
only to manage for the Creditor in the Debtor’s Forex Trade Investment.
4. The Creditor again, on the 11th day of July, 2019 also gave the Debtor
the sum of Three Hundred and Sixty-Five Thousand Naira (N365,000.00)
only to manage for the Creditor in the Debtor’s Forex Trade Investment.
5. However, due to the poor management of the risks associated with forex
trades, the funds in paragraphs 3 and 4 were lost like that of 1, and the
business folded, leaving the Creditor with nothing to fall back on in all
the transactions.
6. Consequently, the total money given to the Debtor by the Creditor is the
sum of Seven Million, Six Hundred and Sixty-Five Thousand Naira
(N7,665,000.00) only, rating Twenty-One Thousand Dollars ($21,000) at
the exchange rate of N365 per Dollar.
NOW IT IS HEREBY AGREED AND DECLARED AS FOLLOWS:
1. That the Debtor shall pay the Creditor 50% of the total sum lost in
investment being Seven Million, Six Hundred and Sixty-Five Thousand
Naira (N7,665,000.00) only :(Twenty-One Thousand Dollars ($21,000) at
the exchange rate of N365 per Dollar) which is Three Million, Eight
Hundred and Thirty-Two Thousand, Five Hundred Naira (N3,832,500.00)
only :(Ten Thousand, Five Hundred Dollars “$10,500” at the exchange rate
of N365 per Dollar).
2. On agreement of both parties based on the Debtor’s current job earning,
the Debtor shall be paying the Creditor the minimum sum of One
Hundred Thousand Naira (N100,000.00) only per month with effect from
September, 2022 till the Debtor clears the above agreed sum.
3. The Debtor further agrees that the parties shall review and increase the
minimum sum (One Hundred Thousand Naira (N100,000.00) only
payable by him to the Creditor per month if he gets a better paying
job/extra job in addition to his current job.
7. The minimum sum (One Hundred Thousand Naira (N100,000.00) only or
more if reviewed, payable by the Debtor to the Creditor per month shall
be paid into the following account details of the Creditor:
Account Number: 6170951554
Account Name: Augustine Aguworumba
Bank Name: Fidelity Bank
IN WITNESS WHEREOF the parties above have set their hands and seal the
day and year first above written.
SIGNED, SEALED AND DELIVERED
By the within named CREDITOR
..............………………………………….....….LS
AUGUSTINE ONYEKACHI AGUWORUMBA
IN THE PRESENCE OF:
1. SIGNATURE: …………………………..........................
NAME: ..........................................................................
ADDRESS: ……………………………….......................
OCCUPATION: ………………………….......................
SIGNED, SEALED AND DELIVERED
By the within named DEBTOR
..............………………………………….....….LS
EDIKAN UDOIBUOT
IN THE PRESENCE OF:
1. SIGNATURE: …………...................………………….....
NAME: ...........................................................................
ADDRESS: ………....................……………………….....
OCCUPATION: …....................………………………....