LOAN AGREEMENT
This Loan Agreement (this “Agreement”) is executed as of this _____ day of March 2025 (the “Effective Date”)
BY AND BETWEEN:
Giovanni Emeka Asika, residing in Lagos State, Nigeria, hereinafter referred to as the “Borrower,” which expression, unless repugnant to the context, shall include its legal representatives, assignees, nominees, and administrators;
AND
Finapax Nigeria, with its registered office in FCT, Abuja, Nigeria, hereinafter referred to as the “Lender,” which expression, unless repugnant to the context, shall include its legal representatives, assignees, nominees, and administrators.
WHEREAS, at the request of the Borrower, the Lender has agreed to grant a loan not exceeding the sum of ₦3,150,000 to the Borrower for a period of 48 months (4 years), subject to the terms and conditions outlined below.
1. Loan Terms
- The Lender agrees to extend a loan of ₦3,150,000 (the “Loan”) to the Borrower.
- The Borrower shall repay the Loan in accordance with the terms set forth in this Agreement.
2. Interest Rate
- The outstanding principal balance of the Loan (the “Principal Balance”) shall accrue interest at a fixed rate of 9.5% per annum, calculated daily.
- Under no circumstances shall the total interest charged exceed the maximum amount permitted by law.
- The Borrower shall not be required to pay interest exceeding the legally allowed limit.
3. Disbursement of Funds
- The loan amount of ₦3,150,000 shall be deposited into the Borrower’s Paga Bank account.
- The Borrower is required to make an equity contribution of ₦1,350,000, which must also be deposited into the Borrower’s Paga Bank account.
4. Loan Repayment
- The Borrower shall repay the Loan, including accrued interest, in equal monthly installments.
- The monthly repayment amount shall be ₦79,137.88.
- Repayments shall be made via bank transfer on or before the 30th day of each month.
- The first installment is due on or before April 22, 2025.
5. Equity Contribution
- The Borrower shall provide proof of equity contribution by submitting the Transaction ID/Reference Number for the ₦1,350,000 deposit: ______________________.
6. Prepayment Option
- The Borrower reserves the right to prepay all or part of the Loan at any time without incurring a prepayment penalty or additional fees.
7. Waiver of Rights
- The Borrower, along with any sureties, guarantors, or endorsers, hereby waives the right to presentment, protest, demand for payment, notice of protest, demand, dishonor, and nonpayment of this Agreement.
8. Successors and Assigns
- This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of both parties.
9. Amendment and Modification
- This Agreement may be amended or modified only in writing, duly signed by both the Borrower and the Lender.
10. Notices
- Any communication or notice under this Agreement must be made in writing and delivered via email.
11. No Waiver
- The Lender shall not be deemed to have waived any provision of this Agreement or any rights unless such waiver is expressly made in writing.
- A waiver of one breach shall not constitute a waiver of any other or subsequent breach.
12. Severability
- If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
13. Assignment
- The Borrower shall not assign this Agreement, in whole or in part, without the prior written consent of the Lender.
- The Lender may assign this Agreement, in whole or in part, with written notice to the Borrower.
14. Governing Law
- This Agreement shall be governed by and construed in accordance with the laws of Nigeria, excluding any conflicts of law provisions.
15. Dispute Resolution
- Any dispute arising from this Agreement shall be resolved in the courts of Nigeria.
16. Entire Agreement
- This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, whether oral or written, relating to the subject matter.