A Nigerian man identified as Oladele has shared a cautionary tale on X (formerly Twitter) about how taking a N2 million loan on behalf of a trusted friend nearly ruined him financially and emotionally. The ordeal, which unfolded over three months, left Oladele grappling with debt collectors while his own savings remained inaccessible, and ultimately cost him the friendship.
The Loan Agreement That Went Sour
Oladele, who uses the handle @O_ladele on X, explained that his friend approached him in urgent financial need. To help, Oladele personally took out a N2 million loan from Guaranty Trust Bank (GTB) with a 12-month repayment plan. The agreement was simple: the friend would repay N200,000 each month to cover the instalments. The friend agreed without hesitation.
However, the first month passed with no payment. The second month followed suit. By the third month, the friend had stopped answering Oladele's calls entirely. With GTB already calling over the outstanding loan and his own funds locked in savings platforms like PiggyVest and Ajo, Oladele found himself in a tight financial corner despite having done nothing wrong.
The Wife's Insulting Response
In desperation, Oladele contacted the friend's wife to seek an explanation. Instead of an apology or a plausible reason for the delay, he was met with insults. She told him he was not being patient enough, seemingly unbothered by the fact that three months had passed without a single kobo repaid or even a message sent.
Screenshots of the conversation between Oladele and the wife, which surfaced online, paint a more complete picture. In the exchange, she wrote: "I'll prefer to even borrow money and settle you. And I'll go see how I'll get a loan." She then added that N600,000 would be sorted "between now and tomorrow," and that the remaining N200,000 monthly payments would be made as at when due going forward.
Money Recovered, Friendship Lost
Despite the friction, Oladele confirmed that he eventually recovered his money. However, the friendship did not survive the ordeal. The experience has sparked widespread reactions on social media, with many netizens sharing their own stories of financial betrayal by friends and family.
Broader Context: Loan Troubles in Nigeria
This incident comes amid growing concerns about loan defaults and financial trust in Nigeria. Many Nigerians rely on informal agreements and personal guarantees, which can lead to severe consequences when trust is broken. In a separate but related case, a Nigerian lady appealed to the public for help in clearing her old debts after a company denied her fresh loan request. Sharing screenshots of the old debts she owes to loan apps since 2024, the lady explained that she borrowed the money at a time when she was pregnant.
Financial experts often advise against taking loans on behalf of others, no matter how close the relationship, as it can strain finances and relationships. Oladele's story serves as a stark reminder of the risks involved in such arrangements.
