12m Debt: Supplier looses home

Mrs. Olanike Olaribigbe, the owner of Felab Marine Venture, has been forced to vacate her house due to a debt she could not pay back, and she is pleading for help.

The house, a four-bedroom building in the Mowe area of Ogun State, had been taken over by Olaribigbe’s creditors over a N12m debt. She has since taken solace in an uncompleted building in the Ibeju-Lekki area of Lagos.

Olaribigbe, who supplies sharp sand, had borrowed N2m in 2012 to supply 50 trucks of sand to the Moreno Group and when she was unable to pay back the loan, it accumulated to N12m as of November 30, 2014.

The 52-year-old woman said she had supplied the 50 trucks of sharp sand which Local Purchase Order was valued at N2,250,000 to the Moreno Group on September 11, 2012 on the promise that she would be paid 30 days after.

She said, “In 2012, Mr. Adeoye Bangbade, a contractor with Moreno Group, told me that he needed building materials at the Arbitration Cenre in Lekki. I told him I always borrow money to make supplies and he assured me Moreno would pay a month after the supply.

“I borrowed from a group in Ondo State to supply the 50 trucks of sharp sand. That was in September and I was supposed to return the money in one month’s time plus 15 per cent interest of N300,000.

“After a month, I met Bangbade for my money. He said Moreno had not released money because a supplier had yet to complete her LPO for granite. My sister raised N1.1m for me to supply the remaining trucks of granite so that I could get my own money on time. But it was to no avail. I contacted Moreno’s General Managing Director, who claimed the Lagos State owes the company money.”

The mother of four said two of her children in universities had to quit when she could no longer pay their fees.

She said when she became desperate, she contacted the Lagos State Government, only to be told that the contractor had been paid.

She showed correspondents a text message from the Lagos State Commissioner for Finance, Mr. Ayo Gbeleyi, affirming that Moreno had been paid for the project.

The message read, “Good day madam. I really empathise with you on your situation. However, Moreno’s job has been evaluated and paid for. Please chase them up.”

While crying for help, Olaribigbe said her debt was telling on her physically and psychologically.

“The job has brought sorrow to my family. Even if I am paid today, it cannot settle my debts. Two of my children have dropped out of school; one in 200 level the other one in the final year. I hardly sleep.”

However, Bangbade, who spoke with our correspondent on the telephone, insisted he had not collected any money from the Moreno Group.

“Financially I am down. Because of this matter, a supplier had dragged me to a security agency where I was detained.

“I was freed after investigations revealed that I had not collected any money from Moreno,” he added.

When our correspondent asked the Moreno Group whether it owed Gbade Venture any money, Moreno spokesperson, Mr. Victor Akpaila, evaded the question.

Instead, he said, “The woman does not have direct contact with Moreno. Let her show you the documents she used to make supplies.”

It now becomes a case of the truth versus the lie. Whom do we believe in this situation?

This news item originally appeared on Punch news