N2.7bn debt: Investors give 6-day ultimatum to debtors

By Chizoba Ogbeche

Abuja

A 25-man recovery committee of Viscount Multipurpose Cooperative Society Limited has given a seven-day ultimatum to debtors of the organisation or be ready to face the consequences of their action.
Chairman of the committee, Mr. Austen Okumo, who dropped this hint in a media chat with our correspondent, stressed that the decision to tackle all debtors was arrived at its general meeting held in September this year.
Okumo also noted that the seven-day ultimatum became necessary in view of the financial burden the huge debts has brought on the cooperative.
He warned that at the expiration of the ultimatum, debtors would be compelled to vacate the property they pledged to Viscount Cooperative in-lieu of payments in the event of repayment default.
According to him, “The concerned debtors are to take this as a final notice, as all arrangements have been concluded to have their names, pictures, and businesses on all electronic, print and social media platforms to draw awareness to the fraudulent activities of these persons who are using all instruments of illegalities and the illicit network of their cohorts within law enforcement apparatus to frustrate, delay and evade repayment of loans granted to them by the cooperative.
“Their collective refusal to vacate properties they used as collaterals, despite handing over the original certificates of occupancy (CoOs), signed Deeds of Assignments and all other ownership transfer instruments to Viscount Multipurpose Cooperative Society Limited, is a confirmation of the heinous intents and pursuits of these persons.”
Okumo called on the Inspector-General of Police and the chairman of the Economic and Financial Crimes Commission, to whom the cooperative has submitted petitions on these persons, to expedite actions in order for the pensioners, widows, orphans, students, civil servants and many others, whose money are being held unjustly and fraudulently by these persons, to have their funds paid to them.

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