Paul Ajao, a forex trader, has accused Ayodeji Akintoye, a Nigeria Security and Civil Defence Corps (NSCDC) official, of seizing the wrong land after a failed N500,000 loan deal.

Ajao told FIJ he borrowed the sum from Akintoye on October 14, 2021, with an agreement to repay eight percent (N40,000) to him on a monthly basis, and for a period of 12 months. It was also agreed that he would refund the borrowed capital at the end of the 12-month period.

In a memorandum of understanding (MoU) sighted by FIJ, Ajao pledged to forfeit a piece of land he purchased for N600,000 to Akintoye in the event that he was unable to repay the loan.

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However, he deposited as collateral a title deed of another land he bought for N1.5 million. This property, he said, was to be returned to him in exchange for the land that was worth N600,000, if he defaulted.

“I could not pay him the eight percent because I lost the money,” Ajao told FIJ.

“But he said he was going to keep the land I bought for N1.5 million instead of taking the one of N600,000 as agreed.

“The land I bought for N600,000 is now worth N1.7 million according to Adron Homes and Properties, the company I bought it from, and according to the MoU, that was the land we agreed on.”

I WILL HOLD ON TO THE LAND UNTIL HE PAYS MY MONEY, AKINTOYE INSISTS

When FIJ spoke to Akintoye, he said he was aware of the details of the MoU, but a colleague of his, simply identified as Owolabi, supervised its preparation and he [Akintoye] did not realise there was a clause that the property was to be forfeited.

He said Ajao submitted two title deeds as collateral, but was given one back. The deed that was handed back to Ajao was the exact one he intended to forfeit.

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Akintoye also said he had no interest in keeping any of Ajao’s plots of land, and that he was only interested in recovering his money.

“When he came to me, I asked him how much he needed for his trade, and he said N500,000. I asked him what he would drop as collateral, and he said he had some land documents,” Akintoye said.

“When he brought the documents, I asked him to meet one of my colleagues because I was on a special assignment. He drafted the MoU with Owolabi.

“The next day, he came to me, and I gave him one of the documents back. He told me he was building on the other one, and that was why I held onto it.

“Now, he does not want to pay the money again. That is why he is bringing that other document to exchange with this one. He never paid me for one day.”

Akintoye said he did not know Ajao included the value of the property in the MoU, but later discovered he did recently.

“I can actually wait for him to recover my money because I don’t need any of his properties; I have my own. Until he gets me paid … He thinks he is smart,” Akintoye added.

Akintoye said Ajao had sent him text messages threatening to petition the head of the station where he works.

Ajao, on the other hand, told FIJ Akintoye had threatened to get him arrested and detained by the police.

Akintoye also made it known that he was open to an amicable discussion with Ajao, but was intent on not forfeiting the documents.

Both properties are situated in Ologuneru, Akufo in Ibadan, Oyo state.