Written by Austine ELEMUE

N2.7bn debt: Cooperative give seven days ultimatum to debtors

A 25-man recovery committee of Viscount Multipurpose Cooperative Society Limited has given a seven-day ultimatum to debtors or face the law.

Chairman of Recovery and Repayment Committee, Mr.Austen Okumo, who dropped the hint in a media chat with our correspondent, stressed that the decision to tackle all debtors was arrived at the end of its general meeting held on September.   

Okumo, also noted that the seven -day ultimatum has become necessary in view of the financial burden the huge debt is having on the cooperative, warning that by the expiration of the ultimatum, debtors would be compelled to vacate the property they pledged in-lieu of payments. 

According to him, "These 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 within their power to frustrate, delay and evade repayment of loans granted to them by the cooperative.

"It is our hope and belief that this seven days ultimatum will be honoured by all persons who were granted loan facilities by Viscount Multipurpose Cooperative Society Limited, as whatever damage the aftermath of pending actions will bring on these debtors will be due to their refusal to pay the helpless members of the cooperative or their refusal to vacate property used as collaterals to enable the cooperative auction them and pay its members"

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