THE FATE OF ILLITERATES IN WRITTEN AGREEMENTS IN NIGERIA

Good afternoon, friends.
Sometime ago in Nigeria, a cocoa merchant took a loan from a bank to enhance his cocoa business. While processing the loan, it was required that somebody should stand surety for the merchant. It was his illiterate uncle, who was a very prominent cocoa merchant,  that guaranteed the loan technically speaking though.

In the year this loan transaction took place, the economic climate in the country was unfriendly to business generally and cocoa business was not an exception.The hardship occasioned by the economic realities in the country then rendered the cocoa merchant (now the debtor) unable to repay the loan principal and the interest as agreed by the parties on the due date.When he was in default for longer than what the bank (now the creditor) could bear, the creditor instituted an action in court to recover the debt from the guarantor.When the bank claimed that it had a guarantee bond in respect of the loan duly thumb printed by the guarantor, the guarantor argued that though he thumb printed a document brought to him by some young ladies who persuaded him to open an account with their bank, he only thumb printed the document thinking that it was meant to open an account in his name with the bank.

Who would succeed in this case between the illiterate guarantor and the bank (the creditor) in this scenario?

Find out tomorrow, 21st May, 2015 at www.mylegalgists.blogspot.com.

Till then stay blessed!

DISCLAIMER: THE ENTIRE PUBLIC SHOULD TAKE NOTE THAT THE ABOVE STORY IS FICTION AND IT IS ONLY FOR EDUCATIVE PURPOSES AND IF IT, EITHER WHOLLY OR  PARTLY, BEARS ANY SIMILARITY TO THE PERSONAL EXPERIENCE OF ANY INDIVIDUAL AT ANY PLACE OR POINT IN TIME, IT IS HEREBY AFFIRMED THAT IT IS A MERE COINCIDENCE.