BUSINESS LOAN AGREEMENT

BETWEEN

ALH. GARBA SHANI

(THE LENDER)

AND

IMB UNIVERSAL CONCEPTS LTD.

(BORROWER)

Prepared by:
I. A. AHMAD (ESQ).
AL-MUHAAMY CHAMBERS,
NO. 18 LAGOS STREET,
NEAR ZAID MOTORS,
MAIDUGURI, BORNO STATE

Business Loan Agreement between Alh. Garba Shani & IMB Universal Concept Ltd.
Page 1 of 3
 BUSINESS LOAN AGREEMENT
This Business Loan Agreement (hereinafter called “Agreement”) is
made this 19th day of September, 2023 Between ALH. GARBA
SHANI of No. 46 Cemetery Road, Commissioner’s Quarters, Old
GRA., Maiduguri, Borno State (hereinafter called “The Lender”) which
expression shall where the context so admits include their heirs, assigns,
successors in title, agents, servants, estate Executors and Administrators
on one part AND IMB Universal Concepts Ltd. of J17 KSM Plaza,
Opposite UNIMAID, Off Bama Road, Maiduguri, Borno State,
represented by SULEIMAN RABIU ZAGINA of same address
(hereinafter called “The Borrower”) which expression shall where the
context so admits include his heirs, assigns, successors in title, agents,
servants, estate Executors and Administrators on the other part.

WHEREAS the International Organization for Migration “IOM” an

INGO has by a Service Agreement between it and the Borrower for the
supply of Goods to IOM Beneficiaries in Voucher Implementation as
contained in the said Service Agreement for the duration which from
18th September, 2023 to 31st October, 2023.

WHEREAS the Borrower is in need of funds in order to meet up with

the above supply as per the Service Agreement.

WHEREAS the Borrower has approached the Lender to borrow some

amount and the Lender agrees to lend the Borrower under the following
terms:

a. The Principal amount of money being borrowed from the Lender

to the Borrower is N2,000,000 (“Borrowed Money”) and the
Lender has paid same into the account provided by the Borrower
with below details:
Account Name: Suleiman Rabiu Zangina
Account Number: 2099118790
Bank Name: United Bank for Africa Plc (UBA).

Business Loan Agreement between Alh. Garba Shani & IMB Universal Concept Ltd.
Page 2 of 3
 b. The Profit payable to the Lender out of the said supply of goods to
IOM Beneficiaries by the Borrower is N250,000
c. The total amount of the Borrowed Money, including principal and
profit, shall be due and payable on or before 40 days from today
i.e. latest of 31st October, 2023 (“Due Date”).
d. The Borrower agrees to repay the Lender, in full, on the Due Date.
e. This Agreement contains all the terms agreed to by the parties
relating to its subject matter
f. This Agreement replaces all previous discussions, understandings,
and oral agreements.
g. The Borrower and Lender agree to the terms and conditions and
shall be bound until the Borrowed Amount is repaid in full.

IN WITNESS WHEREOF, Borrower and Lender have executed this

Agreement as of the day and year first above written.

Lender’s Signature: _______________________ Date: _____________

ALH. GARBA SHANI
In the presence of:
Name: ABDULMALIK GARBA SHANI
Address: No. 46 Cemetery Road, Old GRA, Maiduguri.
Phone No: 08065639453
Signature: ________________ Date: _____________

Borrower’s Signature: _____________________ Date: _____________

IMB Universal Concepts Ltd.
(Represented by SULEIMAN RABIU ZANGINA)
In the presence of:
Name: BAKURA MUSTAPHA
Address: Near Bolori Chief Magistrate Court, Maiduguri.
Phone No: 08065639453
Signature: ________________ Date: ________________

Business Loan Agreement between Alh. Garba Shani & IMB Universal Concept Ltd.
Page 3 of 3