A woman, simply identified as Mama Dada, has committed suicide in Ogun State over her inability to pay up a N70,000 loan she obtained from a microfinance bank popularly known as LAPO.
The deceased, according to report, set herself ablaze inside her rented apartment at Oke-Keesi, Itoko area of Abeokuta, with the entire building razed.
The middle-aged woman took her life to escape disgrace LAPO officials are known to subject debtors unable to meet their obligations to, multiple accounts said.
LAPO is also called Gbo mu Le lantern, a Yoruba phrase, meaning ‘lay your breast on lantern’. The banks are mostly patronized by ill-educated women involved in small-time businesses and trading.
This is derived from the infamous debt recovery strategy of the operators, and the cruel conditions that come with borrowing from the bank.
Debtors not paying up as at when due are made to suffer harassment, intimidation and humiliation, including stripping them of their belongings, and shaming them.
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