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Kwara United Football Club has been served a final demand notice by FINXPERT, a registered money lender, over an unpaid debt amounting to N6.2 million.
The notice, issued through Abdulrazak Olanrewaju Abdul Esq. of Ghalib Chambers, highlights the club’s failure to fulfill its financial obligations after securing a loan to cover match expenses, accommodation, and transportation for players, fans, and management.
According to the legal demand letter dated 27th December 2024, Kwara United borrowed N5 million from FINXPERT on 7th October 2024, with an agreement to repay the principal sum and accrued interest by 6th November 2024. As collateral, the club reportedly issued a postdated cheque of N5.5 million from its First Bank account (Account Number: 2015016926). However, the cheque was returned unpaid on 24th December 2024, allegedly on the club’s instruction.
The letter further outlines that the loan attracts a 10% monthly interest until the principal is fully repaid, raising the total debt to N6.2 million as of the notice date. Despite repeated demands by FINXPERT, the club has allegedly failed to honor its repayment commitments, instead requesting extensions without tangible outcomes.
The legal notice warns that Kwara United must settle the debt within seven days from the date of service of the letter. Failure to comply will result in legal action against both the club’s management and its officials.
The demand notice has been copied to key stakeholders, including the Chairman of the Kwara State Sports Commission, the Honourable Commissioner for Finance, and the Attorney General and Commissioner for Justice, Kwara State.
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