Terms and Conditions

Nirra Terms & Conditions

Updated: August 2023

1. Advance and Repayment

  1. The Lender agrees to advance the loan and the Borrower agrees to accept the loan subject to the terms and conditions as set out herein in this offer letter.
  2. The Lender agrees to repay the Loan (principal plus accrued interest and administrative charges) in accordance with the terms and conditions of this letter.
  3. Repayment amounts will be paid by borrower as stated in the Loan Repayment Schedule above through cheques or other means.
  4. Where borrower elects to pay using cheques, lender will tender repayment cheque on the due date. Note that there is a 15% charge on the face value of all defaulted cheques, failed direct debit mandate and unpaid instalments.
  5. This offer is given on the understanding that providing false information or the issuance of dud cheques is a criminal offence punishable through prosecution by a competent court.
  6. In case of full pre-liquidation, the borrower agrees to pay outstanding balance with the accrued interest, administrative charges (where applicable).
  7. Where monthly interest is based on flat rate and not reducing balance; a minimum of three instalments or interest due on three instalments must be paid before pre-liquidation.


The repayment instalments as calculated in the dedicated repayment schedule are done on the basis of payment at regular agreed intervals. If the due date for a repayment instalment falls on a non-business day, then the repayment instalment may be paid on the last business day prior to due date.


The Borrower represents and warrants that:
  1. He/ She has the right to accept this facility and has taken all necessary actions to authorize same upon the terms and conditions herein.
  2. He/ She is not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach of or default under any provision or any other agreement to which the Borrower is a party.
  3. The information given to the Lender verbally or in writing in this formal loan application is true and accurate.
  4. He/ She will not channel proceeds of the loan into illegal or criminal activities.


The occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately due and payable:
  1. The Borrower fails to make a repayment or payment of principal, interest or other amount in respect of the loan on the date it was due to be paid; or
  2. The Borrower breaches any of the terms and conditions of the Loan including any representation or confirmation given by the Borrower in this Loan Agreement.
  3. Where a bankruptcy petition is filed against the Borrower.
  4. Where the Borrower is unable to pay any other party within the meaning of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.
  5. Where a situation arises which in the opinion of the Lender makes it inappropriate for the Lender to continue to extend the facility to the Borrower.
  6. Where the Borrower defaults in the performance or observance of any other terms, condition or covenant herein and such breach or default shall continue unremedied after ten days’ notice shall have been given to the Borrower.


  1. The Borrower hereby agrees to pay all administrative costs, charges and expenses (including legal fees) reasonably incurred by the Lender in connection with the processing, administration and recovery of this loan request.
  2. The Borrower hereby agrees to pay all costs and expenses (including legal fees) incurred by the Borrower in connection with any proceedings instituted by or against the Lender as a consequence of entering into this loan agreement.


  1. The Borrower hereby agrees that the Lender has a right to seize, retain and dispose off any personal property belonging to the Borrower during the course of recovering all due amounts owed after other means of recovery has failed, or whether or not other means of recovery has been utilised.
  2. The Borrower hereby agrees that the Lender takes and possess any asset belonging to the Borrower in the event of any default in the repayment of the loan.


  1. The Borrower consents irrevocably to any future transfer and assignment, however arising of the loan, whether as part of a loan transfer scheme or otherwise.
  2. The Borrower authorizes the Lender to disclose information or documentation relating to the loan to third parties including credit reference agencies, collection agencies, as well as the Borrower’s employee (where the Borrower is in salaried employment) in the event that the loan has ceased to be serviced by the Borrower.


The Lender reserves the right at all times to vary the terms and conditions of the Loan Agreement. Any such variation shall become effective upon notice to the Borrower by any means the Lender considers reasonable in the circumstance.


  1. The Lender may at any time with or without notice:
    1. Combine or consolidate some or all of the Borrower’s accounts with it without any liability to the Lender and;
    2. Set-off and transfer any sum standing to the credit of any such account in full or partial payment of any amount the Borrower owes to it.
  2. The Borrower agrees to issue to the Lender direct debit note (contained in Appendix B of this agreement) with a direct debit instructions to his/her Banker that any due and unpaid outstanding amount (principal loan and interest) shall be off-set from any account linked to his/her BVN.
  3. In case the Borrower does not sign the direct debit note referred to in the clause above, the Borrower, by signing this offer letter authorizes the Lender to off-set any due and unpaid outstanding amount from any account linked to his/her BVN.
  4. This clause is in addition to and does not amend or qualify any other present or future right of the Lender to combine or set off any of the Borrower’s accounts with it.
  5. The Borrower waives any right of set-off that the Borrower may have, whether contractual, statutory or equitable in nature, and agrees that all payments due to the Lender under this Loan Agreement shall be made free of any set-off or counterclaim or any withholding or deduction whatsoever.


The Borrower acknowledges that the Lender has relationships with various credit bureaus for amongst others, the provision of credit checks on its customers. The Lender provides such credit bureaus and registries, as the case may be, with information on its credit customers. The Borrower hereby irrevocably and unconditionally consents to the Lender providing any and all information on his/ her dealings with the Lender to such credit bureaus and/ or registries, as the Lender may deem necessary.


This Loan Agreement is governed by Nigerian law and the courts of the Federal Republic of Nigeria have jurisdiction in any matter arising therefrom.


All of the foregoing is the promise of Borrower and shall bind Borrower and Borrower’s successors, heirs and assigns.


The Parties acknowledge and agree that this Agreement represents the entire agreement between the Parties. In the event that the Parties desire to change, add, or otherwise modify any terms, they shall do so in writing to be signed by both parties.


This constitutes the entire understanding and agreement between the parties with respect to the subject matter hereof. This agreement supersedes any prior understandings or oral agreements between the parties regarding the subject matter.
I accept that Liberta Leasing Limited reserve the right to take my property(ies) and deal with same as they choose without any recourse to me in case I do not pay the loan amount and interest when it is due.
I accept that irrespective of my employment condition and/or business condition, I remain indebted to Liberta Leasing Limited until all loan amount plus interest is fully paid.
I accept that Liberta Leasing Limited reserve the right to demand and/ or collect all due loan amount and interest from me using every legal means.
I have also given a direct debit mandate to Liberta Leasing
Limited as well as a Direct Debit instructions to my bank with instructions to debit my account (and all account linked to my Bank Verification Number) with all due loan amount and interest.
This agreement has been fully explained to me and I understood the meaning of all the clauses therein.
I therefore by clicking acceppt botton, accept this offer in its entirety with full understanding of the terms, conditions and obligations herein.