Princeston Legal

Eid Al Adha reminds us of the enduring values of sacrifice, obedience, faith, compassion, and humanity. It is a season that calls us to reflect not only on our relationship with God, but also on our responsibilities to one another as members of a just and peaceful society.

At PRINCETON LEGAL PRACTITIONERS, we recognize that one of the pillars of every democratic society is the protection of the fundamental rights and freedoms of its people; including the freedom of religion, freedom of conscience, and freedom of expression. These freedoms allow individuals and communities to openly practice their faith, uphold their beliefs, and celebrate sacred traditions such as Eid Al Adha with dignity and peace.

As legal practitioners, we remain committed to the ideals of justice, equality, tolerance, and the rule of law, principles that help preserve harmony in a diverse society like ours. In celebrating with our Muslim brothers and sisters during this holy season, we are reminded that the law is not merely a system of rules, but also a framework that protects humanity, coexistence, and mutual respect.

May this blessed Eid bring renewed hope, peace, prosperity, and divine favour to you and your loved ones. May the spirit of sacrifice inspire us all to build a society rooted in compassion, justice, and understanding.

From all of us at PRINCETON LEGAL PRACTITIONERS, we wish you a joyful and blessed Eid Al Adha.

Eid Mubarak 🌙✨

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A director built his company over nine years. When the business needed a loan, the bank asked him to sign a personal guarantee. He signed, believing, as most Nigerian directors believe, that it was a formality. It was not. When the company hit difficulties, the bank came, not for the company. For him. His properties. His savings. His personal accounts. Everything he had built separately from the business he had guaranteed.

The Supreme Court confirmed in Chami v. UBA Plc that a guarantor becomes personally liable for the said debt the moment the principal debtor defaults. Co-extensive liability means the bank does not need to exhaust its remedies against the company first. It can come for you directly.

We have written on the three types of personal guarantee Nigerian banks insist on, what every director must know and negotiate before signing, and what you can do if you have already signed. If you are a director, a co-founder, or a business owner who has ever been handed a facility agreement, this article is for you.

Read -> https://www.linkedin.com/pulse/why-signing-personal-guarantee-could-cost-you-your-house-zbmpf