Car Purchase Loan Agreement

1. PARTIES

Lender: Riglance Limited (the “Lender”, “Riglance”, “we”, “us”, or “our”).
Address: Suite F31/32, Melita Plaza, Plot 599 Gwarjo Close, Off Gimbiya Street, Garki Area 11, Abuja FCT, Nigeria.

Borrower: Adedapo Mayowa Omotayo, located at Lagos, Nigeria (the “Borrower”, “you”, or “your”), as identified in your application and onboarding details submitted to Riglance Limited.

2. PURPOSE OF THE LOAN

The purpose of this loan is to finance the purchase of a car (the “Vehicle”) selected by you and approved under this arrangement. You agree to use the loan strictly for the Vehicle purchase and associated costs directly related to completing the purchase (e.g., dealer invoice payment, registration/title fees where applicable), unless we approve other uses in writing.

3. DEFINITIONS

In this Agreement, the following words have the meanings below:

• “Equity Contribution” means the upfront contribution you must provide as part of the loan arrangement.
• “Loan” means the car purchase loan provided by Riglance under this Agreement.
• “Loan Amount” means the principal amount approved and disbursed to you (or paid to the car seller/dealer on your behalf).
• “Tenor” means the repayment period for the Loan, which shall be four (4) years (48 months) as selected by you.
• “Interest Rate” means the fixed interest rate of 9.5% per annum applicable to the Loan.
• “Monthly Instalment” means the monthly repayment amount due from you, calculated on an amortised basis using the Interest Rate over the Tenor.
• “Designated Repayment Account” means the bank account details we provide to you for repayment by bank transfer.
• “Business Day” means a day other than a Saturday, Sunday, or public holiday in Nigeria.

4. ELIGIBILITY

The Riglance car purchase loan is available to salary earners and business owners who meet our credit criteria. You are required to provide an Equity Contribution as part of the loan arrangement. You confirm that all information and documents you provide during application, verification, and onboarding are true, accurate, complete, and not misleading.

5. LOAN AMOUNT, INTEREST RATE & MONTHLY REPAYMENT

The exact repayment start date and the first due date will be communicated to you after disbursement. The monthly instalment displayed above is binding and will be reflected in your personalised repayment schedule.

6. INTEREST CALCULATION & FEES

Interest is calculated on the reducing outstanding principal balance using the fixed annual rate of 9.5%. No hidden processing fees, prepayment penalties, or unexpected charges apply under this Loan, unless otherwise stated in this Agreement. Third-party costs (including but not limited to insurance, licensing, registration, inspection costs, dealer charges, and operational costs) are your responsibility unless we explicitly agree otherwise in writing.

7. EQUITY CONTRIBUTION

You must provide the required Equity Contribution of ₦6,300,000 in the manner communicated to you during onboarding. Unless we confirm otherwise in writing, we may not proceed with disbursement until your Equity Contribution is confirmed. If a car purchase does not proceed for reasons not caused by Riglance, any refund of money paid to a dealer/seller is subject to the dealer/seller’s policies and actual recovery of funds. We are not responsible for delays or refusals by third parties to refund.

8. DISBURSEMENT

Disbursement occurs after you complete all requirements communicated during onboarding, including verification and confirmation of your Equity Contribution. The Loan amount of ₦14,700,000 shall be disbursed to your Paga bank account (the Paga account number you provided during onboarding). You agree to provide any documents we reasonably request to complete the car purchase transaction (such as invoice, seller details, and payment instructions). Once the funds are credited to your Paga account, you are responsible for using them solely for the purchase of the Vehicle.

9. REPAYMENT TERMS

Repayments shall be made monthly by bank transfer to the Designated Repayment Account provided by Riglance. Your Monthly Instalment (as calculated above) is due on the same day each month (starting from the first repayment date indicated in your repayment schedule). You are responsible for ensuring that every repayment is made on or before the due date. You must keep evidence of payment and provide it if requested. Failure to make repayments as and when due may negatively affect your eligibility for future financing with Riglance and may lead to default consequences as set out in this Agreement.

10. EARLY LOAN SETTLEMENT (NO PENALTY)

You may settle the Loan in full before the end of the 48‑month Tenor without any early repayment penalty. You may request an outstanding balance/payoff statement from us prior to settlement. Settlement is completed only when cleared funds reflect in the Designated Repayment Account.

11. OWNERSHIP & SECURITY

Riglance does not retain ownership of the Vehicle. Ownership rests fully with you upon purchase. No collateral or guarantor is required to access the Loan. You are solely responsible for the Vehicle and any liabilities arising from its ownership and use, including compliance with all applicable laws, permits, and regulations.

12. INSURANCE & MAINTENANCE

You are solely responsible for insuring the Vehicle throughout the loan Tenor, including maintaining valid and adequate comprehensive insurance coverage (as required under Nigerian law). All maintenance, repairs, servicing, and all operational costs associated with the Vehicle shall be borne by you. We may request proof of insurance and/or relevant vehicle documentation at any time during the Tenor, and you agree to provide it within a reasonable time. Failure to maintain insurance may be considered a material breach of this Agreement.

13. BORROWER UNDERTAKINGS

You agree that:

• You will repay the Loan strictly in accordance with the repayment schedule provided to you.
• You will promptly notify us of any changes to your contact details, address, employment/business status, or bank account details.
• You will not use the Loan for unlawful purposes.
• You will cooperate with reasonable requests necessary for loan administration and repayment tracking.
• You will not sell, transfer, or part with possession of the Vehicle without prior written notice to Riglance, given that the outstanding loan remains your liability.

14. DEFAULT

An Event of Default occurs if:

• You fail to make any repayment on the due date (subject to any applicable grace period communicated to you); or
• You provide false, forged, or materially misleading information or documents; or
• You breach any material obligation under this Agreement; or
• You become insolvent or subject to any bankruptcy or receivership proceedings.

15. LOAN DEFAULT & CONSEQUENCES

In the event of default or failure to meet repayment obligations, Riglance reserves the right to take appropriate legal action to recover all outstanding amounts. Recovery may include demand notices, engagement of recovery professionals, arbitration and/or court proceedings (as permitted by Nigerian law), and any other lawful steps to recover outstanding sums. You remain responsible for all outstanding amounts due under this Agreement until fully settled. Additionally, we may report default events to credit reference bureaus, which may affect your creditworthiness.

16. DISCLAIMER ON VEHICLE CONDITION AND THIRD‑PARTY SELLERS

Riglance is not the manufacturer or seller of the Vehicle and does not provide warranties regarding the Vehicle’s condition, fitness, durability, or performance. You are responsible for inspecting and verifying the Vehicle and the seller/dealer before purchase. We are not liable for disputes between you and a seller/dealer or for any losses arising from defects, breakdowns, downtime, or operational issues. Any vehicle warranty, if applicable, is provided solely by the manufacturer or dealer.

17. NOTICES & COMMUNICATIONS

We may contact you using the email address, phone number, or postal address you provided during registration. You agree to receive electronic communications regarding this Agreement, including repayment reminders and updates. It is your responsibility to ensure your contact information is up to date. Official notices shall be deemed received 48 hours after sending by email or 5 Business Days after posting by registered mail.

18. GOVERNING LAW & JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute arising out of or relating to this Agreement shall first be attempted to be resolved through good-faith negotiation. If unresolved, the dispute shall be submitted to the exclusive jurisdiction of the courts of the Federal Capital Territory, Abuja.

19. AMENDMENTS & SEVERABILITY

No amendment to this Agreement shall be effective unless in writing and signed by both parties. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

20. ACCEPTANCE OF AGREEMENT

By clicking the “I Agree” button below, you acknowledge that you have read, understood, and agree to be bound by all the terms and conditions of this Car Purchase Loan Agreement. You further confirm that all information provided to Riglance is true and complete, and you consent to the collection, use, and processing of your personal data for loan administration and legal compliance purposes.