Hire purchase is a method of financing the fixed asset to be purchased on a future date. Under this method of financing, the purchase price is paid in instalments. Ownership of the asset is transferred after the payment of the last instalment.
On Monday, 12th of July, 2021, an old man who got a bike to feed his family through hire purchase means went to Agidigbo Radio Station in Ibadan after unknown Herdsmen collected his Okada with AK-47 gun.
The old man narrated the incident as follows:
"Around 6:40 am, two unknown herdsmen pretended as passengers and stopped me at Iyana Agbala in Ibadan. I waited and carried them but when we got to Ile Marun, they told me to stop, brought out AK-47 and cork the gun. Before people around that area came to rescue me, they have collected my hired purchase bike and ran away. I have paid just 230,000 Naira out of 440,000 Naira."
Many people reacted to the sad incident. Check the screenshot below to read their comments.
Click on the video link below to watch the full interview.
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