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High Court extends arrest warrant for Eurafrican loan defaulter

SUNDAY NEWS Reporter
Daily News; Saturday,November 01, 2008 @22:45

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The High Court’s Commercial Division has extended the arrest warrant issued against a Dar es Salaam businessman, Mr Al-noor Nanji, who disappeared mysteriously to avoid paying 150m/-loan he obtained from the then Eurafrican Bank in 2002.

Judge Katherine Oriyo ordered that the arrest warrant issued against him on March 30, last year, for failure to pay the loan, should remain in force until February 15, next year, when the case will be mentioned again.

There have been efforts by the International of Police (Interpol) to trace the whereabouts of the businessman, though there was unconfirmed information that he was rotating. The police in Dar es Salaam, in assistance with the Interpol, launched a manhunt for the businessman in 2006 and advertised in several newspapers for his arrest after escaping to India to avoid paying the loan.

Interpol allegedly traced the businessman in India where he was reported to have gone, but after discovering that he was on a wanted-list he escaped to France, before running away to Abudhabi in United Arab Emirates. There are claims, however, that Mr Nanji is in Oman. Before leaving the country, the businessman was operating a wholesale and retail shop of footwear and accessories along Mkunguni Street, Kariakoo area in the city.

It is alleged that Mr Nanji obtained a total loan of 211m/- from the bank, which is currently known as Bank of Africa (BOA) on personal guarantee, which by December 18, 2003, stood at 249,574,041/67. When he failed to repay the loan, the bank filed a suit before the court against him. On June 11, 2004, however, the parties reached a settlement whereby the businessman admitted a liability of 190m/-, but paid 40m/- only, leaving a balance of 150m/- unpaid to date.

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