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The Acknowledgement of Loan Letter is a fundamental document in Nigerian lending practices, used to formally document and confirm the existence of a loan agreement between parties. This document is particularly important in the Nigerian legal context, where written evidence of debt is crucial for enforcement and compliance with the Money Lenders Act and other relevant legislation. The letter serves multiple purposes: it provides clear evidence of the debt's existence, confirms the borrower's acceptance of the loan terms, and establishes a formal record for legal and accounting purposes. It's commonly used in both institutional and private lending scenarios, and can be especially important for loan restructuring, debt confirmation, or when establishing clear records of existing financial obligations. The document must comply with Nigerian banking regulations and contract law requirements to be legally enforceable.

1. Letter Date and Reference: Current date and any reference number for the loan

2. Lender Details: Full name and address of the lender, including registration details if a licensed money lender

3. Borrower Details: Full name and address of the borrower

4. Loan Amount Acknowledgement: Clear statement acknowledging the specific amount borrowed and when it was received

5. Loan Terms Summary: Key terms including interest rate, repayment period, and payment schedule

6. Repayment Commitment: Clear statement of commitment to repay according to the specified terms

7. Purpose of Loan: Statement indicating the purpose for which the loan was taken

8. Signature Block: Space for borrower's signature, witness signature, and date