A middle-aged woman, known as Mama Dada, has reportedly set herself ablaze in her rented apartment over her inability to offset a loan of N70,000  she took from a microfinance bank popularly known as LAPO.

It was gathered that the deceased got burnt beyond recognition as the entire building located at the Oke-Keesi, Itoko area of Abeokuta was razed down.

LAPO is known for lending money to traders and other small-scale business owners with specific instructions for repayment plans.

An eyewitness, Bolanle Ajayi, a resident of the area, said that the woman killed herself after she was unable to pay back a loan she took from  LAPO.

She said, “I was told that she obtained the loan running into N70,000.”

A former member of the LAPO group, who identified herself simply as Mrs Adeogun said an  ‘unprecedented embarrassment’ will befall anyone who refuses to pay back the borrowed money from the bank at the set date.