A man identified as Habibullahi Aminullahi committed suicide in Ganmo community, near Ilorin, Kwara State, on Monday.
Aminullahi who is a grinding machine operator, hung himself in his shop at Ajase-Ipo Road in Ilorin, the state capital.
A source told journalists that the deceased had on Sunday summoned a meeting with his friends to complain about a N200,000 debt that accrued from a daily contribution he was coordinating.
The friends, according to the source, advised the man to be calm as his situation would soon improve.
Aminullahi refused to heed the advice and went ahead to kill himself.
The spokesman of the state police command, Ajayi Okasanmi, confirmed the development.
He, however, said the deceased did not leave a suicide note.