Journalist petitions EFCC, CBN, PCC over sudden increment of loan interest by NIRSAL Microfinance Bank 

A journalist, Mr Musliudeen Atanda Adebayo, has enjoined the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN) and the Public Complains Commission to prevail on NIRSAL Microfinance Bank to stop  further deduction of money from his account.

Adebayo who is the Oyo State Correspondent for DAILY POST made the assertion in a petition written to the three agencies, a copy of which was made available on Friday.

It was learnt that copies of the letters have been submitted at the EFCC Ibadan Zonal office, CBN Ibadan Branch and PCC Oyo State office in Ibadan.

Adebayo in the petition titled,  “Petition against NIRSAL Microfinance Bank over sudden increment of my payable loan”, urged the three agencies to prevail on the bank from further deduction of money from any of his bank accounts.

Adebayo in the petition said in 2020, they were promised to be given grant during COVID-19 pandemic, he was given a sum of one hundred and eighty thousand but he later found out that it was loan.

He said he has paid the principal loan as well as the 15 per cent interest, stating however that it was regrettable that the bank is demanding additional 15 per cent from him, after he has paid the principal loan and the interest.

Adebayo in the petition noted that he has approached a branch of NIRSAL Microfinance Bank at Dugbe to close the account but they insisted that he will still pay additional 15 per cent.

He then used the opportunity to appeal to the EFCC, CBN and PCC to prevail on the bank not to deduct any money from his account anymore.

The petition read,  “I have exhausted all the necessary avenues to resolve this matter amicably but the manager and the staff of NIRSAL Microfinance Bank at Dugbe Ibadan are still insisting that they will still deduct money from my account after I have paid the principal loan and the 15 per cent interest and I do not have any other options than to write this petition to the three agencies and make it available to the journalists for all members of the public to know what is happening.

“I am using this medium to lodge a complain over sudden increment of my payable loan at NIRSAL Microfinance Bank from 15 to 25 per cent. I will like to state that I was not informed that it was loan that we were given instead of grant. A sum of one hundred and eighty thousand was given to me during the COVID-19 pandemic era in 2020.

“An account with 0250571240 was opened for me by the bank. We thought that it was grant at that time. No message was sent to me untill August 2023. Sometimes in August 2023, I received a message that I was supposed to have paid the loan. I started the repayment in September 2023. I approached the Dugbe Ibadan branch and demanded for the total amount I was to pay. I was told by the cashier that I was to pay the sum of N180,000 and additional 15 per cent as interest which if added together is N207,000

“I paid a sum of 10,000 on 19th August 2023. 5,000 on 22nd August 2023. 5,000 on 29th August, 2023. 5,000 on 20th September, 2023. 5,000 on 23rd October, 2023. 10,000 on 29th December, 2023. A sum of N101, 277 was deduced from my account on 10th May 2024 through GIS, additional sum of N1,727 was deduced through GIS recovery on 2nd July 2024, while N35,525 was also deduced through GIS recovery on 4th March 2025. On Sunday, 4th May, 2025, I paid a sum of N28,471 from my Jaiz Bank account as the balance I was to pay. I have paid the principal amount (N180,000) and the interest of fifteen per cent (N27,000). I am am not owing the bank and I want the account to be closed.

“Unfortunately, I approached the same branch and I was told there is additional N18,000 I was to pay. I told the manager to provide the schedule of payment I was issued sometimes ago but he refused. As at today, I have paid all the total amount of money I supposed to pay based on the sheet issued to me when I demanded the total amount of money I was to pay.

“On Friday, 23rd May, 2025, I approached the same branch demanding for the closure of my account but they told me that I can only change the status of my credit which I initially disagreed with. They told me to write a letter with the headline “Request to update my credit status”. I was not comfortable with this arrangement as I am no longer interested in dealing with the bank anymore.

“My request: I have paid all the total amount of money I supposed to pay including the 15 per cent interest and on this premises I seek your intervention to prevail on the bank not to deduct any money from my account henceforth. I want to close the account totally and I do not want to be have anything to do with the Bank anymore. I am using this medium to appeal to you to use your good office to ensure that all these requests are granted”.