|By Adejumo Adekunle-
-Journalist Seeks EFCC, CBN, PCC Intervention in Loan Dispute
–Says NIRSAL Microfinance Bank Is Making Illegal Deductions Despite Full Repayment
A journalist, Mr. Musliudeen Atanda Adebayo, has petitioned the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN), and the Public Complaints Commission (PCC) over alleged illegal and continued deductions from his account by NIRSAL Microfinance Bank, despite full repayment of a COVID-era loan.
Adebayo, the Oyo State correspondent of an undisclosed media outlet, submitted copies of his petition to the EFCC Ibadan Zonal Office, the CBN Ibadan Branch, and the PCC Oyo State office. He urged the regulatory bodies to intervene urgently and halt further deductions from any of his bank accounts.
In the petition titled “Petition against NIRSAL Microfinance Bank over sudden increment of my payable loan”, Adebayo explained that he received ₦180,000 during the COVID-19 pandemic in 2020, which was initially presented as a grant. However, he later discovered it was a loan.
“We were told it was a grant. No official communication was sent to me until August 2023 when I received a message that I was supposed to have paid back a loan,” he wrote.
He noted that upon discovering it was a loan, he began repayment and even paid the additional 15% interest, bringing the total repayment to ₦207,000. He also listed several payment tranches, including direct deductions through GIS recovery, amounting to more than the agreed sum.
Despite paying the principal and the agreed interest, Adebayo alleged that the bank is now demanding another 15%, an increment he said he was never informed about.
“I have exhausted all necessary avenues to resolve this matter amicably, but the manager and staff of NIRSAL Microfinance Bank at Dugbe, Ibadan, insist on deducting more money. I had no choice but to escalate the matter,” he stated.
He called on the EFCC, CBN, and PCC to investigate the matter, stop further deductions, and direct the closure of the account opened for him by the bank.
Adebayo emphasized that he is not indebted to the bank, having completed all agreed repayments. He maintained that he was not properly informed about the nature of the fund and the revised repayment structure.
“I am not owing the bank. I have paid the principal and interest, and I want the account closed.”
Breakdown of Payments Made by Adebayo
₦10,000 — 19th August 2023
₦5,000 — 22nd August 2023
₦5,000 — 29th August 2023
₦5,000 — 20th September 2023
₦5,000 — 23rd October 2023
₦10,000 — 29th December 2023
₦101,277 — Deducted via GIS on 10th May 2024
₦1,727 — Deducted via GIS on 2nd July 2024
₦35,525 — Deducted via GIS on 4th March 2025
₦28,471 — Paid via Jaiz Bank on 4th May 2025
