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), urging their intervention to stop further deductions from his bank accounts by NIRSAL Microfinance Bank over what he described as an unjustified increase in his loan repayment terms.
Adebayo, who serves as the Oyo State correspondent for DAILY POST, submitted formal petitions to the EFCC Zonal Office in Ibadan, the CBN Ibadan Branch, and the PCC Oyo State office. Copies of the petitions were made available to journalists on Friday.
In the petition titled “Petition Against NIRSAL Microfinance Bank Over Sudden Increment of My Payable Loan”, Adebayo called on the agencies to halt what he described as continuous and unauthorized deductions from his account, despite having fully repaid the principal sum and the agreed interest.
According to him, during the COVID-19 pandemic in 2020, he was among the beneficiaries of a financial support scheme presumed to be a grant. However, he later discovered it was a loan of ₦180,000. He stated that he had already repaid the loan along with the initially agreed 15% interest, totalling ₦207,000.
Adebayo detailed a timeline of his repayments, which included direct payments and deductions from his bank accounts, cumulatively covering both the principal and interest. Despite this, he alleged that the bank is now demanding an additional ₦18,000, representing a sudden and unexplained increase in the interest to 25%.
“I was told at the bank that I had settled the entire obligation once I completed payment of the ₦207,000. I made several payments between August 2023 and May 2025, and additional sums were deducted via GIS recovery. On May 4, 2025, I made the final payment of ₦28,471 from my Jaiz Bank account,” Adebayo stated in the petition.
He recounted efforts to close the loan account at the Dugbe branch of NIRSAL Microfinance Bank, which were rebuffed. According to him, bank officials refused to furnish a schedule of the alleged outstanding payments and instead insisted he write a letter to “update” his credit status—an arrangement he considered opaque and unacceptable.
“I have exhausted all amicable channels. Despite fulfilling all repayment obligations, the bank is still threatening further deductions. I am no longer interested in any form of engagement with the bank and I demand the immediate closure of the account,” he wrote.
Adebayo concluded by appealing to the EFCC, CBN, and PCC to investigate the matter and compel NIRSAL Microfinance Bank to cease any further deductions and close his account permanently.
The petition underscores rising public concerns around transparency and accountability in Nigeria’s microfinance lending practices, particularly in the wake of COVID-19-era disbursements that many claim were misrepresented as grants.
