Journalist Petitions PCC, EFCC, and CBN Over Alleged Unauthorized Deductions by NIRSAL Microfinance Bank

A journalist, Mr. Musliudeen Atanda Adebayo, has petitioned three major regulatory bodies in Nigeria the Public Complaints Commission (PCC), the Central Bank of Nigeria (CBN), and the Economic and Financial Crimes Commission (EFCC), urging them to stop NIRSAL Microfinance Bank from making further deductions from his bank account.

Adebayo, the Oyo State correspondent for DAILY POST, made this appeal in a petition titled "Petition against NIRSAL Microfinance Bank over sudden increment of my payable loan", a copy of which was shared with reporters on Friday.

Adebayo explained that during the COVID-19 pandemic in 2020, he received N180,000 from NIRSAL Microfinance Bank, under the impression it was part of a government grant scheme. He later discovered it was classified as a loan, not a grant, after receiving a repayment notice three years later in August 2023.

“No message was sent to me until August 2023… We thought it was a grant,” he wrote in his petition.

Adebayo shared a detailed breakdown of his repayments, totaling over N207,000, the principal (₦180,000) and 15% interest (₦27,000). His payments include:

• ₦10,000 (19 Aug 2023)

• ₦5,000 (22 Aug 2023)

• ₦5,000 (29 Aug 2023)

• ₦5,000 (20 Sept 2023)

• ₦5,000 (23 Oct 2023)

• ₦10,000 (29 Dec 2023)

• ₦101,277 (deducted 10 May 2024)

• ₦1,727 (deducted 2 July 2024)

• ₦35,525 (deducted 4 March 2025)

• ₦28,471 (paid 4 May 2025 from Jaiz Bank)

Despite settling the agreed repayment, Adebayo claims the bank is now demanding an additional ₦18,000 without providing any updated repayment schedule.

In the petition submitted to the PCC Oyo office, CBN Ibadan branch, and EFCC Ibadan Zonal office, the journalist demanded the immediate closure of his account with the bank and an end to any further deductions.

“I have paid the principal amount and the 15 percent interest. I am not owing the bank and I want the account to be closed… I do not want to have anything to do with the bank anymore,” the petition read.

He also raised concerns that the bank staff refused to present any repayment breakdown to justify the extra charges.

The journalist appealed to the three agencies to intervene immediately, arguing that all avenues to resolve the matter with the Dugbe, Ibadan branch, had failed.

He called on the PCC, CBN, and EFCC to use their regulatory powers to prevent what he described as unauthorized deductions and continued exploitation of citizens.