Ephraim Osadayo (not real name), an officer of the Nigeria Security and Civil Defence Corps (NSCDC), has narrated how Fullrange Microfinance Bank (MFB), a financial institution based in Oyo State, deducted an excess of N205,200 from his account as loan repayment.

While speaking with EQ on Monday, Osadayo said he took his first loan from Fullrange MFB in January 2021.

“In January 2021, I applied for a N250,000 loan from Fullrange MFB,” Osadayo told EQ.

“The loan was structured in such a way that the interest rate was 4% and I was to repay N30,844 every month for 12 months.

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Osadayo’s Letter to Fullrange MFB

Osadayo’s Letter to Fullrange MFB

“Surprisingly, however, the MFB went on to deduct N31,344 every month for 16 months. This then meant N31,344 was deducted from my account for an extra four months, and against the original repayment agreement we had.

“In the end, the bank deducted an excess amount of N131,504 from my account while recovering the loan I took from them.”

Osadayo told EQ that he later applied for another N430,000 loan from the same MFB on May 16, 2022.

Screenshot of the N222,000 That Was Disbursed to Osadayo by the MFB in May 2022.

“In the end, the bank only disbursed the sum of N222,000 to my account. I was also told that the sum was disbursed to my account because the MFB’s management only approved a N230,000 loan. This was in May 2022,” said Osadayo.

“Just like the 2021 loan I took, however, the MFB again made an excess deduction of N73,696 from my account, from June 2022 to October 2024.

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One of the Excess Deductions Made From Osadayo’s Account in October 2024

“In total, Fullrange MFB has made an excess deduction of N205,200 from my accounts on both loans. I have tried calling the bank management’s attention to these excess deductions on many occasions, but they would not even respond to my complaints.

“I am just a civil servant trying to survive.”

EQ sent an email to Fullrange MFB on Tuesday for a reaction to Osadayo’s complaint, but it had not been responded to at press time.
The post Fullrange MFB Deducts Excess N205,200 From NSCDC Officer’s Account, Stays Mute on Refund appeared first on Foundation For Investigative Journalism.