Omobowale Somefun, a Lagos State-based civil servant, has chronicled how Addosser Microfinance Bank, a financial institution, “stole money” from his account after he completed his loan repayment.

Speaking with FIJ, Somefun said he had taken a loan of N60,000 from the firm in December 2021 so he could finance his studies.

The civil servant also said he promised the firm that he would repay the loan within nine months. He however said that the microfinance bank ended up deducting N69,200 from his account instead of the original N62,280 he was to pay back.

Somefun stated that he first sensed that there was Civil “something fishy” about the agreement he signed with the bank when he was paid N58,000 instead of the N60,000 he applied for during the disbursement period.

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“In December 2021, I took a loan that was supposed to last for nine months from Addoser microfinance. I needed the loan to finance my studies,” Somefun said.

“I first noticed a red flag when the N60,000 loan I applied for was reduced by N2,000. I wasn’t even informed of these terms and conditions. My account was just credited with N58,000.

“A lady called Mariam was in charge of this disbursement. I didn’t complain because I needed the money. I was to pay back N6,920 monthly.”

Somefun said in August, he sent a text message to Mariam to inform her that his loan repayment would end in September.

“In August, I sent a text to Mariam to inform her that I would finish paying my loan in September and she confirmed same as well,” he said.

“Surprisingly, another N6,920 was again deducted from my account in October after I had completed repayment. When I noticed this, I quickly reached out to Mariam with proof and all she said was that she was yet to receive the new deduction.

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“I don’t know what to do if this persists. I am worried that Addoser Microfinance Bank will not refund my money and also keep stealing from me monthly.

“This is an unethical behaviour.”

When FIJ contacted Adosser Microfinance Bank, one of its officials who simply identified herself as Ibironke, claimed that the deduction was made by the “Integrated Payroll and Personnel Information System (IPPIS)”.

“The omission was done by the IPPIS as they have a compiled list of customers they debit monthly. They forgot to omit the client’s name from this list,” Ibironke said.

“We will send an email to IPPIS about the erroneous debit and the customer will be refunded in a matter of weeks.

“He is only complaining about this because he is a first-time customer. Most of our existing customers are familiar with these debits and they understand that they will always get refunds.”

Ibironke added that Somefun received only N58,000 from the N60,000 he applied for as a result of “loan charges”.

“The deduction was charges on every loan anyone gets from the bank,” she said.