Nigerian seek CBN intervention after FCMB charge him N103,350 on a N20,000 bank loan

A Nigerian man, Mr Adekoya Dare Alaba has sought the intervention of the Central Bank of Nigeria (CBN) after accusing First City Monument Bank (FCMB) microfinance bank inflating loan repayment of N20,000 to N103,350.

Mr Adekoya in an open letter posted on social media explained that he obtained the said loan in 2019 and decided not to repay the loan until he gets a refund of N40,000 of his money trapped in the bank.

Nigerian seek CBN intervention after FCMB charge him N103,350 on a N20,000 bank loan

He explained that after seeking the counsel of a lawyer, he paid the sum of N26,800 as the amount quoted by his bank as to be paid back.

He further explained that he was shocked when he received a message from the bank that the sum of N103,350 has accrued on the loan.

While faulting how the bank arrived at the sum of N103,350, Adekoya called on the Central Bank of Nigeria (CBN) to investigate the matter.

Mr Adekoya

Find below the open letter:

Dear Sir,


I’m Dare Adekoya,I’m a customer to First City Monument Bank and where l operate a current account with number 0015747029

In 2019,l borrowed the sum N20,000 from FCMB Microfinance Bank through *329#.

Initially l decided not to pay back the loan because of my N40,000 that FCMB defrauded me of in a case coded ##106069##, ##1095259## and ##1093870## which till today remain unresolved and unnremitted.

I posted about this on social media on March 18th, 2020 and thereafter more than four FCMB customer care consultants called me, pleaded with me to pay up,and they said “my loan and the accrued interest was then N26,800” that was between March 20th to March 25th 2020 and the Bank sent in lots of SMS affirming same amount, The messages are still on my phone.

Thereafter l contacted my lawyer who advised that “It is better l pay FCMB off first,so as to have a good case in my trapped N40,000,since two wrongs won’t make a right and that anyone who must come for equity must come with clean hands.

After the counsel, l decided paid back the money and as May 9th,2020 I had paid back the whole N26,800.

Immediately after the payment l got this message from FCMB that state that “Thank you for paying back N10,000 late charges. You only have N38,135.20 of late fee and N58,135.20 of micro-loan amount remaining to pay”.

How can that be? When her customer care officials called me severally mentioning N26,800, more so, how can N103,350 accrue on a loan of N20,000 in less than two years, at what rate and what percentage?.

I dont know how FCMB arrived at this calculation?

Please Sir, l want you to help me to use your high office to compel FCMB to check her books let me know what is happenning, because FCMB has remain a cog in my wheel of progress and l have decided to close all my accounts with her and never have anything to do with her again in my life.

But that can only be done after this debt issue is cleared.

I’m anxiously awaiting your timely response.

Yours Sincerely,

Adekoya Dare Alaba Esq

Be the first to comment