Resident storm police station after a microfinance firm disappears with Funds

  • Police authorities in Ondo State are currently in search of operators of a micro-finance bank in Ogun state after complaints from customers
  • Customers, which are residents and petty traders, were awakened by the rude shock that the Microfinance bank stopped operation with refunding their money
  • The operator is to have fled the town with his staff and also locked up his once buzzing , active office

Some residents have stormed the Mowe Police Station in Ogun State, alleging that a microfinance firm stole their money.

The firm had promised to give its customers loans after deposit but disappeared after receiving payments from many people in the area.

But the residents were shocked to find the company has closed shop without refunding money collected or providing loans.

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Microfinance firm disappears
Microfinance has become an important tool in providing small loans to poor people.
Credit: Neil Thomas
Source: Getty Images

Victims share sad experiences

One of the victims, Funmilayo Adebayo, told The Punch that,

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“About three of us jointly contributed N50,000 which we paid to them because we wanted a loan of N150,000. I suffered while I was pregnant to get the money that I gave them. Now that I have put to bed and I need it, the money has been lost.”

Another victim, Nike, stated that she required a loan of N200,000 and paid N24,000 to the firm.

“Mine is nothing in comparison to what others have given them. “There was a woman weeping at Lotto yesterday because she handed them N200,000 for a loan of N1 million.”

Morenike Ajayi, had applied for a loan of N200,000 to boost her catering business.

She said:

“All my hopes were riding on this money since I took the remaining funds in my account, borrowed additional funds from a friend in the hopes that once I received the loan, I would repay her and invest the remainder in my business. Now, these con artists have destroyed all of my plans. Where should I begin?”

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Abimbola Oyeyemi, the Public Relations Officer for the Ogun State Police, said an investigation was underway.

Loan sharks bring headache to customers

Meanwhile, has reported that the activities of loan sharks masquerading as lending apps in Nigeria have left the majority in the country worried as the apps use crazy methods in chasing and recovering their loans.

In a Facebook post by one Onyinye Mmoh, one of the loan apps went to the extreme measures of designing the obituary of its creditor, one Azubuike Chinedu.

Another measure unlawful measure employed by another is declaring a creditor wanted and harassing contacts of those who owe them.


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