Lagos Employee Cries To Sanwo-Olu Over Alleged Unlawful Deductions From His Wage By Two Micro Finance Banks

A Lagos State civil servant has written Governor Babajide Sanwo-Olu over what he described as a rising wave of economic fraud allegedly perpetrated by some microfinance establishments.

In a letter dated October 13, 2025, the criticism narrated a stunning expertise involving unauthorized withdrawals, fraudulent loans, and wage deductions linked to 2 main microfinance corporations — Zedvance Microfinance Financial institution and Credit score Direct Microfinance Restricted.

In accordance with the letter made accessible to Mushines Information, the sufferer stated his ordeal started on August 26, 2025, when he misplaced his cell phone on his manner residence from work. The next morning, he found {that a} whole of ₦318,000 had been illegally withdrawn from his Polaris Bank and Stanbic IBTC Bank accounts.

He additional revealed that, past the withdrawals, unknown fraudsters allegedly used his SIM card on the stolen cellphone to safe loans of ₦1,000,000 from Zedvance Microfinance and ₦880,830 from Credit score Direct Microfinance, all with out his consent or documentation.

“Earlier than I might retrieve my SIM card, the perpetrators had withdrawn ₦50,000 from the ₦1,000,000 mortgage and one other ₦68,000 from the ₦880,830 mortgage,” the sufferer wrote. “To my shock, the microfinance establishments stated they didn’t require any bodily verification earlier than approving loans.”

He defined that regardless of lodging formal complaints at each establishments, deductions have continued from his month-to-month wage, with Zedvance and Credit score Direct allegedly taking ₦69,133.33 and ₦55,156, respectively, by means of his wage account domiciled at Polaris Bank.

He additionally claimed that when he visited each places of work to resolve the problem, he met different victims crying and protesting related fraudulent deductions, suggesting the issue was widespread.

“They informed me to refund the cash transferred into my account earlier than they may cease the deductions, which I’ve achieved fully. But, they haven’t refunded what was already taken from my September wage,” he added.

The criticism, who hooked up proof of the transactions and refund receipts to his letter, appealed to Governor Sanwo-Olu to intervene and shield Lagos staff and residents from what he described as “the burden and struggling imposed by these monetary establishments.”

“Many Lagosians and authorities employees are struggling by means of the unchecked actions of some microfinance establishments,” he wrote. “I plead with you, Sir, to make use of your good workplace to place a cease to this exploitation.”

Observers say the incident underscores the pressing want for stricter regulation and verification processes within the microfinance sector, particularly amid rising circumstances of cyber-enabled monetary fraud in Lagos State.