Speaking to reporters in Ibadan, Oyo State, the Agents’ spokesperson, Mr. Taiwo Odebunmi, claimed that their members had experienced extreme adversity.
Speaking on behalf of more than 120 NIN agents in South West who were purportedly hired by NIMC, Odebunmi urged President Bola Tinubu to step in.
He stated that NIRSAL Microfinance Bank’s (MFB) AGSMEIS lending program was used to finance the purchase of enrollment devices and licenses.
He clarified that a loan of ₦4,109,485.72 was given to each NIN agent in exchange for a monthly commission. According to him, NIMC allegedly paid commissions in April and May of 2021 before ceasing to do so.
Each agent was expected to receive $1 for each enrollment, Odebunmi continued. Additionally, he demanded
Each agent was expected to receive $1 for each enrollment, Odebunmi continued. In addition, he insisted that NIMC revalidate their license, which the commission had purportedly revoked after they had paid for it.
Under the condition that the monthly commissions received by NIMC be transferred into our NIRSAL MFB repayment accounts in order to offset the loan, each agent was given a loan of ₦4,109,485.72.
But following the initial two months of payment by NIMC in April and May of 2021, the Commission’s payment ceased, and we did not receive any money from June to December of the same year.
For our members, this resulted in a great deal of loss and misery. However, this backlog was paid in March 2022, and when the moratorium ended in February 2022, deductions were made for loan repayment based on this backlog, according to Odebunmi.
Since then, commissions on completed enrollments have been owed to NIMC’s members. Since NIRSAL MFB has started the GSI Recovery procedure on agents with the help of the Central Bank of Nigeria, this nonpayment of commission has caused us a lot of problems.
Under the condition that the monthly commissions received by NIMC be transferred into our NIRSAL MFB repayment accounts in order to offset the loan, each agent was given a loan of ₦4,109,485.72.
But following the initial two months of payment by NIMC in April and May of 2021, the Commission’s payment ceased, and we did not receive any money from June to December of the same year.
For our members, this resulted in a great deal of loss and misery. However, this backlog was paid in March 2022, and when the moratorium ended in February 2022, deductions were made for loan repayment based on this backlog, according to Odebunmi.
Since then, commissions on completed enrollments have been owed to NIMC’s members. Since NIRSAL MFB has started the GSI Recovery procedure on agents with the help of the Central Bank of Nigeria, this nonpayment of commission has caused us a lot of problems.
Additionally, through a fraudulent revalidation process, NIMC revoked our licenses in 2023. Despite the fact that our contract is for five years, these licenses were revoked after being paid for with this loan.
According to Leadership, Odebunmi stated, “We are now pleading with the federal government and its pertinent agencies to act quickly in order to ensure the payment of the outstanding commission of $1 per enrollment and revalidation of our operation license.”