OAU Graduate Sparks Outrage by Charging N370K Interest on N300K Student Loan

A fresh controversy erupted when Obafemi Awolowo University alumnus Abdulmalik Ogundiran was accused of demanding N670,000 repayment on a N300,000 student loan. The borrower alleges the lender dismissed his repayment concerns and justified the excessive charge. Many Nigerians decry the N370,000 interest as exploitative toward financially vulnerable students already burdened by tuition and living expenses. Others argue that borrowers must understand and accept agreed loan terms before signing. The incident underscores growing worries over informal lending and student financing in Nigeria. It has reignited calls for greater financial literacy and possible regulation of private lending practices to protect students. What’s your view? Should such steep interest be allowed if both parties consented, or does this cross the line into exploitation?

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.