Nigeria Lecturer Narrates How Bank Denied Him N5m Loan Due To Poor Salary

Mazi Eze, a lecturer at the Department of English, University of Port Harcourt, on Thursday, shared his frustration after being denied a N5 million loan due to his monthly salary of N191,000.

Eze while narrating his experience in a post on his Facebook page, disclosed that he visited First Bank, Choba, where he sought a loan to enhance his Public Speaking Academy Limited and acquire social media gadgets but was told by his account officer that his salary was not enough for the loan he demanded.

Eze who expressed disappointment over the development, highlighted the significant salary gap compared to counterparts in other universities who reportedly receive monthly incomes ranging from N230,000 to N250,000..

He said academic members of the institution were facing challenges.

He wrote, “Yesterday, I got insulted big time! By my UNIPORT salary!

“I went to my bank, First Bank, Choba to borrow N5 million. My account officer, a jolly good lady, said, ‘We cannot give you up to that amount as a loan.’ ‘Why?’ I asked.

“‘Your salary cannot carry it. Wait, let me see.’ She clicked away at her desktop computer and said, ‘Your salary is N191,000. We can only give you 1. something million repayable within three years.’

“I shook my head and replied, ‘I don’t need 1. something million. What I need is N5 million. I need to fully equip my Public Speaking Academy Limited. I need to buy some gadgets for my social media engagements.’

“The lady said, ‘Sorry Sir, your salary cannot carry it.’ That day, I went home without getting the loan. I went home sad. Angry. Depressed. I’m 10+ years as a lecturer in UNIPORT. I have a PhD And my take-home pay is N191,000.

“Some of my colleagues who are at my salary scale level in Federal Polytechnic, Nekede, Bori Polytechnic, and Rivers State University receive between N230,000 and N250,000 monthly. That’s what they told me. N230,000 to N250,000 monthly is peanuts in this Tinubu’s economy.

“At UNIPORT, a federal university, it’s N191,000 monthly! What’s wrong with UNIPORT? Or is it the same salary scale in other federal universities in Nigeria?

“In the next six to eight years, by God’s grace and through determination and diligence, I’ll become a professor, and my salary will be a miserable N440,000 monthly. Me, I’m tired sef!”