To be honest, you are legally bound to repay the loan you took from Moniepoint; however, the circumstances around the refinancing and repayment especially where you’ve paid over N11 million on a N9.6 million loan and still owe N1.6 million raise serious concerns about potentially excessive interest or unfair lending practices. Nigerian Money Lending Laws, as well as regulations by the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC), require lenders to operate transparently and fairly. If the loan terms were misleading or exploitative, you may have grounds to file a formal complaint. More critically, Moniepoint’s actions i.e going to your church, threatening arrest, and trying to embarrass you publicly are illegal. Under Nigerian law, loan default is a civil matter, not a criminal one. Only a court can enforce debt repayment, and any form of harassment, defamation, or intimidation (especially in a religious setting) violates your constitutional right to dignity and may amount to criminal conduct on their part. No lender has the legal authority to arrest you without a court judgment or warrant.
To protect yourself, you should immediately stop verbal communication with Moniepoint and request all future interactions in writing. File a formal complaint with both the CBN and FCCPC detailing the harassment and request for debt restructuring or a payment moratorium. You should also seek legal assistance either through a private lawyer or office of the public defender to help defend your rights and potentially obtain a court order to stop further harassment.