Ferrimagnetism in orthorhombic ${\mathrm{Ni}}_{4}{\mathrm{Nb}}_{2}{\mathrm{O}}_{9}$ below its N\'eel temperature, ${T}_{FN}\ensuremath{\sim}76\phantom{\rule{0.16em}{0ex}}\mathrm{K}$ is reported to result from two inequivalent ${\mathrm{Ni}}^{2+}$ ions having different magnetic moments. However, a clear understanding of the temperature variation of its magnetization $[M(T$)] for $T>{T}_{FN}$ and $T<{T}_{FN}$ in terms of a single set of exchange parameters is still lacking. In this work, experimental results obtained from a detailed analysis of the temperature and magnetic field dependence of magnetization $[M(T,H)$], ac-magnetic susceptibility [${\ensuremath{\chi}}_{\text{ac}}(f,T,H$)], and heat-capacity [${C}_{P}(T,H)$] measurements are combined with theoretical analysis to provide new insights into the nature of ferrimagnetism in ${\mathrm{Ni}}_{4}{\mathrm{Nb}}_{2}{\mathrm{O}}_{9}$. X-ray diffraction/Rietveld analysis of the prepared sample yielded the structural parameters of the orthorhombic crystal in agreement with previous studies, whereas x-ray photoelectron spectroscopy confirmed the ${\mathrm{Ni}}^{2+}$ and ${\mathrm{Nb}}^{5+}$ electronic states in ${\mathrm{Ni}}_{4}{\mathrm{Nb}}_{2}{\mathrm{O}}_{9}$. Analysis of ${\ensuremath{\chi}}_{\text{ac}}(T)$ shows the paramagnetic-to-ferrimagnetic transition occurs at 76.5 K (${T}_{FN}$), which increases with applied field $H$ as ${T}_{FN}\phantom{\rule{4pt}{0ex}}\ensuremath{\propto}\phantom{\rule{4pt}{0ex}}{H}^{0.35}$ due to the coupling of the ferromagnetic component with $H$. For $T>\phantom{\rule{4pt}{0ex}}{T}_{FN}$, the ${\ensuremath{\chi}}_{dc}$ versus $T$ data are fitted to the N\'eel's expression for ferrimagnets, yielding the $g$-factors for the two ${\mathrm{Ni}}^{2+}$ ions as ${g}_{A}=2.47$ and ${g}_{B}=2.10$. Also, the antiferromagnetic molecular field constants between the $A$ and $B$ sublattices were evaluated as ${N}_{AA}=26.31, {N}_{BB}=8.59$, and ${N}_{AB}=43.06,$ which, in turn, yield the antiferromagnetic exchange parameters: ${J}_{AA}/{\mathrm{k}}_{B}=4.27$ K, ${J}_{BB}/{\mathrm{k}}_{B}=1.40$ K, and ${J}_{AB}/{\mathrm{k}}_{B}=6.98$ K. For $T<{T}_{FN}$, the $M$ versus $T$ data clearly show the magnetic compensation point at ${T}_{\text{COM}}\ensuremath{\sim}33$ K. The mathematical model presented here using the magnitudes of ${N}_{AA}, {N}_{BB}$, and ${N}_{AB}$ correctly predicts the position of ${T}_{\text{COM}}$ as well the temperature variation of $M$ both above and below ${T}_{\text{COM}}$. The data of ${C}_{P}(T$) versus $T$ shows a $\ensuremath{\lambda}$-type anomaly across ${T}_{FN}$. After subtracting the lattice contribution, the ${C}_{P}(T$) data are fitted to ${C}_{P}=A{(T\ensuremath{-}{T}_{N})}^{(\ensuremath{-}\ensuremath{\alpha})}$ yielding the critical exponent $\ensuremath{\alpha}=0.14(0.12)$ for $T<{T}_{FN}(T>{T}_{FN}),$ which is a characteristic of second-order phase transition. Magnetic entropy changes determined from the $M\text{\ensuremath{-}}H$ isotherms shows that the applied field $H$ enhances the magnetic ordering for $T>{T}_{FN}$ and $T<{T}_{\text{COM}}$, but for ${T}_{COM}<T<{T}_{FN}$, the spin disorder increases with the increase in $H$. The temperature variation of the measured coercivity ${H}_{C}(T$) and remanence ${M}_{R}(T$) from 1.9 K to ${T}_{FN}$ initially show a decreasing trend, becoming zero at ${T}_{\text{COM}}$, then followed by an increase and eventually becoming zero again at ${T}_{FN}$.