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Home Business News

FCCPC to investigate illegal practices, rights violation in money lending industry 

Chike Olisah by Chike Olisah
November 16, 2021
in Business News, Spotlight
Babatunde Irukera
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The Federal Government has moved to check some of the illegal, unwholesome and unfair practices in the money lending industry. 

The government have resolved to specifically through the Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) commence rights violation investigation into the money lending industry. 

This disclosure is contained in a document signed by the Chief Executive Officer of FCCPC, Mr Babatunde Irukera, on behalf of the Joint Regulatory and Enforcement Committee, in Abuja on Monday, according to the News Agency of Nigeria.

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What the CEO of FCCPC said on behalf of the Joint Committee 

Irukera said that the Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency were also members adding that the committee would lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks. 

Irukera said that the meeting resolved to collaborate, pursue urgent enforcement action against already known violators while investigating others, as well as criminal prosecutions where applicable. 

He regretted that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society. 

The statement from Irukera reads, ‘’The Federal Competition and Consumer Protection Commission on November 10, 2021; hosted a meeting attended by the Chief Executive Officer of the Independent Corrupt Practices Commission (ICPC), and representatives of the National Information Technology Development Agency (NITDA) and the Central Bank of Nigeria (CBN);in leading an effort to address multiple potentially dubious conduct of certain money lenders, otherwise known as loan sharks.  

“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction. 

“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation. 

“Initial inquiries demonstrate that many of the purported lenders are not legally acceptably established or otherwise licensed by the appropriate authorities to engage in the services they ostensibly provide. 

“A joint taskforce of analysts and enforcers was also created and immediately activated. 

“The agencies recognised and welcome products and providers that bridge the lending gap for consumers who would otherwise be ineligible for conventional loans from traditional financial institutions. 

“However, this must occur within legally acceptable parameters of transparency and fairness.’’ 

Irukera further revealed that a dedicated email address, which is lenderstaskforce@fccpc.gov.ng, has been created by the commission to receive complaints, identity of businesses or individuals involved in these practices. 

What you should know 

It’s no longer news that many Nigerians have complained bitterly about the illegal and terrible practices by these lending companies who blatantly lie against their defaulting customers while invading their privacies.  

Recall that the federal government had earlier revealed that many money lending companies in Nigeria are not registered with appropriate authorities and are carrying out their businesses illegally.  

The money lending companies have also been accused of perfecting the use of crude methods similar to Shylock tactics to enforce loan repayment from their customers. They also employ different illegal ways against anyone unlucky enough to default on any loan taken from them.  

They share information about a customer’s debt with his or her friends and family through numbers retrieved from their phone contacts list, declaring such customer a fraudster and who had defrauded the money-lending company.  

Tags: CBNEFCCFCCPCFederal Competition and Consumer Protection Commission
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 5

  1. Blessing John Ntuen says:
    November 16, 2021 at 5:17 pm

    Absolutely, the high rate of interest in fair money is becoming alarming, I borrowed #200,000 only to pay back #300,000just in four months can you imagine but what will do? All my efforts to get a loan from CBN has been proven abortive I have now become a slave to fair money, I work they eat.

    Reply
  2. Name Akinyemi says:
    November 17, 2021 at 12:59 pm

    Soko lending send messages to all my contacts harassing me wit sort of names

    Reply
  3. Brenda says:
    November 20, 2021 at 2:59 am

    Una site no dey work ooo.no video is playing

    Reply
  4. Mubarak sulaimon lanre says:
    December 2, 2021 at 10:50 am

    I want to take the vaccine

    Reply
  5. Kampala Pender says:
    February 3, 2022 at 9:38 pm

    Imoney has been victimizing me for some days now they sent Messages to all my contacts tarnishing my name that am a fraudster threatening all my contacts that they will block their bvn and mine and declare wanted that I duped their company and on the run for a #20,000 loan which I defaulted and I have paid them #9,000 but today the money has rises to #26,000 despite my trying to reduce it because of over due fees they’re adding yet they keep harassing me and my contacts while they’re gaining from the overdue fees, they are so many of them that I have fall victim I which the government will really take action against these dubious set of people they sends harassing messages more than 6 times daily and lies against me to my contacts that I present them as emergency contacts which is a lie, today they have just sent me another message legal action alert pay now or you will be charge to court even when I have explained my situation to them and also made a part payment of #3,000 yesterday with plea to have patient that I will pay, and this is a platform that gives a high interest loan for just 8 days and I have been paying them before due date more than 5times now before my present challenges, they will start insulting and threatening you once you try telling them of your problem without consideration, they and their likes are dubious and victimizing to customers I really want the government to bring this people to book and be sanctioned before been regulated, if the government don’t know all I will be glad to be contact and I will list all out once you default it will becomes difficult for you to clear yourself because of the overdue they will promise to charge 3% but what they will be adding more than 4% a day, just as they lies on their Google play store that they gives 91days and more but what you see as you applies is 7 days to 8 days

    Reply

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