The Federal Competition and Consumer Protection Commission (FCCPC) says the joint regulatory and enforcement committee to probe rights violation and unfair practices in the money lending industry has commenced its investigations.
The committee that has received over 500 electronic mails and information in respect of the investigation would through their activities lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks.
According to NAN, this was made known by the Chief Executive Officer of the FCCPC, Mr Babatunde Irukera, during an interview on Monday in Abuja.
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What the Chief Executive Officer of FCCPC is saying
Irukera said that with infractions already established in some of the cases, enforcement will be started by 2 or more of the agencies depending on the scope of what the enforcement operations will be.
He said, “Yes, investigation has commenced. All agencies involved are currently exchanging information and gathering more. We have received approximately 500 additional emails at the created dedicated platform to gather information in furtherance of the investigation.
“Modalities include key operatives of the agencies meeting based on the joint investigative framework already developed and currently being analysed. Others that will continue under the investigation framework require additional information which is being procured by both direct and indirect means.’’
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In case you missed it
Recall that about 2 weeks, the Federal Government has moved to check some of the illegal, unwholesome and unfair practices in the money lending industry with the setting up of a joint committee to address the situation.
The joint investigative committee which will be coordinated by the Federal Competition and Consumer Protection Commission (FCCPC), has other members that include the Central Bank of Nigeria (CBN), the Economic Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency, who are to commence rights violation investigation into the money lending industry.
The FCCPC boss had expressed regrets that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.
