The Federal Competition and Consumer Protection Commission (FCCPC) has announced that due to the ongoing investigation of unregistered loan apps and harassment of defaulting customers, it will proceed with criminal prosecution of those whose conduct is in violation of extant law
This was disclosed by Mr Babatunde Irukera, the Executive Vice Chairman of FCCPC in a document signed on behalf of the Joint Regulatory Task Force (JRTF) addressing ‘loan sharks’ in Abuja on Monday.
According to the News Agency of Nigeria, the FCCPC boss revealed that a few of the lending operators under investigation, with frozen accounts, approached the Commission and expressed the desire to cooperate with the FCCPC.
Read: FCCPC indicts Google over defaulting online money lending banks, to use US law enforcement
Other News
What the FCCPC boss is saying
Irukera stated that the Commission would also hold employees, collaborators or agents of money lenders accountable in line with extant laws in the event of any conduct violation.
He stated that as a condition to acceptance into the cooperation framework, some of the moneylenders have been required to desist from contacting, including by text messages, people on contact lists/third parties of borrowers or defaulters.
”They are also required to discontinue further abusive, coercive and inappropriate language in communication with loan defaulters or borrowers.
Read: FCCPC orders domestic airlines to immediately stop airfare increase
”To also provide a mechanism for transparency regarding loan repayment fees, default or late payment charges as well as interest calculation to the Commission.
”The mechanism must include an open, accessible and responsive feedback and dispute resolution framework that complies with fair lending and loan recovery principles.
”The Commission reserves the prerogative to proceed in any manner consistent with prevailing law including but not limited to criminal prosecution of any digital money lender, its employees, collaborators or agents, whose conduct is in violation of extant law,” he added.
The Commission also commended consumers for diligent cooperation in providing vital and meaningful information that had so far assisted the Commission’s investigations.
Read: Tired of loan sharks? Check out some CBN approved payday loan offers
In case you missed it
- Late last year, the Federal Government through the FCCPC had moved to check some of the illegal, unwholesome and unfair practices in the money lending industry.
- The committee that received over 500 electronic mails and information in respect of the investigation was expected to through their activities lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks.
- The FCCPC as part of its wide-ranging orders against unlicensed and illegal online money lending banks, had subsequently directed them to stop compounding interest and loan collection practices that are presently undergoing investigations.
- Recall Nairametrics reported last month that the Federal Competition and Consumer Protection Commission (FCCPC) had served wide-ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain money lending applications from their stores.
Please LCREDIT is one and ADD MONEY, I collect N110k from Lcredit and my due date I default due to some reason and which is it not my first or 10 times am collecting loan from them.
After which them send my picture to all my contact that am a criminal and later I pay deir money with interest which I pay N140k totally,
To my surprise they are still calling till now that I am still owing 185k.
Dis LCREDIT company should be close the management of LCREDIT and deir staff are all criminals
They did same thing to me. Honestly this people made me question my sanity. I knew that I completed my payment then few days later I was called to be notified that I still have an outstanding balance.
FCCPC please close LCREDIT the management and staff are thief, the experience I had with them was very very bad, them send my picture to all my contact and tell them that am a criminal.
I default for the loan they gave me which is N110k and I later pay N140k.
Sir LCREDIT still telling me now that am owing them N185k after have pay them 140k.
imoney should also join the folds that should be closed down. I collected#50,000 from them and I have paid the #50,000 but remaining interests if #20,000 for just 7days and before I know it somebody from my contact list called me and send the messages the company sent to his contact that I’m owing. They were even luring that if I don’t pay up they would take legal actions against the 2 of us because I used him as my guarantor to borrow the loan whereas this person is only in my contact list and I did not even use him as guarantor as we are not. all that close. You can imagine just because of remaining#20,000 interest.
Another online loan company that deserves to be closed down is cycle cash. Somebody on my contact list just called me that she saw a message and she posted that message to me and they claimed that I used her as my emergency contact that I should come and pay #21,000 that I’m owing them otherwise she will be the one to pay. This is someone that we are not even close at all. They only have means of going through my contact list.
LCREDIT, ADDMONEY, ANGEL LOAN, DOCREDIT, CASHLION, TRUENAIRA, XCREDIT, IMONEY That is what they do, even sending them proof of payments they will still say you haven’t paid and they keep sending insultive messages and pictures… They Violate the consumers privacy to send pictures of someone people you don’t even know to you and sending all sort of rubbish to Contacts… Babatunde Irukera please Let all these Loan apps be closed down… I have evidence of a friend of mine they send her picture and message to her contacts and now she’s at the general hospital Igando with High blood pressure and now it has lead to Stroke now because of these Loan Sharks…FCCPC Let these Apps be totally closed down…. Lives of people are at stake because of them…
There are many of them operating with one owner but different names like Imoney, Easecredit, Docredit, Truenaira, Loan Naira, Lcredit, Icredit, Ilovenaira. They are so notorious and their staffs are well trained to lie, cajole and intimidate unsuspecting Nigerians making untrue promises and defaming people by sending unimaginable and untrue information and messages to friends, families and colleagues of innocent people. So many have been turned to their early grave because of this trend and relationships broken. It’s so sad
I money should be traced and seriously dealt with, they sent messages to my contacts tarnishing my name and threatening them even even after speaking to them and made a part payment same day, they and their likes should be severely sanctioned
Lcredit should be close down because they are giving me sleepless night.procach, credit loan, gold naria, naria land , okash please they are thift
Easy credit, Lcredit. Should be closed forthwith.. another huge criminal is palmcredit. All this people have ruined countless lives. Allowed people commit suicide..
I have vowed not to pay them for invading my privacy.How can they do such thing because I defaulted having done business with them for several months.Ncash,ease cash,docredit,unique money,mintloan, cashsea, imoney,nairaplus, truenaira,xcredit,naira9ja,9credit and the likes should be permanently shut down. They have done a lot of damages to people’s lives,businesses, relationships and the extreme of all are those who have died because they could not bear the shame.FCCPC should act fast.These loan sharks or monsters are the chronic criminals who charge as high as 30-50% interest for a period of seven days and u expect customers to meet up with the repayment…..fools…..
Mr Akinwale whose Image has been tarnished, by the by all these loan sharks was rushed to his doctor this afternoon for high BP.
Many have died secretly except the ones we know, that we can talk about. Not every body can withstand the shame these loan app inflict on people life.
Some defaulters who died because they couldn’t withstood the shame, didn’t owe up to N30000.
Thanks for the FCCPC intervention to the poor Nigerians lives. They should leave no stone unturned in rescuing Nigerian for this battle.
As I typed I’m in a lot of pain, TRUE NAIRA, LCREDIT, KASHPAL, SOKOLOAN, ANGELLOAN, BELL LOAN, DELOAN, MINTLOAN have done more harm Dan good to me , DE LOAN even declared me dead , This people should be shut down , some minutes ago I got a message from KASHPAL writing in capital letters to ASSAULT ME and cripple all I have “ IN THEIR WORDS “” Some even stoop soo low to send curses … This people are evil, they should be shut down . The damamge u and den tell u “ WE WILL DESTROY U AND U WILL STILL PAY ….. Lord have mercy