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
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
Loan naira this one has very insult agents.
xcredit this one can call midnight even when you have paid they will still be adding interest. they prefare to call contact that calling the real debtor. credit pro always threatening contact with efcc .
imoney operate wit xcredit. they can give 15k and demand for 30k in 7days.
mint loan and cash sea operte together. they have agent that post obituaries of debtors eve when the are alive. they can give loan of 10 to collect 25k in7 days.
Ncash will be sending messages to contact that you are a fraudster 2 days to due o.
All this loan app help but need to be regulated.
infact let above names should be dealt with
credit pro will be hacking account.
Handy wallets are scammers. It is being operated by yahoo boys. They asked you to pay some like 5% into their account before they disburse the loan to you within 24hrs which you never hear from them again. Automatically, they change their website on the registered dashboard. The loan you will never get and you no longer have access to them. They scam people of their hard earn money
Thanks to Fccpc,hmmmmmn these loan sharks has made people commit suicide, so many people has lost their reputation to this regards,hmmmmn dehumanizing words coming from the staffs of loan sharks,for me I had to break my sim, because I needed my sanity intact because of calls I received from my contacts saying that a loan firm said I borrow loan with their name, threatening them them that they are coming for them,or if they want to exclude themselves they should call me to exclude their name,can u imagine,in my family now no one regard me as anything, it is better they are shut down totally,and their money and huge interest they put gone,then they will feel what people through in their hands…..best regards from this end.
These loan apps are doing more damages than good to Nigerians. Kindly bring them down.
I can’t just wait for all this mother fucking loan apps to be shut down the damage they have caused is so unbearable
Pls my special good boos Mr babatunde Irukera,all complain in this platform are geniue pls before more patient land in hospital due to online loan or if you need there acct number to trace them,i will provide it,this online loan need to be close down
Thanks
The big truth is na story we go dey read for paper FCCPC will not do anything to these people,do u think if there is law in Nigeria these people will even think of trying that shit?..FCCPC will only collect some pay from them and keep ranting on the paper with no concrete actions..The last time some of these companies are raided in Ikeja by them what happened 5min after they left?..They resumes back to work and the paper was told that they shut their offices down..Who is deceiving who?..we should all Join hands by fighting this people..They sent me pictures of people I don’t know with many messages about them coming for me.I just kukuma applied for loans too and lock up…Let them keep sending messages across my contacts too..Iv deleted all important contacts off my simcard I used my son’s Sim card now to make calls and all..May thunder strike them all..
You tight my brother kudos
Add money,AIMMONEY DS 2 BANKS SHOULD BE CLOSE
I think they should look for a better way of collecting their money back from defaulters instead of ruining people’s image . Not all defaulters want to default but circumstances make them do and it’s not intentional they don’t even check your record to know you HV been dealing with them for a year without them calling you before payment . They just start telling lies about someone. Saying you don’t pick calls,and you don’t want to pay. its true they have helped people in distress but abusing, embarrassing them and telling lies wont bring the money on time. So pls they shouldnt be shut down but should be told how to be customer friendly and see how they can get their money back. I’m a victim of these apps too. And I know how much I HV paid . More than what I collected. It’s well..Now I HV decided to pay gradually . So I can free myself . But they continue to call you constantly. I pray God help everyone who is in this to scale through including myself. .
All these loan apps should be shut down, they are ruining people’s lives…. people are committing suicide because of them
Please close down TRUENAIRA, LCREDIT, CASHLION and FAST MONEY.. their interest rates are too high with only 7days… and they are sending threats in form of messages. They are insulting peoples family members as well as contacts saying that they are involved in duping them of the money. They will disgrace the lender and his family just because of overdue payments. Please close them down and let innocent people have peace with their last shred of dignity. It is depressing and can make someone take his life. Please hear our cry and shut them down.
Please FCCPC should do something immediately lcredit are all criminals and wicked people invading into privacy and sending pathetic messages to third parties
I notice I am not sleeping well again and my blood pleasure is getting raise, just because of the loan apps in Nigeria and their high interest, I got a loan of 50k from different apps and all are in 7days if you didnt pay in 6days they call you names and embrace you for the token, so i have decised that i can not be pay repayment with another loan again, they have to give me time to get their money and I will pay only what i own, pls government should bound all loan apps that offers 7days loan to customers, they are killers they charge 30% of the loan in 7 days instead of 0.05% per day. Government should pls shout them down because they cause more harms than good. Apps like, ease money, 9credit, naira9ja, xcredit, imoney, nairaplus, credit all, any loan, true naira, tloan, Nice naira, we credit, etc, they promised google to give least loan in 60days and now they give 7 days with the same interest. They are criminals.
30% interest in 7days is not a loan. They are just ripping people off their hard earned money. Claiming they’re giving people loan. Government should just shot them down
Please Anyloan is one of them, they give people loan with incredible interest of 30% within 7days. That’s wickedness of the highest order. Yet they go about posting their pictures to all their contacts to retrieve their loans from their defaulters. This shouldn’t be encouraged in a sane environment. FCCPC should kindly visit them for caution.
I took loans from some loan sharks, Deloan, cashfarm, ABC loan, credit9ja and I’ve made payment but they still are bugging me that they’ve not seen my payment and they’ve sent messages to my contacts already even after making payment. Please do something about them
Please FCCPC do something about these loan sharks before they destroy lives of individuals
9jacash,hicash,docredit,cyclecash,cashbus, money club,cocoloan,nairabag,sokolaon, fast credit and lots more should be brought down plss,the defamation is to much abeg
cashbus are worse pls they should ban them
Fast credit ,super credit oknaira and so many of those loan app deserve to be closed because their interest is too high u can not free from paying them they are d original crimal they will give u #10000 and collect #16000 in 7day is that a loan?
Please cash bus, 9cash and hicash is one of them, they give people loan with incredible interest of 30% within 7days. Yet they go about posting their pictures to all their contacts to retrieve their loans from their defaulters. This shouldn’t be encouraged in a sane environment. FCCPC should kindly visit them for caution.
FCCPC, kindly help us stop the activities of DELOAN. This App is particular will destroy the lives of people completely. They will start defaming you even before the due date. I’ve seen this happened to people. It has taken jobs away from some people just because they sent defamatory message about these people to the management of the company they are working for and they are sacked. Please, help us remove this loan killer (DELOAN).
Thank you.
DELOAN is one them oo they are criminals when you pay them they will claim you have not paid giving you another private account to make payment and if you ignore they defame you and send messages to your contacts
Deloan should be shutdown with immediate effect because they are blackmailing people even when they have not defaulted. they are sending messages to my contact declaring me wanted and a fraudster even when i have paid their money. please FCCPC should look into this.