The Federal Competition and Consumer Protection Commission (FCCPC), which recently got a court order to pause operations of some money lending apps in Nigeria, is set to introduce proper regulatory framework for the operators.
This was disclosed by the FCCPC boss, Mr Babatunde Irukera, at the World Consumer Rights Day in Abuja.
According to him, the FCCPC is planning on bringing the loan sharks under regulatory control in Nigeria due to it’s findings during the recent raids.
What FCCPC is saying about loan sharks
He stated that the FCCPC during the raid discovered that “this is much more serious than we thought and we have to now look at how we can bring these people into the regulatory framework.
“On the raid that we conducted on Opebi Street in Lagos, we discovered that this is much more serious than we thought it is.The hall was very big, each person has a computer with phone to reach loan defaulters.
“In the process, we took from them 119 laptops, eight mobile phones, one table phone and one hard drive. These devices are now with forensic experts and if we look at them and all the things that we can gather from them, we can now decide on the way forward. This is because there are faces behind these fellows.”
He added that the workers at the sites were unemployed graduates who do not have any other means of livelihood, who tried to even riot against us for preventing them from doing what their job is.
“They said Chinese gave them employment and the Federal Government did not and the Federal Government said they should not continue with what they are doing, adding that they felt it proper to attack the FCCPC, which saw the Police being brought in as cover to shoot in the air to disperse them. It was a terrible experience We have to now look at how we can bring these people into the regulatory framework,” he added.
What you should know
Nairametrics reported that the FCCPC served wide ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce withdrawal of certain money lending applications from their stores.
According to the statement, the duo Tech firms are expected to withdraw certain lending app firms where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.
Regulating them with strict monitoring will be good because if there is no monitoring board been set up to monitor them they will do the worst since they where not sanctioned for their fraudulent aunprofessional and unlawful inhumane conducts, some of them are still sending threat messages and also adding overdue fees as am typing now, it will be very good if they’re properly followed up by making sure all of them are brought to book and the app of any of them that proofs untraceable should be totally shut down and be removed from the app stores, period.
Which kind of government do we have, that have to wait this long before setting framework, chinese opportunists come and capitalize on their loopholes. What is much more painful is that Nigerians are the one encouraging the Chinese to be cheating, harrasing, embarrassing Nigerians in the name of loan
Regulating them wont work….stop them frm the evil act… They ve killed alot, broken homes, given people high blood pressure, and made people to be koboless, and they re more problems to Nigeria… This should be a challenge for the Government.. They should create job for people… Offer loan to those who have business idea… They need to fix this before it becomes more bad than it is… Regulating wont work, the country is hard these days and some people will damage us… No……… Its not done… Govt should provide for those working for them…… This loan company are evil…. And devilish.. We wont a stop to there networki
Nigeria must stop this loan shark from operating they are causing more harm to many Nigerian today
Nigeria must stop this loan shark from operating they are causing more harm to many Nigerian today
These loan sharks are still working ,they keep sending messages to soil people’s images . Our government needs to act fast as delaying handling the matter causes more harm than good.
What do they mean by the Chinese gave them a job? Dont tell me that China man own loan firm, cos I have always said it will get there
They should be made to pay for the felony committed . They have committed defamayory of character so, they need to pay all these people with damages…! If not done may result to another Endsars end online sharks loan protest#
Alot of lives as been damaged because of this loan app sharks, they invaded people’s privacy putting their pictures, Account number, Bvn number and Atm card number openly and sending to all contacts and even some numbers we don’t even know…. There’s nothing like Regulations… We don’t want Online loan apps again… Federal government and Babatunde Irukera should abolish all of them now…
I know of one loan sharks along that kudirat Abiola way that is still working there office is at irorun plaza 4th floor these people are not good at all there was a time I want for a proposal the words coming out of some of their collectors can make someone have heart attack please federal government should please do something about there.
What is the proper steps to report a loan company in Nigeria.
I was intimidated by one loan company called easy cash. After paying the loan I borrowed from the company, they still went ahead to withdraw money from my bank account because they have access to my account.
When I wrote to their customer service they said that they cannot refund me unless I borrow again from them. Borrowing is not by force and I have decided not borrow to reclaim the money they steal from my account.
Please someone should come to my aid. This is stealing and in the same time intimidation.