End of the Road: FG Commences Crackdown, Prosecution of Illegal Loan Sharks
- Loan shark operators across the federation are currently under investigation by the federal government over their outrageous interest rates and illegal operation
- The federal competition and consumer protection commission (FCCPC) said it has gotten vital information to clamp down on illegal loan shark operators in Lagos and beyond
- FCCPC boss, Babatunde Irukera said every stipulation of their operation must go through the commission and will also be approved by the it
Efforts have been intensified to clamp down on illegal loan sharks in Nigeria, the federal competition and consumer protection commission (FCCPC) has disclosed.
According to a report by Leadership newspaper, the commission said it is working closely with some of the loan sharks whose operations has been dissolved to apprehend other loan sharks across the country.
Source: Twitter
Legit.ng gathered that the commission has received valuable information to rattle the network of loan sharks whose operation is not in accordance to provisions of the law.
The chairman of the FCCPC, Babatunde Irukera in a statement issued in Abuja disclosed that some of the hotspot of these illegal operators in Lagos and beyond has been identified.
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He further revealed that the commission has been able to uncover some unidentified payment system used by these illegal loan sharks.
While outlining some of the requirement loan sharks must abide by, he stated that issues of online harassment and verbal harassment on loan defaulters will not be tolerated.
FCCPC issues eligibility criteria for loan sharks
Irukera however stated that for the eligibility status of a loan shark to be guaranteed, he or she must provide to the commission a veritable approach to loaning, repayment, late payment charges, and other activities.
He said:
“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."
FG uncovers faces some online loan apps agents terrorising and defaming Nigerians
Legit.ng had also reported that many Nigerians are reportedly battling high blood pressure as a result of the activities of unscrupulous online loan sharks taking advantage of the economic situation of the country.
These criminal loan sharks that parade google playstore have become experts in blackmail and blatant invasion of peoples privacy. They have been accused of employing different types of mannerless and uncultured characters as workers.
The federal government have also insisted that most of them are illegally operating in Nigeria and in efforts to regulate them, the FG through an Inter-Agency Joint Regulatory & Enforcement Task Force of FCCPC, NITDA, ICPC raided some of the loan sharks offices in Lagos state.
FG to prosecute Sokoloan, NowCash, others over privacy abuse
It will also be recalled that Legit.ng reported that some federal government agencies have resolved to commence investigations of rights violations in money-lending industry.
This was disclosed in a statement by the Federal Competition & Consumer Protection Commission (FCCPC).
The agency revealed that the investigation will be carried out in conjunction with Independent Corrupt Practices Commission (ICPC) Economic and Financial Crimes Commission (EFCC) National Information Technology Development Agency (NITDA) National Human Rights Commission (NHRC) and Central Bank of Nigeria.
Source: Legit.ng
