- The federal government of Nigeria has vowed to go ahead with the criminal prosecution of online money lenders
- Reports say that Babatunde Irukera, the Executive Vice Chairman of the Federal Competition and Consumer Protection Commission said this in Abuja on Monday
- The FCCPC chairman said the Commission will also prosecute employees of lending apps that harass and intimidate defaulters
FCCPC, Nigeria's consumer rights watchdog, the Federal Competition and Consumer Protection Commission has said it will proceed with the criminal prosecution of online loan sharks who do their business in violation of the laws.
Babatunde Irukera, the Executive Vice Chairman of FCCPC said this in a joint document on behalf of the Joint Regulatory Task Force (JRTF) which addressed the activities of loan sharks in Abuja on Monday, April 4, 2022.
The News of Agency of Nigeria (NAN) reports that the FCCPC helmsman said that the commission has been approached by a few of the lending apps with a desire to register with the government.
Loan sharks, employees in trouble
According to Irukera, the commission would equally hold employees, partners or agents of loan sharks accountable in accordance with the laws in the event of a violation, Nairametrics report says.
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The FCCPC boss said that as a prerequisite for being accepted into the existing framework, some of the loan sharks must stop harassing, intimidating and defaming defaulters and must also desist from contacting contacts of debtors, either by texts or calls.
He said the loan apps must employ civilised methods of loan recovery and engage in mechanisms that are appropriate in line with the laid down laws of Nigeria.
Nigerian government to regulate online lending platforms, says FCCPC
Legit.ng has reported that the Federal Competition and Consumer Protection Commission (FCCPC) said when they raided the loan sharks' penultimate week, the workers on the sites almost lynched them, prompting them to bring in police as protection.
The FCCPC said it has gotten a court order to halt the operations of the lending apps in Nigeria and will now introduce a proper regulatory framework for the platforms.
The FCCPC boss, Babatunde Irukera said this at the World Consumer Rights Day in Abuja.