Regulate Loan Sharks Now and Save Nigerians From Committing Suicide, CAN Tells FG

Regulate Loan Sharks Now and Save Nigerians From Committing Suicide, CAN Tells FG

  • The Christian Association of Nigeria (CAN) wants the Nigerian government to reign in loan sharks before Nigerians will resort to self-harm
  • The association said that the loan sharks have made life unbearable for Nigerians by employing unholy methods at recovering their loans
  • According to CAN, the harsh economic climate in the country has pushed Nigerians into patronising the sharks

The activities of lending platforms otherwise known as loan sharks will lead many Nigerians into suicide, the Christian Association of Nigeria (CAN) tells the Central Bank of Nigeria (CBN) and the Ministry of Finance.

The Christian body urged the CBN and the Ministry of Finance to investigate the activities of the loan sharks, according to a report by Daily Post.

CAN asks Nigerian government to regulate loan sharks
CAN President, Olasupo Ayokunle and CBN Governor, Godwin Emefiele. Credit: PIUS AKPEYI
Source: Getty Images

The Vanguard reports that the religious body said that loans were being granted to people by many dubious companies.

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Loan sharks employ unholy ways

The CAN spokesperson, Joseph Daramola bemoaned the tricks employed by faceless individuals granting loans to vulnerable Nigerians to survive the harsh economy in the country.

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According to Daramola, evil people develop applications to extort money from unsuspecting individuals in the pretence of granting loans, he said on Thursday, March 24, 2022.

The body minted that their interest rates are not just higher than the average banks but they employ blackmail and defamation to get people to repay loans in times of default.

The CAN leadership stated that victims end up paying more on the loans they got then run into trouble due to the unholy interests.

The CAN secretary observed the way the companies distress the contacts of their debtors, telling them to intervene so as to recover their money.

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Daramola stated how the firms harass the contacts of their debtors, haranguing them for intervention to get their money back.

Finance Ministry and CBN leadership should wade in

The Christian organisation called on the Central Bank helmsman, Godwin Emefiele and the Finance Ministry for intervention before Nigerians will start committing suicide as a way of escape and freedom from distress caused by the loan sharks.

The association scribe said it is easy to berate those who take such loans because they were not coerced but that the economy pushes them to look for money to survive.

According to CAN, the Nigerian government should take the economy out of the doldrums to restore order into the system.

Nigerian government to regulate online lending platforms, says FCCPC has reported that the Federal Competition and Consumer Protection Commisision said that when they raided the loan sharks penultimate week, the workers on the sites almost lynched them, prompting them to bring in police as protection.

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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.


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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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