FCCPC, CBN, EFCC hunt money lenders harassing Nigerians


The Federal Competition and Consumer Protection Commission (FCCPC) is going after money lenders violating the rights of Nigerians.

A joint committee to tackle companies operating illegally and those harassing customers has been established.

The team includes representatives of FCCPC, Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC).

Others are from National Information Technology Development Agency (NITDA) and National Human Rights Commission (NHRC).

On Sunday, Babatunde Irukera informed the News Agency of Nigeria (NAN) that enforcement would commence soon.

The committee has been tasked to come up with rules money lending companies must obey.

They will shut businesses and engage App stores to shut down applications that are infringing and abusive.

“We are also going to be writing interim regulations and some basic information for all these money lenders to provide information so that people will know who they are.

“Some of them are just Apps that we do not even know who the promoters are. We are going to provide certain frameworks for them to comply with‘’, he Irukera added.

On complaints about insurance companies’ services, Irukera says a Memorandum of Understanding (MoU) with the National Insurance Commission (NAICOM) is underway.

The FCCPC chief gave early 2022 as the time-frame of delivery of the bilateral agreement.

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