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FG To Close All Money lending companies

FG To Close All Money lending companies

According to the Federal Competition and Consumer Protection Commission (FCCPC), the joint committee established by the federal government to address violations of consumer rights and unfair practices in the loaning industry will shut down illegal firms as soon as enforcement begins.

Mr Babatunde Irukera, the FCCPC’s Chief Executive Officer, stated this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Remember that in November 2021, the federal government established a joint committee to examine some of the illegal, unwholesome, and unfair activities in the money lending business.

The activities were quickly becoming a dominant and harmful habit that targeted society’s most vulnerable.

This same panel, which had received over 500 electronic letters and information related to the probe, was supposed to spearhead efforts through its actions.
Delegates from the FCCPC, the CBN, the Economic and Financial Crimes Commission (EFCC), the National Information Technology Development Agency (NITDA), and the National Human Rights Commission make up the joint committee (NHRC).

According to Irukera, the group will also write interim norms that money lending companies must follow.

“The special committee is convening and agreeing on how to proceed,” he said, “but I can say that two of the joint committee’s entities will be on the ground and undertaking enforcement work very soon.”

“They’ll be shutting down businesses and working with app stores to remove infringing and abusive apps from the App Store.”

‘We’ll also be writing interim regulatory requirements and some general information for all of these money lenders to provide so that people know who they are.’

Some of them are just Apps that we have no idea who created.
Mr Babatunde Irukera, the FCCPC’s Chief Executive Officer, revealed this in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja, saying banking-related claims were second on the list.

Aviation and telecommunication-related concerns were next on the list, according to Irukera.

According to Irukera, the commission received and processed more than 32,000 consumer-related complaints in 2021, with 80 percent of them being handled.

“The sectors that received the most complaints are power, banking, and aviation, which is now battling with telecoms for third place,” he said.

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