FG plans to shut down money lending businesses due to breaches

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The Federal Competition and Consumer Protection Commission (FCCPC) said the joint committee set up by the federal government to combat consumer rights violations and unfair practices in the money lending industry will close. illegal companies from the start of its application.

FCCPC Managing Director Babatunde Irukera revealed this during an interview with the Nigerian News Agency (NAN) on Sunday in Abuja.

FCCPC Managing Director, Mr. Babatunde Irukera, SAYS that FG is considering shutting down money lending businesses due to violations. Photo: Cable
Source: UGC

Recall that earlier in November 2021, the federal government decided to verify some of the illegal, unhealthy and unfair practices in the money lending sector with the establishment of a joint committee to remedy the situation.

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The acts were quickly becoming a dominant and abusive practice targeting some of the most vulnerable people in society.

The committee that received more than 500 emails and information regarding the investigation was, through its activities, to lead efforts to tackle the multiple potentially questionable behaviors of certain money lenders, also known as usurers.

The joint committee is made up of representatives of the FCCPC, the CBN, the Economic and Financial Crimes Commission (EFCC), the National Information Technology Development Agency (NITDA) and the National Rights Commission. Human Rights (NHRC).

Irukera said the committee will also draft interim regulations, which money lending companies must adhere to.

He said:

“The joint committee meets and agrees on how to proceed, but I can say that two of the joint committee entities will be going into the field and doing enforcement work very soon.

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“They will shut down businesses and hire app stores to shut down certain apps that are counterfeit and abusive.

“We’re also going to write draft regulations and background information for all of these money lenders to provide information so people know who they are.

“Some of them are just apps that we don’t even know who the promoters are. So we’re going to provide them with certain frameworks that they must comply with before doing business. ”

Electricity, banks and aviation topped the table of consumer complaints in 2021

The Federal Competition and Consumer Protection Commission (FCCPC) says the electricity sector again exceeded its chart of consumer complaints in 2021, just like in 2020.

FCCPC Managing Director Mr. Babatunde Irukera, who revealed this during an interview with the Nigeria News Agency (NAN) yesterday in Abuja, said bank-related complaints followed closely behind in second place on the graphic.

Irukera explained that aviation and telecommunications complaints are next on the chart.

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Irukera said the commission received and completed the processes of as many as 32,000 consumer-related complaints in 2021, of which 80% were resolved.

He said: “For the sectors that have received the most complaints, we have electricity, banking and then aviation are now competing with telecommunications in third place.

Many loan companies in Nigeria are illegal, says FG, angry at privacy breaches

Meanwhile, the federal government has revealed that many loan companies in Nigeria are not registered with the relevant authorities and are operating illegally.

Recall that many Nigerians have bitterly complained about the “terrible” practices of these companies who openly lie against their defaulting customers while invading their privacy.

In a statement posted on Facebook, the FG through the Federal Competition and Consumer Protection Commission (FCCPC) revealed that many of these loan companies are unregistered.

Source: Legit.ng


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