Nigerian government vows to shut down illegal lenders

The joint committee for combating the violation of consumer rights in the money-lending sector will close illegal companies at the start of its application, the Federal Commission for Competition and Consumer Protection (FCCPC) says.
Babatunde Irukera, chief executive of the FCCPC, told the Nigerian News Agency (NAN) in Abuja on Sunday that the execution would begin soon.

NAN reports that the joint committee is made up of representatives from the FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).

Other agencies involved in the committee are the National Information Technology Development Agency (NITDA) and the National Human Rights Commission (NHRC).

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

“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 now, very soon.

“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.

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“So we are going to provide them with certain frameworks that they must comply with before doing business,” he explained.

Regarding the growing number of consumer complaints about the services provided by insurance companies, Irukera said the commission was making progress on its memorandum of understanding with the National Insurance Commission (NAICOM).

He said we anticipate that as we conclude this MoU early next year, we will have more industry-wide interventions in this space.

“We are getting a lot more complaints about policyholders who have paid their premium and have not been paid, so we are engaging NAICOM on this,” he said.


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