FG, FCCPC To Shut Down Illegal Loan Firms

The joint committee addressing violations of consumer rights in the money lending industry, according to the Federal Competition and Consumer Protection Commission (FCCPC), will shut down illegal firms.

FCCPC’s chief executive officer, Babatunde Irukera, made the announcement Wednesday in Abuja. He stated that the committee will start working soon. Representatives from the FCCPC, the Central Bank of Nigeria (CBN), and the Economic and Financial Crimes Commission make up the joint committee (EFCC).

The National Information Technology Development Agency (NITDA) and the National Human Rights Commission are also members of the group (NHRC).

Irukera stated that the committee will also be drafting interim restrictions for money lending firms.

“The joint committee is meeting and agreeing on how to proceed, but I can say that two of the entities of the joint committee will be going on the field and doing enforcement work now, very shortly,” he said.

“They will be closing down businesses and engaging app stores to shut down certain 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 and we do not even know who the promoters are. So, we are going to provide certain frameworks for them to comply with before doing business.”

Regarding the rising number of consumer complaints regarding insurance company services, Irukera stated that the commission’s memorandum of understanding (MoU) with the National Insurance Commission is proceeding (NAICOM).

According to him, as the MoU is expected to be concluded early next year, further industry-wide activities in that arena are expected.

“We get a lot more complaints about the insured who have paid their premium and have not been settled. And so, we are engaging NAICOM on that,” he said.

Source: Nyscinfo

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