Loan Providers in trouble | CBN, EFCC, FCCPC, others to tackle ‘loan sharks


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I said it time without number that many loan providers in Nigeria are not designed to help Nigerians but to worsen their problems starting from the terrible interest rate that always made it harder for borrowers to meet up their repayment to tagging them thieves and fraudsters when they failed to repay their loan from those loan sharks.

I saw it coming, and I was among the people who raised the alarm about all these loan sharks. You can read 10 bad loan apps and lenders in Nigeria to avoid These people can make innocent Nigerians commit suicide, and they must be stopped be it will be too late. The excellent news Is that CBN, EFCC, FCCPC, others to tackle ‘loan sharks.

Below are the details as published by the News Agency of Nigeria (NAN)

The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) have commenced rights violation investigation into the money lending industry.

A document signed by Babatunde Irukera, the Chief Executive Officer of FCCPC for the Joint Regulatory and Enforcement Committee, said this in Abuja on Monday.

Mr Irukera said the Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency were members.

He disclosed that the committee would lead efforts to address multiple potentially dubious conducts of specific money lenders, otherwise known as loan sharks.

According to him, the meeting resolved to collaborate, pursue urgent enforcement action against already known violators while investigating others, and criminal prosecutions where applicable.

He regretted that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.

“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.

“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation.

“Initial inquiries demonstrate that many of the purported lenders are not legally acceptably established or otherwise licensed by the appropriate authorities to engage in the services they ostensibly provide.

“A joint task force of analysts and enforcers was also created and immediately activated.

“The agencies recognised and welcome products and providers that bridge the lending gap for consumers who would otherwise be ineligible for conventional loans from traditional financial institutions.

“However, this must occur within legally acceptable parameters of transparency and fairness,’’ he said.

Mr Irukera said in furtherance of resolutions from the meeting. The commission had created a dedicated email address to receive complaints, the identity of businesses or individuals involved in these practices.

He said the e-mail address is


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