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FG To Shut Down Money Lending Businesses Over Violations - Business - Nairaland

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FG To Shut Down Money Lending Businesses Over Violations by Johnnico1: 7:03pm On Dec 27, 2021
The Federal Competition and Consumer Protection Commission (FCCPC) has said that the joint committee that was set up by the federal government to tackle violation of consumer rights and unfair practices in the money lending industry will shut down illegal businesses at the commencement of its enforcement.

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

Recall that earlier in November 2021, the federal government moved to check some of the illegal, unwholesome and unfair practices in the money lending industry with the setting up of a joint committee to address the situation.

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

The committee that received over 500 electronic mails and information in respect of the investigation was expected to through their activities lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks.

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

Irukera said that the committee would also be writing interim regulations, which money lending companies must comply with.

He said: “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 very shortly.

“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 that 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.’’

Electricity, banking, aviation tops 2021 consumer complaints chart

The Federal Competition and Consumer Protection Commission (FCCPC) says the electricity sector has again topped its 2021 consumer-related complaints chart just like in 2020.

The Chief Executive Officer of FCCPC, Mr Babatunde Irukera, who disclosed this during an interview with the News Agency of Nigeria (NAN) yesterday in Abuja said banking-related complaints were following closely as second on the chart.

Irukera explained that aviation and telecommunication-related complaints were next on the chart.

Irukera said that the commission received and completed the processes of no fewer than 32,000 consumer-related complaints in 2021, with 80% of them being resolved.

He said: “For the sectors that received the highest complaints, we have electricity, banking then aviation is now competing with telecommunications on the third place.

https://dailytrust.com/fg-to-shut-down-money-lending-businesses-over-violations

19 Likes 3 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Nobody: 7:04pm On Dec 27, 2021
I expect the Government to prosecute instead of closing down.

By the time two or one is use as an example, the rest will adjust or close down

176 Likes 11 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by matrix199(m): 7:08pm On Dec 27, 2021
It's about time!

Imagine giving loans to pay back in 2weeks with 50% interest. That's not even a shark loan, that's a killer whale loan.

432 Likes 40 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Hisbah21(m): 7:10pm On Dec 27, 2021
good move

26 Likes 6 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by DispatcherLagos: 7:10pm On Dec 27, 2021
Shut down the need to patronize them instead

311 Likes 20 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Advocate500: 7:16pm On Dec 27, 2021
That is the only thing they are good at, shutdown this ,close down that. Without looking at the root cause, before the inception of this government, Nigerians are not familiar with loan companies,today the reverse is the case ,yet you are not seeing any reason to blame yourself? they said necessity is the mother of invention.

165 Likes 11 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by chrisxxx(m): 7:17pm On Dec 27, 2021
This government like chasing shadows.
Why leave commercial banks that are giving loans at cut throat rates? In other countries interest rate is a single digit some close to zero. Here in Nigeria it is about 30%. This rate is what the loan sharks are leveraging upon. If the rate is reduced at commercial bank level every other similar business will adjust.

107 Likes 7 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Nova1988(m): 7:17pm On Dec 27, 2021
ah shit!

here we go again!

5 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by slawormiir: 7:17pm On Dec 27, 2021
Damnnn niggar
Nice

7 Likes 3 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by DropsMic(m): 7:17pm On Dec 27, 2021
Na still Nigerians go suffer las las


Harddiskng:


Sure banker.

You don’t give Nigerians access to funds, problem. You give them access to funds, Problem.

19 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by FalseProphet1(m): 7:17pm On Dec 27, 2021
Abeg they should shut them down, those people are just criminals taking advantage of poor Nigerians.

Imagine loaning a person in need money with over 45% interest for a duration of 6days, then going ahead to tag him a criminal when he can't meet up with the payment date. Aren't they the criminals?

Buhari's clueless leadership just brought suffering to Nigerians.

They should shut them down and leave the reasonable ones to keep running.

I see loan sharks going extinct by next year.

This I have seen.

106 Likes 5 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Dshocker(m): 7:18pm On Dec 27, 2021
Matters arising

1 Like

Re: FG To Shut Down Money Lending Businesses Over Violations by Shellsploit: 7:18pm On Dec 27, 2021
embarassed
Re: FG To Shut Down Money Lending Businesses Over Violations by faithfull18(f): 7:18pm On Dec 27, 2021
No wahala.
Re: FG To Shut Down Money Lending Businesses Over Violations by Lagosfinder(m): 7:19pm On Dec 27, 2021
They are helping

9 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by obembet(f): 7:19pm On Dec 27, 2021
Even though am not happy with them...

3 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by IMASTEX: 7:19pm On Dec 27, 2021
Okay
Re: FG To Shut Down Money Lending Businesses Over Violations by JavaScript9091: 7:19pm On Dec 27, 2021
This administration is very clueless on policies. This is how they are killing startups due to misguided public sentiments.

Nigerians should learn how to pay their debts. Remember that when you urgently need money, no bank will come to your rescue without collateral which you probably don't have. Las Las na Nigerians wey dey write petitions go cry pass

26 Likes 2 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by RiyadhGoddess(f): 7:19pm On Dec 27, 2021
I hope all these Isonu bank loans were also shut down
I am tired of their non stop messages on top persons I dont know.

Already preparing for next year 2022? Let's help you with your social media content calender for 2022 & if your business isn't online yet, DM me to get started!

9 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by DenreleDave(m): 7:19pm On Dec 27, 2021
cry cry cry cry
Re: FG To Shut Down Money Lending Businesses Over Violations by Harddiskng(m): 7:19pm On Dec 27, 2021
DropsMic:
Na still Nigerians go suffer las las

Sure banker.

You don’t give Nigerians access to funds, problem. You give them access to funds, Problem.

20 Likes 3 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Lovenorth: 7:19pm On Dec 27, 2021
Buhari don't joke with the right and interest of Nigerians

2 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by IMASTEX: 7:20pm On Dec 27, 2021
DispatcherLagos:
Shut down the need to patronize them instead
Smart one

15 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by Agricmoney(m): 7:20pm On Dec 27, 2021
ok o let's watch and see the outcome


Anyway, Agriculture is life.

2 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by thegreencoal: 7:21pm On Dec 27, 2021
You banned Crypto. You blocked Twitter. Now you want to block decentralized loan apps. It looks like the Federal Government of Nigeria is determined to cripple to economic success of her own people. Which kind government be dis? undecided

20 Likes 4 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Patrioticman007(m): 7:21pm On Dec 27, 2021
Most loan companies Nigeria are agents of LUCIFER. However the clergymen that are supposed to warn & give us the code of using a very long spoon to dine with the devil are busy waiting for their share of the high interest.

4 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by dfrost: 7:21pm On Dec 27, 2021
undecided
Re: FG To Shut Down Money Lending Businesses Over Violations by seunaj: 7:21pm On Dec 27, 2021
I get a call every Monday morning threatening me to tell Ahmed Zainab to pay up her loan. Funny enough, I don't even know any Ahmed Zainab. Their cup is full

29 Likes 3 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by tosine102: 7:21pm On Dec 27, 2021
Some people were don borrow money go dey happy

33 Likes 4 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by chrisxxx(m): 7:22pm On Dec 27, 2021
DispatcherLagos:
Shut down the need to patronize them instead
God bless you see my comments as well just one or two after yours

7 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by adioolayi(m): 7:22pm On Dec 27, 2021
May be they will be forced into putting in place proper regulations

2 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by Grace001: 7:23pm On Dec 27, 2021
Obetter


Nigerians go still hear am

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