From Previous thread
https://www.nairaland.com/7026234/fg-shuts-illegal-online-banks

The Federal Competition and Consumer Protection Commission has ordered Google LLC (Play Store) and Apple Inc. (Apple Store) to deactivate unathorised online banks and loan applications.

The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.

The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval.

This is coming two days after FCCPC, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force shut down some illegal financial institutions operating on Opebi Road, Ikeja, Lagos.

The decision was contained in a statement on Monday by Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, for the Joint Regulatory and Enforcement Task Force.

He said the order is in furtherance of the action taken by the Inter-Agency Joint Regulatory and Enforcement Task Force last Friday, which led to the shutdown of some online banks.

The statement read, “In furtherance, and pursuant to an Order of the Federal High Court procured by and granted to the FCCPC, the JRETF executed a search and seizure Order on certain digital money lenders.

“As part of the operation, the JRETF together with the Nigeria Police Force and bailiff of the Federal High Court searched locations of the money lenders, extracted valuable evidence and in some circumstances prohibited or restricted continuing operations.

“In addition to the physical operation noted above, the Commission entered and served Orders on multiple financial institutions freezing or suspending operations of certain accounts which some of the money lenders have used to conduct implicated business or transactions subject of investigation.

“Further, the Commission also entered and served wide-ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.

“The Order of the Commission also prohibits acceptance and presentation of new applications for the same purpose without regulatory assessment and approval.

“In the interim, the Commission admonishes all the businesses that were subject of regulatory intervention on Friday, March 11, 2022, to cease and desist the interest compounding and loan repayment/collection practices that are the objects of this investigation.

“In the event that any of these businesses continue in any of this conduct, or the Commission receives credible evidence of such, violators will be subjected to the full extent of the law including prosecution without option of administrative regulatory resolution.

“The Orders of the Commission are without prejudice to existing borrowers repaying any legitimate loans pursuant to fair and acceptable terms and conditions; or any modifications to previous terms and conditions that are considered onerous, inconsistent with prevailing law or general principles of transparency and fairness.

“The obligation to comply with the above extends to all operatives, employees or agents of the affected businesses.

“The JRETF welcomes any useful information that may assist this investigation. The Commission/JRETF will continue to provide updates to the public, and invites consumers to support the investigation by continuing to provide actionable intelligence about persons associated with the businesses or practices, their telephone numbers and any other pertinent information.”

https://punchng.com/fg-orders-google-apple-to-deactivate-illegal-online-banks-loan-apps/

Nigeria is a circus.

Her Leaders, Clowns.

Her People, weak spectators.

As long as Nigeria continues to overlook the demands in critical sectors of the nation such as the educational sector. We wont stop producing leaders who issue strange orders.

Strange orders that shamelessly define how undemocratic, uncivilized, underdeveloped, retrogressive and uneducated we are.

They should go for debt cancellation while they're at it.

Orders?.... Are they drunk? No app takes orders from the Nigerian government. That's how they lied twitter came.to negotiate and will open an imaginary office in Nigeria .

What is the fate of loan apps who are yet to recover their loan?

Good for them

Sanction them abeg

Google deactivates CBN!

[img]https://i./mz.gif[/img]

.

Revolution2022:
What is the fate of loan apps who are yet to recover their loan?

gone to the trenches

I like the way our federal government is ordering these big techs. They used to form James bond in USA during Trump era

Good development. If they have to do business here they have to be duly registered. It is because they are operating illegally that they use unconventional methods for debt retrieval. They have to be regulated

Good

So if FG 'close' their shops now, what will happen to the money the loan apps have borrowed people? Will FG compensate them? Or they will bear the brunt of the dearth of restitution?

In as much as I don't like the excesses of the loan apps, I also don't like creating unnecessary hardship for people. FG can't just cripple their business like that.

Good that these loan sharks are going down for good. Imagine arm robbers using apps to defraud law abiding citizens.
Surely Nigeria will get there with strong institutions.
God bless Nigeria
God bless Africa.

Na real order.. FG put your house in order and stop giving stupid orders.. what happened to tracing accounts these illegal apps operate with and freezing them.. what happened to their phone numbers are they not registered ?.

If it's to trace Endsars protesters phone numbers and accounts now . You people know what to do. Mtcheew.

ORDERS?

My friend can finally rest after owing 130k from seven different apps

I smell one government official has borrowed money online and planning not to repay


Oga government go and repay your loan at sokoloan, xcredit, branch, fairmoney,palm credit etc.......they will not stop calling until you do the needful sir

The lenders and the borrowers are criminals, lenders want to cut leg, borrowers want to cut head,

You carry loan enter naija, you dey whine us ni, you no know say even who no get plan dey borrow loan for naija.

A friend that benefited from NIRSAL LOAN just knew today that the loan is payable loan, after squandering it,

Don't use money to joke with Nigerians living in Nigeria

Owers should pay

Na who go come pay back the loans?

[s]

Dawn91:
Orders?.... Are they drunk? No app takes orders from the Nigerian government. That's how they lied twitter came.to negotiate and will open an imaginary office in Nigeria .

[/s]
Oya, use the stick hit Buhari.

Revolution2022:
What is the fate of loan apps who are yet to recover their loan?

They are criminals for operating illegally in the country without paying tax to the government

Ooooooooooh thank God

2mercy:
From Previous thread
https://www.nairaland.com/7026234/fg-shuts-illegal-online-banks



https://punchng.com/fg-orders-google-apple-to-deactivate-illegal-online-banks-loan-apps/

solve fuel crisis first. Yimu

When Buhari says something, take it like a pinch of salt, wait till after 2 months if it doesn't happen, forget it, it might never happen even in the next 10 years...

Good

K

Revolution2022:
What is the fate of loan apps who are yet to recover their loan?

what is the fate of drug dealers who had drugs in their warehouse when they got raided? You are concerned about the proceeds of crimes from criminal Chinese

And kashkash one of the loan sharks affected, are still giving out loans as of today evening, seems they have other plans.

Buhari my nigga