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Nigerian government should do the needful abeg...too many people are loosing their lives to Suicide as a result of these loan sharks.

A multi-billion dollar criminal lending scheme resulted in 89 deaths in China: CCTV
The scheme would trap people in illegal loan contracts that resulted in annual compound interests as high as 5,214 per cent.
One man borrowed 2,000 yuan (US$305) before eventually owing 700,000 yuan (US$107,000) in a vicious cycle of predatory lending.

A gang of loan sharks in China caused the deaths of 89 people after the crime ring hired debt collection companies to harass and intimidate borrowers who had no feasible avenue to pay off their obligations, according to Chinese state broadcaster CCTV.The gang, headed by a man named Wang Tao and based in the city of Lanzhou, in the northwestern province of Gansu, inked 3.36 million contracts with 475,000 people between March 2018 and March 2019.The loan sharks gave out 6.27 billion yuan (US$960 million) of illegal loans. After interest, Wang’s gang had been repaid 9.11 billion yuan (US$1.4 billion) and owned an outstanding debt of 9.84 billion (US$1.5 billion), according to accounting books presented at the trials.

The gang implemented aggressive collection tactics blended with vicious interest rate schemes, believed to have contributed to the suicides of 89 people in China.Wang’s illegal enterprise lured unsuspecting borrowers with enticing terms such as “interest-free for seven days” or “low threshold, fast loans” in contracts that often resulted in annual interest rates of between 1,303 per cent to 5,214 per cent if the borrower could not pay off their debt quickly. According to Experian, a credit rating agency, the average interest rate for an above-board personal loan is 9.4 per cent.

The crime ring, which had no lending license, would also issue what police call “trap loans,” which did not include terms for defaulting, which sometimes resulted in borrowers selling their properties to pay off debts.

The fraudulent company hired 24 debt collection companies that harassed, threatened and intimated victims and their family members for a commission. Authorities say this intimidation directly resulted in some victims taking their own lives.

One victim in Sichuan province who could not pay off her debts committed suicide with her husband. Another woman in Qinghai followed a similar fate.The CCTV documentary aired footage of a man who, during his final video clip, said he wanted to “die as a relief” from the burden his debts had created.The scheme caught the eye of authorities in December 2018, and in March 2019 253 people were detained during a dragnet across the three provinces of Gansu, Shaanxi and Anhui.

Wang was sentenced to life in prison while his top lieutenants received anywhere from five to 20-year sentences during a series of trials that ended in September 2020.

The apps and websites would lure people into the platform where the victim would input their personal information as well as phone contacts or phone call records.Wang’s crew would often target the same people with companies that appeared different but were all within his criminal spider web. A person would borrow from one of Wang’s “companies” to pay the debt in another

https://amp.scmp.com/news/people-culture/article/3127483/multi-billion-dollar-criminal-lending-scheme-resulted-89-deaths

Roon9:
Lol! I once received similar message regarding a defaulting acquaintance. Omo I changed it for the sender and he immediately insulted and blocked me. Till today that thing still dey pain me

I do the opposite...I insult them and block them...I laugh last

TheRareGem1:
https://thenationonlineng.net/buhari-extols-osinbajos-loyalty-resourcefulness-at-65/

So our beloved VP is 65 and Tinubu claims to be only 69 years...Wonders shall never cease

Misturman:
Read my post very well n understand what I said

Oh I get it ...no vex...sorry

Misturman:
The guy obviously doesn't know what is going on

I think I know better than you

Misturman:
Which app b dis wan

Facebook

Rollsnjaguar:
What of Ukraine that has been attacking southern Ukraine. Those ones don't have right to leave?

Ask am oh

wwwihy:
[s][/s]

So Ukraine does not have rights? You can just attack a country unproked?

Putin is loosing the war already...he started the war and is calling for negotiations. On what basis, if you are winning?

Unprovoked you say? Ukraine signed an agreement not to be part of NATO, they renegade on that deal so what do you expect? If Ukraine is accepted into NATO, Russia will be surrounded by enemy forces. So I ask if you were the leader of Russia, what would you do?

Putin is within his rights to protect his nation, The Ukrainian government must as a matter of urgency call for a cease fire and dialogue to end this needless loss of lives and property.

Vladimir Putin has taken to his facebook page to reiterate his desire for peace. Screenshots of his statement below. What do you guys think? Who is at fault here? Russia, Ukraine, or NATO?

Quelme:
NATO is a paper tiger. No level

No be better paper sef na tissue paper

The Ukrainian government made a serious mistake trusting NATO to defend it. They should as a matter of urgency drop any desire of joining NATO and make peace with Russia. This war is unnecessary.

A Facebook user wrote:
Let's look at it from this angle:
No nation plays with their national security,you will agree with me on that. Russia has evolved from USSR to Soviet union and now Russia, they have seen wars and stages, today they are among the war powers. Russia is a Warsaw nation while America is a NATO nation, NATO nations especially world powers don't allow countries close to them to join Warsaw, so also does Warsaw nations..in 1962, Russia then the old USSR tired to make Cuba a Warsaw nation so they can be keeping missiles there, America fought it because they feared being attacked one day and Russia accepted.now Russia has three neighbors who are Warsaw nations, Estonia, Latvia and Ukraine. Estonia and Latvia have shunned Warsaw nations to join Nato, Russia was quiet, now Ukraine who is the last and closest neighbor want to join Nato making it easy for USA to send troops to the three countries that surrounds Russia and possibly attack them... Russia said no, also Ukraine and Russia has a pact that Ukraine will never join Nato, but Ukraine today wants to go against all of these. So Russia is fighting for their security and their nation. Let America and NATO leave Ukraine alone if they claim they are innocent in all of these.

FERNANDEZISBACK:
Boy your God couldn't heal you?
He couldn't protect you?
He failed you..an evident that there is no imaginary creature up there..

I imagine you don't have a brain in that head of yours and any sense you may seem to have is imaginary, fool. Your hatred for God will not even let you show compassion at least for the family of the bereaved. Dogs like you see miracles displayed live by ministers of the gospel and tag it "fake" but are willing to speak foolishly when you think something goes wrong with a believer. The truth is you believe in God, no matter how you sugar coat it or lie to yourself. Your anger toward him doesn't change the fact that he exists and one day, you will answer to him.

YellowMayor:
Because you dare not

It's this kind of talk we don't need again in Rivers State, what do you mean he dare not? Wetin Wike fit do am?

onuman:
People divided and ruled by Arewa.

Shut up

Charles0202:
Prince Tonye princewill is an idea

An idea whose time has come...Tonye Princewill as Governor of Rivers State 2023 is a goal...

MALIGNANTGuest:
It's normal for RIVERS State to have Mad Governors. In Fact, it's one of the most integral prerequisite to emerging as a Governor.
So, it's better he leaves Wike.
Wike nags too much.
These are the kind of Men
........ who talk while cooking,
........ who talk while bathing,
........ who scream while parking their vehicles,
........ who talk while applying body cream,
........ who engage in road rage.
........ who never wait for their turn.
........ who never queue at Fuel stations.
........ who walk to the High Table uninvited
........ never listen to wives to know when it's ok.

In a sane society, WIke will get ticket for psychiatric evaluation. He's not normal.
He sniffs mmkpuru mmiri

Lol...and the winner for most savage comment goes to...