GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

FCCPC, CBN, EFCC, others commence rights violation investigation into the money lending industry

kunle kunle by kunle kunle
January 11, 2024
in business, Headline
Reading Time: 2 mins read
FCCPC, CBN, EFCC, others commence rights violation investigation into the money lending industry
20
SHARES
Advertisements

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

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

READ ALSO

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site

Apply Now: Jobber Woman Program Cohort 2 FREE Business Support For Nigerian Female Entrepreneurs

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

He disclosed that the committee would lead efforts to address multiple potentially dubious conducts of certain 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, as well as 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.

Irukera said that 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 lenderstaskforce@fccpc.gov.ng.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

See the application fee for the 5,000 houses built in 34 states by FG

Next Post

See the population of UNIBEN graduands to bag First Class Hons. Degrees

Related Posts

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site

The Nigerian Education Loan Fund (NELFUND) has issued a strong warning to students across the country to beware of fraudulent...

Read moreDetails

Apply Now: Jobber Woman Program Cohort 2 FREE Business Support For Nigerian Female Entrepreneurs

Jobber Woman Program

The Jobber Woman Programme Cohort 2 is inviting female entrepreneurs to apply for its Free business support. Jobber Woman Program...

Read moreDetails

Dangote Refinery Reduces Petrol Price as Global Oil Prices Drop – Announces New Rate

Dangote Refinery Reduces Petrol Price as Global Oil Prices Drop – Announces New Rate

Dangote Petroleum Refinery has announced a reduction in its ex-depot petrol price following the recent global oil price drop.  ...

Read moreDetails

Happy New Month Messages for July 2025, New Month Prayers, and Quotes for All Friends & Loved Ones

Happy New Month Messages for July 2025

Happy New Month Messages for July 2025: New Month Prayers and Quotes for All Friends and Loved Ones to Feel...

Read moreDetails

Top 15 Most Expensive Hotels in Nigeria and their Location (2025 Updated Guide)

most expensive hotels in Nigeria,

Nigeria’s hospitality industry has witnessed remarkable growth in recent years, with a surge in modern hotel infrastructure and global-standard service...

Read moreDetails

Student Loan Update: 366,000 Nigerians Receive ₦73.1 Billion Under NELFUND

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site

The Nigerian Education Loan Fund (NELFUND) has disbursed over ₦73.1 billion in student loans to 366,247 Nigerian students across 206...

Read moreDetails

How to Cancel Processing Transaction on Opay

Cancel Processing Transaction on Opay

How to Cancel Processing Transaction on Opay Have you ever tried to send money or pay a bill on Opay,...

Read moreDetails

Union Bank Begins BVN Verification for YEIDEP ₦50,000–₦500,000 Empowerment Grant Disbursement

Union Bank Begins BVN Verification for YEIDEP ₦50,000–₦500,000 Empowerment Grant Disbursement

Union Bank Begins BVN Verification for YEIDEP ₦50,000–₦500,000 Empowerment Grant Disbursement GoldenNewsNg reports that the Youth Economic Intervention and De-Radicalization...

Read moreDetails

Top 10 States in Nigeria with the Highest Debt Profile Currently

Top 10 States in Nigeria with the Highest Debt Profile Currently

Top 10 States in Nigeria with the Highest Debt Profile: Despite National Decline, Some States Remain Deep in Debt GoldenNewsNg...

Read moreDetails

Apply Now: Niger Delta Development Commission (NDDC) Local Master’s Postgraduate Scholarship 2025/2026

NNDC Local Postgraduate Scholarship

NDDC has Announced 2025/2026 Local Postgraduate Scholarship Programme for Niger Delta Indigenes. apply now following the guidelines below... GoldenNewsNg reports...

Read moreDetails
Load More
Next Post
See the population of UNIBEN graduands to bag First Class Hons. Degrees

See the population of UNIBEN graduands to bag First Class Hons. Degrees

SEARCH ADS

Latest Posts

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site
Education

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site

Jobber Woman Program
business

Apply Now: Jobber Woman Program Cohort 2 FREE Business Support For Nigerian Female Entrepreneurs

Dangote Refinery Reduces Petrol Price as Global Oil Prices Drop – Announces New Rate
business

Dangote Refinery Reduces Petrol Price as Global Oil Prices Drop – Announces New Rate

CDCFIB Issues Fresh Update on Recruitment Portal Opening
Jobs

CDCFIB Issues Fresh Update on Recruitment Portal Opening

Happy New Month Messages for July 2025
Daily Guides

Happy New Month Messages for July 2025, New Month Prayers, and Quotes for All Friends & Loved Ones

most expensive hotels in Nigeria,
Daily Guides

Top 15 Most Expensive Hotels in Nigeria and their Location (2025 Updated Guide)

Do Not Put Your BVN on This Portal: NELFUND Warns Students Against Fake Loan Application Site
Education

Student Loan Update: 366,000 Nigerians Receive ₦73.1 Billion Under NELFUND

FG Confirms YEIDEP ₦50,000 to ₦500,000 Payment Schedule for July 2025
Jobs

FG Confirms YEIDEP ₦50,000 to ₦500,000 Payment Schedule for July 2025

Cancel Processing Transaction on Opay
Daily Guides

How to Cancel Processing Transaction on Opay

Union Bank Begins BVN Verification for YEIDEP ₦50,000–₦500,000 Empowerment Grant Disbursement
Headline

Union Bank Begins BVN Verification for YEIDEP ₦50,000–₦500,000 Empowerment Grant Disbursement

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News