Money Lending: Committee to Shut Down Businesses amid Law Enforcement Campaign -FCCPC

Mr. Babatunde Irukera, Director General of FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has said that the joint committee tasked with combating the violation of consumer rights in the money lending industry will shut down illegal businesses at the start of its enforcement.

FCCPC Director General Mr. Babatunde Irukera told the News Agency of Nigeria (NAN) in Abuja on Sunday that the application would start soon.

NAN reports that the joint committee was made up of representatives from the FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).

Other agencies involved in the committee are the National Information Technology Development Agency (NITDA) and the National Human Rights Commission (NHRC).

Irukera said the committee will also draft interim regulations that money lending companies must abide by.

“The joint committee is meeting and agreeing on how to proceed, but I can say that two of the joint committee entities will be going to the field and doing enforcement work now, very soon.

“They will shut down businesses and hire app stores to shut down certain infringing and abusive apps.

“We will also be drafting interim regulations and background information for all of these money lenders to provide information so people know who they are.

“Some of them are just apps that we don’t even know who the developers are.

“So we’re going to provide them with certain frameworks to follow before doing business,” he explained.

Regarding the growing number of consumer complaints about the services of insurance companies, Irukera said the commission is making progress in its memorandum of understanding (MoU) with the National Insurance Commission (NAICOM).

According to him, we anticipate that when we conclude this MoU early next year, we will have more industry-wide interventions in this space.

“We are getting a lot more complaints about policyholders who have paid their premium and not been settled and so we are engaging NAICOM on this.” (NOPE)

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