FCCPC has frozen the accounts of 50 companies that operate loan applications

The Federal Competition and Consumer Protection Commission’s Executive Vice-Chairman/Chief Executive Officer has announced the agency’s anti-loan shark app tactics.

In an interview with Odinaka Anudu, Babatunde Irukera said that the agency has taken serious action against lending applications and other businesses that were breaching Nigerian customers’ rights.

He explained what the agency is doing to protect Nigerians from being exploited.

Fifty accounts belonging to loan app operators, he claims, have been frozen.He said: “In reality, we are not late to the party. The robustness of your action is what determines whether or not you are late to the party. This is happening across the continent. We are the leading regulator on the continent; others are looking to learn from us on how we are succeeding. It is not likely you are late to the party when others in the party are asking you the dance steps.

We have so far frozen 50 accounts. We have taken over 12 applications off the Google Play Store and we are in discussions with more than 10 companies right now. The rate of defamatory messages has dropped by at least 60 per cent. I am not saying they have stopped but they have dropped by at least 60 per cent. More than half of the companies that are currently before us have agreed that they will have to modify their behaviour. Many of them have changed some of their systems, including sacking some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”