FG Sets Up Committee to Investigate Online Loan Violators
Federal Competition and Consumer Protection Commission (FCCPC) has said that the joint regulatory and enforcement committee to probe rights violation in money lending industry has begun its investigations.
Babatunde Irukera, chief executive officer, FCCPC, said that the committee received more than 500 electronic mails and information in respect of the investigation.
Irukera, who stated this in an interview with the News Agency of Nigeria, affirmed that some already established infractions will shortly be proceeding to enforcement by either two or more of the agencies depending on the scope or what the enforcement operations will be.
Chief Executive Officer, FCCPC said: “Yes, investigation has commenced. All agencies involved are currently exchanging information and gathering more.
“We have received approximately 500 additional emails at the created dedicated platform to gather information in furtherance of the investigation.
“Modalities include key operatives of the agencies meeting based on the joint investigative framework already developed and currently being analysed.
“Others that will continue under the investigation framework require additional information, which is being procured by both direct and indirect means.”
The joint committee include representatives from the FCCPC, Central Bank of Nigeria and Economic and Financial Crimes Commission (EFCC).
Others are the Independent Corrupt Practices and other related offences Commission (ICPC) and National Information Technology Development Agency (NITDA).
Irukera pointed out that the committee would lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks.
He lamented that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.
He revealed that continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.”