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

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

SOURCE
https://www.premiumtimesng.com/news/top-news/495497-money-lending-cbn-efcc-fccpc-others-to-tackle-loan-sharks.html

Good development. It is the high interest rate with 7 day duration that they should seek to address.

These guys need to operate legally.