• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria: Anti-Graft Agencies, Consumer Protection, Others Move To Curb Excesses Of Loan Sharks

Nigeria: Anti-Graft Agencies, Consumer Protection, Others Move To Curb Excesses Of Loan Sharks

6 months ago
Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

5 mins ago
Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

3 hours ago
Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

3 hours ago
NCDMB
ADVERTISEMENT
Petroleum Minister, Sylva Withdraws From Presidential Race

Petroleum Minister, Sylva Withdraws From Presidential Race

3 hours ago
BREAKING: Tunisia Bundle Nigeria Out Of AFCON

AFCON Qualifiers: Mauritius Cleared To Face Nigeria After Winning Appeal

4 hours ago
Nigerian Players Round Up: Awoniyi Bags Brace, Osimhen, Dessers On Target

Nigerian Players Round Up: Awoniyi Bags Brace, Osimhen, Dessers On Target

10 hours ago
World Leaders Welcome Somalia's New President

World Leaders Welcome Somalia’s New President

10 hours ago
Thousands Hold Protests Against Tunisia President

Thousands Hold Protests Against Tunisia President

11 hours ago
Peseiro To Earn $70, 000 Monthly In One Year Contract

Peseiro To Earn $70, 000 Monthly In One Year Contract

11 hours ago
Erik ten Hag Keen To Keep Ronaldo At Manchester United

Erik ten Hag Keen To Keep Ronaldo At Manchester United

11 hours ago
Mali Withdraws From Regional Sahel Force

Mali Withdraws From Regional Sahel Force

11 hours ago
Algeria: Ex-Army Chief’s Ally Sentenced To Death For Treason

Algeria: Ex-Army Chief’s Ally Sentenced To Death For Treason

1 day ago
Blinken Calls For Investigation Into Death Of Palestinian Journalist

Blinken Calls For Investigation Into Death Of Palestinian Journalist

1 day ago
EPL: West Ham Throws Title Race Open As Spurs Ignites Top Four Hopes

EPL: West Ham Throws Title Race Open As Spurs Ignites Top Four Hopes

1 day ago
OFFICIAL: NFF Announces Appointment Of Jose Peseiro As New Super Eagles Coach

OFFICIAL: NFF Announces Appointment Of Jose Peseiro As New Super Eagles Coach

1 day ago
Pope Francis Canonises Hermit, Martyr And Journalist

Pope Francis Canonises Hermit, Martyr And Journalist

1 day ago
Four U.S. Officers Who Responded To Capitol Attack Have Died By Suicide

Armed Groups Clash At West Of Libyan Capital

1 day ago
Somalia: Lawmakers Vote To Choose President After 15 Months Delay

Somalia: Lawmakers Vote To Choose President After 15 Months Delay

1 day ago
Finland's President And Prime Minister Formally Announce Bid To Join NATO

Finland’s President And Prime Minister Formally Announce Bid To Join NATO

1 day ago
Nigeria: Rep Member Condemns Renewed Attack On Constituency By Suspected Fulani Herders

Nigeria: Rep Member Condemns Renewed Attack On Constituency By Suspected Fulani Herders

1 day ago
ADVERTISEMENT
Monday, May 16, 2022
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact
The Heritage Times
No Result
View All Result
Translate | EN FR
  • Login
  • Politics
    Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

    Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

    Petroleum Minister, Sylva Withdraws From Presidential Race

    Petroleum Minister, Sylva Withdraws From Presidential Race

    World Leaders Welcome Somalia's New President

    World Leaders Welcome Somalia’s New President

    Thousands Hold Protests Against Tunisia President

    Thousands Hold Protests Against Tunisia President

    Somalia: Lawmakers Vote To Choose President After 15 Months Delay

    Somalia: Lawmakers Vote To Choose President After 15 Months Delay

    2023: Malami, Ngige Abandon Political Ambitions To Keep Current Job

    2023: Malami, Ngige Abandon Political Ambitions To Keep Current Job

    MD Of Nigerian Company In Charge Of Printing Election Materials Picks Ruling Party’s Governorship Form

    MD Of Nigerian Company In Charge Of Printing Election Materials Picks Ruling Party’s Governorship Form

    Revealed: How Nigeria’s Minister Of Justice, Media Mogul, Other Cabal Members Are Pushing For Central Bank Governor To Succeed President Buhari

    Nigeria: Central Bank Governor, Emefiele, Others Gets Circular Enforcing Buhari’s Resignation Order

    Nigeria's Electoral Body To Suspend Online Voter Registration May 30

    Nigeria’s Electoral Body To Suspend Online Voter Registration May 30

  • Economy
    Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

    Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

    Nigeria Issues Crypto Asset Rules In A Move That Could Boost Adoption

    Nigeria Issues Crypto Asset Rules In A Move That Could Boost Adoption

    Ghana Will Solve Debt Crisis Without IMF Aid – Finance Minister

    Ghana Will Solve Debt Crisis Without IMF Aid – Finance Minister

    Botswana Set To Supply Europe Million Tonnes Of Coal Annually - President Masisi

    Botswana Set To Supply Europe Million Tonnes Of Coal Annually – President Masisi

    Nigerian Content Board To Host Summit on Midstream/Downstream Operations

    Nigerian Content Board To Host Summit on Midstream/Downstream Operations

    Nigeria, 10 ECOWAS Countries In Debt Distress – Report

    Nigeria, 10 ECOWAS Countries In Debt Distress – Report

    Nigeria Working To Improve West African Gas Pipeline Project Performance – Minister

    Nigeria Working To Improve West African Gas Pipeline Project Performance – Minister

    Enumeration Of Beneficiaries For GEEP 2.0 Begins May 12

    Enumeration Of Beneficiaries For GEEP 2.0 Begins May 12

    Crypto Market Sell-off Continues As Bitcoin Falls Below $34,000

    Crypto Market Sell-off Continues As Bitcoin Falls Below $34,000

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

    Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

    Petroleum Minister, Sylva Withdraws From Presidential Race

    Petroleum Minister, Sylva Withdraws From Presidential Race

    World Leaders Welcome Somalia's New President

    World Leaders Welcome Somalia’s New President

    Thousands Hold Protests Against Tunisia President

    Thousands Hold Protests Against Tunisia President

    Somalia: Lawmakers Vote To Choose President After 15 Months Delay

    Somalia: Lawmakers Vote To Choose President After 15 Months Delay

    2023: Malami, Ngige Abandon Political Ambitions To Keep Current Job

    2023: Malami, Ngige Abandon Political Ambitions To Keep Current Job

    MD Of Nigerian Company In Charge Of Printing Election Materials Picks Ruling Party’s Governorship Form

    MD Of Nigerian Company In Charge Of Printing Election Materials Picks Ruling Party’s Governorship Form

    Revealed: How Nigeria’s Minister Of Justice, Media Mogul, Other Cabal Members Are Pushing For Central Bank Governor To Succeed President Buhari

    Nigeria: Central Bank Governor, Emefiele, Others Gets Circular Enforcing Buhari’s Resignation Order

    Nigeria's Electoral Body To Suspend Online Voter Registration May 30

    Nigeria’s Electoral Body To Suspend Online Voter Registration May 30

  • Economy
    Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

    Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

    Nigeria Issues Crypto Asset Rules In A Move That Could Boost Adoption

    Nigeria Issues Crypto Asset Rules In A Move That Could Boost Adoption

    Ghana Will Solve Debt Crisis Without IMF Aid – Finance Minister

    Ghana Will Solve Debt Crisis Without IMF Aid – Finance Minister

    Botswana Set To Supply Europe Million Tonnes Of Coal Annually - President Masisi

    Botswana Set To Supply Europe Million Tonnes Of Coal Annually – President Masisi

    Nigerian Content Board To Host Summit on Midstream/Downstream Operations

    Nigerian Content Board To Host Summit on Midstream/Downstream Operations

    Nigeria, 10 ECOWAS Countries In Debt Distress – Report

    Nigeria, 10 ECOWAS Countries In Debt Distress – Report

    Nigeria Working To Improve West African Gas Pipeline Project Performance – Minister

    Nigeria Working To Improve West African Gas Pipeline Project Performance – Minister

    Enumeration Of Beneficiaries For GEEP 2.0 Begins May 12

    Enumeration Of Beneficiaries For GEEP 2.0 Begins May 12

    Crypto Market Sell-off Continues As Bitcoin Falls Below $34,000

    Crypto Market Sell-off Continues As Bitcoin Falls Below $34,000

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
Morning News
ADVERTISEMENT
Home Economy

Nigeria: Anti-Graft Agencies, Consumer Protection, Others Move To Curb Excesses Of Loan Sharks

•Bemoan exploitative interest rates, invasion of consumers privacies among other misdeeds.

November 16, 2021
in Economy, Top Stories
0
Nigeria: Anti-Graft Agencies, Consumer Protection, Others Move To Curb Excesses Of Loan Sharks
18
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
ADVERTISEMENT

By John Ikani 

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.

Relatedreading

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

Babatunde Irukera, Consumers’ Rights Attorney who announced the development on Monday, said the Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency (NITDA) were also members.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

According to him, the committee is expected to spearhead efforts to regulate a number of potentially questionable practices by certain money lenders, also known as loan sharks.

Irukera bemoaned the activities of the companies whose stressing loan terms had quickly evolved into a domineering and oppressive practice that targeted society’s most vulnerable describing them as “arbitrary unjust and unreasonable.”

While regretting that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society, Irukera went on to note that the committee decided to work together, take immediate enforcement action against known violators while investigating others, and pursue criminal prosecutions where appropriate.

“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,” Irukera lamented.

Irukera further explained that many of the loan firms are not legally established or licensed by the appropriate authorities to engage in the services they provide.

“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 taskforce 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,’’ Irukera added.

Many Nigerians have been victims of unregistered loan companies who operate solely online. These companies have been widely denounced for exploiting Nigeria’s economic downturn to target the vulnerable, loaning them monies with unreasonable interests and violating their privacies to reach their contacts and spread damning information about the borrower in situations of default.

According to Irukera, the commission will now receive complains and information on the identities of businesses or individuals participating in these acts through it’s email: [email protected]

ShareTweetSendShare
ADVERTISEMENT
Previous Post

IATF 2021: Nigeria Aggressively Prepared To Maximise Benefits Of Durban Trade Fair – President Buhari

Next Post

UK Raises Terror Threat Level From Substantial To Severe After Liverpool Blast

Related Posts

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

May 16, 2022
Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

May 16, 2022

Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

Petroleum Minister, Sylva Withdraws From Presidential Race

World Leaders Welcome Somalia’s New President

Thousands Hold Protests Against Tunisia President

Next Post
Boris Johnson Scraps COVID-19 Restrictions In England

UK Raises Terror Threat Level From Substantial To Severe After Liverpool Blast

Discussion about this post

Heritage Bank

Updates

  • Trending
  • Comments
  • Latest
Nigeria: Rep Member Condemns Renewed Attack On Constituency By Suspected Fulani Herders

Nigeria: Rep Member Condemns Renewed Attack On Constituency By Suspected Fulani Herders

May 15, 2022
Nigeria: Students Stone Coursemate To Death In Sokoto College Of Education Over alleged Blasphemy

Nigeria: Students Stone Coursemate To Death In Sokoto College Of Education Over alleged Blasphemy

May 12, 2022
62-year-old African Reaches Peak Of Mount Everest

62-year-old African Reaches Peak Of Mount Everest

May 13, 2022
Nigeria’s Minister Of State For Petroleum Joins Presidential Race

Nigeria’s Minister Of State For Petroleum Joins Presidential Race

May 9, 2022
Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

May 16, 2022
Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

May 16, 2022
Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

May 16, 2022
Petroleum Minister, Sylva Withdraws From Presidential Race

Petroleum Minister, Sylva Withdraws From Presidential Race

May 16, 2022
NCDMB

Most Recent

Nigeria: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris Over N80bn Fraud

May 16, 2022

Nigeria’s Inflation Rate Jumps To 16.82% In April 2022

May 16, 2022

Nigeria: Police Service Commission Promotes Disgraced Former Anti-Graft Boss Ibrahim Magu

May 16, 2022

Petroleum Minister, Sylva Withdraws From Presidential Race

May 16, 2022

AFCON Qualifiers: Mauritius Cleared To Face Nigeria After Winning Appeal

May 16, 2022

Nigerian Players Round Up: Awoniyi Bags Brace, Osimhen, Dessers On Target

May 16, 2022

World Leaders Welcome Somalia’s New President

May 16, 2022

Thousands Hold Protests Against Tunisia President

May 16, 2022
HOUSE FORTY THREE RESTAURANT
MOSILO GROUP
ADVERTISEMENT

About

The Heritage Times was established to advance transparency and accountability in leadership and governance. Our vision is to become Africa's foremost provider of quality news and contents. We seek to lead a news media revolution that will foster a sustainable democratic Africa.

Featured

World Press Freedom Day: Where Do African Countries Rank?

2023 Elections: Simple Steps On How To Apply For Voters Card Online In Nigeria

#ReformIELTSPolicy: Group Presents More Evidence To Intensify Campaign For Nigeria’s IELTS Exemption

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

    • About
    • Privacy Policy

    © 2022 The Heritage Times Media.

    No Result
    View All Result
    • Welcome
    • Politics
    • Economy
    • Security
    • Exposé
    • Education
    • Sports
    • Health
    • Entertainment
    • Legal
    • Technology and Science
    • Opinion
    • Columns
    • World
    • __________________
    • Photo Speaks
    • Videos
    • You-Report
    • Whistleblower
    • Advertise
    • HT Events
    • About HT
    • Contact us

    © 2022 The Heritage Times Media.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In