Loan Sharks: FCCPC to proceed with prosecution of online money lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has announced that due to the ongoing investigation of unregistered loan apps and harassment of defaulting customers, it will proceed with criminal prosecution of those whose conduct is in violation of extant law

This was disclosed by Mr Babatunde Irukera, the Executive Vice Chairman of FCCPC in a document signed on behalf of the Joint Regulatory Task Force (JRTF) addressing ‘loan sharks’ in Abuja

According to the Document, the FCCPC boss revealed that a few of the lending operators under investigation, with frozen accounts, approached the Commission and expressed the desire to cooperate with the FCCPC.

Irukera stated that the Commission would also hold employees, collaborators or agents of money lenders accountable in line with extant laws in the event of any conduct violation