“Our attention has been drawn to the antics of some faceless people who are unknown in the financial sector but who provide loan facilities to vulnerable people due to the country’s economic difficulties.
“According to our findings, unscrupulous people have developed their apps to extort money from innocent people under the pretext of granting them short-term loan facilities.
“Their interests are not only higher than the banks, but they use blackmail and other antics to get their money back.”
CAN says aside from the “impious interests, dodgy companies also harassed and embarrassed their victims’ contacts asking for their intervention to get their money back.
“These are not only against financial regulation but totally unacceptable, irresponsible, suicidal and unjust”, CAN added.
The association therefore called on the CBN, the Federal Ministry of Finance and relevant agencies to intervene urgently to rescue the victims of loan sharks.
The News Agency of Nigeria (NAN) reports that a loan shark is a money lender with shark-like characters – aggressive, angry and greedy.
It offers loans at extremely high interest rates, has strict recovery conditions in the event of failure, and generally operates outside the law. He often resorts to executing repayment through blackmail and threats of violence, kidnapping or murder.