skip to Main Content

Commission freezes more than 30 illegal loan company accounts

The Federal Competition and Consumer Protection Commission claims to have frozen no less than 30 bank accounts run by illegal lenders.

The Executive Vice President of the Commission, Mr. Babatunde Irukera, made the revelation during a press conference in Abuja on Tuesday.

Irukera also said the commission hired Google and Apple Stores to remove some loan applications from their stores, noting that certain processes were required for that to happen.

He said the commission is currently hiring three major loan companies whose businesses were affected by his raid.

“On the day we carried out the raid, we have some limited information about the bank accounts that some of the loan companies operated. All bank accounts that were provided were immediately blocked, but these companies operate multiple bank accounts with multiple names.

“Between the time we attacked and now we have discovered 30 additional accounts and all have been frozen and we will continue to freeze as we discover them.

“I am certain that with the actions we have taken and the nature of the engagement we have with loan companies, at least three of the main ones that their businesses have been seriously affected by our research or the closure of their account . to modify.

“It will take time but I can assure you that the space is changing,” he said.

Irukera called for an improved partnership with the media to educate members of the public on their consumer rights in order to achieve the commission’s goals.

(NOPE)

Back To Top