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Consumer protection agency 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.

Babatunde Irukera, the commission’s executive vice-chairman, said so during a media availability in Abuja on Tuesday.

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

He said the commission is currently hiring three major loan companies whose businesses were affected by the commission’s 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 the bank accounts that were provided were immediately blocked, but these companies maintain 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 major ones that their businesses have been severely impacted by our search or account closure, they are modify.

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

Mr. Irukera called for a better partnership with the media to educate the public on their consumer rights in order to achieve the goals of the FCCPC.


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