FCCPC Boss Reveals Outcome Of Clampdown On Loan Apps

FCCPC Takes Down 50 Loan Apps From Google Play Store Over Harassment

Babatunde Irukera, the Executive Vice-Chairman/Chief Executive Officer (CEO) of the Federal Competition and Consumer Protection Commission (FCCPC), has stated that the recent clampdown of the agency on loan apps in Nigeria has created a saner work culture for their staff, and improve their customers’ service experience.

As reported on BizWatch Nigeria, FCCPC, on Friday, March 11, 2022, led officials of the Independent Corrupt Practices and other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA), and the Nigerian Police Force (NPF), for a raid.

Consequently, the raid led to the shutting down of some loan apps in Lagos State.

Discussing the progress, Irukera stated; “We have so far frozen 50 accounts. We have taken over 12 applications off the Google Play Store and we are in discussions with more than 10 companies right now.

“The rate of defamatory messages has dropped by at least 60%. I am not saying they have stopped but they have dropped by at least 60%. More than half of the companies that are currently before us have agreed that they will have to modify their behaviour.

“Many of them have changed some of their systems, including sacking some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”

Speaking further, the FCCPC boss disclosed that no less than 10 loan apps are currently under investigation.

“Money lending itself is not a criminal conduct. So, you have to determine there has been a crime. And even defamation, when civil, is not something a regulator can enforce.

“It is an injury to reputation that is only enforceable by the injured party and through the judicial process. What we are doing as a regulator includes things that the law gives us power to do. Some of these things are still happening, but we will continue the work to eradicate them,” he added.

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