The Federal Competition and Consumer Protection Commission (FCCPC), has revealed that it has frozen the bank accounts of over 30 illegal loan companies operating in Nigeria.
The Executive Vice Chairman, FCCPC, Babatunde Irukera, who disclosed this yesterday, in Abuja, also informed that between the time of raid and now, the Commission had discovered additional 30 accounts and all have been frozen, adding that more will be frozen as they discover them.
According to him, the Enforcement Team is made up of the FCCPC, Nigeria Information Technology Development Agency (NITDA), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure, are modifying.
Irukera also said the Commission has ordered Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications belonging to illegal online banks operating in Nigeria.
He added that the FCPC was currently engaging three major loan companies whose businesses had been affected by the Commission’s raid.
He said: “I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure, are modifying.
“The day we conducted the raid, we had 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 operate multiple bank accounts with multiple names.
“All the bank accounts that were provided were immediately blocked, but these companies operate multiple bank accounts with multiple names.”
Noting that the cleansing of the industry will take a while, Irukera assured that the space is changing now.
