. Orders Google, Apple to withdraw inappropriate applications
The inter-agency Joint Regulatory and Enforcement Task Force (JRETF), on Friday, said it has prohibited or restricted the operations of some money lenders, especially in the digital space for consumer rights violation.
The Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera, disclosed this in a statement yesterday.
The JRETF comprises the Federal Competition and Consumer Protection Commission (FCCPC), Independent Corrupt Practices Commission (ICPC), Economic and Financial Crimes Commission (EFCC), National Information Technology Development Agency (NITDA), National Human Rights Commission (NHRC), and the Central Bank of Nigeria (CBN).
It said the clamp down followed “an order of the Federal High Court procured by, and granted to the FCCPC, the JRETF executed a search and seizure order on certain digital money lenders.
As part of the operation, the JRETF together with the Nigeria Police Force and bailiff of the Federal High Court searched locations of the money lenders, extracted valuable evidence and in some circumstances prohibited or restricted continuing operations, he said.
“In addition to the physical operation noted above, the Commission entered and served orders on multiple financial institutions freezing or suspending operations of certain accounts, which some of the money lenders have used to conduct implicated business or transactions subject of investigation,” the statement adds.
Inappropriate conduct
This comes even as the Commission said it also entered and served wide ranging orders on Google LLC (Play Store), and Apple Inc. (App Store), to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.
“The order of the Commission also prohibits acceptance and presentation of new applications for the same purpose without regulatory assessment and approval.
“The investigation is still active and ongoing. The JRETF expects further and similar action as it continues to gather additional intelligence to that effect.
“In the interim, the Commission admonishes all the businesses that were subject of regulatory intervention on Friday, to cease and desist the interest compounding and loan repayment/collection practices that are the objects of this investigation,” the statement further reads.
In the interim, the Commission admonishes all the businesses that were subject of regulatory intervention on Friday, to cease and desist the interest compounding and loan repayment/collection practices that are the objects of this investigation.
It also warned that “In the event that any of these businesses continue in any of this conduct, or the Commission receives credible evidence of such, violators will be subjected to the full extent of the law including prosecution (without option of administrative regulatory resolution).”
The Commission concluded by saying that its orders “are without prejudice to existing borrowers repaying any legitimate loans pursuant to fair and acceptable terms and conditions; or any modifications to previous terms and conditions that are considered onerous, inconsistent with prevailing law or general principles of transparency and fairness.
“The obligation to comply with the above extends to all operatives, employees or agents of the affected businesses.”
It also encouraged the public to come forward with any useful information that may assist this investigation, which can be sent to: lenderstaskforce@fccpc.gov.ng.
The Commission/JRETF promised it will continue to provide updates to the public, and invite consumers to support the investigation by continuing to provide actionable intelligence about persons associated with the businesses or practices, their telephone numbers and any other pertinent information.
