Nigerian govt pays N405bn interest on CBN loans
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The federal government has set up a joint committee to tackle violation of consumer rights and unfair practices in the money lending industry and will shut down illegal businesses at the commencement of its enforcement.

The joint committee is made up of representatives from Federal Competition and Consumer Protection Commission (FCCPC), FCCPC, the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), National Information Technology Development Agency (NITDA) and the National Human Rights Commission (NHRC).

This is according to the Chief Executive Officer of FCCPC, Mr Babatunde Irukera who spoke during an interview on Sunday in Abuja

He said the enforcement would commence soon, noting that the committee would also be writing interim regulations which money lending companies must comply with.

“The joint committee is meeting and agreeing on how to proceed but I can say that two of the entities of the joint committee will be going on the field and doing enforcement work now, very shortly,” Irukera said.

“They will be closing down businesses and engaging App stores to shut down certain applications that are infringing and abusive.

`We are also going to be writing interim regulations and some basic information for all these money lenders to provide information so that people will know who they are.

“Some of them are just Apps that we do not even know who the promoters are. So we are going to provide certain frameworks for them to comply with before doing business.’’

Speaking on the increasing number of consumer complaints about services provided by insurance companies, Irukera said that the commission was progressing in their Memorandum of Understanding (MoU) with the National Insurance Commission (NAICOM).

According to the FCCPC boss, they hope to conclude MoU early next year, as they will have more industry-wide interventions in that space.

He said, “We get a lot more complaints about the insured who have paid their premium and are not been settled and so, we are engaging NAICOM on that


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