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FCCPC investigates digital money lenders

Executive vice chairman of FCCPC Babatunde Irukera. Photo:; Victoria Chimezie

The federal competition and Consumer Protection commission, FCCPC says it has begun investigation into the activities of the digital lending companies in the country.

The executive vice chairman of FCCPC Babatunde Irukera made this known while briefing newsmen on activities of the Commission.

Investigations have also opened on the activities of fuel marketers and shipping companies.

The Federal Competition and Consumer Protection commission is established by law to protect citizens in the market place.

Essentially, the role of the Commission is to prevent abuse, exploitation and any form of mistreatment or disregard with respect to consumers.

Recently, the activities of money lenders in the country increased. While some are said to be registered and operating legally some other are believed to be illegal without licenses.

These lenders tend to have access to some phone numbers of friends and families of the borrower and thereby, put some calls to them to threaten them to get the borrower to pay when the stipulated time expires.

For the FCCPC, the activities of some of the illegal ones are been investigated as they are believed to be victomizing both the borrowers and others.

Babatunde Irekura said the FCCPC raided some of those money lending companies.

He also gave further breakdown on investatgtion on the shipping companies and fuel marketers.

Mr. BABATUNDE Irukera added that the commission was not responsible for regulation of prizes but rather, it fights against prize fixing.

Reporting by Victoria Chimezie, editing by Daniel Adejo