The Federal Competition Consumer Protection Commission, (FCCPC) and the Nigerian Police Force (NPF), raided some illegal financial institutions operating on Opebi Road, lkeja, Lagos State.
Among the financial institutions affected were, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni.
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Babatunde Irukera, Chief Executive Officer of FCCPC said the commission acted in response to customers’ complaints of malpractices by the financial institutions.
According to him, customers accused the financial institutions of violating their privacy in their debt recovery drive.
He said the agency had begun investigations into the allegations since 2020.
He said, “This information started quite a while ago. Some time ago,when the country was on lockdown in 2020 due to the pandemic, we started seeing the rise in money lenders”
“Because there was lockdown due to the pandemic, people needed small easy loan which is understandable. But over a period of time,people started complaining about the malpractices of the lenders,so we started tracking it”
The raid was carried on collaboration with the Independent Corrupt Practices and other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA).
