The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered the involvement of a corrupt public official as an accomplice of digital loan platforms with unethical practices following investigations to bring them to book.
This was revealed in a status update document on the investigation into possible violations of privacy and other rights in the online money lending industry by the joint task force (FCCPC, NITDA, and ICPC) made available to BusinessDay.
“In continuing the investigation, a discovery that at least one of the money lenders had corruptly secured a public official as an asset to assist with providing critical and sensitive internal confidential information about the investigation; as well as engage in other measures to frustrate the investigation,” the document signed by Babatunde Irukera, executive vice-chairman (FCCPC), stated.
The document also revealed that the joint task force found out other places these companies operate other than Lagos, the network of ownership and relationship with promoters and other international companies, recruitment policies, more bank and account information, etc.
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Currently, the commission has credible evidence of the planning, discussions, meetings, execution, and participants in this criminal enterprise as it considers preparing criminal charges and admissible evidence with respect to potential criminal defendants.
However, more bank accounts will be frozen while instructions will be passed to Google Play Store and Apple’s Appstore to remove additional loan apps.
Irukera revealed that following the attack launched on these loan platforms by the commission, loan repayment practices that defame, intimidate, and damage consumers’ reputations have dwindled.
The EVC reiterated that the commission is committed to ensuring operators comply with applicable principles of fairness and ethics or otherwise make them face the full wrath of the law.
