The Chief Executive Officer of The Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera has said that the joint committee tackling the violation of consumer rights in the money lending industry will shut down illegal businesses as soon as the commission kicks off.
According to reports, the joint committee is made up of representatives from FCCPC, the Central Bank of Nigeria and the Economic and Financial Crimes Commission, EFCC. Other agencies involved in the committee are the National Information Technology Development Agency and the National Human Rights Commission.
Mr Irukera pointed out that the committee would be writing interim regulations which money companies must comply with.
He also said that two of the entities of the joint committee will be going on the field to carry out some enforcement. He stated that they will be closing down businesses and engaging App stores to shut down certain applications that are infringing and abusive.
He also said that they will provide certain frameworks for them to comply with before doing business. He also stated that the committee will engage with National Insurance Commission to ensure that complaints against Insurance companies will be sorted out.
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