The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukere has described the digital money lenders as criminals, considering the inhumane way they treat their creditors.

The EVC, who spoke during a media parley in Abuja, stated that digital money lending is not isolated to Nigeria alone, stating that Indians, Kenya, Brazil, and Ghana are all struggling with money lenders.

Irukere explained that money lenders now complain that since the FCCPC descended on their businesses their collection and recovery rates have dropped, as consumers always remind them of the FCCPC closing their businesses. The mandate of FCCPC he noted is protecting consumers to preserve businesses.

He said, “It is easier to proscribe money lenders as criminals. They will be taken one at a time until the battle is won which is at the risk of the agency’s credibility. The focus of the agency is to ensure money lenders get their money back in an ethical and clear way, without threatening the lives of the borrowers.”

He spoke on fake products saturating the market, adding that owners of these multinational companies should go all out to ensure these groups of people are stopped, “It is not everything that is left for regulatory agencies, of course, and the regulatory agencies have roles to play but the brand owners play the major role. They should invest in protecting their brand.

Irukere appealed to media organizations to partner with the agency in fighting for the soul of Nigeria. The makers of fake products are those who believe that the end justifies the means.

He said if Nigerian youths can be called out to go for voting, then society can be called out to stop doing the wrong things. (The Nation)

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