The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday announced the freezing of not less than 30 bank accounts over illegal practices.
The sanction came barely a week after it ordered several illegal loan providers in the country to stop all abuses that had been noted to characterize their operations.
The Executive Vice Chairman (EVC), Mr. Babatunde Irukera, who disclosed this at a media briefing in Abuja, said that the commission had engaged Google and Apple Stores to take down some loan applications from their stores.
Noting that there are certain processes required for that to happen, he assured that the commission would ensure full compliance with its order on the affected applications.
Irukera also disclosed that the commission was currently engaging three major loan companies which businesses had been affected by the Commission’s raid in discussions with a view to knowing their culpability of otherwise on fraudulent transactions.
He explained: “The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated. All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.
“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.
“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure, they are modifying. It will take some time but I can assure you that the space is changing now”, Irukera added.
The EVC solicited improved partnership with the media to ensure adequate enlightenment of the public on their consumer rights as a strategic step towards the fulfillment of the commission’s statutory mandate.
