The National Secretary of the 372 Youth Empowerment Network, Hon. Dayo Okewole, and the group’s Publicity Secretary, Comrade Chidi Nwogwugwu, have called on the Federal Consumer Protection Council to urgently declare a state of emergency in the digital money lending system.
They urged the government to critically examine the activities of some charlatans and criminally minded individuals who have completely hijacked the digital money lending platform through their nefarious activities.
Hon. Dayo made this known during a world press conference in Abuja, attended by representatives from all 372 ethnic nationalities in Nigeria.
He emphasized that the prevalent economic circumstances have resulted in a higher risk of default by many borrowers who are compelled to borrow from these “loan sharks” at cutthroat rates and with balance manipulations, which range from 7-14 days loan duration at 50-60 percent criminal interest rates.
Instead of having their problems solved, they run into more problems, as these criminal loan sharks destroy everything in them, Dayo emphasized.
In his words, Comrade Chidi said the loan lenders, in their desperation, go to the extent of blackmailing borrowers, casting aspersions on their character and integrity, while also reaching out to their contacts on the phone to spread deliberate falsehoods about them.
Very typical of such messages are that the borrower is a fraudster, rapist, serial child molester, and wanted person.
Hon. Dayo Okewole implored the Inspector General of Police, DG DSS, DG Consumer Protection Council, as well as the Governor of CBN to outlaw such evil digital lending platforms.
He said from the look of all things, they operate illegally, as affirmed by the Consumer Protection Council in the past, who once carried out a survey and realized they operate without licenses and office locations, which is against the financial laws of the country.
Our association, therefore, makes recommendations that henceforth, these illegal lending platforms should be gazetted in the journal of the Police and declared persona non grata.