FCCPC To Proceed With Prosecution Of Loan Sharks

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The Federal Competition and Consumer Protection Commission (FCCPC) said it will proceed with criminal prosecution of loan sharks whose conduct is in violation

Executive vice chairman of FCCPC, Mr Babatunde Irukera, made this disclosure in a document signed on behalf of the Joint Regulatory Task Force addressing ‘loan sharks’ in Abuja, yesterday.

Specifically, he said the Commission has secured additional locational information beyond Lagos about the same, or other moneylending operations; more banking and account information associated with some of the subjects of the investigation; information about staffing and recruiting policies and strategies of the loan sharks; in some cases, complex web of ownership or corporate relationships with mostly foreign/offshore companies and promoters.

 

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