The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, firmly asserts the irreversible commitment to regulate digital money lenders in the nation. In an exclusive interview with Channels Television, Abdullahi unveiled the commission’s dedication to formulating new regulations aimed at purging the sector of illegal lenders and deleterious debt collection practices.
Highlighting collaborative efforts, he emphasized the commission’s partnership with key governmental entities such as the Central Bank of Nigeria, the Data Commission, and anti-graft bodies. Dr. Abdullahi underscored the significance of these collaborations to fortify the commission’s role in safeguarding Nigerian consumers.
Speaking on ongoing investigations and regulatory developments, he affirmed, “All the investigations regarding the loan apps and all the regulations developments were done with me as part of the team. Therefore, nothing stops our continuity in that respect. We will develop the additional regulatory requirements that are needed.”
With a consumer-centric approach, he explained, “What we want to do is to ensure that the consumer’s interests are protected. We are working on this project along with the CBN, which has Nigeria’s core finance competence. Of course, the Data Protection Commission and the EFCC and ICPC are also there.”
It is noteworthy that Babatunde Irukera, the former FCCPC chief who spearheaded the regulatory measures against loan apps, was relieved of his duties earlier in January this year.
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