NEWS FLASH: NIGERIA’S CONSUMER PROTECTION AGENCY CRACKS DOWN ON DIGITAL LOAN FIRMS
By: Nneka Oduada Eze (Esq)
Over the weekend, some digital loan companies operating within the confines of Ikeja, Lagos State, were raided in a joint operation conducted by the Nigerian Consumer Protection Agency (NCPA) and the Federal Competition and Consumer Protection Commission (FCCPC). The operations were carried out by the NCPA, FCCPC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA), and the Nigeria Police Force (NPF). The purpose of the purported raid was due to the “possible violation” of consumer rights.