Online loan apps that many people know as loan sharks are where some Nigerians access money quickly to solve urgent issues. But if they don’t pay back on time, some of these loan companies send inappropriate messages to all their contacts with their pictures. This harassment has caused many problems in Nigeria, with some people even losing their jobs because of the embarrassment and disgrace.
However, the head of the Federal Competition & Consumer Protection Commission (FCCPC) says that will soon be history in the country. In an exclusive interview with BBC Pidgin where he shed light on that and other issues, the Acting Chairman of FCCPC, Adamu Abdullahi, said it won’t happen again as they have started looking into the matter.
‘We will block loan apps that harass customers’, says FCCPC
“We don’t agree with that kind of practice because they harass customers, even though it’s not our direct problem. We involved the Central Bank of Nigeria (CBN), NITDA, EFCC, and Human Rights Commission to form a committee, and we got into the matter.
“As we found out they operate online, with no offices, faces, or managing directors, we approached Google and Apple stores and took down all their apps. We worked through CBN to block all their accounts.”
He mentioned that after blocking their accounts, they met with them and gave them forms to fill out with their details, address, and managing director before giving them the new regulations on how to operate. This way, anytime they receive a complaint from a customer, they’ll block them again.
He explained that for now, they’ve issued warnings and started this project last week Monday.
“They agreed in writing that they won’t have access to people’s contacts and photos again, so if we hear they’ve done it again, we’ll block them straight away,” he concluded.
The FCCPC is introducing new regulations for online vendors
People who buy and sell things online will need to pay close attention and be vigilant.
Mr. Abdullahi said they’ve started paying attention to online businesses whose operations are registered in Nigeria but sell their goods in foreign currencies. He explained that guidelines for the “emerging market” of online and digital marketing will be released within three months.
“The issue is, when you do business outside Nigeria, there’s a currency you use. International business operates with international currency, so their rules are different.
We are currently working on regulations that will guide this new market. Market surveys for the ’emerging market’ are ongoing, and we have consultants advising us on what the new regulations will look like,” he added.
The naira is the legal currency for buying and selling in Nigeria
Mr. Abdullahi spoke about a Chinese supermarket in the capital city Abuja that made recent headlines after being summoned for accusations of engaging in discriminatory practices against Nigerians. Besides the offense of discrimination, FCCPC noted that they also committed an offense by conducting business in Nigeria using foreign currency.
He told BBC Pidgin that this action is a crime as it violates both CBN laws and Nigeria’s constitutional law, which states that the Naira is the legal currency in Nigeria.
“If we find out that you’ve broken this law, we’ll take you to the CBN, the creators of the law, and ask them the penalty for the offense. We haven’t reached that point yet, but when we do, we’ll know how to handle it and the exact penalty.”
He clarified that despite reports claiming that FCCPC shut down the supermarket, they didn’t; instead, they issued a summon notice at the gate, but the owner fled.
He continued, saying they came across the discriminatory video on social media, prompting immediate action.
“They posted the video on social media, and that’s how we got involved. We went to the place, and indeed, we found out that the woman running the place locked up and fled. So we asked, if she had nothing to hide, why run?”
Contrary to reports, Mr. Abdullahi clarified that FCCPC did not shut down the supermarket but issued a summon notice. When the owner later visited their office, they explained what they saw on social media, but she denied it.
“But when we visited the place, we discovered that they were selling Chinese items but pricing them in Chinese Yuan. When you wanted to pay, they charged you in Yuan and issued receipts in Yuan. We told them that it’s not possible to do that in Nigeria because we have our own currency, the Naira.”
He also mentioned that this practice meant other Nigerians living in the area couldn’t access the supermarket.
FCCPC issued an order for the supermarket owner to prominently display a notice stating that everyone is welcome to shop there. “If she doesn’t comply, we won’t reopen the shop, and she won’t be able to do business in Nigeria again. Law is law, and we must follow it. In their country, they wouldn’t allow such behavior.”
If we come across any counterfeit product in the market, we can remove it
Fake products and pricing are another issue that Nigerian consumers complain about.
Mr. Abdullahi mentioned that Nigerians might be confused about the work of FCCPC. He explained that although Nigerians expect them to regulate market prices, that’s not their role. According to him, FCCPC doesn’t have the power to set prices in the market but ensures fair competition among sellers. They also ensure that buyers have access to what they want at affordable prices and of good quality.
“Our job is to ensure an open market. Whatever it costs you to produce your product, sell it at that price. The quality determines the price of goods, but we also monitor the quality of the product. If we find any fake product, our law allows us to clear it out. We found 97 bags of Stallion and Caprice, which haven’t been produced since 2018, in the market, and we brought them all to the office to explain how they got them. We’re still investigating that matter.”
He added that their offices are spread across the country and are open for people to report to them.
Regarding the perception that FCCPC only focuses on Abuja, Mr. Abdullahi mentioned that their teams in other states are active, and they’ll start visiting states in every geopolitical zone starting from this week.
He also urged Nigerians not to remain silent if they encounter anything against consumers’ interests. He advised them to make video posts on social media and tag FCCPC. They can also visit the FCCPC website to file complaints or write directly to their offices in their respective geopolitical zones.
“As things happen, make a video post on all our social media handles; it works and is faster.”
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