BUSINESS
FCCPC to Begin Regulation of Digital Lenders Operations
By Joseph Amah, Abuja
The Federal Competition and Consumer Protection Commission (FCCPC) says it will start regulating the operations of digital lenders in Nigeria. Babatunde Irukera, executive vice-chairman of the commission, said this at the 2022 World Consumer Rights Day, celebrated on Tuesday in Abuja.
Over the weekend, the FCCPC, in collaboration with enforcement agencies, raided the offices of “illegal” digital loan companies operating in Ikeja, Lagos over alleged consumer rights abuse.
Speaking at the event, Irukera explained that due to the FCCPC’s findings during its recent raids, the activities of loan apps would now fall under regulatory control. “We discovered that this is much more serious than we thought, and we have to now look at how we can bring these people into the regulatory framework,” he said.“This is so that we can now hold them to book.”Although he emphasised that the agency will adopt a more corrective than retributive approach, Irukera said FCCPC and its collaborating agencies were pursuing urgent enforcement action against already known violators while investigating others, as well as criminal prosecutions where applicable.
He said the illegal and unconventional methods of naming and shaming employed by online loan sharks to recover loans have often come with huge collateral damage to the integrity and character of persons who patronise them.
According to him, the interest factor used by the loan companies and the way it is also calculated is a gross violation of ethical principles of lending. “Whoever has that experience, it is pathetic. It started during the pandemic when most people were at home, and these online lenders come with loans without collateral as if there are no strings attached, and once you log onto their app, they have access to your contacts,” Irukera explained. “By the way, the interest on that loan is something that is out of the books, once you default, they will start sending messages to your contacts, before you know it, you are in very big trouble. “That is why something has to be done, and that is what we are doing; trying to get that space regulated.” He said that it is necessary that digital lending businesses have clear dispute resolution channels and promptly resolve consumers’ complaints and document processes.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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