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Loan apps: Acting FCCPC CEO says no going back on new regulation   

The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr Adamu Abdullahi, has said the Commission is forging ahead with a new regulation for the operations of loan apps despite the removal of its former boss, Babatunde Irukera. 

Abdullahi stated this while appearing on a Channels TV live interview program monitored by TheTimes. The Acting EVC said he had been the Head of Operations at the FCCPC during Irukera’s leadership and was part of investigations of loan apps and the development of regulations, and therefore ready to continue the development of the new regulation as planned by the former leader.  

Before his removal in December last year, Irukera had announced that the FCCPC would this year develop a new regulatory framework to address Nigerians’ rising indebtedness to loan apps.   

While noting that the FCCPC would continue with what the former FCCPC boss had been doing and even on a larger scale, Abdullahi said: 

The Acting FCCPC boss said one big success the Commission had recorded in addressing the issues with loan apps was the identification of the companies behind the apps through its Interim Regulation.

According to him, before the regulation, there was no way to trace any of the companies operating the loan apps. 

Abdullahi said the Commission is trying to strike a balance between the continuous operations of the loan apps and the customers’ defaulting in repaying their loans. He noted that despite the challenges, loan apps are playing important roles in the economy.  

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