CAN to Finance Ministry: Regulate Loan Sharks Before Nigerians Commit Suicide

The Christian Association of Nigeria (CAN) has urged the Ministry of Finance, the Central Bank of Nigeria (CBN) and other regulators to take action against loan sharks.

The apex religious body called on CBN Governor, Godwin Emefele and the Finance Ministry to intervene before Nigerians resort to suicide or other means of “self-help to free themselves from public ridicule”.

CAN noted that the loan sharks interests are not only higher than the banks, but they use blackmail and other antics to get their money back in case of a default.

Joseph Daramola, CAN Secretary, lamented the antics of faceless persons giving out loans to vulnerable Nigerians trying to survive the economy.

“Unscrupulous people developed apps to extort money from the innocent people in the pretext of giving them short loan facilities”, he says.

The Christian leadership says, victims overpay the loan secured then run into trouble “as a result of the ungodly interests”.

Also Read: FG Finally Takes Action Against Online Loan Apps -FCCPC

Daramola further observed how companies harass and embarrass the contacts of their victims, asking them for intervention to recover their money.

“These are not only against the financial regulation but totally unacceptable, irresponsible, suicidal and unfair”, he fumed.

Noting that it is easy to castigate those who take such loans because they were not forced, as the economy forced many to seek money for survival.

it is necessary for the governemnt “We don’t need the quarterly report of the National Bureau of Statistics (NBS) to know that life is becoming unbearable and tough for citizens”, the statement added.

Meanwhile, Federal Competition and Consumer Protection Commission (FCCPC) had taken recent action to crackdown online loan apps so that people will no longer be victimized and CAN appeal for more actions “as a way of restoring sanity back to the polity”.