Business

Again, FCCPC extends deadline for loan apps registration

Published

2 years ago

January 28, 2023 7:40 am

BodexNG

The Federal Competition and Consumer Protection Commission (FCCPC) has again shifted the deadline for the registration of Digital Money Lenders, otherwise known as loan apps in Nigeria, to March 27, 2023.

The Chief Executive Officer of the Commission, Babatunde Irukera announced the extension in a statement released on Friday.

This means that many of the unregistered loan apps in the country will continue to operate unfettered until the new deadline date.

The extension came a few days before the January 31st deadline, which is also an extension from the first deadline of November 14, 2022.

Reason for extension: Announcing the extension, Irukera in the statement said:

“On December 6, 2022, in furtherance of the collaboration of the Inter-Agency Joint Task Force, the Federal Competition and Consumer Protection Commission (Commission) extended the deadline for the registration of Digital Money Lenders (DMLs) to January 31, 2023.

This was to ensure the registration of DMLs whose registration was still in process and to prevent significant market disruptions.

The Commission noted, however, that several DMLs have not yet provided all relevant documentation to complete their registration process.

To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023.”

Since last year, the FCCPC has been focusing on the activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.

Some of the loan apps charge interest rates that violate the ethics of how lending is done and are involved in naming and shaming which is a violation of people’s privacy with respect to how these lenders recover loans, among other violations.

This led to the establishment of a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, which makes it mandatory for all digital money lenders in the country to be registered.

According to the FCCPC database, a total of 94 companies have been registered as of this week, the list shows that 49 out of the 94 companies have given full approval to operate, while 45 got conditional approval.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

19 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

22 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

24 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others