Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to loan apps and businesses that harass and intimidate Nigerians over unpaid loans.

In a bold move to protect consumers, the FCCPC has urged Nigerians to report any instances of harassment or intimidation by these loan apps and businesses.

The FCCPC’s directive comes amidst growing concerns about the tactics used by some loan apps and businesses to recover debts from customers.

Many Nigerians have reported being subjected to threatening messages, calls, and even social media shaming by these loan apps and businesses.

In a statement, the FCCPC emphasized that “no consumer should live in fear” and that it is committed to protecting the rights of Nigerians from unfair and deceptive practices. The commission warned loan apps and businesses that they will face severe consequences if they continue to engage in harassing and intimidating behavior.

The FCCPC emphasized that “no consumer should live in fear” and that it is committed to protecting the rights of Nigerians from unfair and deceptive practices

The FCCPC has encouraged Nigerians to report any instances of harassment or intimidation by loan apps and businesses to its office. The commission has also assured that it will take prompt action to address these complaints and bring perpetrators to book.

This move by the FCCPC is a welcome relief to many Nigerians who have been victims of loan sharks and harassing loan apps. It is a clear indication that the government is committed to protecting the rights of consumers and promoting fair business practices in the country.

Nigerians are advised to report any instances of harassment or intimidation by loan apps and businesses to the FCCPC through its website or social media channels.

The commission can also be reached through its toll-free line or by visiting its office in person.

By reporting these instances, Nigerians can help the FCCPC to crack down on loan sharks and harassing loan apps, and create a safer and more secure environment for consumers to access credit and other financial services.

First City Monument Bank (FCMB) is making dreams come true with its Millionaire Promo Season 10. The first draw, held nationwide, saw four lucky customers walk away with N1 million each, while 900 others received cash prizes up to N50,000.

The new millionaires are Issa Aliyu, a farmer from Ilorin, Kwara State; Anthony Ngiah, a businessman from Owerri, Imo State; Aisha Muhammad, an entrepreneur from Kaduna State; and Prosper Chigbu, another businessman from Lagos.

uAliyu plans to invest his winnings back into his business. “This bank doesn’t just talk about helping people; they do it. Winning this money is a real blessing, and I will use it to grow my farm,” he disclosed with excitement. “It will make a real difference.”

Ngiah echoed the sentiment: “Winning the Millionaire Promo is amazing. FCMB has been a great bank to me, and I can’t wait to enjoy every other benefit they offer. I’m excited and cannot wait to see the future of my relationship with the bank.”

Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, spoke on the promo’s importance: “We are excited about the positive impact of Season 10 of the Millionaire Promo and congratulate the 904 winners.

“Their stories demonstrate how this promo empowers individuals, strengthens our commitment to financial inclusion, and encourages a savings culture. We want everyone to experience this, so we encourage more Nigerians to participate in the promo and explore our other banking solutions designed to help them grow their finances.”

Nigeria Inter-Bank Settlement System (NIBSS) has said the number of active bank accounts in Nigeria rose to 311.6 million in December 2024.

This data shows that there was a significant increase from 2023 when the number of active accounts was 202.6 million.

This indicated that a total of 106 million new accounts were opened or reactivated between January and December last year.

The data further showed that the number of inactive or dormant bank accounts in the country was 19.5 million, indicating a 7.9 per cent increase in the number of abandoned accounts year-on-year as the figure was 18.06 million at the end of 2023.

The NIBSS data further shows that the number of bank accounts that have been closed stood at 25.5 million, indicating that about 4.3 million bank accounts were closed in the year as the number of closed bank accounts was 21.2 million as of December 2023.

The number of active bank accounts in the country as of December 2024 shows a wide gap between the number of accounts and the number of Bank Verification Numbers (BVN), which is now a compulsory requirement for opening an account.

The NIBSS database shows that total registered BVNs by account owners stood at 64.8 million as of January 2025.