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Reps Probe Illegal Fintech, Loan Apps Threatening Debtors

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The House of Representatives has resolved to investigate the activities of illegal financial technology companies and mobile application lenders who threaten debtors for failing to repay loans.
At the plenary, yesterday, the House mandated its Committee on Banking and Currency; Financial Crimes; and Telecommunications to “investigate the alleged sharp practices and abuses by FinTech and online mobile digital loan apps and companies in Nigeria and report within four weeks.”
The resolution was based on the unanimous adoption of a motion of urgent public importance moved by a member of the House, Ahmed Satomi, titled ‘Urgent Need to Investigate Sharp Practices by Unregulated Online Fintech Lending Companies and Abuse of Mobile Digital Loan Apps in Nigeria.’
Satomi decried the proliferation of online loan apps across Nigeria “by some fraudulent and unscrupulous profiteers affecting many low-income Nigerians, who are coerced to borrow and get trapped in the web of sham loan apps hosted on Google Play Store by individuals and companies to swindle the low-income earners.”
The lawmaker noted that the COVID-19 pandemic affected many economies, including Nigeria, as jobs were lost and incomes were affected due to the lockdowns, restrictions on movement and face-to-face interactions. He added that these factors sped up the pace of digitalisation of financial services and “the infiltration of some unscrupulous and unregulated financial service operators.”
He said, “The House is disturbed that these predatory lending apps are disguised as platforms where unsuspecting members of the public are promised access to quick loans with no collateral except the provision of a Bank Verification Number.
“The House is also disturbed that such victims are expected to repay loans at astronomical interest rates within three to seven days, as against the 91 to 365 days claim on Google Play store, which has over 83.07 per cent market share in Nigeria.”
Satomi further noted that most of these loan apps or companies and individuals operate with no regulation by the government, expired licenses and in some cases, no licensing.
According to him, searches for the registration status of loan apps in Nigeria from the Corporate Affairs Commission show that the founding directors of such apps or companies were foreign nationals without the required license to operate the volume of financial transactions and illegally operating in the country.
He said, “The House is worried about the operations of KashKash, with a hosted operating account under the name Super Car Universal Limited with a certain commercial bank in Nigeria, where KashKash carries out activities of the loan app, such as the exorbitant interest rates they collected from customers and defamatory messages sent to contacts of their customers when they missed their repayment date.
“The House is also worried that such an account holder did not have the required license to operate as a money lender, which led the commercial bank to close the first account, but such operations were moved to another account named Speedy Choice which is still operational and managed by the same people who managed the previous account.
“The House is again worried that many of such online loan apps operating in Nigeria, disbursing loans to customers with no collateral and defaulters, are always sent threatening messages and that loan apps and other fintech products can be used for money laundering and other forms of illicit financial flows.
“The House is pained that these unregulated Nigerian fintech companies shame, threaten customers for late payment of loans.”
The lawmaker, therefore, urged the House to investigate the activities of these fintech companies including OKash, Opay, PayLater, PalmCredit, Branch, QuickCheck, Aella Credit, FairMoney, KiaKia, EasyCredit, NewCredit, Umba, Carbon, FirstNell, SoftNaira, SharpCash, Newcredit, Cash Mall, NairaLand, Naira9ja, New Credit Loan App, Future Cash, SharpCredit, MoneyHub, 9jaCash, Henloan, Get Loan, Plenty Cash, Fundy, iMoneyPlus, CashCredit, LifeLine, Lumos Loan, NairaPlus, Care Finance, Cashbean, CashMe, LoanMe, LifePurseiLoanPro, LairaPlus, Ox Loan and No Now Money.

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Rivers NIPR Gets New Executive

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The Nigerian Institute of Public Relations (NIPR), Rivers State Chapter, has inaugurated a new Executive Council to pilot the affairs of the institute for the next two years.

The new Executive Council was elected during the maiden edition of the Rivers Public Relations Week and Annual General meeting held last Friday, in Port Harcourt.

The re-election marked a historic moment as members of the chapter converged to chart a new course for professional excellence, ethical standards, and the advancement of public relations practice in the State.

This was contained in a statement signed by the Public Relations Officer of the institute, Ayodeji Emmanuel Afelumo, at the weekend.

The Registrar and Secretary to the NIPR Governing Council, Chief Uzoma Onyegbadue, who swore in the officers charged them to redouble their efforts in upholding professional integrity and excellence in public relations practices.

The officers re-elected for the second term include Rev. Francis Asuk as chairman, Dr. Parry Saroh Benson (Vice Chairman), Mr. Felix Tamuno (Secretary), Alhaja Ayo Odungweru (Treasurer), and Edna Alete as Financial Secretary.

Those with fresh tenure are Dr. Helen Chimezie who was elected as the Assistant Secretary, Mr. Ayodeji Emmanuel Afelumo (Public Relations Officer), and Mrs. Ngowari Oba as Welfare Officer, following the tenure expiration of the former officers.

In his acceptance remarks, Rev. Asuk expressed gratitude to members for their confidence and pledged to uphold the ideals of the institute, promote professional development, and foster partnerships that would further enhance the visibility of public relations in Rivers State and beyond.

The Rivers Public Relations Week is the first of its kind organised by a State chapter of the institute and it provided a platform for practitioners, scholars, and stakeholders to engage in knowledge-sharing, networking, and discussions on the evolving role of public relations in governance, business, and society.

The statement added that the Rivers State Chapter of the NIPR looks forward to a new era of purposeful leadership, innovation, and impact under the stewardship of its newly inaugurated executive council.

 

 

 

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Falana Gives Ken Saro-Wiwa, Others Clean Bill Of Health …As Activist Decries Marginalisation Of Ogoni People  p6 lead

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Human rights lawyer, Femi Falana(SAN) has apparently exonerated the slain writer and environmental rights activist, Mr Ken Saro-Wiwa and his eight Ogoni kinsmen of  the murder charge which led to their execution by hanging by the Gen  Sani Abacha military junta on November 10, 1995.

This is even as a human rights activist, Evangelist Caroline Nagbo, has decried the spate of marginalisation against Ogoni people in Nigeria and Rivers State, saying, in spite of the struggles, sacrifices and contributions of the Ogoni people, they have continued to be marginalised, particularly in politics.

Falana, who bared his mind  in a keynote address   during the 30th Anniversary of the Ken Saro-Wiwa Memorial Lecture at Hotel Presidential, Port Harcourt on Friday, said   the Ogoni nine never committed the crime for which they were hanged  by the Federal Government.

 

On her part, Nagbo noted in a goodwill message at the event that  despite the Ogoni people’s contributions, struggles and sacrifices, they continue to face exclusion and intimidation.

She decried a situation where people who hated Ken Saro-Wiwa during his lifetime, equally hate Ogoni people, because they consider them as very intelligent, stressing that instead of giving them political power, stooges are rather favoured.

According to her, Ogoni people must continue to speak out and agitate for their rights.

Nagbo further noted that the name of Ken Saro-Wiwa always evokes environment, minority and politics, emphasising that the legacies of the late environmental rights activist have continued to inspire and motivate the Ogoni people, and highlighted the significance of his birthday, which coincides with the Ogoni struggle for self-determination, environmental justice, and human rights.

She said the Federal Government’s treatment of Ken Saro-Wiwa’s memory and the Ogoni people is a reflection of the country’s flawed political system, and criticised politicians for their absence at events commemorating Ken Saro-Wiwa’s birthday and even illegal execution, attributing it to the marginalisation and intimidation faced by the Ogoni people.

“If you identify with Ken Saro-Wiwa and the Ogoni struggle, you are the enemy of the state, and that is marginalisation and intimidation,” she said.

Nagbo further lamented that despite the Ogoni people’s contributions to the country’s struggle for democracy, they are yet to be adequately rewarded.

“Politically, up till now, an Ogoni individual has never been a Governor, and they are not ready to give it to us, even in the next 30 years.The same thing they did to Ken Saro-Wiwa is the same thing they are doing to the Ogoni sons and daughters. They are manipulating it,” she said.

Nagbo praised the consistency of fiery human rights lawyer, Femi Falana(SAN), in championing the cause of the Ogoni people, saying, even Ken Saro-Wiwa was known for his consistency.

 

The keynote speaker, Mr Femi Falana actually chronicled the circumstances surrounding the hanging of Ken Saro-Wiwa and eight of his kinsmen on November 10, 1995, saying, they never committed the offence for which they were executed, and,therefore, deserve not only the recent pardon granted to them by the Federal Government but also exoneration and apology from the government.

 

Falana accused the state and Shell of masterminding the murder of four Ogoni sons, with the intent of roping in Ken Saro-Wiwa and the other Ogoni activists, saying, the execution of the Ogoni activists was premeditated.

 

According to him, when it was clear that the then Abacha military junta had already made up its mind to kill Ken Saro-Wiwa and others, the legal team defending them had no option than to withdraw from the trial in order not to give it legitimacy.

 

The human rights lawyer said the Ogoni people must be united today more than ever before to fight for their rights, stressing that the move for resumption of oil production in Ogoniland can only be justified when the ongoing cleanup of Ogoniland has attained an appreciable level.

 

He also applauded the siting of the Federal University of Environment and Technology in Ogoniland, but insisted that the university must employ Ogoni people to justify its establishment.

 

Falana said the time has come for the people of the Niger Delta region to demand accountability from the political class at all levels of governance in the region, saying, they are constitutionally empowered to find out how the 13 percent derivation funds and other funds are utilised.

 

According to him, the three percent fund stipulated and specified in the Petroleum Industry Act(PIA)  is supposed to go directly to oil and gas bearing communities in the Niger Delta.

 

He also sympathised with Umuechem people for what befell them during the military regime, and decried a situation where oil companies failed in providing social amenities to the people, in spite of benefiting from the oil and gas deposits in their land.

He promised to set up a think tank of lawyers to advocate and ensure that oil and gas host communities in the country, particularly in the Niger Delta are provided social amenities.

 

Also, human rights and  environment campaigner and one of the organisers of the event, Mr Celestine Akpobari thanked Femi Falana, Dr Nimo Bassey and other dignitaries and participants for gracing the event, which he described as the celebration of Ken Saro-Wiwa’s legacies.

 

He said the rush for the resumption of oil exploration in Ogoniland does not make any economic sense, and likened it  to mopping the floor while the taps are open.

 

At the event, the panel of discussants consisted of Prof KialeeNyiayana of the University of Port Harcourt; Prof Lucky Akaruese of the University of Port Harcourt; Eze(Prof) Christian Akani of the Ignatius Ajuru University of Education;  and Leader of Ogoni People’s Assembly, Rev Probel Williams, while the moderator was Dr EmemOkon.

The discussants gave a good account of themselves, as they did not only dissect the keynote address presented by Femi Falana, giving more insights into it, but also did justice to the questions posed to them by the moderator, bordering on Ken Saro-Wiwa and his legacies, among other issues.

 

By: Donatus

 

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Unveiling of $400million Otakaikpo crude oil Export Terminal; Monarch Hails Tinubu  …lists Economic Benefits Of The Project 

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The Okan Ama of Ikuru Town in Andoni Local Government Area HRM king Aaron Miller Ikuru has hailed President Ahmed Bola Tinubu for the unveiling of the $400million crude oil terminal at the Otakaikpo oil field in Ikuru Town
King Ikuru who said this in his address during the unveiling ceremony also assured multinational corporations operating in the area of a conducive business environment.
He said the project will not only improve the economy of Ikuru Town but that of the entire Andoni and Rivers state.
The traditional ruler said the ceremony Marks a new chapter in Ikuru Town and Andoni in general as the area has become the proud host of a monumental national asset the $400million crude oil terminal
He also commended President Ahmed Bola Tinubu for the feat, adding that “the project stands as a testament to the administration’s commitment to economic diversification, energy infrastructure development and local content advancement.
“Your Excellency Sir, this singular investment not only represents a milestone in Nigeria’s oil and gas production capacity but it also symbolizes hope for job opportunities, hope for improve livelihoods and hope for sustainable community development.
“We acknowledge and appreciate the vision policy direction and support that have made this project a reality ” King Aaron Ikuru said the community has utilized very judiciously the 3 percent opex for its development
“Currently there is an ongoing legacy water project for the provision of potable water and a one year skills acquisition programm for youths in the community”
The monarch however decried inconsistent payment of the statutory 3 percent opex by the JV and expressed the hope that priority will be placed on the payment of the outstanding 3 percent for 2024 to the community HCDT.
King Ikuru also urged the company to instruct the JV to provide electricity to the host community and stressed the need for Ikuru to be connected to the energy source as Otakaikpo marginal oil field.
Also speaking to journalists the chairman Community Development Committee( CDC) Ikuru Town, Ebenezer Bright, described the event as memorable one ,stressing that it would open up the area for development.
He said he was happy that the event  is happening at his own time and assured the company of a better relationship with the community.
Also an indigene of Ikuru Town, Professor Lysias Gilbert  said the economic effects of the terminal will be felt across the country as more barrels of oil will be exported from the terminal
He urged the community to unite and embrace the opportunity by remaining peaceful.
It would be recalled that President Ahmed Bola Tinubu last Wednesday commissioned the crude oil terminal at the Otakaikpo oil field. The president was represented by the Minister of state for Petroleum Senator Heineken Lokpobiri.
By: John Bibor
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