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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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Fubara Reassures Rivers People Of Completion Of PH Ring Road Project

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Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.

 

The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.

 

Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.

 

Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.

 

“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”

 

The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.

 

Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.

 

“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.

 

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Use Service Year To Build Capacity, Fubara Urges Corp Members

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The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to  use the NYSC skill acquisition training programme to build capacity.

 

Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.

 

Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.

 

“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.

 

“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.

 

The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.

 

“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.

 

In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.

 

He further encouraged them to embody selfless service and empathy in serving the people.

 

The colourful ceremony witnessed a vibrant parade.

 

 

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First Lady Charges RHI Beneficiaries To Build Foundation For Food-Secure Nigeria …As 800 Rivers Farmers Receive Agric Empowerment Support

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Nigeria’s First Lady and National Coordinator of the Renewed Hope Initiative (RHI), Senator Oluremi Tinubu, has called on farmers in Rivers State to take full advantage of the agricultural empowerment support programme by growing their seedlings, nurturing livestock, and producing high yields to help build a food-secured Nigeria.

 

Represented by the wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, Senator Tinubu made the call during the distribution of agricultural support materials to 800 pre-selected farmers at the Government House Field in Port Harcourt on Tuesday.

 

The event was organised by the Renewed Hope Initiative in collaboration with the Federal Ministry of Agriculture and Food Security, the Rivers State Government, and the Young Farmers’ Club of Nigeria.

 

Delivering the First Lady’s message, Lady Valerie Fubara urged beneficiaries to take responsibility for their farms and contribute to national food production.

 

“Grow these seedlings, nurture these livestock, and turn them into good yields,” she said. “As you do that, you will also reawaken the entrepreneurial spirit that we are known for.”

 

Lady Valerie Fubara described the initiative as a practical effort to revive Nigeria’s agricultural potential, drawing lessons from past government programmes such as Operation Feed the Nation and the Green Revolution.

 

She noted that with the commitment to empowering Nigerians, the initiative reflects genuine love and dedication to the nation’s progress.

 

“This support programme is not just assistance, it is an investment that will lead to food surplus and help combat scarcity,” she added.

 

She also emphasised that the Rivers State Government, under Governor Siminalayi Fubara, is complementing the initiative with additional support for 400 farmers, which include 100 young and 300 older farmers, bringing the total number of beneficiaries to 800.

 

“The First Lady of Nigeria is trusting you to make the best use of this opportunity,” Lady Valerie Fubara said. “The Rivers State Government believes in your ability, do not let us down,” she added.

 

Rivers State Deputy Governor, Prof. Ngozi Odu, praised the programme as a platform that promotes inclusivity and bridges socio-economic gaps.

 

“This initiative embodies the Federal Government’s commitment to improving lives through sustainable and inclusive development,” she said.

 

She also commended Lady Valerie Fubara for her leadership and passion in localising the Renewed Hope Initiative in the state.

 

“Beyond the immediate benefits,” she added, “this programme lays the foundation for a more prosperous and self-reliant Rivers State,” she said.

 

The Head of the Rivers State Civil Service, Dr. Inyingi Brown, described the programme as timely and impactful. She urged the beneficiaries to become catalysts for sustaining the initiative, and appealed for future inclusion of civil servants.

 

“You are the first set of beneficiaries, please, show example so that the programme will be replicated. Let it not die in your hands,” she said.

 

The Supervising Commissioner for Agriculture, Engr. Victor Kii, commended the First Lady’s vision, describing the initiative as a key step toward food security, job creation, and inclusive economic growth.

 

He praised Lady Valerie Fubara for her role in ensuring the programme’s success in Rivers State, noting that it “uplifts women, creates jobs, and secures a sustainable economic future.”

 

In her welcome remarks, Rivers State Coordinator of RHI, Mrs. Tonye Briggs Oniyide, said that RHI pre-selected 400 farmers drawn from across the three senatorial districts, including members of the Female Farmers’ Association, the Young Farmers’ Club, and non-indigenes.

 

The beneficiaries received farm implements, seedlings, fingerlings, livestock, and starter packs, all aimed at boosting food production and encouraging youth participation in agriculture.

 

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