Loan sharks are Exploiting vulnerable Nigerians – Christian Association.

The Christian Association of Nigeria (CAN) has issued a statement condemning “some faceless people who are unknown in the financial sector but are giving out loan facilities to vulnerable people as a result of the country’s economic predicament.”

In a statement issued on Wednesday, CAN General Secretary Joseph Daramola said the warning was necessary so that financial regulatory agencies would be aware and act appropriately, while Nigerians would take precautionary measures to avoid being duped.

He urged the Central Bank of Nigeria (CBN) and other financial regulatory agencies to investigate some dubious companies’ frivolous financial loan facilities granted to people without collateral.

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‘Our attention has been drawn to the antics of these faceless people who are unknown in the financial sector but are disbursing loans to vulnerable people as a result of the country’s economic difficulties,’ Daramola said.

‘According to our findings, these unscrupulous individuals created their apps in order to extort money from innocent people under the guise of providing them with short-term loans.’

‘Their interests are not only higher than the banks’, but they also use blackmail and other deception to get their money back in the event of a default, whereas their victims must have overpaid the secured loan but are now in trouble due to the ungodly interests.’

‘They would harass and embarrass their victims’ contacts, pleading with them to help them recover their money.’ These are not only in violation of financial regulations, but they are also completely unacceptable, irresponsible, suicidal, and unjust.

‘We are pleading with CBN Governor Godwin Emefele, the Ministry of Finance, and other relevant agencies to intervene as soon as possible before their victims resort to self-help to escape public ridicule and embarrassment.’

‘It is easier to condemn those who take such loans because they were not forced to do so, but when we critically examined the country’s economic conditions and the consequences, we realized that only the disciplined and godly people would refuse to fall into the trap.’

As a way of restoring sanity to the polity, CAN has called on the federal government to bring the economy out of the woods. ‘We don’t need the Nigerian Bureau of Statistics (NBS) quarterly report to know that life is becoming unbearable and difficult for citizens, regardless of their economic status,’ it said.