Steer Nigeria away from economic danger, CAN urges FG

Abuja— The Christian Association of Nigeria encouraged the Federal Government Tuesday not to be discouraged in its efforts to steer the economy away from impending recession.

Joseph Bade Daramola, the umbrella Christian group’s General Secretary, claimed the umbrella Christian body has discovered devious techniques used by individuals in the money market to take advantage of the country’s economic crisis to fleece members of the public via rapid loan advances.

He claims that such individuals use unscrupulous tactics to recover money in the event of a default, despite the fact that their victims must have repaid the loan secured but been ensnared by excessive interest rates.

Due of the country’s difficult economic situation, many impoverished and unwary Nigerians have been pulled into these fraudulent schemes, according to Daramola.

As a result, he urged the Federal Ministry of Finance, the Central Bank Governor, Godwin Emefiele, and his staff at the top bank to continue to guarantee that no person or entity attempts to manipulate the financial system.

“Some unscrupulous persons have devised smartphone applications to extort money from unsuspecting people under the guise of providing them with short-term credit facilities,” the CAN writer stated.

“Their interests are not only greater than the banks’, but they also employ blackmail and other deception to recoup their funds in the event of a failure, although their victims must have repaid the secured loan but are now in financial distress due to the ungodly interests.”

“They will harass and humiliate their victims’ connections, pleading with them to intervene in order to reclaim their money.” These are not only in violation of financial regulations, but they are also completely unacceptable, reckless, suicidal, and unjust.

“It is easy to criticise individuals who accept such loans since they were not compelled to do so, but when we objectively studied the country’s economic realities and the implications, we realized that only the disciplined and holy people would be able to say no to the trap.”

“We are pleading with Godwin Emefele, the governor of the apex bank, the Ministry of Finance, and other connected institutions to act as soon as possible before the victims resort to self-help to escape public scorn and disgrace.”

“CAN is also urging the federal government to resurrect the economy as a means of restoring sanity to the political system.”

“We don’t need the Nigerian Bureau of Statistics’ quarterly report to realize that life is becoming intolerable and difficult for people, regardless of their economic standing.”