Lawmakers target Illegal loan apps fueling criminal activities in Nigeria

The House of Representatives has called for the immediate shutdown of illegal loan platforms used by “one chance” operators to extort money from unsuspecting victims.

This resolution followed a motion of urgent public importance raised by Hon. Billy Osawaru during Wednesday’s plenary session.

The lawmakers also urged the Nigeria Police, banks, and financial technology operators, including Opay and MoniePoint, to prioritize cases of “one chance” operations or kidnappings reported to them.

While presenting the motion, Osawaru described the activities of these criminal syndicates as “heinous,” noting that victims are often left in dire circumstances. He explained that victims are subjected to severe torture, with their bank accounts drained and their personal information exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorized loan apps, leaving them with massive debts they are forced to repay,” Osawaru stated.

He also criticized the reluctance of some banks to assist complainants without a formal police report, further compounding the plight of victims.